GENERAL MARITIME CORP/
EX-10.7
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>a04-13000_1ex10d7.htm
<DESCRIPTION>EX-10.7
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.7</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT J-2</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO THE CREDIT AGREEMENT</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST PREFERRED SHIP MORTGAGE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ON LIBERIAN FLAG VESSEL</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[VESSEL]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICIAL NO. [OFFICIAL NUMBER]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">executed by</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[SHIPOWNER],</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Shipowner</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in favor of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NORDEA BANK FINLAND PLC, NEW YORK BRANCH</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Security Trustee and Mortgagee</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[CLOSING DATE]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#ArticleI" title="Click to goto ARTICLE I">ARTICLE
  I</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aExistenceAuthorization2" title="Click to goto Section 1.">Section
  1.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aExistenceAuthorization2" title="Click to goto Existence: Authorization">Existence: Authorization</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aTitletoVessel3" title="Click to goto Section 2.">Section
  2.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aTitletoVessel3" title="Click to goto Title to Vessel">Title
  to Vessel</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aISMandISPSCompliance4" title="Click to goto Section 3.">Section
  3.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aISMandISPSCompliance4" title="Click to goto ISM and ISPS Compliance">ISM and ISPS Compliance</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#ArticleIi" title="Click to goto ARTICLE II">ARTICLE
  II</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofIndebtedness6" title="Click to goto Section 1.">Section
  1.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofIndebtedness6" title="Click to goto Payment of Indebtedness">Payment of Indebtedness</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMortgageRecording7" title="Click to goto Section 2.">Section
  2.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMortgageRecording7" title="Click to goto Mortgage Recording">Mortgage Recording</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aLawfulOperation8" title="Click to goto Section 3.">Section
  3.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aLawfulOperation8" title="Click to goto Lawful Operation">Lawful
  Operation</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofTaxes9" title="Click to goto Section 4.">Section
  4.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofTaxes9" title="Click to goto Payment of Taxes">Payment
  of Taxes</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aProhibitionofLiens10" title="Click to goto Section 5.">Section
  5.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aProhibitionofLiens10" title="Click to goto Prohibition of Liens">Prohibition of Liens</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNoticeofMortgage11" title="Click to goto Section 6.">Section
  6.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNoticeofMortgage11" title="Click to goto Notice of Mortgage">Notice of Mortgage</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRemovalofLiens12" title="Click to goto Section 7.">Section
  7.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRemovalofLiens12" title="Click to goto Removal of Liens">Removal
  of Liens</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aReleasefromArrest13" title="Click to goto Section 8.">Section
  8.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aReleasefromArrest13" title="Click to goto Release from Arrest">Release from Arrest</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMaintenance14" title="Click to goto Section 9.">Section
  9.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMaintenance14" title="Click to goto Maintenance">Maintenance</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aInspectionReports15" title="Click to goto Section 10.">Section
  10.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aInspectionReports15" title="Click to goto Inspection; Reports">Inspection; Reports</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aFlagHomePort16" title="Click to goto Section 11.">Section
  11.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aFlagHomePort16" title="Click to goto Flag; Home Port">Flag;
  Home Port</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNoSalesTransfersorCharters17" title="Click to goto Section 12.">Section
  12.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNoSalesTransfersorCharters17" title="Click to goto No Sales. Transfers or Charters">No Sales. Transfers or Charters</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aInsurance18" title="Click to goto Section 13.">Section 13.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aInsurance18" title="Click to goto Insurance">Insurance</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aReimbursementforExpenses19" title="Click to goto Section 14.">Section
  14.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aReimbursementforExpenses19" title="Click to goto Reimbursement for Expenses">Reimbursement for Expenses</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPerformanceofCharters20" title="Click to goto Section 15.">Section
  15.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPerformanceofCharters20" title="Click to goto Performance of Charters">Performance of Charters</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aChangeinOwnership21" title="Click to goto Section 16.">Section
  16.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aChangeinOwnership21" title="Click to goto Change in Ownership">Change in Ownership</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPrepaymentifEventofLoss22" title="Click to goto Section 17.">Section
  17.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPrepaymentifEventofLoss22" title="Click to goto Prepayment if Event of Loss">Prepayment if Event of Loss</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#ArticleIii" title="Click to goto ARTICLE III">ARTICLE
  III</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aEventsofDefaultRemedies24" title="Click to goto Section 1.">Section
  1.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aEventsofDefaultRemedies24" title="Click to goto Events of Default; Remedies">Events of Default; Remedies</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofSale25" title="Click to goto Section 2.">Section
  2.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofSale25" title="Click to goto Power of Sale">Power
  of Sale</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofAttorneySale26" title="Click to goto Section 3.">Section
  3.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofAttorneySale26" title="Click to goto Power of Attorney-Sale">Power of Attorney-Sale</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofAttorneyCollection27" title="Click to goto Section 4.">Section
  4.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofAttorneyCollection27" title="Click to goto Power of Attorney-Collection">Power of Attorney-Collection</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aDeliveryofVessel28" title="Click to goto Section 5.">Section
  5.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aDeliveryofVessel28" title="Click to goto Delivery of Vessel">Delivery of Vessel</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMortgageetoDischargeLiens29" title="Click to goto Section 6.">Section
  6.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aMortgageetoDischargeLiens29" title="Click to goto Mortgagee to Discharge Liens">Mortgagee to Discharge Liens</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofExpenses30" title="Click to goto Section 7.">Section
  7.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPaymentofExpenses30" title="Click to goto Payment of Expenses">Payment of Expenses</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRemediesCumulative31" title="Click to goto Section 8.">Section
  8.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRemediesCumulative31" title="Click to goto Remedies Cumulative">Remedies Cumulative</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aCureofDefaults32" title="Click to goto Section 9.">Section
  9.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aCureofDefaults32" title="Click to goto Cure of Defaults">Cure
  of Defaults</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aDiscontinuanceofProceedings33" title="Click to goto Section 10.">Section
  10.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aDiscontinuanceofProceedings33" title="Click to goto Discontinuance of Proceedings">Discontinuance of Proceedings</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aApplicationofProceeds34" title="Click to goto Section 11.">Section
  11.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aApplicationofProceeds34" title="Click to goto Application of Proceeds">Application of Proceeds</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPossessionUntilDefault35" title="Click to goto Section 12.">Section
  12.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPossessionUntilDefault35" title="Click to goto Possession Until Default">Possession Until Default</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aSeverabilityofProvisionsetc36" title="Click to goto Section 13.">Section
  13.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aSeverabilityofProvisionsetc36" title="Click to goto Severability of Provisions. etc.">Severability of Provisions. etc.</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#ArticleIv" title="Click to goto ARTICLE IV">ARTICLE
  IV</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aSuccessorsandAssigns38" title="Click to goto Section 1.">Section
  1.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aSuccessorsandAssigns38" title="Click to goto Successors and Assigns">Successors and Assigns</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofSubstitution39" title="Click to goto Section 2.">Section
  2.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aPowerofSubstitution39" title="Click to goto Power of Substitution">Power of Substitution</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aCounterparts40" title="Click to goto Section 3.">Section
  3.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aCounterparts40" title="Click to goto Counterparts">Counterparts</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNotices41" title="Click to goto Section 4.">Section 4.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aNotices41" title="Click to goto Notices.">Notices.</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRecordingClause42" title="Click to goto Section 5.">Section
  5.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aRecordingClause42" title="Click to goto Recording Clause.">Recording
  Clause.</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aFurtherAssurances43" title="Click to goto Section 6.">Section
