Common use of Delayed Delivery Clause in Contracts

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and If, after the CONTRACT PRICE shall remain unchanged for Borrower has provided a Drawing Request, the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time Purchased Vessel is delayed beyond the date contemplated by such Drawing Request, such Drawing Request shall remain valid for five (5) Business Days. At 3:00 p.m. (Paris time) on the thirtieth (30th5th) day such Business Day (the “Request Withdrawal Time”), if the Loan has not been made (and therefore the Disbursement Date has not occurred), the Drawing Request shall be deemed withdrawn (except for the Borrower’s election of delay beyond the DELIVERY DATE calculated interest rate applicable to the Loan as set forth in the initial Drawing Request). After the Request Withdrawal Time, the Borrower shall be permitted to submit another Drawing Request upon ascertaining the revised delivery schedule for the Purchased Vessel, and the Borrower shall be permitted to repeat the process described in this Clause 2.6 (Delayed Delivery) as necessary (provided that, for the avoidance of doubt, in Article VII.1. hereofno event shall the disbursement of the Loan be made after the Commitments Termination Date). (b) If delivery of The Borrower shall pay during any such delays (other than a delay where the VESSEL Loan is delayed more than thirty (30) days beyond made prior to the DELIVERY DATE thenRequest Withdrawal Time, in such event, beginning at midnight of which case interest shall accrue on the thirtieth Loan in accordance with Clause 5.3 (30thInterest Provisions)) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total an amount of deduction from the CONTRACT PRICE shall not exceed the amount due equal to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL interest calculated at the rate equal to the difference (if positive) between (i) the Floating Rate and (ii) EONIA for the period from (and including) the proposed Disbursement Date specified in the delayed Drawing Request until (and excluding) the earlier of deduction as specified hereinabovethe Commitments Termination Date and, if relevant, the date on which the delayed Drawing Request is deemed withdrawn pursuant to paragraph (a) above. (c) ButDuring any such delays, if the delay in delivery Borrower shall diligently keep the Facility Agent informed as to the progress of the VESSEL continues for a period Purchased Vessel’s construction and finalisation and the expected timing of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty Eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email e-mail or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. VIII.3 hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles VArticlesV.1 and X.0, VIXX.0, VIIIXXXX, XI or elsewhere in this CONTRACTXX.0, XII.1 and XIII.7, is delivered beyond or before the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Two Thousand only (US$ 23,00022,000.-) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation rescission by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation rescission after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL (ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay) beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand twenty five thousand (US$ 23,00025,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty fifty (180150) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two one hundred and ten eighty (210180) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or and cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two one hundred and ten eighty (210180) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment The Borrower shall be made provide prompt written notice to the Facility Agent of any Pre-Disbursement Delay and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofany Post-Disbursement Delay. (b) If a Pre-Disbursement Delay occurs, the relevant Drawing Request shall remain valid for five (5) Business Days after the date thereof. At 2:00 p.m. (London time) on the (5th) such Business Day (the “Request Withdrawal Time”), if the Loan has not been made (and therefore the Disbursement Date has not occurred), the Drawing Request shall be deemed withdrawn. After the Request Withdrawal Time, the Borrower shall be permitted to submit another Drawing Request upon ascertaining the revised delivery schedule for the Purchased Vessel, and the Borrower shall be permitted to repeat the process described in this paragraph (b) as necessary (provided that, for the avoidance of doubt, in no event shall the disbursement of the VESSEL is delayed more than thirty Loan be made after the Commitments Termination Date (30) days beyond excluding, for the DELIVERY DATE then, in such event, beginning at midnight purposes of the thirtieth entirety of this Clause 2.6 (30thDelayed Delivery), paragraph (a) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabovedefinition thereof)). (c) ButIf a Post-Disbursement Delay occurs, if subject to the delay in delivery full repayment of the VESSEL continues for a period Loan and the payment of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election all Funding Losses in accordance with Article VIII.3Clause 5.2(a)(ii) (and, if applicable, Clause 5.2(c)), the Borrower shall be permitted to submit another Drawing Request upon ascertaining the revised delivery schedule for the Purchased Vessel, and the Borrower shall be permitted to repeat the process described in this paragraph (c) as necessary (provided that, for the avoidance of doubt, in no event shall the disbursement of the new Loan be made after the Commitments Termination Date). hereofIn the case of a Post-Disbursement Delay, the Borrower shall provide written notice to the Facility Agent as to whether the funds standing to the credit of the Funding Accounts are to be (i) retained in the Funding Accounts pending the Effective Delivery Date or (ii) utilised in making a prepayment pursuant to Clause 5.2(a)(ii) in the event that the Borrower should make such a prepayment. Such notice shall be provided within fifteen (15) days of the Disbursement Date and in any event at least three (3) Business Days prior to any such prepayment. (d) For the purpose of this ArticleDuring any such delays, the delivery Borrower shall diligently keep the Facility Agent informed as to the progress of the VESSEL shall be deemed to be delayed when Purchased Vessel’s construction and if finalisation and the VESSEL, after taking into full account extension expected timing of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTits delivery.

