Common use of Loss of earnings Clause in Contracts

Loss of earnings. By a General Assignment dated [•1 2007 SOFFIVE SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia (the “Owner”) has assigned to THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx (the “Mortgagee”) 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. Sophia and her earnings and accordingly all claims hereunder shall be paid in full to the 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. SOFFIVE SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia the owner of the m.v Sophia HEREBY GIVES NOTICE that by a Deed of Assignment dated [•] and entered into by us with THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us to THE ROYAL BANK OF SCOTLAND plc as 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 Dated: [•] EXECUTED as a DEED ) by ) for and on behalf of ) SOFFIVE SHIPPING CORPORATION ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) THE ROYAL BANK OF SCOTLAND ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 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 General Assignment dated {date} [•1 2007 SOFFIVE SHIPPING CORPORATION here insert name of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx Owner] of Liberia [here insert address of Owner] (the “Owner”) has assigned to THE ROYAL BANK OF SCOTLAND plc [here insert name of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx Mortgagee] of [here insert address of Mortgagee] (Mortgagee) (as security agent and trustee for and on behalf of the “Mortgagee”Finance Parties) 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. Sophia "[here insert name of Ship]" and her earnings and accordingly all claims hereunder shall be paid in full to the Safety Account designated [•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. SOFFIVE SHIPPING CORPORATION [here insert name of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx Owner] of Liberia [here insert address of Owner] the owner Owner of the m.v Sophia m.v. "[here insert name of Ship]" HEREBY GIVES NOTICE that by a Deed of Assignment dated [•] {date} and entered into by us with THE ROYAL BANK OF SCOTLAND plc [here insert name of The Shipping Business CentreMortgagee] of [here insert address of Mortgagee] (as security agent and trustee for and on behalf of the Finance Parties), 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us to THE ROYAL BANK OF SCOTLAND plc [here insert name of Mortgagee] (as first security agent and trustee for and on behalf of the Finance Parties) as 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 DatedSIGNED, SEALED and DELIVERED ) as a DEED ) by [IRISES SHIPPING LTD.][NEREUS NAVIGATION LTD.] ) acting by its duly authorised ) officers: ) ......................................................... Authorised Officer ......................................................... Authorised Officer [•] EXECUTED OR:] SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of ) SOFFIVE [IRISES SHIPPING CORPORATION LTD.][NEREUS NAVIGATION LTD.] ) pursuant to a power of attorney ) ......................................................... dated {date} ) Attorney-in-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 ) THE ROYAL BANK OF SCOTLAND (as facility agent, security agent and trustee ) pursuant to a power of attorney ) ......................................................... dated {date} ) Attorney-in-Fact in the presence of: ) ......................................................... Witness Name: Address. : Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) AGREED FORM THIS DEED OF SUBORDINATION is dated 19 November 2007 between (1) yourselves The Royal Bank of Scotland plc (the “Bank” which expression includes the Bank’s successors …………………… 2013, 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.made

Loss of earnings. By a General Assignment dated [•1 2007 SOFFIVE .] March 2010 [AEGEAN ACE MARITIME COMPANY] [AMP MARITIME S.A.] [SILVER SEA SHIPPING CORPORATION S.A.] of [the Hellenic Republic, whose registered office is at 00 Xxxxxxxxxxxxx Xxxxxx, Xxxxxxx, Greece] [the Republic of Liberia, whose registered office is at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia Liberia] (the “"Owner”") has assigned to THE ROYAL PIRAEUS BANK OF SCOTLAND plc A.E. of The Shipping Business Centre, 000-00 Xxxxx Xxxxx XxxxxxXxxx Xxxxxxx, Xxxxxx000 00 Xxxxxxx, XX0X 0XX, Xxxxxxx Xxxxxx (the “"Mortgagee”") 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. Sophia [Aegean Ace] [Aegean Champion] [Aegean Star] and her earnings and accordingly all claims hereunder shall be paid in full to the Safety Account