  6.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aFurtherAssurances43" title="Click to goto Further Assurances">Further Assurances</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aGoverningLaw44" title="Click to goto Section 7.">Section
  7.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aGoverningLaw44" title="Click to goto Governing Law">Governing
  Law</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="color:blue;margin:0in 0in .0001pt 20.0pt;text-decoration:underline;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aAdditionalRightsoftheMortgagee45" title="Click to goto Section 8.">Section
  8.</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="color:blue;margin:0in 0in .0001pt 10.1pt;text-decoration:underline;text-indent:-10.1pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;"><a href="#aAdditionalRightsoftheMortgagee45" title="Click to goto Additional Rights of the Mortgagee">Additional Rights of the Mortgagee</a></font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.84%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.12%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST PREFERRED MORTGAGE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[VESSEL]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This First Preferred Ship Mortgage made [CLOSING DATE] (this &#147;Mortgage&#148;),
by [SHIPOWNER], a Liberian limited liability company (the &#147;Shipowner&#148;), in
favor of NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Security Trustee
(together with its successors in trust and assigns, the &#147;Mortgagee&#148;), pursuant
to the Credit Agreement referred to below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">W I T N E S S E T H</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner is the
sole owner of the whole of the Liberian flag vessel [VESSEL NAME], Official
Number [OFFICIAL NUMBER] of [GROSS TONS] gross tons and [NET TONS] net tons
built in [YEAR BUILT] at [YARD AND LOCATION BUILT], with her home port at
Monrovia, Liberia.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Maritime
Corporation, a Marshall Islands corporation (the &#147;Borrower&#148;), the Lenders party
thereto from time to time, and Nordea Bank Finland plc, New York Branch, as
Administrative Agent and as Collateral Agent, have entered into a Credit
Agreement dated as of July 1, 2004 (as the same may be amended, supplemented or
otherwise modified from time to time, the &#147;Credit Agreement&#148;), providing for
the making of loans to the Borrower in the principal amount of up to Eight
Hundred Twenty-Five Million United States Dollars (U.S. $825,000,000) (the
Lenders, the Administrative Agent and Collateral Agent, collectively, the &#147;Lender
Creditors&#148;).&#160; A copy of the form of the
Credit Agreement (without attachments) is attached hereto as Exhibit A and made
a part hereof.&#160; Except as otherwise
defined herein, capitalized terms used herein and defined in the Credit
Agreement shall be used herein as so defined.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower may at
any time and from time to time enter into, or guaranty the obligations of one
or more Subsidiary Guarantors or any of their respective Subsidiaries under,
one or more Interest Rate Protection Agreements or Other Hedging Agreements
with respect to the Loans (and/or the Commitments) with one or more Lenders or
any Affiliate thereof (each such Lender or Affiliate, even if the respective
Lender subsequently ceases to be a Lender under the Credit Agreement for any
reason, together with such Lender&#146;s or Affiliate&#146;s successors and assigns, if
any, collectively, the &#147;Other Creditors&#148; and, together with the Lender
Creditors, the &#147;Secured Creditors&#148;).&#160; The
estimated aggregate notional amount of the liabilities of the Borrower under
the Interest Rate Protection Agreements or Other Hedging Agreements entered
into with respect to the Loans (and/or the Commitments) is Fifty Million United
States Dollars (U.S. $50,000,000).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner is a
wholly-owned subsidiary of the Borrower.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner
entered into the Subsidiaries Guaranty in favor of the Secured Creditors
pursuant to which the Shipowner has guaranteed (i) to the Lender Creditors, all
obligations of the</font> Borrower under the Credit
Agreement and each other Credit Document to which the Borrower is a party</font>, and (ii) to each of the Other Creditors, all
obligations of the Borrower under each Interest Rate Protection Agreement and
each Other Hedging Agreement entered into with respect to the Loans (and/or the
Commitments).&#160; A copy of the form of the
Subsidiaries Guaranty is attached hereto</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Exhibit B and made a part
hereof.&#160; The Lenders have advanced the
Term Loans pursuant to the Credit Agreement and have committed to make the
Revolving Loans subject to the terms and on the conditions set forth in the
Credit Agreement;&#160; the Shipowner
acknowledges that it is justly indebted to the Secured Creditors under the
Subsidiaries Guaranty.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In order to secure its obligations under the
Subsidiaries Guaranty according to the terms thereof, and the payment of all
other such sums that may hereinafter be secured by this Mortgage in accordance
with the terms hereof, and to secure the performance and observance of and
compliance with all the agreements, covenants and conditions contained herein
and in the Subsidiaries Guaranty, the Shipowner has duly authorized the
execution and delivery of this First Preferred Mortgage under and pursuant to
Title 21 of the Liberian Code of Laws of 1956, as amended.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to the
Credit Agreement, the Mortgagee has agreed to act as Trustee for the Secured
Creditors.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, and in order to secure the Shipowner&#146;s obligations
under the Subsidiaries Guaranty according to the terms thereof, and the payment
of all other sums that may hereafter be secured by this Mortgage in accordance
with the terms hereof (all such obligations and other sums hereinafter called
the &#147;Indebtedness hereby secured&#148;) and to secure the performance and observance
of and compliance with all of the agreements, covenants and conditions
contained in this Mortgage and the Subsidiaries Guaranty, the Shipowner has
granted, conveyed, mortgaged, pledged, confirmed, assigned, transferred and set
over and by these presents does grant, convey, mortgage, pledge, confirm,
assign, transfer and set over, unto the Mortgagee, and its successors and
assigns, the whole of the said vessel [VESSEL NAME], including, without being
limited to, all of the boilers, engines, machinery, masts, spars, boats,
anchors, cables, chains, fuel (to the extent owned by the Shipowner), rigging,
tackle, capstans, outfit, tools, pumps and pumping equipment, apparel,
furniture, drilling equipment, fittings, equipment, spare parts, and all other
appurtenances thereunto appertaining or belonging, whether now owned or
hereafter acquired, and also any and all additions, improvements, renewals and
replacements hereafter made in or to such vessel or any part thereof, including
all items and appurtenances aforesaid (such vessel, together with all of the
foregoing, being herein called the &#147;Vessel&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO HAVE AND TO HOLD all and singular the above mortgaged and described
property unto the Mortgagee and its successors and assigns, to its and to its
successors&#146; and assigns&#146; own use, benefit and behoof forever.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROVIDED, and these presents are upon the condition, that, if the
Shipowner or its successors or assigns shall pay or cause to be paid the
Indebtedness hereby secured as and when the same shall become due and payable
in accordance with the terms of the Subsidiaries Guaranty and this Mortgage,
and all other such sums as may hereafter become secured by this Mortgage in accordance
with the terms hereof, and the Shipowner shall duly perform, observe and comply
with or cause to be performed, observed, or complied with all the covenants,
terms and conditions of this Mortgage and the Subsidiaries Guaranty, expressed
or implied, to be performed, then this Mortgage and the estate and rights
hereunder shall cease, determine and be void, otherwise to remain in full force
and effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shipowner, for itself, its successors and assigns, hereby
covenants, declares and agrees</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with the Mortgagee and its
successors and assigns that the Vessel is to be held subject to the further
covenants, conditions, terms and uses hereinafter set forth.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shipowner covenants and agrees with the Mortgagee as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="ArticleI"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and Warranties of the
Shipowner</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aExistenceAuthorization2"><u>Existence: Authorization</u></a>.&#160; The Shipowner is a limited liability company
duly organized and validly existing under the laws of the Republic of Liberia
and shall so remain during the life of this Mortgage.&#160; The Shipowner has full power and authority to
own and mortgage the Vessel;&#160; has full
right and entitlement to register the Vessel in its name under the flag of the
Republic of Liberia and all action necessary and required by law for the
execution and delivery of this Mortgage has been duly and effectively
taken;&#160; and each of the Indebtedness
hereby secured and the Mortgage is and will be the legal, valid and binding
obligation of the Shipowner enforceable in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aTitletoVessel3"><u>Title to Vessel</u></a>.&#160; The Shipowner lawfully owns and is lawfully
possessed of the Vessel free from any lien or encumbrance whatsoever other than
this Mortgage, liens for current crew&#146;s wages and liens not yet required to be
removed under Section 7 of Article II hereof and will warrant and defend the
title and possession thereto and to every part thereof for the benefit of the
Mortgagee against the claims and demands of all persons whomsoever.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aISMandISPSCompliance4"><u>ISM and ISPS Compliance</u></a>.&#160; The Shipowner has obtained all necessary ISM
Documentation in connection with the Vessel and is in full compliance with the
ISM Code and the ISPS Code (as such terms are defined in Section 9 of Article
II.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="ArticleIi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covenants of the Shipowner</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPaymentofIndebtedness6"><u>Payment of Indebtedness</u></a>.&#160; The Shipowner will pay or cause to be paid
the Indebtedness hereby secured and will observe, perform and comply with the
covenants, terms and conditions herein and in the Subsidiaries Guaranty,
express or implied, on its part to be observed, performed or complied
with.&#160; In the event of inconsistency
between this Mortgage and the Subsidiaries Guaranty, the provisions of this
Mortgage shall prevail but only to the extent required by Liberian law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligation of the Indebtedness hereby secured is an obligation in