Delayed Delivery. (ai) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged unchanged, for the first thirty (30) days of the delay in delivery of the VESSEL Vessel (ending as of 12 o'clock o’clock midnight Korean Standard Time standard time on the thirtieth (30th) day of delay delay) beyond the DELIVERY DATE Delivery Date as defined and calculated as provided in accordance with Article VII.1. 7 (a) hereof. (bii) If delivery of the VESSEL Vessel is delayed more than thirty (30) days beyond from the DELIVERY DATE date upon which the delivery is due from the Builder under the terms of this Contract, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE Contract Price of the VESSEL Vessel shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) deducting therefrom for each full day of delay. the delay after the first allowed thirty (30) days, as follows; 31st – 120th day of delay from Delivery Date... US$10,000 per day 121st – 210th day of delay from Delivery Date... US$12,000 per day However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE Contract Price owing to the delayed delivery shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after the thirty (30) days of for the delay in of delivery of the VESSEL Vessel at the rate of deduction as specified hereinaboveabove. (ciii) But, if the delay in the delivery of the VESSEL Vessel continues for a period of more than two hundred and ten (210) days beyond from the DELIVERY DATE date upon which the delivery is due from the Builder under the terms of this Contract, then, in such event, and after such period has expired, the BUYER Buyer may, at its option, rescind or cancel this CONTRACT, Contract by serving upon the BUILDER Builder a notice of cancellation in writing or by email e-mail or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACTtelefax. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDERBuilder, and the Builder, upon receipt of such notice, shall promptly refund telegraphically to the Buyer in U.S. Dollars all the instalments paid by the Buyer to the Builder with interest as hereinafter provided for in Paragraph (g) of Article 10 hereof. If The transfer and other bank charges of such refunds shall be for the BUYER has not served Builder’s account. The aforementioned refund by the notice Builder to the Buyer shall forthwith discharge all obligations, duties and liabilities of cancellation each of the parties to the other under this Contract. The Builder may, at any time after the expiration of the aforementioned two hundred and ten (210) days delay in delivery, if the BUILDER may Buyer has not served the notice of cancellation as above provided, demand in writing that the BUYER to Buyer make an election and suggest new future delivery date, in accordance with Article VIII.3which case the Buyer shall, within twenty (20) days after such demand is received by the Buyer, either notify the Builder of its intention to cancel this Contract or consent to the delivery of the Vessel at an agreed future date. hereofIf the Buyer shall not make an election within twenty (20) days as provided hereinabove, the Buyer shall be deemed to have accepted such extension of the Delivery Date to the future delivery date indicated by the Builder. It is agreed by the parties that if the Vessel is not delivered by such future date, the Buyer shall have the same right of acceptance or cancellation upon the same terms, as hereinabove provided. (div) For the purpose of this Article, the delivery of the VESSEL Vessel shall be deemed to be delayed when and if the VESSELVessel, after taking into full account extension of the DELIVERY DATE or Delivery Date by reason of permissible delays as specifically herein provided in Articles V5(c)(ii), VI6(b) and 8(c) and (e) and any delays caused by any action or fault of the Buyer, VIII, XI or elsewhere in this CONTRACTprovided requisite notice has been issued for such permissible delay, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTContract.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL Vessel beyond the Expected Delivery Date (as defined in Article VII hereof) as postponed and/or extended under the provisions of this Contract (ending as of 12 o'clock twelve o’clock midnight Korean Standard Time on of the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay). (b) If delivery of the VESSEL Vessel is delayed more than thirty (30) days beyond after the DELIVERY DATE then, in such event, beginning at midnight Expected Delivery Date as postponed and/or extended under the provisions of the thirtieth (30th) day after such due datethis Contract, the CONTRACT PRICE of the VESSEL Contract Price shall be reduced by U.S. Dollars Twenty deducting therefrom the amount of One Million One Hundred Eighty Three Thousand Japanese Yen (US$ 23,000JPY1,183,000) for each full day of delaydelay over the aforesaid grace of thirty (30) days. However, unless the parties agree otherwise, maximum reduction in the total amount of deduction from the CONTRACT PRICE Contract Price shall not exceed in no event be more than the amount due to cover in the case of a delay of one hundred and eighty (180) days after the aforesaid grace of thirty (30) days of the days. (c) If delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL Vessel continues for a period of more than two one hundred and ten eighty (210180) days beyond from the DELIVERY DATE thirty-first (31st) day after the Expected Delivery Date as postponed and/or extended under the provisions of this Contract, then, the Buyer shall have the option either to accept the Vessel at a maximum reduction in such eventthe Contract Price as above provided or to rescind this Contract in accordance with the provisions of Article X hereof as alternative to receiving the aforesaid liquidated damages. At any time after the expiry of the aforementioned one hundred eighty (180) day period of delay in delivery the Seller may, if the Buyer has not served notice of rescission, propose a new delivery date and demand in writing that the Buyer shall make an election, in which case the Buyer shall, within fifteen (15) days after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof proposal and demand is received by the BUILDER. If Buyer, notify the BUYER Seller of its intention either to rescind this Contract or to consent to delivery of the Vessel at a future date to be mutually agreed failing which it will be deemed that it has elected that the delivery of the Vessel takes place on the proposed new delivery date; it being understood and agreed upon by the parties hereto that (i) if the Buyer does not served elect to rescind the notice Contract it shall be without prejudice to its right to accrued liquidated damages; and (ii) if the Vessel is not delivered by such future date (agreed or proposed), the Buyer shall have the same right of cancellation rescission to take effect immediately after the aforementioned two hundred and ten (210) days delay in delivery, said further date upon the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereofsame terms as hereinabove provided. (d) For the purpose of this Article, the delivery of the VESSEL Vessel shall be deemed to be delayed when and if the VESSELVessel, after taking into full account all postponements of the Expected Delivery Date by reason of permissible delays defined in Article VIII hereof and/or extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in Expected Delivery Date by other reasons under this CONTRACTContract, is not delivered beyond by the date upon which delivery would then be due under the terms of this CONTRACTExpected Delivery Date so postponed or extended.