Common use of Loss of earnings Clause in Contracts

Loss of earnings. By a Deed of Assignment dated [·] 2012 [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”) has assigned to ABN AMRO BANK N.V. of Xxxxxxxxxx 00, 0000 XX Rotterdam, The Netherlands (the “Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 and entered into by us with ABN AMRO BANK N.V. of Xxxxxxxxxx 00, 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO BANK N.V. as second mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. For and on behalf of [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] Date: [·] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI SHIPPING ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) in the presence of: ) Witness Name: Address: Occupation: EXECUTED as a DEED by ) for and on behalf of ) ABN AMRO BANK N.V. ) Attorney-in-fact in the presence of: ) Witness Name: Address: Occupation: Schedule 12 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO Bank N.V.

Loss of earnings. By a Deed of Assignment Covenant dated [·•] 2012 [Q A MARITIME LTD.] [Q IOANARI 2012, JEMO SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] COMPANY INC. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 Islands MH96960 (the “"Owner”") has assigned to ABN AMRO NORDEA BANK N.V. FINLAND PLC, LONDON BRANCH of 0xx Xxxxx, Xxxx Xxxxx House, 00 Xxxxxxxxxx 00Xxxxxx, 0000 XX RotterdamXxxxxx XX0X 0XX, The Netherlands Xxxxxxx (the “"Mortgagee”") (subject to the prior assignment in favour of Nordea Bank Finland Plc, London Branch contained in the deed of covenant dated [7 September 2011•] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all ), its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.vx.x. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] and her earnings Xxxx and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner [here insert details of Operating Account] unless and until the Mortgagee Mortgage shall have notified the insurers hereunder to the contrary, whereupon in either case all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI (For attachment by way of endorsement to the Policy) JEMO SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] COMPANY INC. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), Islands MH96960 the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], x.x. Xxxx HEREBY GIVES NOTICE that by a Deed of Assignment Covenant dated [·.] 2012 and entered into by us with ABN AMRO NORDEA BANK N.V. FINLAND PLC, LONDON BRANCH of 0xx Xxxxx, Xxxx Xxxxx House, 00 Xxxxxxxxxx 00Xxxxxx, 0000 XX XxxxxxxxxXxxxxx XX0X 0XX, Xxx Xxxxxxxxxxx Xxxxxxx, there has been assigned by us to NORDEA BANK FINLAND PLC, LONDON BRANCH as mortgagee (subject to the prior assignment rights of the Mortgagee under a first priority deed of covenant in favour of the Mortgagee dated [7 September 2011.] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO BANK N.V. as second mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. ___________________________ Signed For and on behalf of [Q A MARITIME LTD.] [Q IOANARI JEMO SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] COMPANY INC. Date: [·•] 2012 EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI JEMO SHIPPING COMPANY INC. ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) Fact in the presence of: ) Witness Name: Address: Occupation: EXECUTED as a DEED by ) for and on behalf of ) ABN AMRO BANK N.V. ) Attorney-in-fact in the presence of: ) Witness Name: Address: Occupation: Schedule 12 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO Bank N.V.)

Loss of earnings. By a Deed of General Assignment dated [·] 2012 [Q A MARITIME LTD.] [Q IOANARI 2005 MARATHASSA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of the Xxxxxxxx Xxxxxxx XX00000 Liberia (the “Owner”) has assigned to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Rotterdam0-00 Xxxxx Xxxxx Xxxxxx, The Netherlands Xxxxxx, XX0X 0XX (the “Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] Xxxxxxx and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner Safety Account designated [SAMAOV-USDA] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI (For attachment by way of endorsement to the Policy) MARATHASSA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), Liberia the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], m.v. Xxxxxxx HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 2005 and entered into by us with ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Xxxxxxxxx0-00 Xxxxx Xxxxx Xxxxxx, Xxx Xxxxxxxxxxx Xxxxxx, XX0X 0XX there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc as second mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed For and on behalf of [Q A MARITIME LTD.] [Q IOANARI MARATHASSA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] Date: [·] EXECUTED CORPORATION Dated ____________________2005 SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI MARATHASSA SHIPPING CORPORATION ) __________________ pursuant to a power of attorney ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] Fact dated 2005 ) in the presence of: ) __________________ Witness Name: Address: Occupation: EXECUTED SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of ) ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc ) pursuant to a power of attorney ) __________________ dated ) Attorney-in-fact Fact in the presence of: ) Witness Name: Address: Occupation: Schedule 12 8 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO The Royal Bank N.V.of Scotland plc The Shipping Business Centre 0-00 Xxxxx Xxxxx Xxxxxx Xxxxxx XX0X 0XX Xxxxxxx From: Safety Management Overseas S.A. Xxxxxxxx Xxxxx Xxxxxxxxx Xxxx 00 Xxxxxxx Xxxxxxxx Xxxx X.X. Xxx 0000 Xxxxxx Xxxxxxxx xx Xxxxxx Dear Sirs Multicurrency loan of up to $28,000,000 to Marathassa Shipping Corporation