United States Dollars and the term &#147;$&#148; when used herein shall mean such United
States Dollars.&#160; Notwithstanding
fluctuations in the value or rate of United States Dollars in terms of gold or
any other currency, all payments hereunder or otherwise in respect of the
Indebtedness hereby secured shall be payable in terms of United States Dollars
when due, in United States Dollars when paid, whether such payment is made
before or after the due date.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aMortgageRecording7"><u>Mortgage Recording</u></a>.&#160; The Shipowner will cause this Mortgage to be
duly recorded or filed in the Office of the Deputy Commissioner of Maritime
Affairs of the Republic of Liberia, in accordance with the provisions of
Chapter 3 of Title 21 of the Liberian Code of Laws of</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1956, as amended, and will
otherwise comply with and satisfy all of the provisions of applicable laws of
the Republic of Liberia in order to establish and maintain this Mortgage as a
first preferred mortgage thereunder upon the Vessel and upon all renewals,
replacements and improvements made in or to the same for the amount of the
Indebtedness hereby secured.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aLawfulOperation8"><u>Lawful Operation</u></a>.&#160; The Shipowner will not cause or permit the
Vessel to be operated in any manner contrary to law, and the Shipowner will not
engage in any unlawful trade or violate any law or carry any cargo that will
expose the Vessel to penalty, forfeiture or capture, and will not do, or suffer
or permit to be done, anything which can or may injuriously affect the
registration of the Vessel under the laws and regulations of the Republic of
Liberia and will at all times keep the Vessel duly documented thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPaymentofTaxes9"><u>Payment of Taxes</u></a>.&#160; The Shipowner will pay and discharge when due
and payable, from time to time, all taxes, assessments, governmental charges,
fines and penalties lawfully imposed on the Vessel or any income therefrom.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aProhibitionofLiens10"><u>Prohibition of Liens</u></a>.&#160; Neither the Shipowner, any charterer, the
Master of the Vessel nor any other person has or shall have any right, power or
authority to create, incur or permit to be placed or imposed or continued upon
the Vessel, its freights, profits or hire any lien whatsoever other than this
Mortgage, other liens in favor of the Mortgagee and for crew&#146;s wages and
salvage.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aNoticeofMortgage11"><u>Notice of Mortgage</u></a>.&#160; The Shipowner will place, and at all times
and places will retain a properly certified copy of this Mortgage on board the
Vessel with her papers and will cause such certified copy and the Vessel&#146;s
marine document to be exhibited to any and all persons having business
therewith which might give rise to any lien thereon other than liens for crew&#146;s
wages and salvage, and to any representative of the Mortgagee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shipowner will place and keep prominently displayed in the chart
room and in the Master&#146;s cabin on the Vessel a framed printed notice in plain
type reading as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE OF MORTGAGE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS VESSEL IS OWNED BY [SHIPOWNER], AND IS SUBJECT TO A FIRST
PREFERRED MORTGAGE IN FAVOR OF NORDEA BANK FINLAND PLC, NEW YORK BRANCH, AS
TRUSTEE/MORTGAGEE UNDER AUTHORITY OF TITLE 21 OF THE LIBERIAN CODE OF LAWS OF
1956, AS AMENDED. UNDER THE TERMS OF SAID MORTGAGE, NEITHER THE SHIPOWNER, ANY
CHARTERER, THE MASTER OF THE VESSEL, NOR ANY OTHER PERSON HAS ANY RIGHT, POWER
OR AUTHORITY TO CREATE, INCUR OR PERMIT TO BE PLACED OR IMPOSED UPON THE
VESSEL, ANY ENCUMBRANCES WHATSOEVER OR ANY OTHER LIEN WHATSOEVER OTHER THAN FOR
CREW&#146;S WAGES AND SALVAGE.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aRemovalofLiens12"><u>Removal of Liens</u></a>.&#160; Except for the lien of this Mortgage, the
Shipowner will not suffer to be continued any lien, encumbrance or charge on
the Vessel, and in due course and in any event within thirty (30) days after
the same becomes due and payable or within fourteen (14) days after being requested
to do so by the Mortgagee, the Shipowner will pay or cause to be discharged or
make adequate provision for the satisfaction or discharge of all claims or
demands, and will cause the Vessel to be released or discharged from any lien,
encumbrance or charge therefor.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aReleasefromArrest13"><u>Release from Arrest</u></a>.&#160; If a libel, complaint or similar process be
filed against the Vessel or the Vessel be otherwise attached, levied upon or
taken into custody by virtue of any legal proceeding in any court, the
Shipowner will promptly notify the Mortgagee thereof by telex, or telefax
confirmed by letter, at the address, as specified in this Mortgage, and within
fourteen (14) days will cause the Vessel to be released and all liens thereon
other than this Mortgage to be discharged, will cause a certificate of discharge
to be recorded in the case of any recording of a notice of claim of lien, and
will promptly notify the Mortgagee thereof in the manner aforesaid.&#160; The Shipowner will notify the Mortgagee
within fortyeight (48) hours of any average or salvage incurred by the Vessel.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aMaintenance14"><u>Maintenance</u></a>.&#160;
(a) The Shipowner will at all times and without cost or expense to the
Mortgagee maintain and preserve, or cause to be maintained and preserved, the
Vessel and all its equipment, outfit and appurtenances, tight, staunch, strong,
in good condition, working order and repair and in all respects seaworthy and
fit for its intended service, and will keep the Vessel, or cause her to be kept,
in such condition as will entitle her to the highest classification and rating
for vessels of the same age and type in the American Bureau of Shipping or
other classification society listed on Schedule X to the Credit Agreement.&#160; The Shipowner covenants to deliver annually
to the Mortgagee a certificate from such class society showing such
classification to be maintained.&#160; The
Shipowner will without cost or expense to the Mortgagee promptly, irrevocably
and unconditionally instruct and authorize the classification society of the
Vessel, and shall request the classification society to give an undertaking to
the Mortgagee as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
send to the Mortgagee, following receipt of a written request from the
Mortgagee, certified true copies of all original class records held by the
classification society relating to the Vessel;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
allow the Mortgagee (or its agents), at any time and from time to time, to
inspect the original class and related records of the Shipowner and the Vessel
at the offices of the classification society and to take copies of them;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; following
receipt of a written request from the Mortgagee:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
advise of any facts or matters which may result in or have resulted in a
change, suspension, discontinuance, withdrawal or expiry of the Vessel&#146;s class
under the rules or terms and conditions of the Shipowner&#146;s or the Vessel&#146;s
membership of the classification society; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
confirm that the Shipowner is not in default of any of its contractual
obligations or liabilities to the classification society and, without limiting
the foregoing, that it has paid in full all fees or other charges due and
payable to the classification society; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
the Shipowner is in default of any of its contractual obligations or
liabilities to the classification society, to specify to the Mortgagee in
reasonable detail the facts and circumstances of such default, the consequences
thereof, and any remedy period agreed or allowed by the classification society;
and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
notify the Mortgagee immediately in writing if the classification</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">society receives notification from the Shipowner or any other person
that the Vessel&#146;s classification society is to be changed.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the above instructions and undertaking given for the
benefit of the Mortgagee, the Shipowner shall continue to be responsible to the
classification society for the performance and discharge of all its obligations
and liabilities relating to or arising out of or in connection with the
contract it has with the classification society, and nothing herein or therein
shall be construed as imposing any obligation or liability of the Mortgagee to
the classification society in respect thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shipowner shall further notify the classification society that all
the foregoing instructions and authorizations shall remain in full force and
effect until revoked or modified by written notice to the classification
society received from the Mortgagee, and that the Shipowner shall reimburse the
classification society for all its costs and expenses incurred in complying
with the foregoing instructions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Vessel shall,
and the Shipowner covenants that she will, at all times comply with all
applicable laws, treaties and conventions to which the Republic of Liberia is a
party, and rules and regulations issued thereunder, and shall have on board as
and when required thereby valid certificates showing compliance therewith.&#160; The Shipowner will not make, or permit to be
made, any substantial change in the structure, type or speed of the Vessel or
change in her rig, without first receiving the written approval thereof by the
Mortgagee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner agrees
to give the Mortgagee at least ten (10) days notice of the actual date and
place of any survey or drydocking, in order that the Mortgagee may have
representatives present if desired.&#160; The
Shipowner agrees that at the Mortgagee&#146;s request it will satisfy the Mortgagee
that the expense of such survey or drydocking or work to be done thereat is within
Shipowner&#146;s financial capability and will not result in a claim or lien against
the Vessel in violation of the provisions of this Mortgage, the Credit
Agreement, the Subsidiaries Guaranty or any other Credit Document.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner shall
promptly notify the Mortgagee of and furnish the Mortgagee with full
information, including copies of reports and surveys, regarding any material
accident or accident involving repairs where the aggregate cost is likely to
exceed Five Hundred Thousand Dollars (U.S. $500,000) (or its equivalent in
another currency), any major damage to the Vessel, any event affecting the
Vessel&#146;s class, any occurrence in consequence whereof the Vessel has become or
is likely to suffer an Event of Loss.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Mortgagee shall
have the right at any time, on reasonable notice, to have its surveyor conduct
inspections and surveys of the Vessel to ascertain the condition of the Vessel
