Common use of Contributions and Conveyances Clause in Contracts

Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order effective on the date of this Agreement: (a) Contribution by Xxxxx of the Vessel-Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and OceanPal hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares and Capital Account Amount; (b) Delivery by OceanPal of the OceanPal Shares to Xxxxx in exchange for Diana’s capital contribution of the Vessel-Owning Subsidiary Shares and Working Capital Amount, and Xxxxx hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares; and (c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.

Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order effective on immediately prior to the date of this AgreementSpin-off Distribution: (a) Contribution by Xxxxx of the Vessel-Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and OceanPal hereby acknowledges shall acknowledge receipt of the Vessel-Owning Subsidiary Shares and Working Capital Account Amount; (b) Delivery Issuance and delivery by OceanPal of the Distribution Shares and OceanPal Shares to Xxxxx in exchange for Diana’s 's capital contribution of the Vessel-Owning Subsidiary Shares and Working Capital Amount, and Xxxxx hereby acknowledges shall acknowledge receipt of the Vessel-Owning Subsidiary Distribution Shares; and (c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.

Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order effective on immediately prior to the date of this AgreementSpin-off Distribution: (a) Contribution by Xxxxx Dxxxx of the Vessel-Owning Vessel -Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and OceanPal hereby acknowledges shall acknowledge receipt of the Vessel-Owning Vessel -Owning Subsidiary Shares and Working Capital Account Amount; (b) Delivery Issuance and delivery by OceanPal of the Distribution Shares and OceanPal Shares to Xxxxx Dxxxx in exchange for DianaDxxxx’s capital contribution of the Vessel-Owning Vessel -Owning Subsidiary Shares and Working Capital Amount, and Xxxxx hereby acknowledges Dxxxx shall acknowledge receipt of the Vessel-Owning Subsidiary Distribution Shares; and (c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.