Common use of SALE OF THE VESSEL Clause in Contracts

SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or profit due to the rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such reasonable terms and conditions as the SELLER thinks fit can achieve without being answerable for any loss or damage occasioned to the BUYER thereby. In Before tendering the case of sale of the VESSELVessel for sale, the SELLER shall give telefax or written respective notice by registered airmail to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all documented expenses attending such sale and otherwise properly incurred by the SELLER as a direct result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance of the Original Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.. Date: 13th November, 2013 (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all documented expenses attending such sale and otherwise properly incurred by the SELLER as a direct result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) under this Contract and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained any monies paid by the SELLER, and compensation to the SELLER for a reasonable sum of loss or profit due to the rescission of this ContractBUYER,. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however provided that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies’s suppliers, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.. Date: 13th November, 2013 ARTICLE XII INSURANCE

SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER BUILDER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYERdamage. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of the sale received by the SELLER BUILDER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance Instalments of the Contract Price and interest on such instalment Instalments at the interest rate as specified in the relevant provisions set out above of six percent (6%) per annum from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete incompleted state, the proceeds of sale received by the SELLER BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments Instalments so retained by the SELLER, BUILDER and compensation to the SELLER BUILDER for a reasonable sum loss of loss or profit due to the rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts amount to which such proceeds are to be applied as aforesaid, the SELLER BUILDER shall promptly pay the excesses excess to the BUYER without interest, provided, however however, that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments Instalments already paid by the BUYER and the cost of the BUYER's supplies’s Supplies, if any. (e) . If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER BUILDER upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract by the SELLER as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In any case the SELLER will use due diligence in obtaining the best possible sale price of the VESSEL, which should not be inferior to the actual market value of the VESSEL at the time of the sate. In the case of sale of the VESSEL, the SELLER shall give reasonable early written notice by letter, telefax or written notice telex, to the BUYERBUYER and the BUYER shall be entitled to bid for the VESSEL at a public auction or to make an offer to buy the VESSEL if it receives notice from the SELLER of its intention to sell it privately. (b) In the event of the sale of the VESSEL in its completed state, . the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments installments and/or unpaid balance of the Contract Price (less the value of the BUYER’s Supplies) and interest on such instalment installments at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour labor and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments installments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events or rescission of salethis Contract, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be he applied as aforesaid, the SELLER shall promptly pay the excesses excess to the BUYER without interest, provided, however that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments installments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency ,to the SELLER upon request.

SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER BUILDER thinks fit without being answerable for any loss or damage occasioned to the BUYER therebydamage. In the case of sale of the VESSEL, the SELLER BUILDER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of the sale received by the SELLER BUILDER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment instalments at the interest rate as specified in the relevant provisions set out above of eight percent (8%) per annum from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or profit due to the rescission of this ContractBUILDER. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts amount to which such proceeds are to be applied as aforesaid, the SELLER BUILDER shall promptly pay the excesses excess to the BUYER without interest, providedprovided however, however that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies’s Supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER BUILDER upon request.

SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER Seller shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER Seller uses reasonable effort to obtain and thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYERdamage. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER Seller shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER Seller as a result of the BUYER's Buyer’s default, and then to payment of all unpaid instalments and/or unpaid balance Installment(s) of the Contract Price and interest on such instalment Installment(s) at the interest rate as specified in the relevant provisions set out above of three percent (3%) per annum from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete incompleted state, the proceeds of sale received by the SELLER Seller shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER Seller as a result of the BUYER's Buyer’s default, and then to payment of all costs of the construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments Installment(s) so retained by the SELLER, Seller and compensation to the SELLER Seller for a reasonable sum loss of loss or profit due to the rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER Seller shall promptly pay the excesses excess to the BUYER Buyer without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER Buyer shall promptly pay the deficiency to the SELLER Seller upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract by the SELLER as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In any case the SELLER will use due diligence in obtaining the best possible sale price of the VESSEL, which should not be inferior to the actual market value of the VESSEL at the time of the sale. In the case of sale of the VESSEL, the SELLER shall give reasonable early written notice by letter, telefax or written notice telex, to the BUYERBUYER and the BUYER shall be entitled to bid for the VESSEL at a public auction or to make an offer to buy the VESSEL if it receives notice from the SELLER of its intention to sell it privately. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price (less the value of the BUYER’s Supplies) and interest on such instalment instalments at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events or rescission of salethis Contract, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses excess to the BUYER without interest, provided, however that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.

SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER BUILDER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYERdamage. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of the sale received by the SELLER BUILDER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance Instalments of the Contract Price and interest on such instalment Instalments at the interest rate as specified in the relevant provisions set out above of six percent (6%) per annum from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete incompleted state, the proceeds of sale received by the SELLER BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments Instalments so retained by the SELLER, BUILDER and compensation to the SELLER BUILDER for a reasonable sum loss of loss or profit due to the rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts amount to which such proceeds are to be applied as aforesaid, the SELLER BUILDER shall promptly pay the excesses excess to the BUYER without interest, provided, however however, that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments Instalments already paid by the BUYER and the cost of the BUYER's suppliesSupplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER BUILDER upon request.