and to satisfy itself that the Vessel is being properly repaired and
maintained.&#160; Such inspections and surveys
shall be conducted at such times and in such manner as will not interfere with
the Shipowner&#146;s normal business operations and schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Shipowner will furnish to the Mortgagee on demand true and complete copies of
the DOC (the SMC referred to in the definition of ISM Code Documentation below)
and such other ISM Code documentation as the Mortgagee may reasonably request
in writing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Shipowner will comply or procure compliance with the ISM Code and the ISPS Code
(as such terms are defined below) and notify the Mortgagee forthwith upon:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any claim for breach of the ISM Code or the ISPS Code
being made against the Shipowner, an ISM Responsible Person (as such term is
defined below) or the manager of the Vessel in connection with the Vessel; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any other matter, event or incident, actual or which will
or could lead to the ISM Code or the ISPS Code not being complied with;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and keep the Mortgagee advised in writing on
a regular basis and in such detail as the Mortgagee shall require, of the
Shipowner&#146;s and Vessel manager&#146;s response to the items referred to in
subclauses (i) and (ii) above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this Mortgage:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ISM Code&#148; means in relation to
its application the Shipowner, the Vessel and its operation:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;The International Management Code for the Safe Operation
of Ships and for Pollution Prevention&#148;, currently known or referred to as the &#147;ISM
Code&#148;, adopted by the Assembly of the International Maritime Organization by
Resolution A.741(18) on 4 November 1993 and incorporated on 19 May 1994 into
Chapter IX of the International Convention for the Safety of Life at Sea 1974
(SOLAS 1974); and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all further resolutions, circulars, codes, guidelines,
regulations and recommendations which are now or in the future issued by or on
behalf of the International Maritime Organization or any other entity with
responsibility for implementing the ISM Code, including without limitation, the
&#145;Guidelines on implementation or administering of the International Safety
Management (ISM) Code by Administrations&#146; produced by the International
Maritime Organization pursuant to Resolution A.788(19) adopted on 25 November
1995,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the same may be amended, supplemented or
replaced from time to time;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ISM Code Documentation&#148;
includes:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the document of compliance (DOC) and safety management
certificate (SMC) issued pursuant to the ISM Code in relation to the Vessel
within the periods specified by the ISM Code;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the interim safety management certificate (&#147;Interim SMC&#148;)
issued pursuant to the ISM Code in relation to the Vessel prior to or on the
delivery date thereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all other documents and data which are relevant to the ISM
SMS and its implementation and verification which the mortgage may require by
request; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any other documents which are prepared or which are
otherwise relevant to establish and maintain the Vessel&#146;s or the Shipowner&#146;s
compliance with the ISM Code which the Mortgagee may require by request.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ISM SMS&#148; means the safety
management system which is required to be developed, implemented and maintained
under the ISM Code.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ISPS Code&#148; means the
International Ship and Port Facility Security Code constituted pursuant to
resolution A.924(22) of the International Maritime Organisation (&#147;IMO&#148;) adopted
by a Diplomatic conference of the IMO on Maritime Security on 13 December 2002
and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS)
1974 (as amended) to take effect on July 1, 2004.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aInspectionReports15"><u>Inspection; Reports</u></a>.&#160; (a) The Shipowner will at all reasonable
times afford the Mortgagee or its authorized representatives full and complete
access to the Vessel for the purpose of inspecting the Vessel and her cargo and
papers, including without limitation all records pertaining to the Vessel&#146;s
maintenance and repair, and, at the request of the Mortgagee, the Shipowner
will deliver for inspection copies of any and all contracts and documents
relating to the Vessel, whether on board or not.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner hereby
agrees to furnish promptly to the Mortgagee, on demand, any reports or
information which the Shipowner may submit to shareholders or regulatory
agencies and any additional information which the Mortgagee may request in
respect of the financial condition of the Shipowner.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aFlagHomePort16"><u>Flag; Home Port</u></a>.&#160; (a) The Shipowner will not change the flag or
home port of the Vessel without the written consent of the Mortgagee and any
such written consent to anyone change of flag or home port shall not be
construed to be a waiver of this provision with respect to any subsequent
proposed change of flag or home port.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the
foregoing provisions of this Section 11, upon not less than 30 days prior
written notice to the Mortgagee, provided no Default or Event of Default under
the Credit Agreement shall have occurred and be continuing, the Shipowner may
change the flag or home port of the Vessel to another flag or home port
reasonably satisfactory to the Mortgagee, provided that the Shipowner shall
promptly take all actions necessary or desirable to establish, preserve,
protect and maintain the security interest of the Mortgagee in the Vessel to
the satisfaction of the Mortgagee, and the Shipowner shall have provided to the
Mortgagee and the Lenders such opinions of counsel as may be reasonably
requested by the Mortgagee to assure itself that the conditions of this proviso
have been satisfied.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aNoSalesTransfersorCharters17"><u>No Sales. Transfers or Charters</u></a>.&#160; The Shipowner will not sell, mortgage,
transfer, or change the management of, or demise charter the Vessel for any
period longer than twelve (12) months (including any permitted extensions or
renewals) in each case, without the written consent of the Mortgagee first had
and obtained, and any such written consent to anyone sale, mortgage, demise
charter, transfer, or change of management shall not be construed to be a
waiver of this provision with respect to any subsequent proposed sale,
mortgage, demise charter, transfer, or change of management.&#160; Any such sale, mortgage, demise charter,
transfer, or change of management of the Vessel shall be subject to the
provisions of this Mortgage and the lien hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aInsurance18"><u>Insurance</u></a>.&#160;
(a) The Shipowner, at its own expense, or with respect to part (a)(iii)
of this Section 13 the Mortgagee at the expense of the Shipowner, will keep the
Vessel insured with insurers and protection and indemnity clubs or associations
of internationally recognized responsibility, and placed in such markets, on
such terms and conditions, and through brokers, in each case reasonably
satisfactory to the Mortgagee and under forms of policies approved by the
Mortgagee against the risks indicated below and such other risks as the
Mortgagee may specify from time to time:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Marine
and war risk, including London Blocking and Trapping Addendum and Lost Vessel
Clause, hull and machinery insurance in an amount in U.S. dollars equal to,
except as otherwise approved or required in writing by the Mortgagee, the
greater of (x) the then full commercial value of the Vessel or (y) an amount
which, when aggregated with such insured value of the other Mortgaged Vessels
(if the other Mortgaged Vessels are then subject to a mortgage in favor of the
Mortgagee under the Credit Agreement, and have not suffered an Event of Loss),
is equal to 120% of the then outstanding aggregate principal amount of the Term
Loans and the Total Revolving Loan Commitment whether used or unused.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Marine
and war risk protection and indemnity insurance or equivalent insurance
(including coverage against liability for passengers, fines and penalties
arising out of the operation of the Vessel, insurance against liability arising
out of pollution, spillage or leakage, and workmen&#146;s compensation or
longshoremen&#146;s and harbor workers&#146; insurance as shall be required by applicable
law) in such amounts approved by the Mortgagee;&#160;
provided, however that insurance against liability under law or international
convention arising out of pollution, spillage or leakage shall be in an amount
not less than the greater of:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
maximum amount available, as that amount may from time to time change, from the
International Group of Protection and Indemnity Associations or alternatively
such sources of pollution, spillage or leakage coverage as are commercially
available in any absence of such coverage by the International Group as shall
be carried by prudent shipowners for similar vessels engaged in similar trades
plus amounts available from customary excess insurers of such risks as excess
amounts shall be carried by prudent shipowners for similar vessels engaged in
similar trades; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
amounts required by the laws or regulations of the United States of America or
any applicable jurisdiction in which the Vessel may be trading from time to
time.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgagee&#146;s
interest insurance (including extended mortgagee interest-additional
perils-pollution) coverage satisfactory to the Mortgagee in an amount which,
when aggregated with such insured value of the other Mortgaged Vessels (if the
other Mortgaged Vessels are then subject to a mortgage in favor of the
Mortgagee under the Credit Agreement, and have not suffered an Event of Loss),
is equal to 120% of the then outstanding aggregate principal amount of the Term
Loans and the Total Revolving Loan Commitment whether used or unused; all such
mortgagee&#146;s interest insurance cover shall in the Mortgagee&#146;s discretion be
obtained directly by the Mortgagee and the Shipowner shall on demand pay all
costs of such cover.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; While
the Vessel is idle or laid up, at the option of the Shipowner and in lieu of
the above-mentioned marine and war risk hull insurance, port risk insurance
insuring the Vessel against the usual risks encountered by like vessels under
similar circumstances.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 4.5pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
