XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 25th February, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Apollonas Shipping Company,
of Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER's
Hull No. 0410 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 25th February, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Iraklitos Shipping Company,
of Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0411 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 20th March, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Epicurus Shipping Company,
of Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0412 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$ 35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 20th March, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Laredo Maritime Inc., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0413
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Five
Million Four Hundred and Thirty Three Thousand only (US$ 35,433,000) for the
VESSEL, prior to, upon and after the delivery of the VESSEL, the undersigned, as
a primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT, This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Canvey Shipmanagement Ltd., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000 DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0445
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million Three Hundred Seventy Seven Thousand only (US$ 39,377,000) for the
VESSEL, prior to, upon and after the delivery of the VESSEL, the undersigned, as
a primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after, deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Xxxxxxx Shipmanagement Inc., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47000 DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0446
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million One Hundred Seventy Five Thousand only (US$ 39,175,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 6S3, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000,
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Splendor Shipholding S.A., of
Xxxxxxxx Island (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0447
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million One Hundred Seventy Five Thousand only (US$ 39,175,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name : Xxxxxxxxx X. Xxxxxxxxxxx
Title : Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th January, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Gladiator Marine Inc., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER's Hull No. 0311
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Two
Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL, prior to,
upon and after the delivery of the VESSEL, the undersigned, as a primary obligor
and not as a surety merely, hereby unconditionally and irrevocably guarantees to
you, your successors and assigns, the due and faithful performance by the BUYER
of all its liabilities and responsibilities under the CONTRACT and any
supplements, amendments, changes or modifications hereinafter made thereto
including but not limited to, due and prompt payment of the contract price
(whether on account of principal, interest or otherwise) by the BUYER to you,
your successors and assigns under the CONTRACT, notwithstanding any obligation
of the BUYER being or becoming unenforceable by defect in or want of its powers,
(hereby expressly waiving notice of any such supplement, amendment, change or
modification as may be agreed to by the BUYER) and confirms that this guarantee
shall be fully applicable to the CONTRACT whether so supplemented, amended,
changed or modified and if it shall be assigned by the BUYER in accordance with
the terms of the CONTRACT. This guarantee will expire on delivery of the VESSEL
to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name : Xxxxxxxxx X. Xxxxxxxxxxx
Title : Attorney in Fact
0311-2
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th January, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Shipping Rider Co., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0312
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Two
Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL, prior to,
upon and after the delivery of the VESSEL, the undersigned, as a primary obligor
and not as a surety merely, hereby unconditionally and irrevocably guarantees to
you, your successors and assigns, the due and faithful performance by the BUYER
of all its liabilities and responsibilities under the CONTRACT and any
supplements, amendments, changes or modifications hereinafter made thereto
including but not limited to, due and prompt payment of the contract price
(whether on account of principal, interest or otherwise) by the BUYER to you,
your successors and assigns under the CONTRACT, notwithstanding any obligation
of the BUYER being or becoming unenforceable by defect in or want of its powers,
(hereby expressly waiving notice of any such supplement, amendment, change or
modification as may be agreed to by the BUYER) and confirms that this guarantee
shall be fully applicable to the CONTRACT whether so supplemented, amended,
changed or modified and if it shall be assigned by the BUYER in accordance with
the terms of the CONTRACT. This guarantee will expire on delivery of the VESSEL
to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
0311-2
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th January, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Centurion Navigation
Limited, of Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0313 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Two Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
0311-2
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th February, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Polarwind Maritime S.A., of Xxxxxxxx Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER'S Hull No. 0314 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting to
United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx. 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th February, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Carnation Shipping Company, of Xxxxxxxx Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER'S Hull No. 0315 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting
to United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation arid issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the laws
of England and the undersigned hereby submits to the non-exclusive jurisdiction
of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx Xxxxx Xxxxxx,
Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000 000, fax: 0044
000 0000 000, to receive service of proceedings in such courts on its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
XXXXXXX
Shipping LTD
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 12th February, 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Tempest Maritime Inc., of Xxxxxxxx Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER's Hull No. 0316 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting to
United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
[GRAPHIC]
The payment by the undersigned under this guarantee shall be" made
forthwith upon receipt by us of written demand from you including a statement
that the BUYER is in default of payment of the amounts (including, but not
limited to, the instalment(s) payable prior to or upon delivery of the VESSEL)
that were due under the CONTRACT, without requesting you to take any or further
procedure or step against the BUYER. In the event that any withholding or
deduction is imposed by any law, the undersigned will pay such additional amount
as may be necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Atlantas Shipping Company, of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0442
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Belrose Maritime Inc., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0443
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction
is imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Xxxxxx-Xxxx, Xxxx-Xx,
Xxxxx, 000-000
Xxxxx
Date: 1st August 2004
PERFORMANCE GUARANTEE
Gentlemen,
In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Xxxxxx Shipholding Inc., of
Xxxxxxxx Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0444
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or
want of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.
The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.
The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.
This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Xxxxxx, 00 Xxxxx
Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx, tel.: 0000 000 0000
615, fax: 0000 000 0000 000, to receive service of proceedings in such courts on
its behalf.
Very truly yours,
For and on behalf of
Xxxxxxx Shipping Ltd.
By /s/ Xxxxxxxxx X. Xxxxxxxxxxx [SEAL]
----------------------------
Name: Xxxxxxxxx X. Xxxxxxxxxxx
Title: Attorney in Fact
