----

| 1 | ‎DEFINITIONS      AND INTERPRETATION |  1 |
|---|--------------------------------------------|---------|

| 2 | ‎THE      LOAN |  16 |
|---|----------------------|----------|

| 3 | ‎DRAWDOWN |  18 |
|---|-----------------|----------|

| 4 | ‎REPAYMENT |  20 |
|---|------------------|----------|

| 5 | ‎PREPAYMENT      AND CANCELLATION |  21 |
|---|-----------------------------------------|----------|

| 6 | ‎INTEREST |  23 |
|---|-----------------|----------|

| 7 | ‎ACCOUNTS      OF THE BANKS |  27 |
|---|-----------------------------------|----------|

| 8 | ‎PAYMENTS |  28 |
|---|-----------------|----------|

| 9 | ‎NO      SET-OFF, COUNTERCLAIM OR TAX DEDUCTION |  29 |
|---|-------------------------------------------------------|----------|

| 10 | ‎EARNINGS |  30 |
|----|-----------------|----------|

| 11 | ‎REPRESENTATIONS      AND WARRANTIES |  33 |
|----|--------------------------------------------|----------|

| 12 | ‎GENERAL      UNDERTAKINGS |  37 |
|----|----------------------------------|----------|

| 13 | ‎INFORMATION      UNDERTAKINGS |  40 |
|----|--------------------------------------|----------|

| 14 | ‎VESSEL      UNDERTAKINGS - INSURANCE |  42 |
|----|---------------------------------------------|----------|

| 15 | ‎VESSEL      UNDERTAKINGS - OPERATION AND MAINTENANCE |  46 |
|----|-------------------------------------------------------------|----------|

| 16 | ‎VALUATIONS      AND ASSET PROTECTION |  51 |
|----|---------------------------------------------|----------|

| 17 | ‎EVENTS      OF DEFAULT |  52 |
|----|-------------------------------|----------|

| 18 | ‎FEES,      EXPENSES AND INDEMNITIES |  55 |
|----|--------------------------------------------|----------|

| 19 | ‎THE      AGENT |  60 |
|----|-----------------------|----------|

| 20 | ‎THE      SECURITY TRUSTEE |  61 |
|----|----------------------------------|----------|

| 21 | ‎RETIREMENT      OF A SERVICE BANK |  67 |
|----|------------------------------------------|----------|

| 22 | ‎LIMITS      OF THE SERVICE BANKS' OBLIGATIONS |  67 |
|----|-----------------------------------------------------------|----------|

| 23 | ‎SHARING      OF PAYMENTS |  70 |
|----|---------------------------------|----------|

| 24 | ‎JOINT      AND SEVERAL LIABILITY |  71 |
|----|-----------------------------------------|----------|

| 25 | ‎ASSIGNMENT,      TRANSFER AND RELEASE |  72 |
|----|----------------------------------------------|----------|

| 26 | ‎SET-OFF |  75 |
|----|----------------|----------|

| 27 | ‎MISCELLANEOUS |  75 |
|----|----------------------|----------|

| 28 | ‎NOTICES |  76 |
|----|----------------|----------|

| 29 | ‎APPLICABLE      LAW AND JURISDICTION |  77 |
|----|---------------------------------------------|----------|

| Schedule      1 - LENDERS AND COMMITMENTS |  80 |
|-------------------------------------------|----------|

----

| Schedule 2 - FORM OF NOTICE OF DRAWDOWN |  81 |
|-----------------------------------------|----------|

| Schedule 3 - DETAILS OF THE VESSELS |  83 |
|-------------------------------------|----------|

| Schedule 4 - CONDITIONS PRECEDENT |  84 |
|-----------------------------------|----------|

| Schedule 5 - FORM OF TRANSFER CERTIFICATE |  88 |
|-------------------------------------------|----------|

| Schedule      6 - MANDATORY COST FORMULA |  93 |
|------------------------------------------|----------|