Loss of earnings. By a Deed of Assignment dated [·] 2012 2013 [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”) has assigned to ABN AMRO BANK N.V. of Xxxxxxxxxx 00, 0000 XX Rotterdam, The Netherlands (the “Mortgagee”) (subject to the prior first assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V. and subject to the prior second assignment dated 23 October 2012 to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee and as second mortgagee) in full to the Owner unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), the Owner of the motor vessel [Q Arion] [Q Ioanariloanari] [Q Jake] [Q Xxxx], HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 2013 and entered into by us with ABN AMRO BANK N.V. of Xxxxxxxxxx 00, 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx there has been assigned by us (subject to the prior first assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V. and subject to the prior second assignment dated 23 October 2012 to ABN AMRO Bank N.V.) to ABN AMRO BANK N.V. as second third mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. For and on behalf of [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] Date: [·] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI SHIPPING ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) ) ) Attorney-in-fact in the presence of: ) Witness Name: Address: Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) ABN AMRO BANK N.V. ) Attorney-in-fact in the presence of: ) Witness Name: Address: Occupation: Schedule 12 Form of Manager’s Undertaking Part A Collateral Ships 97 106 Private & Confidential Manager’s Undertaking To: ABN AMRO Bank N.V.N.V. Xxxxxxxxxx 00 0000 XX Rotterdam The Nederlands (as security agent and trustee) From: Xxxxxxxx Ship Management Ltd. Trust Company Complex Ajeltake Road Ajeltake Island Majuro Republic of the Xxxxxxxx Xxxxxxx XX00000 August 2013 Dear Sirs Loan of up to US$31,040,000 to Q Xxxxxx Shipping Ltd., Q Anastasia Shipping Ltd., Q Houston Shipping Ltd. and Q Kaki Shipping Ltd.

Loss of earnings. By a Deed of Assignment dated [·] 2012 [Q A MARITIME LTD.] [Q IOANARI PETRA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] LTD of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of the Xxxxxxxx Xxxxxxx XX00000 Liberia (the “Owner”) has assigned to ABN AMRO BANK N.V. BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT of 0 Xxxxxxxxxx 00Xxxxxx, 0000 XX Rotterdam000 00 Xxxxxx, The Netherlands Xxxxxx (the “Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] Pedhoulas Trader and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner Operating Account designated [•] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI (For attachment by way of endorsement to the Policy) PETRA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] LTD of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of Liberia the owner of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], m.v. Pedhoulas Trader HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 and entered into by us with ABN AMRO BANK N.V. BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT of 0 Xxxxxxxxxx 00Xxxxxx, 0000 XX Xxxxxxxxx000 00 Xxxxxx, Xxx Xxxxxxxxxxx Xxxxxx there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO BANK N.V. BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT as second mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed For and on behalf of [Q A MARITIME LTD.] [Q IOANARI PETRA SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] DateLTD Dated: [·] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI PETRA SHIPPING LTD ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) Fact in the presence of: ) Witness Name: Address: Occupation: EXECUTED as a DEED ) by ) and by ) Authorised signatory for and on behalf of ) ABN AMRO BANK N.V. BAYERISCHE HYPO- UND VEREINSBANK ) Attorney-in-fact AKTIENGESELLSCHAFT ) in the presence of: ) Authorised signatory Witness Name: Address: Occupation: Schedule 12 6 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO Bayerische Hypo- und Vereinsbank Aktiengesellschaft 0 Xxxxxxxxxx Xxxxxx 000 00 Xxxxxx Xxxxxx From: Safety Management Overseas S.A. Edificio Torre Universal Piso 12 Xxxxxxx Xxxxxxxx Xxxx P.O. Box 8807 Panama City Republic of Panama Dated: Dear Sirs Multicurrency loan of up to $36,000,000 to Petra Shipping Ltd 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) dated made between (1) yourselves Bayerische Hypo- und Vereinsbank Aktiengesellschaft (the “Bank” which expression includes the Bank’s successors in title, Assignees and/or Transferees and (2) Petra Shipping Ltd (the “Borrower”) the Bank N.V.has agreed to make a multicurrency loan of up to $36,000,000 (the “Loan”) to the Borrower and that it is a condition to the Bank’s agreement to make the Loan to the Borrower that we, Safety Management Overseas S.A. (the “Manager”), enter into this letter of undertaking (the “Letter”) in favour of the Bank. Words and expressions defined in the Loan Agreement shall, unless otherwise specified herein, have the same meanings when used herein.