SALE OF THE VESSEL. (a) In the event of rescission and/or cancellation of this Contract as above providedprovided for above, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax telefax, or email, or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER BUILDER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the Shipbuilding Contract Hull No. 0120833 SELLER for a reasonable sum of loss or of profit due to the rescission and/or cancellation of this Contract. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.. Shipbuilding Contract Hull No. 0120833

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by CSTC and/or the SELLER BUILDERS for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due Date: 44/63 Shipbuilding Contract Hull No. to the cancellation or rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Date: 45/63 Shipbuilding Contract Hull No.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby, unless the SELLER has failed to use best commercial diligence or take reasonable precautions to secure the true and reasonable market value obtainable in such sale. In the case of sale of the VESSEL, the SELLER shall give telefax or written email notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonable expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs cost of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's suppliesBUYERS’s Supplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142)

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above providedprovided , the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such reasonable terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments installments and/or unpaid balance of the Contract Price and interest on such instalment installment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete statestate , the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments installments so retained by the SELLER, and Shipbuilding Contract Hull No. compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaidaforesaid , the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments installments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Shipbuilding Contract Hull No.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax e-mail or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all unpaid instalments installments and/or unpaid balance of the Contract Price and interest on such instalment installment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by CSTC and/or the SELLER BUILDER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments installments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.

SALE OF THE VESSEL. (a) a. In the event of rescission cancellation of this Contract as above provided, the SELLER BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER BUILDER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYERdamage. (b) b. In the event of the sale of the VESSEL in its completed state, the proceeds of the sale received by the SELLER BUILDER shall be applied firstly to the payment of all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance Installments of the Contract Price and interest on such instalment Installments at the interest rate as specified in the relevant provisions set out above of three month LIBOR plus (2%) per annum from the respective due dates thereof to the date of application. (c) c. In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments Installments so retained by the SELLER, and BUILDER as compensation to the SELLER BUILDER for a reasonable sum loss of loss or profit due to the rescission of this Contract. (d) d. In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, aforesaid the SELLER BUILDER shall promptly pay the excesses excess to the BUYER without interest, provided, however however, that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments Installments already paid by the BUYER and the cost of the BUYER's suppliesSupplies, if any. (e) e. If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER BUILDER upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby, unless the SELLER has failed to use best commercial diligence or take reasonable precautions to secure the true and reasonable market value obtainable in such sale. In the case of sale of the VESSEL, the SELLER shall give telefax or written email notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonable expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs cost of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's suppliesBUYERS’s Supplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145)

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract CONTRACT as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to will sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all reasonably incurred and documented expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments instalment(s) and/or unpaid balance of the Contract Price and interest on such instalment instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.. Shipbuilding Contract Hull No. H2855 (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonably incurred and documented expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this ContractCONTRACT. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments instalment(s) already paid by the BUYER and the cost of the BUYER's suppliesBUYER Supplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.. Shipbuilding Contract Hull No. H2855

SALE OF THE VESSEL. (a) In the event of rescission or cancellation of this Contract as above providedprovided for above, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems reasonably fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER reasonably thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give written notice by letter to the BUYER which can be sent by telefax or written notice to the BUYERemail. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all reasonably expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’S default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonably expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the rescission or cancellation of this Contract. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall Date: 38/58 Shipbuilding Contract Hull No. promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Date: 39/58 Shipbuilding Contract Hull No.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax e-mail or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all unpaid instalments installments and/or unpaid balance of the Contract Price and interest on such instalment installment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by CSTC and/or the SELLER BUILDER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments installments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments installments already paid by the BUYER and the cost of the BUYER's suppliesSupplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract CONTRACT as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to will sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all reasonably incurred and documented expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments instalment(s) and/or unpaid balance of the Contract Price and interest on such instalment instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.. 51 / 82 Shipbuilding Contract Hull No. H2854 (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonably incurred and documented expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this ContractCONTRACT. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments instalment(s) already paid by the BUYER and the cost of the BUYER's suppliesBUYER Supplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.. 52 / 82 Shipbuilding Contract Hull No. H2854

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at the best price reasonably obtainable at a public or private sale on such reasonable terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER therebyconditions. In the case of sale of the VESSEL, the SELLER shall give telefax or email or written notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, construction shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER BUILDER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. (d) In either of the above events of sale, if the proceeds proceed of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's ’s supplies, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.

SALE OF THE VESSEL. (a) a. In the event of rescission cancellation of this Contract as above provided, the SELLER BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER BUILDER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYERdamage. (b) b. In the event of the sale of the VESSEL in its completed state, the proceeds of the sale received by the SELLER BUILDER shall be applied firstly to the payment of all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance installments of the Contract Price and interest on such instalment installments at the interest rate as specified in the relevant provisions set out above of three-month LIBOR plus 2% per annum from the respective due dates thereof to the date of application. (c) c. In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER BUILDER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments installments so retained by the SELLER, and BUILDER as compensation to the SELLER BUILDER for a reasonable sum loss of loss or profit due to the rescission of this Contract. (d) d. In either of the above events of sale, if the proceeds of sale exceed exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, aforesaid the SELLER BUILDER shall promptly pay the excesses excess to the BUYER without interest, provided, however however, that the amount of each such payment to the BUYER shall in no event exceed the total amount of instalments installments already paid by the BUYER and the cost of the BUYER's suppliesSupplies, if any. (e) e. If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER BUILDER upon request.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby, unless the SELLER has failed to use best commercial diligence or take reasonable precautions to secure the true and reasonable market value obtainable in such sale. In the case of sale of the VESSEL, the SELLER shall give telefax or written email notice to the BUYER. (b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application. (c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all reasonable expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's ’s default, and then to payment of all costs of construction of the VESSEL (such costs cost of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or of profit due to the cancellation or rescission of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) (d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's suppliesBUYERS’s Supplied Items, if any. (e) If the proceeds proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144)