marine and commercial war-risk insurance required by this Section 13 shall have
deductibles and franchises no higher than the following:&#160; (i) Hull and Machinery - U.S. $115,000 for
all hull claims and U.S. $150,000 for all machinery claims each accident or
occurrence and (ii) Protection and Indemnity - U.S. $50,000 for cargo claims,
U.S. $35,000 for crew claims, U.S. $10,000 passenger claims and U.S. $15,000
all other claims, in each case each accident or occurrence.</font></p>

<p style="margin:0in 0in .0001pt 4.5pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All insurance maintained hereunder shall be primary insurance without
right of contribution against any other insurance maintained by the
Mortgagee.&#160; Each policy of marine and war
risk hull and machinery insurance with respect to the Vessel shall provide that
the Mortgagee shall be a named insured and a loss payee.&#160; Each entry in a marine and war risk
protection indemnity club with respect to the Vessel shall note the interest of
the Mortgagee.&#160; The Mortgagee and its
successors and assigns shall not be responsible for any premiums, club calls,
assessments or any other obligations or for the representations and warranties
made therein by the Shipowner or any other person.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner will
furnish the Mortgagee from time to time on request, and in any event at least
annually, a detailed report signed by a firm of marine insurance brokers
acceptable to the Mortgagee with respect to P &amp; I entry, the hull and
machinery and war risk insurance carried and maintained on the Vessel, together
with their opinion as to the adequacy thereof and its compliance with the
provisions of this Mortgage.&#160; At the
Shipowner&#146;s expense the Shipowner will cause such insurance broker and the P
&amp; I club or association providing P &amp; I insurance referred to in part
(a)(ii) of this Section 13, to agree to advise the Mortgagee by telex or
telecopier confirmed by letter of any expiration, termination, alteration or
cancellation of any policy, any default in the payment of any premium and of
any other act or omission on the part of the Shipowner of which it has
knowledge and which might invalidate or render unenforceable, in whole or in
part, any insurance on the Vessel, and to provide an opportunity of paying any
such unpaid premium or call, such right being exercisable by the Mortgagee on a
vessel by vessel and not on a fleet basis.&#160;
In addition, the Shipowner shall promptly provide the Mortgagee with any
information which the Mortgagee reasonably requests for the purpose of
obtaining or preparing any report from an independent marine insurance
consultant as to the adequacy of the insurances effected or proposed to be
effected in accordance with this Mortgage as of the date hereof or in
connection with any renewal thereof, and the Shipowner shall upon demand
indemnify the Mortgagee in respect of all reasonable fees and other expenses
incurred by or for the account of the Mortgagee in connection with any such
report;&#160; provided the Mortgagee shall be
entitled to such indemnity only for one such report during any period of twelve
months.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriters or brokers shall furnish the Mortgagee with a letter
or letters of undertaking to the effect that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they
will hold the instruments of insurance, and the benefit of the insurances
thereunder, to the order of the Mortgagee in accordance with the terms of the
loss payable clause referred to in the relevant Assignment of Insurances for
the Vessel; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they
will have endorsed on each and every policy as and when the same is issued the
loss payable clause and the notice of assignment referred to in the relevant</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignment of Insurances for the Vessel; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; they
will not set off against any sum recoverable in respect of a claim against the
Vessel under the said underwriters or brokers or any other person in respect of
any other vessel nor cancel the said insurances by reason of non-payment of
such premiums or other amounts.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All policies of insurance required hereby shall provide for not less
than 14 days prior written notice to be received by the Mortgagee of the
termination or cancellation of the insurance evidenced thereby.&#160; All policies of insurance maintained pursuant
to this Section 13 for risks covered by insurance other than that provided by a
P &amp; I Club shall contain provisions waiving underwriters&#146; rights of
subrogation thereunder against any assured named in such policy and any
assignee of said assured.&#160; The Shipowner
has assigned to the Mortgagee its rights under any policies of insurance in
respect of the Vessel.&#160; The Shipowner
agrees that, unless the insurances by their terms provide that they cannot
cease (by reason of nonrenewal or otherwise) without the Mortgagee being
informed and having the right to continue the insurance by paying any premiums
not paid by the Shipowner, receipts showing payment of premiums for required
insurance and also of demands from the Vessel&#146;s P &amp; I underwriters shall be
in the hands of the Mortgagee at least two (2) days before the risk in question
commences.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless
the Mortgagee shall otherwise agree, all amounts of whatsoever nature payable
under any insurance must be payable to the Mortgagee for distribution first to
itself and thereafter to the Shipowner or others as their interests may appear.
Nevertheless, until otherwise required by the Mortgagee by notice to the
underwriters upon the occurrence and continuance of a Default or an event of
default hereunder, (i) amounts payable under any insurance on the Vessel with
respect to protection and indemnity risks may be paid directly to the Shipowner
to reimburse it for any loss, damage or expense incurred by it and covered by
such insurance or to the person to whom any liability covered by such insurance
has been incurred provided that the underwriter shall have first received
evidence that the liability insured against has been discharged, and (ii)
amounts payable under any insurance with respect to the Vessel involving any
damage to the Vessel not constituting an Event of Loss, may be paid by
underwriters directly for the repair, salvage or other charges involved or, if
the Shipowner shall have first fully repaired the damage or paid all of the
salvage or other charges, may be paid to the Shipowner as reimbursement
therefor; provided, however, that if such amounts (including any franchise or
deductible) are in excess of U.S. $250,000, the underwriters shall not make
such payment without first obtaining the written consent thereto of the
Mortgagee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All amounts paid to
the Mortgagee in respect of any insurance on the Vessel shall be disposed of as
follows (after deduction of the expenses of the Mortgagee in collecting such
amounts):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any
amount which might have been paid at the time, in accordance with the
provisions of paragraph (d) above, directly to the Shipowner or others shall be
paid by the Mortgagee to, or as directed by, the Shipowner;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
amounts paid to the Mortgagee in respect of an Event of Loss of the Vessel
shall be applied by the Mortgagee to the payment of the Indebtedness hereby
secured pursuant to Section 4.02(c) of the Credit Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
other amounts paid to the Mortgagee in respect of any insurance on the</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vessel may, in the Mortgagee&#146;s sole discretion, be held and applied to
the prepayment of the Indebtedness hereby secured or to making of needed
repairs or other work on the Vessel, or to the payment of other claims incurred
by the Shipowner relating to the Vessel, or may be paid to the Shipowner or
whosoever may be entitled thereto.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that
any claim or lien is asserted against the Vessel for loss, damage or expense
which is covered by insurance required hereunder and it is necessary for the
Shipowner to obtain a bond or supply other security to prevent arrest of the
Vessel or to release the Vessel from arrest on account of such claim or lien,
the Mortgagee, on request of the Shipowner, may, in the sole discretion of the
Mortgagee, assign to any person, firm or corporation executing a surety or
guarantee bond or other agreement to save or release the Vessel from such
arrest, all right, title and interest of the Mortgagee in and to said insurance
covering said loss, damage or expense, as collateral security to indemnify
against liability under said bond or other agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner shall
deliver to the Mortgagee certified copies and, whenever so requested by the
Mortgagee, the originals of all certificates of entry, cover notes, binders,
evidences of insurance and policies and all endorsements and riders amendatory
thereof in respect of insurance maintained under this Mortgage for the purpose
of inspection or safekeeping, or, alternatively, satisfactory letters of
undertaking from the broker holding the same.&#160;
The Mortgagee shall be under no duty or obligation to verify the
adequacy or existence of any such insurance or any such policies, endorsement
or riders.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner agrees
that it will not execute or permit or willingly allow to be done any act by
which any insurance may be suspended, impaired or cancelled, and that it will
not permit or allow the Vessel to undertake any voyage or run any risk or
transport any cargo which may not be permitted by the policies in force,
without having previously notified the Mortgagee in writing and insured the
Vessel by additional coverage to extend to such voyages, risks, passengers or
cargoes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In case any
underwriter proposes to pay less on any claim than the amount thereof, the
Shipowner shall forthwith inform the Mortgagee, and if a Default, an Event of
Default or an Event of Loss has occurred and is continuing, the Mortgagee shall
have the exclusive right to negotiate and agree to any compromise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shipowner will
comply with and satisfy all of the provisions of any applicable law,
convention, regulation, proclamation or order concerning financial
responsibility for liabilities imposed on the Shipowner or the Vessel with
respect to pollution by any state or nation or political subdivision thereof
and will maintain all certificates or other evidence of financial
responsibility as may be required by any such law, convention, regulation,
proclamation or order with respect to the trade in which the Vessel is from
time to time engaged and the cargo carried by it.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aReimbursementforExpenses19"><u>Reimbursement for Expenses</u></a>.&#160; The Shipowner will reimburse the Mortgagee
promptly for any and all expenditures which the Mortgagee may from time to time
make, layout or expend in providing such protection in respect of insurance,
discharge or purchase of liens, taxes, dues, tolls, assessments, governmental