designated 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. SOFFIVE (For attachment by way of endorsement to the Policy) [AEGEAN ACE MARITIME COMPANY] [AMP MARITIME S.A.] [SILVER SEA SHIPPING CORPORATION S.A.] of [the Hellenic Republic, whose registered office is at 00 Xxxxxxxxxxxxx Xxxxxx, Xxxxxxx, Greece] [the Republic of Liberia, whose registered office is at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia Liberia], the owner Owner of the m.v Sophia m.v. [Aegean Ace] [Aegean Champion] [Aegean Star] HEREBY GIVES NOTICE that by a Deed of General Assignment dated [•] March 2010 and entered into by us with THE ROYAL PIRAEUS BANK OF SCOTLAND plc A.E. of The Shipping Business Centre, 000-00 Xxxxx Xxxxx XxxxxxXxxx Xxxxxxx, 000 00 Xxxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us to THE ROYAL PIRAEUS BANK OF SCOTLAND plc A.E. as first mortgagees mortgagee of the said vessel all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed Signed: For and on behalf of [AEGEAN ACE MARITIME COMPANY] [AMP MARITIME S.A.] [SILVER SEA SHIPPING S.A.] Dated: [•●] EXECUTED as a DEED ) by ) for and on behalf of ) SOFFIVE SHIPPING CORPORATION [AEGEAN ACE MARITIME COMPANY] ) Attorney-in-Fact [AMP MARITIME S.A.] ) [SILVER SEA SHIPPING S.A.] ) in the presence of: ) Witness Name: Address. Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) THE ROYAL BANK OF SCOTLAND ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 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 General Assignment Deed of Covenant dated [•1 2007 SOFFIVE SHIPPING CORPORATION —] 2011, OLYMPIAN HERA OWNERS INC., a corporation incorporated under the laws of 00 Xxxxx Xxxxxxthe Xxxxxxxx Islands whose registered office is at Trust Company Complex, XxxxxxxxAjeltake Road, Ajeltake Island, Majuro, Xxxxxxxx of Liberia Islands MH96960 (the “Owner”) ), has assigned to THE ROYAL DVB BANK OF SCOTLAND plc SE, a banking corporation incorporated and established under the laws of The Shipping Business Centrethe Federal Republic of Germany, acting through its office at Xxxxx xxx Xxxxxxxx 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XXX-00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Xxxxxxxx of Germany (the “Mortgagee”) ), 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. Sophia and her earnings Daytona and accordingly all claims hereunder shall be paid in full to the Safety Account designated account of the Owner held with [•—] of [—] with account number [—] unless and until the Mortgagee 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. SOFFIVE SHIPPING CORPORATION OLYMPIAN HERA OWNERS INC., a corporation incorporated under the laws of 00 Xxxxx Xxxxxxthe Xxxxxxxx Islands whose registered office is at Trust Company Complex, XxxxxxxxAjeltake Road, Ajeltake Island, Majuro, Xxxxxxxx of Liberia Islands MH96960, the owner of the m.v Sophia m.v. Daytona, HEREBY GIVES NOTICE that by a Deed of Assignment Covenant dated [•—] 2011 and entered into by us with THE ROYAL DVB BANK OF SCOTLAND plc SE, a banking corporation incorporated and established under the laws of The Shipping Business Centrethe Federal Republic of Germany, acting through its office at Xxxxx xxx Xxxxxxxx 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XXX-00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Republic of Germany, there has been assigned by us to THE ROYAL DVB BANK OF SCOTLAND plc SE as first mortgagees mortgagee of the said vessel vessel, all insurances in respect thereof, including the insurances constituted by the Policy whereon this notice is endorsed. Signed For and on behalf of Dated: [•—] EXECUTED By these presents, the undersigned OLYMPIAN HERA OWNERS INC., a corporation incorporated under the laws of the Xxxxxxxx Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960, does hereby nominate and appoint DVB BANK SE, a banking corporation incorporated and established under the laws of the Federal Republic of Germany, acting through its office at Xxxxx xxx Xxxxxxxx 0, X-00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Republic of Germany, as a DEED ) our Special Attorney and authorise it to apply for the closure of the Maltese Register of the m.v. Daytona in terms of Section 28 of the Merchant Shipping Act, Cap. 234, in our name and on our behalf and to pay all such fees, make all such declarations and receive all such certificates, including the Deletion Certificate, as may be necessary for the proper fulfilment of the above mandate. We further authorise our Attorney to request and obtain from the Registrar of Shipping copies certified by ) the said Registrar of any documents that