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ US$23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty Eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof registered letter is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock o’clock midnight Korean Philippines Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thirty Thousand (US$ 23,000US$30,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email facsimile or facsimile e-mail to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof registered letter is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL (ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay) beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. VII.1 hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand twenty five thousand (US$ 23,00025,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty fifty (180150) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two one hundred and ten eighty (210180) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or and cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two one hundred and ten eighty (210180) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Eight Thousand (US$ 23,0008,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty fifty (180150) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two one hundred and ten eighty (210180) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email telex, telegram, cable or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two one hundred and ten eighty (210180) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) If the delivery of the VESSEL is made more than thirty (30) days earlier than the DELIVERY DATE, the CONTRACT PRICE of the VESSEL shall be increased by adding thereto U.S. Dollars Five Thousand (US$ 5,000) for each full day, however, such earlier delivery of the VESSEL cannot be made within the period 31/10/2005-31/1/2006. O311-8 (e) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. Landlord and Tenant mutually acknowledge that Tenant is now, and will be at the commencement of the Term of this Lease, in possession of Increment 1 of the Premises pursuant to the terms of a sublease between Tenant's affiliate, Cleaxx, Xxamxx & Xuitxx, Xxc., as subtenant, and Landels, Riplxx & Xiamond (a) No adjustment "Landels"), as sublessor, the term of which sublease is presently scheduled to expire on March 31, 1996. Landlord and Tenant further acknowledge that Increment 1 and Increment 2 of the Premises are presently leased by Landlord to Landels pursuant to a lease which is scheduled to expire on March 31, 1996, and that Increment 3 of the Premises is presently leased to another tenant of Landlord for a term which is scheduled to expire on September 14. 1996. Landlord shall use commercially reasonable, good-faith efforts to deliver Increment 2 of the Premises to Tenant on Hay 1, 1996, or as soon thereafter as possible, and to deliver Increment 3 of the Premises to Tenant on October 1, 1996, or as soon thereafter as possible. Notwithstanding the foregoing or the provisions of Paragraphs 2.c. and 2.e. above, if Landlord, for any reason whatsoever, cannot deliver possession Increment 2 of the Premises to Tenant on or before May 1, 1996, or cannot deliver possession of Increment 3 of the Premises to Tenant on or before October 1, 1996, this Lease shall not be void or voidable, except as specified below, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but the Monthly Rent under Paragraph 5 below and the Additional Rent payable under Paragraph 7 below shall be made abated as follows. If Landlord does not deliver Increment 2 of the Premises to Tenant on or before April 1, 1996, Monthly Rent in the amount of $5,290.00 per month and the CONTRACT PRICE Additional Rent payable under Paragraph 7 below with respect to such Increment shall remain unchanged be abated for the first thirty (30) days period from the scheduled Commencement Date through and including the day preceding the date Landlord delivers possession of Increment 2 to Tenant. If Landlord does not deliver Increment 3 of the Premises to Tenant on or before October 1, 1996, Monthly Rent in the amount of $5,696.00 per month and the Additional Rent payable under Paragraph 7 below with respect to Increment 3 shall be abated for the period commencing on October 1, 1996, through and including the day preceding the date Landlord delivers possession of Increment 3 of the Premises to Tenant. If Landlord cannot deliver Increment 2 of the Premises to Tenant by October 1, 1996 (the "Delivery Deadline"), or cannot deliver Increment 3 of the Premises to Tenant by April 1, 1997 (also a "Delivery Deadline"), then Tenant may terminate this Lease upon written notice to Landlord given within five (5) calendar days after the applicable Delivery Deadline. No delay in delivery of the VESSEL ending as possession of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereof. (b) If delivery any Increment of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL Premises shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.operate

Delayed Delivery. (a) No adjustment shall be made and the The CONTRACT PRICE shall remain unchanged not be affected or changed by reason of delayed delivery for the first thirty (30) days of the delay in delivery of the VESSEL ending beyond the DELIVERY DATE ascertained as per ARTICLE VII.1. The period of the first thirty (30) days shall end as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such eventDATE, beginning at midnight of the thirtieth (30th) day after such due dateDELIVERY DATE, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000. ) for each full day of delaydelay after the first thirty (30) days of the delay in delivery of the VESSEL. However, unless the parties hereto agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover covering the delay of one hundred and eighty (180) days counted after the first thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinaboveVESSEL, that is U.S. Dollars (US$ . ). (c) But, if If the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE thenDATE, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel terminate this CONTRACT, CONTRACT by serving upon the BUILDER a notice NOTICE of cancellation by email or facsimile to be confirmed by a registered letter via airmail termination directed to the BUILDER at the address given in this CONTRACTBUILDER. Such cancellation termination shall be effective as of the date the notice thereof NOTICE is received by the BUILDER. If the BUYER has not served the notice NOTICE of cancellation termination after the aforementioned two hundred and ten (210) days days’ delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereofARTICLE VIII.3.(b). (d) For the purpose of this ArticleARTICLE, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension postponements of the DELIVERY DATE or by reason of all permissible delays as specifically provided in Articles ARTICLES V, VI, VIII, XI or elsewhere in this CONTRACTXI, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT. (e) In any event the BUYER will receive the reduction in the CONTRACT PRICE attributable to the delay that has already accrued and if the BUILDER fails to deliver by the reset delivery date the BUYER will be entitled to further liquidated damages in accordance with this Paragraph 1.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL (ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay) beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1VII. 1 hereof. (b) If the delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Five Thousand (US$ 23,000US$25,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinaboveherein above. (c) But, But if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, event and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail or courier directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. VIII.3 hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ US$23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty Eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon Which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof registered letter is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIIIVII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Eight Thousand (US$ 23,0008,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty fifty (180150) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two one hundred and ten eighty (210180) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email telex, telegram, cable or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two one hundred and ten eighty (210180) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) If