charges, fines and penalties lawfully imposed, repairs, attorney&#146;s fees, and
other matters as the Shipowner is obligated herein to provide, but fails to
provide or which, in the sole judgment of the Mortgagee are necessary or
appropriate for the protection of the Vessel or the security granted by this
Mortgage.&#160; Such obligation of the
Shipowner to reimburse the Mortgagee shall be an additional indebtedness due
from the Shipowner, shall bear interest at the interest rate as set forth in
Section 1.07(b) of the Credit Agreement from the date of payment by the</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mortgagee
to and including the date of reimbursement by the Shipowner, shall be secured
by this Mortgage, and shall be payable by the Shipowner on demand.&#160; The Mortgagee, though privileged to do so,
shall be under no obligation to the Shipowner to make any such expenditure, nor
shall the making thereof relieve the Shipowner of any default in that respect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPerformanceofCharters20"><u>Performance of Charters</u></a>.&#160; The Shipowner will fully perform any and all
charter parties which may be entered into with respect to the Vessel and will
promptly notify the Mortgagee of any material claim by any charterer of
non-performance thereunder by the Shipowner.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aChangeinOwnership21"><u>Change in Ownership</u></a>.&#160; The Shipowner further covenants and agrees
with the Mortgagee that, so long as any part of the Indebtedness hereby secured
remains unpaid, there shall be no change in the ownership of the Vessel or any
of the shares of the Shipowner without the prior written consent of the
Mortgagee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPrepaymentifEventofLoss22"><u>Prepayment if Event of Loss</u></a>.&#160; In the event that the Vessel suffers an Event
of Loss, then and in each such case the Shipowner shall forthwith repay the
Indebtedness hereby secured at the time and in the amount set forth in Section
4.02(c) of the Credit Agreement except to the extent such amounts have
otherwise been paid as therein provided.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="ArticleIii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
III</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events of Default and Remedies</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aEventsofDefaultRemedies24"><u>Events of Default; Remedies</u></a>.&#160; In case anyone or more of the following
events, herein termed &#147;events of default&#148;, shall happen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Shipowner fails to pay on the date due any payment of principal in respect of
the Indebtedness hereby secured as provided herein or the Shipowner fails to
pay within three (3) Business Days of the date due any payment of interest or
any Commitment Commission or any other amount owing under the Subsidiaries
Guaranty; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements in Article I shall prove to have been untrue when made in a material
way; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
default in the due and punctual observance and performance of any of the
provisions of Sections 2, 3, 7, 8, 9(b), 11, 12, 13(a), (b), (d), (h) and (j),
16 or 17 of Article II hereof shall have occurred and be continuing; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
breach or omission in the due and punctual observance of any of the other
covenants and conditions herein required to be kept and performed by the
Shipowner and such breach or omission shall continue for 30 days after the day
the Shipowner first knew or should have known of such breach or omission; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an
Event of Default shall have occurred and be continuing under the Credit
Agreement; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
payment default by the Borrower under any Interest Rate Protection Agreement or
Other Hedging Agreement shall have occurred and be continuing; or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any
notice shall have been issued by the government or any bureau, department,
officer, board or agency thereof of the country of registry of the Vessel to
the effect that the Vessel is subject to cancellation from such registry or the
certificate of registry of the Vessel is subject to revocation or cancellation
for any reason whatsoever, and such notice shall not have been cancelled or
annulled on or before seven (7) Business Days prior to the date set forth in
such notice for such cancellation or revocation; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Vessel shall be cancelled from the country of registry of the Vessel or the
certificate of registry of the Vessel is revoked or cancelled for any reason
whatsoever;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the security constituted by this Mortgage shall become immediately
enforceable and that without limitation, the enforcement remedies specified can
be exercised irrespective of whether or not the Mortgagee has exercised the
right of acceleration under the Credit Agreement or any of the other Credit
Documents and the Mortgagee shall have the right to:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Declare
all the then unpaid Indebtedness hereby secured to be due and payable immediately,
and upon such declaration, the same shall become and be immediately due and
payable provided, however, that no declaration shall be required if an event of
default shall have occurred by reason of a default under Section 10.05 of the
Credit Agreement, then and in such case, the Indebtedness hereby secured shall
become immediately due and payable on the occurrence of such event of default
without any notice or demand;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exercise
all of the rights and remedies in foreclosure and otherwise given to a
mortgagee by the provisions of the laws of the country of registry of the
Vessel or of any other jurisdiction where the Vessel may be found;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bring
suit at law, in equity or in admiralty, as it may be advised, to recover
judgment for the Indebtedness hereby secured, and collect the same out of any
and all property of the Shipowner whether covered by this Mortgage or
otherwise;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take
and enter into possession of the Vessel, at any time, wherever the same may be,
without legal process and without being responsible for loss or damage and the
Shipowner or other person in possession forthwith upon demand of the Mortgagee
shall surrender to the Mortgagee possession of the Vessel;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Without
being responsible for loss or damage, the Mortgagee may hold, lay up, lease,
charter, operate or otherwise use such Vessel for such time and upon such terms
as it may deem to be for its best advantage, and demand, collect and retain all
hire, freights, earnings, issues, revenues, income, profits, return premiums, salvage
awards or recoveries, recoveries in general average, and all other sums due or
to become due in respect of such Vessel or in respect of any insurance thereon
from any person whomsoever, accounting only for the net profits, if any,
arising from such use of the Vessel and charging upon all receipts from the use
of the Vessel or from the sale thereof by court proceedings or pursuant to
subsection (vi) next following, all costs, expenses, charges, damages or losses
by reason of such use; and if at any time the Mortgagee shall avail itself of
the right herein given them to take the Vessel, the Mortgagee shall have the
right to dock the Vessel, for a reasonable time</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">at any dock, pier or other premises of the Shipowner without charge, or
to dock her at any other place at the cost and expense of the Shipowner;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Without
being responsible for loss or damage, the Mortgagee may sell the Vessel upon
such terms and conditions as to the Mortgagee shall seem best, free from any
claim of or by the Shipowner, at public or private sale, by sealed bids or
otherwise, by mailing, by air or otherwise, notice of such sale, whether public
or private, addressed to the Shipowner at its last known address and to any
other registered mortgagee, twenty (20) calendar days prior to the date fixed
for entering into the contract of sale and by first publishing notice of any
such public sale for ten (10) consecutive days, in daily newspapers of general
circulation published in the City of New York, State of New York; in the event
that the Vessel shall be offered for sale by private sale, no newspaper
publication of notice shall be required, nor notice of adjournment of sale;
sale may be held at such place and at such time as the Mortgagee by notice may
have specified, or may be adjourned by the Mortgagee from time to time by
announcement at the time and place appointed for such sale or for such
adjourned sale, and without further notice or publication the Mortgagee may
make any such sale at the time and place to which the same shall be so
adjourned; and any sale may be conducted without bringing the Vessel to the
place designated for such sale and in such manner as the Mortgagee may deem to
be for its best advantage, and the Mortgagee may become the purchaser at any
sale.&#160; The Shipowner agrees that any sale
made in accordance with the terms of this paragraph shall be deemed made in a
commercially reasonable manner insofar as it is concerned;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Require
that all policies, contracts, certificates of entry and other records relating
to the insurance with respect to the Vessel, including, but not limited to,
those described in Article II, Section 13 hereof (the &#147;Insurances&#148;) (including
details of and correspondence concerning outstanding claims) be forthwith
delivered to or to the order of the Mortgagee;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Collect,
recover, compromise and give a good discharge for any and all monies and claims
for monies then outstanding or thereafter arising under the Insurances or in
respect of the earnings or any requisition compensation and to permit any
brokers through whom collection or recovery is effected to charge the usual
brokerage therefor.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPowerofSale25"><u>Power of Sale</u></a>.&#160;
Any sale of the Vessel made in pursuance of this Mortgage, whether under
the power of sale hereby granted or any judicial proceedings, shall operate to
divest all right, title and interest of any nature whatsoever of the Shipowner
therein and thereto, and shall bar the Shipowner, its successors and assigns,
and all persons claiming by, through or under them.&#160; No purchaser shall be bound to inquire
whether notice has been given, or whether any default has occurred, or as to
the propriety of the sale, or as to the application of the proceeds
thereof.&#160; In case of any such sale, the
Mortgagee, if it is the purchaser, shall be entitled, for the purpose of making
settlement or payment for the property purchased, to use and apply the
Indebtedness hereby secured in order that there may be credited against the
amount remaining due and unpaid thereon the sums payable out of the net
proceeds of such sale to the Mortgagee after allowing for the costs and expense