Loss of earnings. By a Deed of General Assignment dated {date} [·] 2012 [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.here insert name of Owner] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic [here insert address of the Xxxxxxxx Xxxxxxx XX00000 Owner] (the “Owner”) has assigned to ABN AMRO BANK N.V. [here insert name of Xxxxxxxxxx 00, 0000 XX Rotterdam, The Netherlands Mortgagee] of [here insert address of Mortgagee] (the “Mortgagee”) (subject to as security agent and trustee for and on behalf of the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.Finance Parties) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. "[Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] here insert name of Ship]" and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner [here insert details of [Operating Account] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form (For attachment by way of Notice endorsement to the Policy) [here insert name of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.Owner] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic [here insert address of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), ] the Owner of the motor vessel m.v. "[Q Arion] [Q Ioanari] [Q Jake] [Q Xxxxhere insert name of Ship], " HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 {date} and entered into by us with ABN AMRO BANK N.V. [here insert name of Xxxxxxxxxx 00Mortgagee] of [here insert address of Mortgagee] (as security agent and trustee for and on behalf of the Finance Parties), 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx there has been assigned by us to [here insert name of Mortgagee] (subject to as security agent and trustee for and on behalf of the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.Finance Parties) to ABN AMRO BANK N.V. as second mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. For and on behalf of [Q A MARITIME here insert name of Owner] SIGNED, SEALED and DELIVERED ) as a DEED ) by [IRISES SHIPPING LTD.][NEREUS NAVIGATION LTD.] ) acting by its duly authorised ) officers: ) ......................................................... Authorised Officer ......................................................... Authorised Officer [Q IOANARI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] Date: [·] EXECUTED OR:] SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of ) [Q A MARITIME IRISES SHIPPING LTD.][NEREUS NAVIGATION LTD.] [Q IOANARI SHIPPING ) pursuant to a power of attorney ) ......................................................... dated {date} ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) Fact in the presence of: ) ......................................................... Witness Name: Address: Occupation: EXECUTED SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of China Development Bank Corporation ) ABN AMRO BANK N.V. (as facility agent, security agent and trustee ) pursuant to a power of attorney ) ......................................................... dated {date} ) Attorney-in-fact Fact in the presence of: ) ......................................................... Witness Name: Address: Occupation: Schedule 12 15 Form of Manager’s Undertaking Part A Collateral Ships 97 Subordination Deed -110- Private & Confidential Manager’s Undertaking ToAGREED FORM CONTRACT NO: ABN AMRO Bank N.V.6410201301100000164 (for IRISES SHIPPING LTD.) CONTRACT NO: 6410201201100000165 (for NEREUS NAVIGATION LTD.) Dated 2013 [PARAGON SHIPPING INC.] [BOX SHIPS INC.] as SUBORDINATED CREDITOR CHINA DEVELOPMENT BANK CORPORATION as SENIOR CREDITOR and [IRISES SHIPPING LTD.] [NEREUS NAVIGATION LTD.] as DEBTOR Agreed form of DEED OF SUBORDINATION NXXXXX XXXX THIS DEED OF SUBORDINATION is dated …………………… 2013, and made BETWEEN:

Loss of earnings. By a Deed of General Assignment dated [·] 2012 [Q A MARITIME LTD.] March 2010 [Q IOANARI SHIPPING LTDAEGEAN ACE MARITIME COMPANY] [Q JAKE SHIPPING LTD.AMP MARITIME S.A.] [Q XXXX SILVER SEA SHIPPING LTD.S.A.] of Trust Company Complex[the Hellenic Republic, Ajeltake Roadwhose registered office is at 00 Xxxxxxxxxxxxx Xxxxxx, Ajeltake IslandXxxxxxx, Majuro, Greece] [the Republic of the Liberia, whose registered office is at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx Xxxxxxx XX00000 of Liberia] (the “"Owner”") has assigned to ABN AMRO PIRAEUS BANK N.V. A.E. of Xxxxxxxxxx 00-00 Xxxx Xxxxxxx, 0000 XX Rotterdam000 00 Xxxxxxx, The Netherlands Xxxxxx (the “"Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.") all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q ArionAegean Ace] [Q IoanariAegean Champion] [Q Jake] [Q XxxxAegean Star] and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the interest bearing United States Dollar account opened by the Owner with the Mortgagee and with account number [.] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances (For attachment by way of endorsement to the Policy) [Q A AEGEAN ACE MARITIME LTD.COMPANY] [Q IOANARI SHIPPING LTDAMP MARITIME S.A.] [Q JAKE SILVER SEA SHIPPING LTD.S.A.] of [the Hellenic Republic, whose registered office is at 00 Xxxxxxxxxxxxx Xxxxxx, Xxxxxxx, Greece] [Q XXXX SHIPPING LTD.] of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Republic of the Liberia, whose registered office is at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx Xxxxxxx XX00000 (the “Owner”)of Liberia], the Owner of the motor vessel m.v. [Q ArionAegean Ace] [Q IoanariAegean Champion] [Q JakeAegean Star] [Q Xxxx], HEREBY GIVES NOTICE that by a Deed of General Assignment dated [·•] 2012 March 2010 and entered into by us with ABN AMRO PIRAEUS BANK N.V. A.E. of Xxxxxxxxxx 00-00 Xxxx Xxxxxxx, 0000 XX Xxxxxxxxx000 00 Xxxxxxx, Xxx Xxxxxxxxxxx Xxxxxx, there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO PIRAEUS BANK N.V. A.E. as second mortgagees mortgagee of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed: For and on behalf of [Q A AEGEAN ACE MARITIME LTD.COMPANY] [Q IOANARI SHIPPING LTDAMP MARITIME S.A.] [Q JAKE SILVER SEA SHIPPING LTD.S.A.] [Q XXXX SHIPPING LTD.] DateDated: [·●] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A AEGEAN ACE MARITIME LTD.COMPANY] [Q IOANARI SHIPPING ) Attorney-in-fact LTDFact [AMP MARITIME S.A.] ) [Q JAKE SILVER SEA SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.S.A.] ) in the presence of: ) Witness Name: Address: Occupation: EXECUTED as a DEED by ) for and on behalf of ) ABN AMRO BANK N.V. ) Attorney-in-fact in the presence of: ) Witness Name: Address: Occupation: Schedule 12 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO Bank N.V.)

Loss of earnings. By a Deed of General Assignment dated [·] 2012 [Q A MARITIME LTD.] [Q IOANARI •1 2007 SOFFIVE SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of the Xxxxxxxx Xxxxxxx XX00000 Liberia (the “Owner”) has assigned to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Rotterdam0-00 Xxxxx Xxxxx Xxxxxx, The Netherlands Xxxxxx, XX0X 0XX, Xxxxxxx (the “Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] Sophia and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner Safety Account designated [•] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI (For attachment by way of endorsement to the Policy) SOFFIVE SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of Liberia the owner of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], m.v Sophia HEREBY GIVES NOTICE that by a Deed of Assignment dated [·•] 2012 and entered into by us with ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Xxxxxxxxx0-00 Xxxxx Xxxxx Xxxxxx, Xxx Xxxxxxxxxxx Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc as second first mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed For and on behalf of [Q A MARITIME LTD.] [Q IOANARI SOFFIVE SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] DateCORPORATION Dated: [·•] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI SOFFIVE SHIPPING CORPORATION ) Attorney-in-fact LTD] [Q JAKE SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] ) Fact in the presence of: ) Witness Name: Address: . Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND ) Attorney-in-fact Fact in the presence of: ) Witness Name: Address: . Occupation: Schedule 12 8 Form of Manager’s Undertaking Part A Collateral Ships 97 50 Private & Confidential Manager’s Undertaking To: ABN AMRO The Royal Bank N.V.of Scotland plc The Shipping Business Centre 0-00 Xxxxx Xxxxx Xxxxxx Xxxxxx XX0X 0XX Xxxxxxx From: Safety Management Overseas S.A. Edificio Torre Universal Piso 12 Xxxxxxx Xxxxxxxx Xxxx P.O. Box 8807 Panama Republic of Panama 20 November 2007 Dear Sirs Multicurrency loan of up to $45,000,000 to Soffive Shipping Corporation 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) dated 19 November 2007 between (1) yourselves The Royal Bank of Scotland plc (the “Bank” which expression includes the Bank’s successors and assigns) and (2) Soffive Shipping Corporation (the “Borrower”) the Bank has agreed to make a multicurrency loan of up to $45,000,000 (the “Loan”) to the Borrower and that it is a condition to the Bank’s agreement to make the Loan to the Borrower that we, Safety Management Overseas S.A. (the “Manager”), enter into this letter of undertaking (the “Letter”) in favour of the Bank. Words and expressions defined in the Loan Agreement shall, unless otherwise specified herein, have the same meanings when used herein.