the delivery of the VESSEL is made more than thirty (30) days earlier than the DELIVERY DATE, the CONTRACT PRICE of the VESSEL shall be increased by adding thereto U.S. Dollars Five Thousand (US$ 5,000) for each full day, however, such earlier delivery of the VESSEL cannot be made within the period 31-10-2006 / 31-12-2006. (e) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL (ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay) beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. VII.1 hereof. (b) If the delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Five Thousand (US$ 23,000US$25,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, But if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, event and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail or courier directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. VIII.3 hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of 12 o'clock midnight Korean Standard Time on 23:59 (Beijing Time) of the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay. (b) If the delivery of the VESSEL is delayed more than thirty (30) days, but less than two hundred and ten (210) days beyond after the DELIVERY DATE Delivery Date as defined in Article VII hereof, then, in such event, beginning at midnight 23:59 (Beijing Time) of the thirtieth (30th) day after such due datethe date on which delivery is required under this Contract, the CONTRACT PRICE Contract Price of the VESSEL shall be reduced by U.S. deducting therefrom the sum of United States Dollars Twenty Three Six Thousand only (US$ 23,000US$6,000.00) for each full per day of delay. However, unless Unless the parties hereto agree otherwise, the total amount of deduction reduction in the Contract Price shall be deducted from the CONTRACT PRICE second (2nd) instalment of the Contract Price and in any event (including the event that the BUYER consents to take the VESSEL at a later date after the expiration of two hundred and ten (210) days delay of delivery as described in Paragraph 1(c) of this Article) shall not exceed the amount due to cover the delay of be more than one hundred and eighty (180) days at the above specified rates of reduction after the thirty (30) days of allowance, that is United States Dollars One Million Eighty Thousand Thousand only (US$1,080,000.00) being the delay in delivery of the VESSEL at the rate of deduction as specified hereinabovemaximum. (c) But, if If the delay in the delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond after the DELIVERY DATE thenDelivery Date as defined in Article VII, then in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon Contract in accordance with the BUILDER a notice provisions of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to Article X of this Contract. The SELLER may at any time after the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as expiration of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay days, if the BUYER has not served notice of cancellation pursuant to Article X, notify the BUYER of the date upon which the SELLER estimates the VESSEL will be ready for delivery and demand in delivery, the BUILDER may demand writing the BUYER to make an election election, in accordance with Article VIII.3which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER, either notify the SELLER of its decision to cancel this Contract, or consent to take delivery of the VESSEL at an agreed future date, it being understood and agreed by the parties hereto that, if the VESSEL is not delivered by such future date, the BUYER shall have the same right of cancellation upon the same terms, as herein above provided. hereofShipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) (d) For the purpose of this Article, the delivery of the VESSEL shall not be deemed to delayed and the Contract Price shall not be delayed reduced when and if the VESSEL, after taking into full account extension Delivery Date of the DELIVERY DATE or permissible delays as specifically provided in VESSEL is extended by reason of causes and provisions of Articles V, VI, VIIIXI, XI XII and XIII hereof on account of which the Contract expressly provides for the Delivery Date to be extended. The Contract Price shall not be adjusted or elsewhere reduced if the delivery of the VESSEL is delayed by reason of permissible delays as defined in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTArticle VIII hereof.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged unchanged, for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay Vessel beyond the DELIVERY DATE calculated as provided in Article VII.1date on which delivery is required under the terms of this Contract. hereof. (b) If the delivery of the VESSEL Vessel is delayed more than thirty (30) days beyond the DELIVERY DATE thensaid delivery date, in the Contract Price shall be reduced by deducting therefrom the sum of ******, as liquidated damages, for each day of such event, beginning at midnight of delay beyond the above said thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delayday. However, unless the parties agree otherwise, the total amount of deduction from reduction in the CONTRACT PRICE Contract Price shall not exceed the amount due to cover the delay of one hundred and eighty twenty (180120) days after thirty the above thirtieth (3030th) days of the delay in delivery of the VESSEL day as computed at the rate of deduction as reduction specified hereinabove. (c) in the above. But, if the delay in delivery of the VESSEL Vessel continues for a period of more than two one hundred and ten twenty (210120) days beyond from the DELIVERY DATE then, in such event, and thirtieth (30th) day after such period has expiredthe date on which delivery is required under the terms of this Contract, the BUYER Buyer may, at its option, rescind or cancel this CONTRACT, Contract by serving upon the BUILDER Seller a written notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in rescission of this CONTRACTContract. Such cancellation rescission shall be effective as of the date the notice thereof is received by the BUILDERSeller, and the Seller, after receipt of such notice, shall refund to the Buyer all installments paid by the Buyer, together with interest at two point five percent (2.5%) over the long-term prime rate in Japan per annum from the date of each payment. If Such refund by the BUYER Seller to the Buyer of all installments paid by the Buyer on account of the Vessel shall forthwith discharge all obligations, duties and liabilities of each of the parties hereto to the other under this Contract. In case the Buyer has not served the notice of cancellation rescission, the Seller shall immediately after the aforementioned two hundred and ten (210) days expiration of such period of delay in delivery, propose a future delivery date and demand {N1783113.1.2} that the BUILDER may demand the BUYER to Buyer shall make an election election. The Buyer shall, within fourteen (14) days after such demand is received by the Buyer, notify the Seller by facsimile confirmed in accordance with Article VIII.3writing of its intention to rescind the Contract or of its consent to accept the Vessel at an agreed future date, it being understood by the parties that if the Vessel is not delivered by such future date, the Buyer shall have the same right of rescission upon the same terms as hereinbefore provided. hereof. If the Buyer fails to notify the Seller of its intention to rescind the Contract as above specified, within the aforementioned fourteen (d14) days, the Buyer shall be deemed to have consented to the delivery of the Vessel at the later date proposed by the Seller. For the purpose of this ArticleParagraph, the delivery of the VESSEL Vessel shall be deemed to be delayed when and if the VESSELVessel, after taking into full account extension of the DELIVERY DATE or delivery date by reason of permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACTherein provided, is not delivered beyond by the date upon which delivery would then be due is required under the terms of this CONTRACTContract.