may be filed with the said Registrar. Our Attorney is authorised to delegate all its power hereunder in writing. This mandate is granted in the interest of and as part of the security of DVB BANK SE, and is irrevocable. This the [—] day of [—] for and on behalf of ) SOFFIVE SHIPPING CORPORATION ) Attorney-in-Fact in In the presence of: I Xx. Xxxxxx Xxxxx of Valletta, Malta agree to act as process agent for OLYMPIAN HERA OWNERS INC., a corporation incorporated under the laws of the Xxxxxxxx Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960 (the “Owner”) Witness Name: Address. Occupation: EXECUTED in connection with any proceedings in Malta pursuant to a Deed of Covenant dated [—] 2011 (the “Deed of Covenant”) and entered into between the Owner and yourselves, DVB BANK SE, a banking corporation incorporated and established under the laws of the Federal Republic of Germany, acting for the purpose of the Deed of Covenant through its office at Xxxxx xxx Xxxxxxxx 0, X-00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Xxxxxxxx of Germany as a DEED ) by ) security agent and trustee for and on behalf of ) THE ROYAL BANK OF SCOTLAND ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 1 Loan Agreement We understand that under a Loan Agreement other Secured Creditors (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 as defined in the Loan Agreement shall, unless otherwise specified herein, have Deed of Covenant) subject to the same meanings when used herein.conditions that:

Loss of earnings. By a General Deed of Assignment dated [•1 2007 SOFFIVE PETRA SHIPPING CORPORATION LTD of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia (the “Owner”) has assigned to THE ROYAL BANK OF SCOTLAND plc BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT of The Shipping Business Centre, 0-00 Xxxxx Xxxxx 0 Xxxxxxxxxx Xxxxxx, 000 00 Xxxxxx, XX0X 0XX, Xxxxxxx Xxxxxx (the “Mortgagee”) 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. Sophia Pedhoulas Trader and her earnings and accordingly all claims hereunder shall be paid in full to the Safety 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. SOFFIVE PETRA SHIPPING CORPORATION LTD of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia the owner of the m.v Sophia m.v. Pedhoulas Trader HEREBY GIVES NOTICE that by a Deed of Assignment dated [•] and entered into by us with THE ROYAL BANK OF SCOTLAND plc BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT of The Shipping Business Centre, 0-00 Xxxxx Xxxxx 0 Xxxxxxxxxx Xxxxxx, 000 00 Xxxxxx, XX0X 0XX, Xxxxxxx Xxxxxx there has been assigned by us to THE ROYAL BANK OF SCOTLAND plc BAYERISCHE HYPO -UND VEREINSBANK AKTIENGESELLSCHAFT as 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 Dated: [•] EXECUTED as a DEED ) by ) for and on behalf of ) SOFFIVE PETRA SHIPPING CORPORATION LTD ) Attorney-in-Fact in the presence of: ) Witness Name: Address. : Occupation: EXECUTED as a DEED ) by ) and by ) Authorised signatory for and on behalf of ) THE ROYAL BANK OF SCOTLAND ) Attorney-in-Fact in the presence of: ) Authorised signatory Witness Name: Address. : Occupation: Private & Confidential To: The Royal Bank of Scotland plc The Shipping Business Centre 0-Bayerische Hypo- und Vereinsbank Aktiengesellschaft 0 Xxxxxxxxxx Xxxxxx 000 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 City Republic of Panama Dear Sirs 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) dated 19 November 2007 made between (1) yourselves The Royal Bank of Scotland plc Bayerische Hypo- und Vereinsbank Aktiengesellschaft (the “Bank” which expression includes the Bank’s successors and assigns) in title, Assignees and/or Transferees and (2) Soffive Petra Shipping Corporation Ltd (the “Borrower”) the Bank has agreed to make a multicurrency loan of up to $45,000,000 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 General Assignment dated [•1 2007 SOFFIVE 2005 MARATHASSA SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia (the “Owner”) has assigned to THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx 0XX (the “Mortgagee”) 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. Sophia Xxxxxxx and her earnings and accordingly all claims hereunder shall be paid in full to the 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. SOFFIVE MARATHASSA SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia the owner Owner of the m.v Sophia m.v. Xxxxxxx HEREBY GIVES NOTICE that by a Deed of Assignment dated [•] 2005 and entered into by us with THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx 0XX there has been assigned by us to THE ROYAL BANK OF SCOTLAND