VIRONO PRIDE LIMITED

National Bank of Greece S.A.

Assigned property means all of the owner's present and future rights, title and interest in, to and under the earnings, the charter rights, the insurances and all requisition compensation of the vessel (and references to the assigned property shall mean any or all of the constituent parts of it, as the context may require).earnings means:. (A) all moneys whatsoever (and all claims for such moneys), present and future, which are earned or recoverable by, or become payable to or for the account of, the borrower or any other relevant person arising (whether in contract, tort or otherwise howsoever), directly or indirectly, out of the ownership, use or operation of the vessel, including (but not limited to) all freight, hire and passage moneys, compensation payable in the event of requisition of the vessel for hire, remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, damages for breach (or payments for variation or termination) of any charterparty or other contract for employment of the vessel, together with the benefit of any guarantee, indemnity or other security which may at any time be given as security for the payment of such moneys;. (B) all moneys which are at any time payable under the insurances of the vessel in respect of loss of earnings; and. (C) if and whenever the vessel is employed on terms under which any moneys falling within paragraphs (a) or (b) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the vessel.. Charter rights means all rights and benefits accruing to the borrower as owner of the vessel under or arising out of any charter or charter guarantee and which do not form part of the earnings.insurances means all policies and contracts of insurance (including all entries of the vessel in a protection and indemnity association and a war risks association) which are from time to time taken out or entered into in respect of the vessel or her earnings or otherwise howsoever (as specified in greater detail in the finance documents) and all benefits of such policies and contracts, including all claims of whatsoever nature and return of premiums. Requisition compensation means all moneys or other compensation payable by reason of requisition for the compulsory acquisition of the vessel.

National Bank of Greece S.A.

•Vessel means the whole of the tanker vessel referred to in recital (a) together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for her if on shore.. (A) the owner is registered in liberia as a foreign maritime entity and is the sole and (save as provided in this mortgage) unencumbered legal and beneficial owner of the whole of the bulk carrier "virono pride" (being the vessel as defined below) registered in the ownership of the owner under the laws and flag of the republic of liberia at the port of monrovia with official number 21245 and imo number 9403138.

National Bank of Greece S.A.

As security for all obligations whatsoever of the pledgor to the bank including indicatively principal amount, interest, default interest, compounded interest, fee for the organizing of the financing, expenses and legal expenses (hereinafter the "indebtedness") arising out of the loan agreement and/or out of any agreement relating thereto by virtue whereof any securities in rem or in personam (hereinafter the "security documents") have been and/or may be provided to the bank, the pledgor constitutes in favour of the bank a pledge (the "pledge") over the account no. Held with the bank in the pledgor's name (the "account" / the "retention account") it being understood that such pledge shall cover the balance of the account at any given time (the "deposit") plus all interest thereon I.E. the pledge shall cover any amount held in the account at the moment or in the future.