Delayed Delivery. (ai) No adjustment shall In the event BUILDER fails to deliver the VESSEL on or before the Contract Delivery Date provided in this Contract, as the same may be made extended pursuant to Articles V and VIII hereof, the CONTRACT PRICE shall remain unchanged for BUYER will suffer damages which are difficult to ascertain. The sums to be paid as liquidated damages are: (A) If the first thirty (30) days BUILDER has provided notice of the delay, specifying a Revised Delivery Date ("Revised Delivery Date"), to the Owner at least 365 days prior to the Contract Delivery Date, then the BUILDER shall pay to the BUYER as liquidated damages the amount of ______________ for each day of delivery beyond the Contract Delivery Date up to and including the Revised Delivery Date. (B) If the VESSEL is not delivered in accordance with the terms of this Contract on or before the Contract Delivery Date, or the Revised Delivery Date, and if the BUILDER has provided notice of the delay, specifying a Revised Delivery Date, to the Owner between 180-364 days prior to the Contract Delivery Date or a new Revised Delivery Date ("New Revised Delivery Date") as the case may be, then the BUILDER shall pay to the BUYER as liquidated damages the amount of __________ for each day of delay in delivery of beyond the Contract Delivery Date or Revised Delivery Date, as the case may be, up to and including the Revised Delivery Date or New Revised Delivery Date, whichever is applicable. (C) If the VESSEL ending is not delivered in accordance with the terms of this Contract on or before the Contract Delivery Date, Revised Delivery Date or New Revised Delivery Date, as the case may be, then the BUILDER shall pay to the BUYER as liquidated damages the amount of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) ___________ for each day of delay in delivery beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofContract Delivery Date, Revised Delivery Date or New Revised Delivery Date, whichever is applicable. (bii) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL In no event shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from payable by BUILDER under Paragraph (i) above exceed in the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinaboveaggregate ______________. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (diii) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account any extension of the DELIVERY DATE or delivery date by reason of permissible delays as specifically provided defined in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, V and VIII hereof is not delivered beyond by the date upon which delivery would then be due is required under the terms of this CONTRACTContract.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ US$23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty Eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. , Such cancellation shall be effective as of the date the notice thereof registered letter is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE delivery date calculated as provided in Article VII.1VII.1 hereof. hereof(hereinafter called the “Delivery Date”). (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE Delivery Date, then, in such event, beginning at midnight of the thirtieth (30th) day after such due datethe Delivery Date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) [ ] for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty fifty (180150) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two one hundred and ten eighty (210180) days beyond the DELIVERY DATE Delivery Date then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email letter or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER and the BUILDER, upon receipt of such notice shall promptly refund to the BUYER, by telegraphic transfer, in U.S.Dollars, all the installments of the CONTRACT PRICE paid by the BUYER together with interest as provided in paragraph 5 of Article X hereof and BUYER’s Supplies delivered to the BUILDER. If The transfer and such other bank charges of such refund shall be for the Builder’s account. The aforementioned refund by the BUILDER to the BUYER has not served shall forthwith discharge all obligations duties and liabilities of each of the notice of cancellation after parties to the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereofother under this CONTRACT. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles Article V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL [ending as of 12 o'clock o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay delay] beyond the DELIVERY DATE Delivery Date calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT, then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Five Thousand (US$ 23,000US$25,000.-) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE date upon which the delivery is due from the BUILDER under the terms of this CONTRACT then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof., (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE Delivery Date or permissible delays as specifically provided in Articles VArticle X-0, VIXX-0, VIIIXXXX-0, XI XX-0 or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE shall remain unchanged for the first thirty Thirty (30) days of the delay in delivery of the VESSEL (ending as of 12 o'clock midnight Korean Standard Time on the thirtieth Thirtieth (30th) day of delay delay) beyond the DELIVERY DATE calculated adjusted as provided in Article VII.1. hereof. (b) If delivery of the VESSEL is delayed more than thirty Thirty (30) days beyond the DELIVERY DATE adjusted as provided in Article VII.1. hereof, then, in such event, beginning at midnight of the thirtieth Thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. United States Dollars Twenty Three Thousand [***] (US$ 23,000USD [***]) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred One Hundred and eighty Eighty (180) days after thirty Thirty (30) days of the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten [***] (210[***]) days beyond the DELIVERY DATE adjusted as provided in Article VII.1. hereof then, in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, CONTRACT by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACTcancellation. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten [***] (210[***]) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereof. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles Article V, VI, VIII, XI XII or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged unchanged, for the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay Vessel beyond the DELIVERY DATE calculated as provided in Article VII.1date on which delivery is required under the terms of this Contract. hereof. (b) If the delivery of the VESSEL Vessel is delayed more than thirty (30) days beyond the DELIVERY DATE thensaid delivery date, in the Contract Price shall be reduced by deducting there from the sum of ******, as liquidated damages, for each day of such event, beginning at midnight of delay beyond the above said thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delayday. However, unless the parties agree otherwise, the total amount of deduction from reduction in the CONTRACT PRICE Contract Price shall not exceed the amount due to cover the delay of one hundred and eighty twenty (180120) days after thirty the above thirtieth (3030th) days of the delay in delivery of the VESSEL day as computed at the rate of deduction as reduction specified hereinabove. (c) in the above. But, if the delay in delivery of the VESSEL Vessel continues for a period of more than two one hundred and ten twenty (210120) days beyond from the DELIVERY DATE then, in such event, and thirtieth (30th) day after such period has expiredthe date on which delivery is required under the terms of this Contract, the BUYER Buyer may, at its option, rescind or cancel this CONTRACT, Contract by serving upon the BUILDER Seller a written notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in rescission of this CONTRACTContract. Such cancellation rescission shall be effective as of the date the notice thereof is received by the BUILDERSeller, and the Seller, after receipt of such notice, shall refund to the Buyer all installments paid by the Buyer, together with interest at two point five percent (2.5%) over the long-term prime rate in Japan per annum from the date of each payment. If Such refund by the BUYER Seller to the Buyer of all installments paid by the Buyer on account of the Vessel shall forthwith discharge all obligations, duties and liabilities of each of the parties hereto to the other under this Contract. In case the Buyer has not served the notice of cancellation rescission, the Seller shall immediately after the aforementioned two hundred and ten (210) days expiration of such period of delay in delivery, propose a future delivery date and demand that the BUILDER may demand the BUYER to Buyer shall make an election election. The Buyer shall, within fourteen (14) days after such demand is received by the Buyer, notify the Seller by facsimile confirmed in accordance with Article VIII.3writing of its intention to rescind the Contract or of its consent to accept the Vessel at an agreed future date, it being understood by the parties that if the Vessel is not delivered by such future date, the Buyer shall have the same right of rescission upon the same terms as hereinbefore provided. hereof. If the Buyer fails to notify the Seller of its intention to rescind the Contract as above specified, within the aforementioned fourteen (d14) days, the Buyer shall be deemed to have consented to the delivery of the Vessel at the later date proposed by the Seller. For the purpose of this ArticleParagraph, the delivery of the VESSEL Vessel shall be deemed to be delayed when and if the VESSELVessel, after taking into full account extension of the DELIVERY DATE or delivery date by reason of permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACTherein provided, is not delivered beyond by the date upon which delivery would then be due is required under the terms of this CONTRACTContract.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL beyond the Delivery Date as defined in Article 7 hereof ending as of 12 o'clock twelve o’clock midnight Korean Standard Time on of the thirtieth (30th) day days of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay. (b) If the delivery of the VESSEL is delayed more than thirty (30) days beyond after the DELIVERY DATE Delivery Date as defined in Article 7 hereof, then, in such event, beginning at twelve o’clock midnight of the thirtieth (30th) day after such due datethe date on which delivery is required under this Contract, the CONTRACT PRICE Contract Price of the VESSEL shall be reduced by U.S. deducting therefrom the sum of United States Dollars Twenty Three Thousand per day. In such event of the VESSEL is delayed more than sixty (US$ 23,00060) for each full day days, the Contract Price of delaythe VESSEL shall be reduced United States Dollars per day. However, unless Unless the parties hereto agree otherwiseotherwise , the total amount of deduction reduction in the Contract Price shall be deducted from the CONTRACT PRICE 4th installment 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 forty (240) days delay of delivery as described in Paragraph 1(c) of this Article) shall not exceed the amount due to cover the delay of one be more than two hundred and eighty ten (180210) days at the above specified rate of reduction after the thirty (30) days of allowance, that is United States Dollars being the delay in delivery of the VESSEL at the rate of deduction as specified hereinabovemaximum. (c) But, if If the delay in the delivery of the VESSEL continues for a period of more than two hundred and ten forty (210240) days beyond after the DELIVERY DATE thenDelivery Date as defined in Article 7, then in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon Contract in accordance with the BUILDER a notice provisions of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to Article 10 of this Contract. The SELLER may at any time after the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as expiration of the date the notice thereof is received by the BUILDER. If aforementioned two hundred and forty (240) days, if the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay pursuant to Article 10, demand in delivery, the BUILDER may demand writing that the BUYER to make an election either cancel or take delivery by a revised delivery date, in accordance with Article VIII.3. hereofwhich case the BUYER shall, within thirty (30) days after such demand is received by the BUYER, either notify the SELLER of its decision to cancel this Contract, or consent to take delivery of the VESSEL at a revised delivery date, it being understood and agreed by the parties hereto that, if the VESSEL is not delivered by such future date, the BUYER shall have the same right of cancellation upon the same terms, as hereinabove provided. (d) For the purpose of this Article, the delivery of the VESSEL shall not be deemed to Shipbuilding Contract Hull No. delayed and the Contract Price shall not be delayed reduced when and if the VESSEL, after taking into full account extension Delivery Date of the DELIVERY DATE VESSEL is extended by reason of causes and provisions of Articles 5, 6, 11, 12 and 13 hereof. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of permissible delays as specifically provided defined in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTArticle 8 hereof.

