CARISBROOKE SHIPPING 638 LIMITED

[Terms defined in the second priority deed of covenant have, unless defined differently in this form, the same meaning when used in this form.]. All the company’s (as defined in the second priority deed of covenant) rights, title and interest present and future in and to the mortgaged property.. Mortgaged property is defined in the second priority deed of covenant as (a) the ship (b) the insurances (c) the earnings and (d) any requisition compensation.. Ship means the 5700 dwt seagoing general cargo vessel named "tina c", built in 2008, img number 9416331 and registered as a british ship at the port of cowes under official number 914829 and includes any share or interest therein and its engines, machinery, boats, tackle, outfit, equipment, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part thereof or in or to its equipment and appurtenances aforesaid.. Insurances means all policies and contracts of insurance (which expression includes all entries of the ship in a protection and indemnity or war risks association) which are from time to time during the security period in place or taken out or entered into by or for the benefit of the company (whether in the sole name of the company or in the joint names of the company and the mortgagee) in respect of the ship and its earnings or otherwise howsoever in connection with the ship and ail benefits thereof (including claims of whatsoever nature and return of premiums). Earnings means all moneys whatsoever from time to time due or payable to the company arising out of the use or operation of the ship, including (but without limitation) all freight, hire and passage moneys, income arising under pooling arrangements, compensation payable to the company in the event of requisition of the ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty, contract or other arrangement in respect of the employment of the ship or otherwise in connection therewith.. Requisition compensation means all sums of money or other compensation from time to time payable during the security period by reason of requisition for title or other compulsory acquisition of the ship otherwise than by requisition for hire.

[Terms defined in the second priority deed of covenant have, unless defined differently in this form, the same meaning when used in this form.]. All the company’s (as defined in the second priority deed of covenant) rights, title and interest present and future in and to the mortgaged property.. Mortgaged property is defined in the second priority deed of covenant as (a) the ship (b) the insurances (c) the earnings and (d) any requisition compensation.. Ship means the 5000 dwt seagoing general cargo vessel named "nicole c", built in 2007, img number 9373541 and registered as a british ship at the port of cowes under official number 913871 and includes any share or interest therein and its engines, machinery, boats, tackle, outfit, equipment, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part thereof or in or to its equipment and appurtenances aforesaid.. Insurances means all policies and contracts of insurance (which expression includes all entries of the ship in a protection and indemnity or war risks association) which are from time to time during the security period in place or taken out or entered into by or for the benefit of the company (whether in the sole name of the company or in the joint names of the company and the mortgagee) in respect of the ship and its earnings or otherwise howsoever in connection with the ship and ail benefits thereof (including claims of whatsoever nature and return of premiums). Earnings means all moneys whatsoever from time to time due or payable to the company arising out of the use or operation of the ship, including (but without limitation) all freight, hire and passage moneys, income arising under pooling arrangements, compensation payable to the company in the event of requisition of the ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty, contract or other arrangement in respect of the employment of the ship or otherwise in connection therewith.. Requisition compensation means all sums of money or other compensation from time to time payable during the security period by reason of requisition for title or other compulsory acquisition of the ship otherwise than by requisition for hire.

5700 dwt seagoing general cargo vessel named “tina c”, built in 2008, imo number 9416331 and registered as a british ship under official number 914829.

5000 dwt seagoing general cargo vessel named “nicole c”, built in 2007, imo number 9373541 and registered as a british ship under official number 913871.

Any and all claims cs 638 may at any time and from time to time have against the lender (as defined in the loan agreement) from any reason whatsoever, including claims it may be entitled to in respect of any balance at any time standing to the credit of any account with the lender, including (without limitation) the current accounts (as defined in the loan agreement) (or any of them). [See clause 17.1 of the loan agreement for more details].

5000 dwt seagoing general cargo vessel named “nicole c”, built in 2007, imo number 9373541 and registered as a british ship under official number 913871.

5700 dwt seagoing general cargo vessel named “tina c”, built in 2008, imo number 9416331 and registered as a british ship under official number 914829.

The company mortgages and charges the vessel k/a M.V. "tina c" to the lender see image for full details.

All 64 64TH shares in the M.V. "tina c" under the flag of the united kingdom official no. 914829 see image for full details.

Full title guarantee in and to the assigned property being the insurances, the earnings and the requisition compensation see image for full details.

The insurances the earnings and the requisition compensation in relation to the vessel M.V. tina-c, see image for full details.