----

| (1) | LEMANNVILLE NAVIGATION      INC. and TURNEVILLE NAVIGATION      INC., as joint and severalBorrowers; |
|-----|------------------------------------------------------------------------------------------------------|

| (2) | THE BANKS AND FINANCIAL      INSTITUTIONS listed in Schedule 1, as Original    Lenders; |
|-----|-----------------------------------------------------------------------------------------|

| (3) | LLOYDS TSB BANK PLC, as      Swap Bank; |
|-----|-----------------------------------------|

| (4) | LLOYDS TSB BANK PLC, as      Agent; and |
|-----|-----------------------------------------|

| (5) | LLOYDS TSB BANK PLC, as      Security Trustee. |
|-----|------------------------------------------------|

| (A) | The      Lenders have agreed to make available to the Borrowers, as joint and      several borrowers, a loan facility of up to the lesser of (i) $83,250,000;      and (ii) 75% of the Appraised Market Value of the Vessels for the purpose      of providing post-delivery finance to assist the Borrowers in financing      (a) (in part) their purchase of the Vessels from the Seller pursuant to      the MOAs and (b) the repayment of the MOA Loan in accordance with the      terms of the MOA Loan Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Swap Bank may enter into swap transactions with the Borrowers (or either      of them) from time to time to hedge the Borrowers' floating interest rate      and/or exchange rate exposure in relation to this    Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | DEFINITIONS      AND INTERPRETATION |
|----------------|-------------------------------------|

| 1.1   | Definitions |
|-----------------|-------------|

----

‎16

| (a)   | in      respect of the Tranche relating to Hull No. 2143, 31 October      2010; |
|-----------------|---------------------------------------------------------------------------------|

| (b)   | in      respect of the Tranche relating to Hull No. 2198, 30 September      2009; |
|-----------------|-----------------------------------------------------------------------------------|

----

| (a)   | in      relation to an Original Lender in respect of a Tranche, the amount set      opposite its name in Schedule 1 in respect of that Tranche and the amount      of any other Commitment transferred to it under this Agreement in respect      of that Tranche; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to any other Lender in respect of that Tranche, the amount of any      Commitment transferred to it under this Agreement in respect of that      Tranche, to the extent not cancelled, reduced or transferred by it under      this Agreement (and "Total Commitments" means      the aggregate of the Commitments of all the  Lenders); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a)       | excluding      any such obligations owed to any other member of the Group;                                                                                                  |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                                                        |
|   | (b)  | including      the interest element of leasing and hire purchase payments;                                                                                                  |
|   |      |                                                                                                                                                                        |
|   | (c)       | including      any accrued commission, fees, discounts and other finance payments payable      by any member of the Group under any interest rate hedging      arrangement; |

|   | (d) | deducting      any accrued commission, fees, discounts and other finance payments owing      to any member of the Group under any interest rate hedging instrument;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | deducting      any accrued interest owing to any member of the Group on any deposit or      bank account; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | "Current Assets" means,      as at any date, the value at that date of the current assets of the Group      on a consolidated basis determined in accordance with generally accepted      accounting principles consistentlyapplied; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎6.3

----

|   | (a)  | with      the Swap Bank pursuant to a Master Agreement; and                                                                                                                                             |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                                                                                         |
|   | (b)       | whose      purpose is the hedging of all or a part of any floating interest rate      and/or exchange rate exposure of the Borrowers (or either of them) arising      under or in relation to thisAgreement; |

‎10.1

|   | (a)  | before      deducting any Consolidated Net Finance Charges;                                                                  |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                         |
|   | (b)       | before      taking into account any items treated as exceptional or extraordinary      items (including drydockingexpenses); |