of sale and other charges; and thereupon such purchaser shall be credited, on
account of such purchase price, with the net proceeds that shall have been so
credited upon the Indebtedness hereby secured.&#160;
At any such sale, the Mortgagee may bid for and purchase such property
and upon compliance with the terms of sale may hold, retain and dispose of such
property without further accountability therefor.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPowerofAttorneySale26"><u>Power of Attorney-Sale</u></a>.&#160; The Mortgagee is hereby irrevocably appointed
attorney-in-fact of the Shipowner to execute and deliver to any purchaser
aforesaid, and is hereby vested with full power and authority to make, in the
name and on behalf of the Shipowner, a good conveyance of the title to the
Vessel so sold.&#160; Any person dealing with
the Mortgagee or attorney-in-fact shall not be put on enquiry as to whether the
power of attorney contained herein has become exercisable.&#160; In the event of any sale of the Vessel, under
any power herein contained, the Shipowner will, if and when required by the
Mortgagee, execute such form of conveyance of the Vessel as the Mortgagee may
direct or approve.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPowerofAttorneyCollection27"><u>Power of Attorney-Collection</u></a>.&#160; The Mortgagee is hereby irrevocably appointed
attorney-in-fact of the Shipowner upon the happening of any event of default,
in the name of the Shipowner to demand, collect, receive, compromise and sue
for, so far as may be permitted by law, all freight, hire, earnings, issues,
revenues, income and profits of the Vessel and all amounts due from
underwriters under any insurance thereon as payment of losses or as return
premiums or otherwise, salvage awards and recoveries, recoveries in general
average or otherwise, and all other sums due or to become due at the time of
the happening of any event of default as defined in Section 1 of Article III
hereof in respect of the Vessel, or in respect of any insurance thereon, from
any person whomsoever, and to make, give and execute in the name of the
Shipowner acquittances, receipts, releases or other discharges for the same,
whether under seal or otherwise, and to endorse and accept in the name of the
Shipowner all checks, notes, drafts, warrants, agreements and other instruments
in writing with respect to the foregoing.&#160;
Any person dealing with the Mortgagee or attorney-in-fact shall not be
put on enquiry as to whether the Power of Attorney contained herein has become
exercisable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aDeliveryofVessel28"><u>Delivery of Vessel</u></a>.&#160; Upon the security constituted by this
Mortgage becoming immediately enforceable pursuant to Section 1 of Article III,
the Mortgagee shall (in addition to the powers described in Section 1 of
Article III) become forthwith entitled (but not bound) to appoint, by an
instrument in writing under its seal or under the hand of any director or
officer or authorized signatory, a receiver and/or manager of the Vessel upon
such terms as to remuneration and otherwise as the Mortgagee shall deem fit
with power from time to time to remove any receiver and appoint another in his
stead and any receiver shall be the agent of the Shipowner (who shall be solely
responsible for his acts and defaults and remuneration) and shall have all the
powers conferred by law by way of addition to, but without limiting, those
powers any receiver shall have all the powers and entitlements conferred on the
Mortgagee by this Mortgage and generally shall be entitled to the same
protection and to exercise the same powers and discretions as are granted to
the Mortgagee under this Mortgage.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aMortgageetoDischargeLiens29"><u>Mortgagee to Discharge Liens</u></a>.&#160; The Shipowner authorizes and empowers the
Mortgagee or its appointees or any of them to appear in the name of the Shipowner,
its successors and assigns, in any court of any country or nation of the world
where a suit is pending against the Vessel because of or on account of any
alleged lien against the Vessel from which the Vessel has not been released and
to take such proceedings as to them or any of them may seem proper towards the
defense of such suit and the purchase or discharge of such lien, and all
expenditures made or incurred by them or any of them for the purpose of such
defense or purchase or discharge shall be a debt due from the Shipowner, its
successors and assigns, to the Mortgagee, and shall be secured by the lien of
this Mortgage in like manner and extent as if the amount and description
thereof were written herein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPaymentofExpenses30"><u>Payment of Expenses</u></a>.&#160; The Shipowner covenants that upon the
happening of</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any one or more of the events of
default, then, upon written demand of the Mortgagee, the Shipowner will pay to
the Mortgagee the whole amount due and payable in respect of the Indebtedness
hereby secured; and in case the Shipowner shall fail to pay the same forthwith
upon such demand, the Mortgagee shall be entitled to recover judgment for the
whole amount so due and unpaid, together with such further amounts as shall be
sufficient to cover the reasonable compensation of the Mortgagee or its agents,
attorneys and counsel and any necessary advances, expenses and liabilities made
or incurred by it or them or the Mortgagee hereunder.&#160; All moneys collected by the Mortgagee under
this Section 7 shall be applied by the Mortgagee in accordance with the
provisions of Section 11 of this Article III.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aRemediesCumulative31"><u>Remedies Cumulative</u></a>.&#160; Each and every power and remedy herein given
to the Mortgagee shall be cumulative and shall be in addition to every other
power and remedy herein given or now or hereafter existing at law, in equity,
in admiralty or by statute, and each and every power and remedy whether herein
given or otherwise existing may be exercised from time to time and as often and
in such order as may be deemed expedient by the Mortgagee, and the exercise or
the beginning of the exercise of any power or remedy shall not be construed to
be a waiver of the right to exercise at the same time or thereafter any other
power or remedy.&#160; The Mortgagee shall not
be required or bound to enforce any of its rights under any of the other Credit
Documents, prior to enforcing its rights under this Mortgage.&#160; No delay or omission by the Mortgagee in the
exercise of any right or power or in the pursuance of any remedy accruing upon
any default as above defined shall impair any such right, power or remedy or be
construed to be a waiver of any such event of default or to be an acquiescence
therein;&#160; nor shall the acceptance by the
Mortgagee of any security or of any payment of or on account of the
Indebtedness hereby secured maturing after any event of default or of any
payment on account of any past default be construed to be a waiver of any right
to exercise its remedies due to any future event of default or of any past
event of default not completely cured thereby.&#160;
No consent, waiver or approval of the Mortgagee shall be deemed to be
effective unless in writing and duly signed by authorized signatories of the
Mortgagee;&#160; any waiver by the Mortgagee
of any of the terms of this Mortgage or any consent given under this Mortgage
shall only be effective for the purpose and on the terms which it is given and
shall be without prejudice to the right to give or withhold consent in relation
to future matters (which are either the same or different).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aCureofDefaults32"><u>Cure of Defaults</u></a>.&#160; If at any time after an event of default and
prior to the actual sale of the Vessel by the Mortgagee or prior to any
enforcement or foreclosure proceedings the Shipowner offers completely to cure
all events of default and to pay all expenses, advances and damages to the
Mortgagee consequent on such events of default, with interest at the interest
rate set forth in Section 1.07(b) of the Credit Agreement, then the Mortgagee may,
but shall not be obligated to, accept such offer and payment and restore the
Shipowner to its former position, but such action, if taken, shall not affect
any subsequent event of default or impair any rights consequent thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aDiscontinuanceofProceedings33"><u>Discontinuance of Proceedings</u></a>.&#160; In case the Mortgagee shall have proceeded to
enforce any right, power or remedy under this Mortgage by foreclosure, entry or
otherwise, and such proceedings shall have been discontinued or abandoned for
any reason or shall have been determined adversely to the Mortgagee, then and
in every such case the Shipowner and the Mortgagee shall be restored to its
former position and right hereunder with respect to the property subject or
intended to be subject to this Mortgage, and all rights, remedies and powers of
the Mortgagee shall continue as if no such proceedings had been taken.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aApplicationofProceeds34"><u>Application of Proceeds</u></a>.&#160; After an event of default hereunder shall
have occurred and be continuing, the proceeds of any sale of the Vessel and any
and all other moneys</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">received by the Mortgagee
pursuant to or under the terms of this Mortgage or in any proceedings
hereunder, the application of which has not elsewhere herein been specifically
provided for, shall be applied as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">First</font></u>:&#160;&#160;&#160;&#160;&#160;&#160; To
the payment of all costs and expenses (together with interest thereon as set
forth in Section 14 of Article II) of the Mortgagee, including the reasonable
compensation of its agents and attorneys, by reason of any sale, retaking,
management or operation of the Vessel and all other sums payable to the
Mortgagee hereunder by reason of any expenses or liabilities incurred or
advances made by it for the protection, maintenance and enforcement of the
security or of any of its rights hereunder, under the Credit Agreement, the
Subsidiaries Guaranty and under the other Credit Documents or in the pursuit of
any remedy hereby or thereby conferred; and at the option of the Mortgagee to
the payment of any taxes, assessments or liens claiming priority over the lien
of this Mortgage; and</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second</font></u>:&#160; To the
Pledgee (as defined in the Pledge Agreement) for its distribution in accordance
with the provisions of Section 9 of the Pledge Agreement;&#160; and</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third:</font></u>&#160;&#160;&#160;&#160; To the Shipowner or as may
be directed by a court of competent jurisdiction.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPossessionUntilDefault35"><u>Possession Until Default</u></a>.&#160; Until one or more of the events of default
hereinafter described shall happen, the Shipowner (a) shall be suffered and
permitted to retain actual possession and use of the Vessel and (b) shall have
the right, from time to time, in its discretion, and without application to the
Mortgagee, and without obtaining a release thereof by the Mortgagee, to dispose
of, free from the lien hereof, any boilers, engines, machinery, masts, spars,