Loss of earnings. By a Deed of General Assignment dated [·] 2012 [Q A MARITIME LTD.] [Q IOANARI •1 2006 MARINOUKI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of the Xxxxxxxx Xxxxxxx XX00000 Liberia (the “Owner”) has assigned to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Rotterdam0-00 Xxxxx Xxxxx Xxxxxx, The Netherlands Xxxxxx, XX0X 0XX, Xxxxxxx (the “Mortgagee”) (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) all its rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx] Marina and her earnings and accordingly all claims hereunder shall be paid (subject to the prior rights of ABN AMRO Bank N.V. as first mortgagee) in full to the Owner Safety Account designated [•] unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or its order. Schedule 2 Form of Notice of Assignment of Insurances [Q A MARITIME LTD.] [Q IOANARI (For attachment by way of endorsement to the Policy) MARINOUKI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] CORPORATION of Trust Company Complex00 Xxxxx Xxxxxx, Ajeltake RoadXxxxxxxx, Ajeltake Island, Majuro, Republic Xxxxxxxx of Liberia the owner of the Xxxxxxxx Xxxxxxx XX00000 (the “Owner”), the Owner of the motor vessel [Q Arion] [Q Ioanari] [Q Jake] [Q Xxxx], m.v. Marina HEREBY GIVES NOTICE that by a Deed of Assignment dated [·] 2012 1 March 2006 and entered into by us with ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc of Xxxxxxxxxx 00The Shipping Business Centre, 0000 XX Xxxxxxxxx000 Xxxxx Xxxxx Xxxxxx, Xxx Xxxxxxxxxxx Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us (subject to the prior assignment dated [7 September 2011] [29 September 2011] [10 June 2011] [19 June 2012] to ABN AMRO Bank N.V.) to ABN AMRO THE ROYAL BANK N.V. OF SCOTLAND plc as second first mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed For and on behalf of [Q A MARITIME LTD.] [Q IOANARI MARINOUKI SHIPPING LTD] [Q JAKE SHIPPING LTD.] [Q XXXX SHIPPING LTD.] DateCORPORATION Dated: [·•] EXECUTED as a DEED ) by ) for and on behalf of ) [Q A MARITIME LTD.] [Q IOANARI SHIPPING ) Attorney-in-fact LTD] [Q JAKE Fact MARINOUKI SHIPPING LTD.] [Q XXXX ) SHIPPING LTD.] CORPORATION ) in the presence of: ) ) Witness Name: Address: Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) ABN AMRO BANK N.V. ) Attorney-in-fact Fact THE ROYAL BANK OF SCOTLAND plc ) in the presence of: ) ) Witness Name: Address: Occupation: Schedule 12 8 Form of Manager’s Undertaking Part A Collateral Ships 97 Private & Confidential Manager’s Undertaking To: ABN AMRO The Royal Bank N.V.of Scotland plc The Shipping Business Centre 0-00 Xxxxx Xxxxx Xxxxxx Xxxxxx XX0X 0XX Xxxxxxx From: Safety Management Overseas S.A. Edificio Torre Universal Piso 12 Xxxxxxx Xxxxxxxx Xxxx P.O. Box 8807 Panama Republic of Panama 1 March 2006 Dear Sirs Multicurrency loan of up to $30,400,000 to Marinouki Shipping Corporation 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) dated 1 March 2006 between (1) yourselves The Royal Bank of Scotland plc (the “Bank” which expression includes the Bank’s successors and assigns) and (2) Marinouki Shipping Corporation (the “Borrower”) the Bank has agreed to make a multicurrency loan of up to $30,400,000 (the “Loan”) to the Borrower and that it is a condition to the Bank’s agreement to make the Loan to the Borrower that we, Safety Management Overseas S.A. (the “Manager”), enter into this letter of undertaking (the “Letter”) in favour of the Bank. Words and expressions defined in the Loan Agreement shall, unless otherwise specified herein, have the same meanings when used herein.