Butcher Robinson & Staples Marine Limited

THE PAYMENT OF ALL COSTS CHARGES EXPENSE S AND OTHER LIABILITIES PROPERLY INCURRE D BY THE CHARGEE ITS DELEGATES OR AGENTS OR ANY RECEIVER APPOINTED UNDER THE SEC URITY AND TRUST DEED IN OR ABOUT THE EXE RCISE OF THE POWERS CONTAINED IN THE SEC URITY AND TRUST DEED (AS MODIFIED) OR OT HERWISE IN RELATION THERETO INCLUDING AL L REMUNERATION PAYABLE TO ANY SUCH RECEI VER AND THE PAYMENT OF ALL DEBTS AND OBL IGATIONS FOR THE TIME BEING DUE OWING OR INCURRED WHETHER ACTUALLY OR CONTINGENT LY BY THE COMPANY IN RESPECT OF INSURANC E TRANSACTIONS

ALL COSTS,CHARGES EXPENSES AND OTHER LIA BILITIES PROPERLY INCURRED BY LLOYD'S IT 'S DELEGATES OR AGENTS OR ANY RECEIVER A PPOINTED UNDER THE SECURITY AND TRUST DE ED IN OR ABOUT THE EXCERCISE OF POWERS C ONTAINED IN THE SECURITY AND TRUST DEED OR OTHERWISE IN RELATION THERETO AND THE PAYMENT OF ALL DEBTS AND OBLIGATIONS DU E OWING OR INCURRED BY THE COMPANY IN RE SPECT OF INSURANCE TRANSACTIONS

THE OBLIGATIONS OF THE TENANT TO RHM PEN SION FUNDS INVESTMENT LIMITED UNDER THE TERMS OF AN UNDERLEASE DATED 18/7/90 AND THIS CHARGE.

All monies