sails, rigging, boats, anchors, chains, tackle, apparel, furniture, fittings or
equipment or any other appurtenances of the Vessel that are no longer useful,
necessary, profitable or advantageous in the operation of the Vessel, first or
simultaneously replacing the same by new boilers, engines, machinery, masts,
spars, sails, rigging, boats, anchors, chains, tackle, apparel, furniture,
fittings, equipment, or other appurtenances of substantially equal value to the
Shipowner, which shall forthwith become subject to the lien of this Mortgage as
a first priority mortgage thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aSeverabilityofProvisionsetc36"><u>Severability of Provisions. etc</u>.</a>&#160; (a) If any provision of this Mortgage should
be deemed invalid or shall be deemed to affect adversely the preferred status
of this Mortgage under any applicable law, such provision shall be void and of
no effect and shall cease to be a part of this Mortgage without affecting the
remaining provisions, which shall remain in full force and effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that
the Subsidiaries Guaranty, this Mortgage, any of the other Credit Documents or
any of the documents or instruments which may from time to time be delivered
thereunder or hereunder or any provision thereof or hereof shall be deemed
invalidated by present or future law of any nation or by decision of any court,
this shall not affect the validity and/or enforceability of all or any other
parts of the Subsidiaries Guaranty, this Mortgage, any of the other Credit
Documents or such documents or instruments and, in any such case, the Shipowner
covenants and agrees that, on demand, it will execute and deliver such other
and further agreements and/or documents and/or instruments and do such things
as the Mortgagee in its sole discretion may reasonably deem to be necessary to
carry out the true intent of this Mortgage, the Subsidiaries Guaranty and the
other Credit Documents.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that
the title, or ownership of the Vessel shall be requisitioned, purchased</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or taken by any government of
any country or any department, agency or representative thereof, pursuant to
any present or future law, proclamation, decree order or otherwise, the lien of
this Mortgage shall be deemed to attach to the claim for compensation therefor,
and the compensation, purchase or other taking of such title or ownership is
hereby agreed to be payable to the Mortgagee who shall be entitled to receive
the same and shall apply it as provided in Section 11 of this Article III. In
the event of any such requisition, purchase or taking, and the failure of the
Mortgagee to receive proceeds as herein provided, the Shipowner shall promptly
execute and deliver to the Mortgagee such documents, if any, as in the opinion
of the Mortgagee may be necessary or useful to facilitate or expedite the
collection by the Mortgagee of such part of the compensation, purchase price,
reimbursement or award as is payable to it hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Anything herein to
the contrary notwithstanding, it is intended that nothing herein shall waive
the priority status of this Mortgage, and if any provision of this Mortgage or
portion thereof shall be construed to waive the priority status of this
Mortgage, then such provision to such extent shall be void and of no effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="ArticleIv"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sundry Provisions</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aSuccessorsandAssigns38"><u>Successors and Assigns</u></a>.&#160; All of the covenants, promises, stipulations
and agreements of the Shipowner in this Mortgage contained shall bind the
Shipowner and its successors and shall inure to the benefit of the Mortgagee
and its successors and assigns. In the event of any assignment or transfer of
this Mortgage, the term &#147;Mortgagee&#148;, as used in this Mortgage, shall be deemed
to mean any such assignee or transferee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aPowerofSubstitution39"><u>Power of Substitution</u></a>.&#160; Wherever and whenever herein any right, power
or authority is granted or given to the Mortgagee, such right, power or
authority may be exercised in all cases by the Mortgagee or such agent or
agents as it may appoint, and the act or acts of such agent or agents when
taken shall constitute the act of the Mortgagee hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aCounterparts40"><u>Counterparts</u></a>.&#160;
This Mortgage may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but
one and the same instrument.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aNotices41"><u>Notices</u>.</a>&#160;
Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including telexed,
telegraphic, telex, telecopier or cable communication) and mailed, telexed,
telecopied, cabled or delivered, if to the Shipowner or to the Mortgagee, at
its address as specified below, or at such other address as shall be designated
by such party in a written notice to the other party:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Shipowner, addressed to it in care of:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Maritime Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35 West 56th Street</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10019</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: (212) 763-5600</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (212) 763-5603</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Mortgagee, addressed to it:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nordea Bank Finland PLC, New York Branch</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">437 Madison Avenue, 21st Floor</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10022</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Mr. Hans Chr.
Kjelsrud</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (212) 421 4420</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All such notices and communications shall, (i) when mailed, be
effective three Business Days after being deposited in the mails, prepaid and
properly addressed for delivery, (ii) when sent by overnight courier, be
effective one Business Day after delivery to the overnight courier prepaid and
properly addressed for delivery on such next Business Day, or (iii) when sent
by telex or telecopier, be effective when sent by telex or telecopier, except
that notices and communications to the Mortgagee shall not be effective until
received by the Mortgagee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aRecordingClause42"><u>Recording Clause</u>.</a>&#160; For purposes of recording this First
Preferred Mortgage as required by Chapter 3 of Title 21 of the Liberian Code of
Laws of 1956, as amended, the total amount of this Mortgage is Eight Hundred
Seventy Five Million United States Dollars (U.S. $875,000,000), and interest
and performance of mortgage covenants.&#160;
The maturity date is on demand. &#160;There is no separate discharge amount.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aFurtherAssurances43"><u>Further Assurances</u></a> The Shipowner shall
execute and do all such assurances, acts and things as the Mortgagee, or any
receiver in its absolute discretion may require for:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; perfecting
or protecting the security created (or intended to be created) by this
Mortgage; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; preserving
or protecting any of the rights of the Mortgagee under this Mortgage (or any of
them); or</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ensuring
that the security constituted by this Mortgage and the covenants and obligations
of the Shipowner under this Mortgage shall enure to the benefit of assignees of
the Mortgagee (or any of them); or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; facilitating
the appropriation or realization of the Vessel or any part thereof and
enforcing the security constituted by this Mortgage on or at any time after the
same shall have become enforceable; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
exercise of any power, authority or discretion vested in the Mortgagee under
this Mortgage,</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in any such case, forthwith upon demand by the Mortgagee and at the
expense of the Shipowner. Without limitation of the foregoing, in connection
with any Interest Rate Protection Agreements or Other Hedging Agreements
entered into from time to time, the Shipowner shall, at its expense, enter
into, deliver and cause to be recorded such amendments and supplements to this
Mortgage, and such other instruments and legal opinions, as the Mortgagee may
reasonably request.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aGoverningLaw44"><u>Governing Law</u></a>.&#160;
The provisions of this Mortgage shall, with respect to its validity,
effect, recordation and enforcement, be governed by and construed in accordance
with the applicable laws of the Republic of Liberia.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="aAdditionalRightsoftheMortgagee45"><u>Additional Rights of the Mortgagee</u></a>.&#160; In the event the Mortgagee shall be entitled
to exercise any of its remedies under Article III hereof, the Mortgagee shall
have the right to arrest and take action against the Vessel at whatever place
the Vessel shall be found lying and for the purpose of any action which the
Mortgagee may bring before the Courts of such jurisdiction or other judicial
authority and for the purpose of any action which the Mortgagee may bring
against the Vessel, any writ, notice, judgment or other legal process or
documents may (without prejudice to any other method of service under
applicable law) be served upon the Master of the Vessel (or upon anyone acting
as the Master) and such service shall be deemed good service on the Shipowner
for all purposes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Shipowner has caused this First Preferred
Mortgage over the [VESSEL NAME] to be duly executed by its authorized
representative the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[NAME OF SHIPOWNER]</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACKNOWLEDGMENT</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STATE OF NEW YORK</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">: SS:</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COUNTY OF NEW YORK</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On this [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] day of [DATE],
before me personally appeared [NAME], known to me to be the person who executed
the foregoing instrument, who, being by me duly sworn did depose and say that
he resides at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
New York, NY;&#160; that he is [TITLE] of
[SHIPOWNER], the Liberian limited liability company described in and which executed
the foregoing instrument;&#160; that he signed
his name pursuant to authority granted to him by [SHIPOWNER];&#160; and that he further acknowledged that said
instrument is the act and deed of [SHIPOWNER].</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notary Public</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FOR USE IN THE REPUBLIC OF LIBERIA]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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