Delayed Delivery. (a) No adjustment shall be made and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty Thirty (30) days of the delay in delivery of the VESSEL Vessel beyond the Delivery Date as defined in article VII 1. (a) (ending as of 12 o'clock midnight twelve o’clock midnight, Korean Standard Time on time of the thirtieth Thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay). (b) If the delivery of the VESSEL Vessel, for causes for which Builder is liable, is delayed more than thirty Thirty (30) days beyond after the DELIVERY DATE Delivery Date, then, in such event, beginning at twelve o’clock midnight of the thirtieth Thirtieth (30th) day after such due datethe Delivery Date, the CONTRACT PRICE of the VESSEL Contract Price shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full deducting therefrom as follows: 31st - 210th day of delay. USD .-per day However, unless the parties agree otherwise, the total amount of deduction from reduction in the CONTRACT PRICE Contract Price shall not exceed the amount due to cover the a delay of one hundred and eighty One Hundred Eighty (180) days after thirty (30) days counting from midnight of the Thirtieth (30th) day after the Delivery Date at the above specified rate of reduction. (c) If such delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. (c) ButVessel continues, if the delay in delivery of the VESSEL continues due to Builder’s default, for a period of more than two hundred and ten One Hundred Eighty (210180) days beyond or more from the DELIVERY DATE thenThirty-first (31st) day after the Delivery Date, in such event, and after such period has expired, the BUYER Buyer may, at its option, rescind terminate this Contract in accordance with the provisions of Article X, or cancel this CONTRACTaccept the Vessel with a total reduction in the Contract Price of United States Dollars (USD .-). Builder may, by serving upon at any time after the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as expiration of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred Two Hundred and ten Ten (210) days of delay in delivery, if Buyer has not served notice of termination as provided in Article X, notify Buyer of the BUILDER may expected future date for delivery and demand the BUYER to in writing that Buyer shall make an election election, in accordance with Article VIII.3which case Buyer shall, within Ten (10) days after such demand is delivered to Buyer, notify Builder of its termination of this Contract or acceptance of the revised future date for delivery. hereofIf the Vessel is not delivered by such revised future date for delivery, Buyer shall have the same right of termination upon the same terms and conditions as hereinabove provided. If Buyer fails to notify Builder of its termination of this Contract as specified above within such Ten (10) days period, Buyer shall be deemed to have consented to the delivery of the Vessel at the future date for delivery proposed by Builder. (d) For the purpose of this Article, the delivery of the VESSEL Vessel shall be deemed to be delayed when and if the VESSELVessel, after taking into full account extension of all postponements of the DELIVERY DATE or Delivery Date by reason of permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere defined in this CONTRACTContract, is not delivered beyond by the date upon which the delivery would then be due is required under the terms of this CONTRACTContract.

Delayed Delivery. (a) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of 12 o'clock midnight Korean Standard Time on 23:59 (Beijing Time) of the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay. (b) If the delivery of the VESSEL is delayed more than thirty (30) days, but less than two hundred and ten (210) days beyond after the DELIVERY DATE Delivery Date as defined in Article VII hereof, then, in such event, beginning at midnight 23:59 (Beijing Time) of the thirtieth (30th) day after such due datethe date on which delivery is required under this Contract, the CONTRACT PRICE Contract Price of the VESSEL shall be reduced by U.S. deducting therefrom the sum of United States Dollars Twenty Three Six Thousand only (US$ 23,000US$6,000.00) for each full per day of delay. However, unless Unless the parties hereto agree otherwise, the total amount of deduction reduction in the Contract Price shall be deducted from the CONTRACT PRICE second (2nd) instalment of the Contract Price and in any event (including the event that the BUYER consents to take the VESSEL at a later date after the expiration of two hundred and ten (210) days delay of delivery as described in Paragraph 1(c) of this Article) shall not exceed the amount due to cover the delay of be more than one hundred and eighty (180) days at the above specified rates of reduction after the thirty (30) days of allowance, that is United States Dollars One Million Eighty Thousand Thousand only (US$1,080,000.00) being the delay in delivery of the VESSEL at the rate of deduction as specified hereinabovemaximum. (c) But, if If the delay in the delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond after the DELIVERY DATE thenDelivery Date as defined in Article VII, then in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon Contract in accordance with the BUILDER a notice provisions of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to Article X of this Contract. The SELLER may at any time after the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as expiration of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay days, if the BUYER has not served notice of cancellation pursuant to Article X, notify the BUYER of the date upon which the SELLER estimates the VESSEL will be ready for delivery and demand in delivery, the BUILDER may demand writing the BUYER to make an election election, in accordance with Article VIII.3which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER, either notify the SELLER of its decision to cancel this Contract, or consent to take delivery of the VESSEL at an agreed future date, it being understood and agreed by the parties hereto that, if the VESSEL is not delivered by such future date, the BUYER shall have the same right of cancellation upon the same terms, as herein above provided. hereofShipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) (d) For the purpose of this Article, the delivery of the VESSEL shall not be deemed to delayed and the Contract Price shall not be delayed reduced when and if the VESSEL, after taking into full account extension Delivery Date of the DELIVERY DATE or permissible delays as specifically provided in VESSEL is extended by reason of causes and provisions of Articles V, VI, VIIIXI, XI XII and XIII hereof on account of which the Contract expressly provides for the Delivery Date to be extended. The Contract Price shall not be adjusted or elsewhere reduced if the delivery of the VESSEL is delayed by reason of permissible delays as defined in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTArticle VIII hereof.