plc as 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 Dated: [•] EXECUTED Dated ____________________2005 SIGNED, SEALED and DELIVERED ) as a DEED ) by ) for and on behalf of ) SOFFIVE MARATHASSA SHIPPING CORPORATION ) __________________ pursuant to a power of attorney ) Attorney-in-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 ) THE ROYAL BANK OF SCOTLAND plc ) pursuant to a power of attorney ) __________________ dated ) Attorney-in-Fact in the presence of: ) Witness Name: Address. : Occupation: Private & Confidential To: The Royal Bank 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 Xxxxxxxx Xxxxx Xxxxxxxxx Xxxx 00 Xxxxxxx Xxxxxxxx Xxxx P.O. Box 8807 Panama Republic of Panama X.X. Xxx 0000 Xxxxxx Xxxxxxxx xx Xxxxxx Dear Sirs 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.Sirs

Loss of earnings. By a General Assignment Deed of Covenant dated [•1 2007 SOFFIVE •] 2012, JEMO SHIPPING CORPORATION COMPANY INC. of 00 Xxxxx XxxxxxTrust Company Complex, XxxxxxxxAjeltake Road, Ajeltake Island, Majuro, Xxxxxxxx of Liberia Islands MH96960 (the “"Owner”") has assigned to THE ROYAL NORDEA BANK OF SCOTLAND plc FINLAND PLC, LONDON BRANCH of The Shipping Business Centre0xx Xxxxx, 0-Xxxx Xxxxx House, 00 Xxxxx Xxxxx Xxxxxxxxxx Xxxxxx, Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx (the “"Mortgagee”") (subject to the prior assignment in favour of Nordea Bank Finland Plc, London Branch contained in the deed of covenant dated [•] 2012), 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. Sophia and her earnings Xxxx and accordingly all claims hereunder shall be paid in full to the Safety Account designated [•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. SOFFIVE JEMO SHIPPING CORPORATION COMPANY INC. of 00 Xxxxx XxxxxxTrust Company Complex, XxxxxxxxAjeltake Road, Ajeltake Island, Majuro, Xxxxxxxx of Liberia Islands MH96960 the owner Owner of the m.v Sophia x.x. Xxxx HEREBY GIVES NOTICE that by a Deed of Assignment Covenant dated [•.] 2012 and entered into by us with THE ROYAL NORDEA BANK OF SCOTLAND plc FINLAND PLC, LONDON BRANCH of The Shipping Business Centre0xx Xxxxx, 0-Xxxx Xxxxx House, 00 Xxxxx Xxxxx Xxxxxxxxxx Xxxxxx, Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx Xxxxxxx, there has been assigned by us to THE ROYAL NORDEA BANK OF SCOTLAND plc FINLAND PLC, LONDON BRANCH as mortgagee (subject to the rights of the Mortgagee under a first mortgagees priority deed of covenant in favour of the Mortgagee dated [.] 2012) 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 DatedDate: [•] 2012 EXECUTED as a DEED ) by ) for and on behalf of ) SOFFIVE SHIPPING CORPORATION ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) THE ROYAL BANK OF SCOTLAND ) Attorney-in-Fact in the presence of: ) Witness Name: Address. Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 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 General Assignment dated [•1 2007 SOFFIVE 2006 MARINOUKI SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia (the “Owner”) has assigned to THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx (the “Mortgagee”) 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. Sophia Marina and her earnings and accordingly all claims hereunder shall be paid in full to the 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. SOFFIVE MARINOUKI SHIPPING CORPORATION of 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Liberia the owner of the m.v Sophia m.v. Marina HEREBY GIVES NOTICE that by a Deed of Assignment dated [•] 1 March 2006 and entered into by us with THE ROYAL BANK OF SCOTLAND plc of The Shipping Business Centre, 0-00 000 Xxxxx Xxxxx Xxxxxx, Xxxxxx, XX0X 0XX, Xxxxxxx there has been assigned by us to THE ROYAL BANK OF SCOTLAND plc as 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 Dated: [•] EXECUTED as a DEED ) by ) for and on behalf of ) SOFFIVE SHIPPING CORPORATION ) Attorney-in-Fact MARINOUKI SHIPPING CORPORATION ) in the presence of: ) ) Witness Name: Address. : Occupation: EXECUTED as a DEED ) by ) for and on behalf of ) Attorney-in-Fact THE ROYAL BANK OF SCOTLAND plc ) Attorney-in-Fact in the presence of: ) ) Witness Name: Address. : Occupation: Private & Confidential To: The Royal Bank 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 Dear Sirs 1 Loan Agreement We understand that under a Loan Agreement (the “Loan Agreement”) dated 19 November 2007 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) Soffive Marinouki Shipping Corporation (the “Borrower”) the Bank has agreed to make a multicurrency loan of up to $45,000,000 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.