[Shipper’s Letterhead]

LETTER OF UNDERTAKING

(Date)

To:Hyundai Merchant Marine Co., Ltd.

Re: Shipment destined for Iran

Cargo Details :

Dear Sirs:

  1. We, (Name of the Shipper),hereby warrant and guarantee thatany and all cargoes which have been booked and/or will be booked with HMM by us (“Cargoes”) for the shipmentdestined for Iran do not contain any goods prohibited by any sanction, prohibition or adverse action in any form whatsoever by any State or International Organization including, but not limited to, Korea, the United States, EU, the United Nations, etc., which shall expose or may exposeHMM or the vessel to carry the Cargoes (“Vessel”) or its Owner, Charterer, Operator, Manager, etc.(collectively, “Carrier Interests”) to the risk of any sanctioned activities.
  1. In particular, but not only limited to below, we hereby undertake to refrain from requesting any carriage, transportation, trade, or voyage of any cargo destined to Iran which in the reasonable opinion of HMM may constitute followings:-

(1)Activities which may directly and significantly contribute to the enhancement of facilitate or support transactions involving Iran’s proliferation of weapons of mass destruction, ballistic missile systems; and/or

(2)Activities which may facilitate or support transactions involving certain Iran’s international terrorismand its human rights abuses. .

  1. In addition, we hereby warrant and guaranteethat Cargoes for the shipment destined for Iran do not contain any US origin goods or goods with US content, and not to engage in any activities with, and/or to support any entity which has been designated as a sanctions target under laws or regulations such as under the list of the Specially Designated Nationals and Blocked Persons of the United States, the list of asset freeze/visa-ban targets under the EU nuclear-related sanctions programmewhich shall expose or may expose Carrier Interests to the risk of any activities prohibited by any sanction, prohibition or adverse action in any form whatsoever by any State or International Organizationincluding, but not limited to, Korea, the United States, the United Nations, etc.
  1. In case of any failure or breach of Paragraphs 1, 2 and/or 3 on the part of us and other cargo interests including, but not limited to, Consignee(s), Notify Party, and other related party of Bill of Ladings (“Cargo Interests”), we confirm and agree that Carrier Interests, at any time, have the liberty to refuse to enter into or to terminate the relevant contract of carriage and to unload, discharge, abandon, or give up the Cargoes at a port or place selected by Carrier Interests at the risk and expense of Cargo Interests.
  1. After theexercise of Carrier Interests’liberty as set forth in Paragraph 4 above, Carrier Interests shall be free from any responsibility for further custody or carriage of the Cargoes and shall not be held liable for any claims, risks,costs and/or expenses with regard to the Cargoes.
  1. Notwithstanding and without prejudice to Paragraphs 4 and 5 above, we hereby acknowledge that the Carrier Interests fully reserve all rights and remedies with regard to the shipment of Cargoesincluding, but not limited to, the right to claim for any damages which they may suffer from or in connection with the Cargoes.
  1. Irrespective of such exercise of liberty, Carrier Interests shall be entitled to the highest freight rate available in the market for the whole voyage in case the shipment of the Cargoes has been initiated.
  1. Furthermore, we hereby undertake to refrain from arresting or taking any action against the Vessel or any other ship in the same ownership, associated ownership, management, control or possession or initiate legal proceedings against Carrier Interests in relation to the Cargoes or such exercise of liberty.
  1. In addition, we shall defend and hold harmless Carrier Interests and indemnify them for any and all damages including, but not limited to, loss of earnings, court costs and legal fees if any of Cargo Interests should arrest or take any action against the Vessel or any other ship in the same ownership, associated ownership, management, control or possession or initiate legal proceedings against Carrier Interests in relation to the Cargoes or such exercise of liberty.
  1. This Letter of Undertaking shall be governed by and construed in accordance with the laws of the Republic of Korea and any disputes arising hereunder shall be referred to Seoul Central District Court which will have exclusive jurisdiction in respect thereof.
  1. This Letter of Undertaking is wholly without prejudice to any rights or defenses which Carrier Interests may have.

Yours faithfully,

______