Delayed Delivery. (a) No adjustment shall be made and In the CONTRACT PRICE shall remain unchanged for event that Xxxxxxxx’s Work is not Substantially Completed by the first thirty (30) days of the delay in delivery of the VESSEL ending as of 12 o'clock midnight Korean Standard Time on the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereof. (b) If delivery of the VESSEL date that is delayed more than thirty (30) days beyond the DELIVERY DATE then, in such event, beginning at midnight of the thirtieth (30th) day after such due date, the CONTRACT PRICE of the VESSEL shall be reduced by U.S. Dollars Twenty Three Thousand (US$ 23,000) for each full day of delay. However, unless the parties agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not exceed the amount due to cover the delay of one hundred and eighty (180) days after the Anticipated Delivery Date (the “Outside Delivery Date”), and provided such delay is not due to either a Tenant Delay and/or Force Majeure event, then the Fixed Rent first coming due as of the Initial Rent Commencement Date shall be abated by one (1) day for each day of delay during the period beginning on the Outside Delivery Date and ending on the day the Landlord’s Work is Substantially Completed. Further, in the event that Landlord’s Work is not Substantially Completed by the date that is three hundred and sixty (360) days after the Anticipated Delivery Date (the “Final Outside Date”), and provided such delay is not due to either a Tenant Delay and/or Force Majeure event, then Tenant shall have the right, upon written notice to Landlord given no later than ten (10) business days following the Final Outside Date (such notice the “Failure to Deliver Termination Notice”), to terminate this Lease upon thirty (30) days of prior notice; provided, however, that such termination will be rendered ineffective if, prior to the delay in delivery of the VESSEL at the rate of deduction as specified hereinabove. date that is thirty (c) But, if the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (21030) days beyond following the DELIVERY DATE thendate Tenant gives the Failure to Deliver Termination Notice, in such event, Landlord shall have Substantially Completed Landlord’s Work. The foregoing rights to abatement of Fixed Rent and after such period has expired, terminate the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon the BUILDER a notice of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to the BUILDER at the address given in this CONTRACT. Such cancellation Lease shall be effective as of Tenant’s sole remedy at law or in equity for Landlord’s failure to Substantially Complete the date the notice thereof is received Landlord’s Work by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with Article VIII.3. hereoftimelines set forth herein. (d) For the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account extension of the DELIVERY DATE or permissible delays as specifically provided in Articles V, VI, VIII, XI or elsewhere in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT.

Delayed Delivery. (a) No adjustment shall be made made, and the CONTRACT PRICE Contract Price shall remain unchanged for the first thirty (30) days of the delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of 12 o'clock midnight Korean Standard Time on 23:59 (Beijing Time) of the thirtieth (30th) day of delay beyond the DELIVERY DATE calculated as provided in Article VII.1. hereofdelay. (b) If the delivery of the VESSEL is delayed more than thirty (30) days, but less than two hundred and ten (210) days beyond after the DELIVERY DATE Delivery Date as defined in Article VII hereof, then, in such event, beginning at midnight 23:59 (Beijing Time) of the thirtieth (30th) day after such due datethe date on which delivery is required under this Contract, the CONTRACT PRICE Contract Price of the VESSEL shall be reduced by U.S. deducting therefrom the sum of United States Dollars Twenty Three Six Thousand only (US$ 23,000US$6,000.00) for each full per day of delay. However, unless Unless the parties hereto agree otherwise, the total amount of deduction reduction in the Contract Price shall be deducted from the CONTRACT PRICE second (2nd) instalment of the Contract Price and in any event (including the event that the BUYER consents to take the VESSEL at a later date after the expiration of two hundred and ten (210) days delay of delivery as described in Paragraph 1(c) of this Article) shall not exceed the amount due to cover the delay of be more than one hundred and eighty (180) days at the above specified rates of reduction after the thirty (30) days of allowance, that is United States Dollars One Million Eighty Thousand Thousand only (US$1,080,000.00) being the delay in delivery of the VESSEL at the rate of deduction as specified hereinabovemaximum. (c) But, if If the delay in the delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond after the DELIVERY DATE thenDelivery Date as defined in Article VII, then in such event, and after such period has expired, the BUYER may, at its option, rescind or cancel this CONTRACT, by serving upon Contract in accordance with the BUILDER a notice provisions of cancellation by email or facsimile to be confirmed by a registered letter via airmail directed to Article X of this Contract. The SELLER may at any time after the BUILDER at the address given in this CONTRACT. Such cancellation shall be effective as expiration of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation after the aforementioned two hundred and ten (210) days delay days, if the BUYER has not served notice of cancellation pursuant to Article X, notify the BUYER of the date upon which the SELLER estimates the VESSEL will be ready for delivery and demand in delivery, the BUILDER may demand writing the BUYER to make an election election, in accordance with Article VIII.3which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER, either notify the SELLER of its decision to cancel this Contract, or consent to take delivery of the VESSEL at an agreed future date, it being understood and agreed by the parties hereto that, if the VESSEL is not delivered by such future date, the BUYER shall have the same right of cancellation upon the same terms, as herein above provided. hereofShipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) (d) For the purpose of this Article, the delivery of the VESSEL shall not be deemed to delayed and the Contract Price shall not be delayed reduced when and if the VESSEL, after taking into full account extension Delivery Date of the DELIVERY DATE or permissible delays as specifically provided in VESSEL is extended by reason of causes and provisions of Articles V, VI, VIIIXI, XI XII and XIII hereof on account of which the Contract expressly provides for the Delivery Date to be extended. The Contract Price shall not be adjusted or elsewhere reduced if the delivery of the VESSEL is delayed by reason of permissible delays as defined in this CONTRACT, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACTArticle VIII hereof.