Exhibit 10.12
FORM OF
INSURANCE ASSIGNMENT
[VESSEL NAME]
Official Number [NUMBER]
[SHIPOWNER NAME], a Cayman Islands corporation (the "Assignor"), in consideration of the Secured
Creditors referred to therein entering into the transactions described in the Credit Agreement (as defined below),
and for One Dollar ($1) lawful money of the United States of America, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, as sole owner of the [COUNTRY
FLAG] flag vessel [VESSEL NAME], Official Number [NUMBER] (the "Vessel"), has sold, assigned,
transferred and set over, and by this instrument does sell, assign, transfer and set over, unto CHRISTIANIA
BANK OG KREDITKASSE ASA, NEW YORK BRANCH, a banking association organized and existing
under the laws of the Kingdom of Norway, not in its individual capacity, but solely as trustee (together with its
successors in trust and assigns, the "Trustee") pursuant to that certain Master Vessel and Collateral Trust
Agreement dated [CLOSING DATE] (as the same may be amended, supplemented or otherwise modified from
time to time, the "Master Vessel Trust Agreement") between CHRISTIANIA BANK OG KREDITKASSE
ASA, NEW YORK BRANCH, as Collateral Agent for the Secured Creditors referred to therein, and
CHRISTIANIA BANK OG KREDITKASSE ASA, NEW YORK BRANCH, as Trustee (hereinafter called
the "Assignee"), mortgagee of the Vessel under a certain [COUNTRY FLAG] Mortgage dated the date hereof
(hereinafter called the "Mortgage"), and unto the Assignee's successors and assigns, as such to it and its
successors' and assigns' own proper use and benefit, and does hereby grant to the Assignee a security interest in,
all right, title and interest of the Assignor under, in and to (i) all insurances in respect of the Vessel, whether now
or hereafter to be effected, and all renewals of or replacements for the same, (ii) all claims, returns of premium
and other moneys and claims for moneys due and to become due under said insurance