----

|   | (c)  | after      deducting the amount of any profit of any member of the Group which is      attributable to minority interests; and       |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                 |
|   | (d)       | before      deducting any amount attributable to the amortisation of intangible assets      or the depreciation of tangible  assets, |

| (a)   | any      claim by, or directive from, any applicable governmental, judicial or      other regulatory authority alleging breach of, or non-compliance with, any      Environmental Laws or Environmental Approvals or otherwise howsoever      relating to or arising out of an Environmental Incident;  or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      claim by any other person howsoever relating to or arising out of an      Environmental Incident |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (a)   | any      release, discharge, disposal or emission of Material of Environmental      Concern from a Relevant Ship; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| (b)   | any      incident in which Material of Environmental Concern is released,      discharged, disposed of, or emitted by or from a ship other than a      Relevant Ship and which involves collision between a Relevant Ship and      such other ship, or some other incident of navigation or operation, in      either case where a Relevant Ship, any of the Obligors or the managers of      the Relevant Ship is or are actually or allegedly at fault or otherwise      liable (in whole or in part); or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | any      incident in which Material of Environmental Concern is released,      discharged, disposed of, or emitted by or from a ship other than a      Relevant Ship and where the Relevant Ship is actually or potentially      liable to be arrested or attached as a result and/or where any of the      Obligors or the managers of the Relevant Ship is or are actually or      allegedly at fault or otherwiseliable; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

‎17.1

‎18.1
‎18.2
‎18.3

| (a)   | moneys      borrowed or raised and interestthereon; |
|-----------------|-----------------------------------------------------|

| (b)   | any      bond, bill of exchange, note, loan stock, debenture, commercial paper or      similar security or instrument; |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (c)   | acceptance,      documentary credit or guaranteefacilities; |
|-----------------|-------------------------------------------------------------|

| (d)   | deferred      payments for assets or servicesacquired; |
|-----------------|--------------------------------------------------------|

| (e)   | rental      payments so far as attributable to payment of capital under finance      leases, whether in respect of land, buildings, machinery or equipment or      otherwise; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | payments      under hire purchase contracts; |
|-----------------|----------------------------------------------|

| (g)   | factored      debts, to the extent that there isrecourse; |
|-----------------|-----------------------------------------------------------|

| (h)   | guarantees,      bonds, standby letters of credit or other instruments issued in connection      with the performance of contracts or  obligations; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | any      interest or currency swap or any other form of derivative      transaction; |
|-----------------|--------------------------------------------------------------------------------------|

| (j)   | guarantees,      indemnities or other assurances against financial loss in respect of      indebtedness of any person falling within any of paragraphs (a) to (i)      inclusive above; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k)   | amounts      raised or obligations incurred under any other transaction having the      commercial effect of any of theabove; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

----

‎14

‎6.1

‎6.4

‎6.2

| (a)   | any      Original Lender; and |
|-----------------|-------------------------------|

| (b)   | any      bank, financial institution or other entity which has become a Party in      accordance with Clause ‎25, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

----

‎25.11

| (a)   | the      applicable Screen Rate; or |
|-----------------|-------------------------------------|

| (b)   | (if      no Screen Rate is available for that period) the arithmetic mean of the      rates (rounded upwards to four decimal places) quoted to the Agent by      leading banks in the London interbankmarket, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | before      an advance of a Tranche has been made, Lenders the aggregate of whose      Commitments at any relevant time exceeds two-thirds of the Total      Commitments at such time; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | after      an advance of a Tranche has been made, Lenders the aggregate of whose      Contributions at any relevant time exceeds two-thirds of the Total      Contributions at such time; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Schedule 

----

| (a)   | the      financial condition of the Group; |
|-----------------|--------------------------------------------|

| (b)   | the      ability of any Obligor to perform and comply with its obligations under      any Finance Document or TransactionDocument; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      validity, legality or enforceability of any Finance Document or      Transaction Document; or |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (d)   | the      validity, legality or enforceability of any Encumbrance expressed to be      created pursuant to any Finance Document or the priority or ranking of      that Encumbrance; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Schedule2

| (a)   | any      Encumbrance created by or pursuant to the Finance    Documents; |
|-----------------|--------------------------------------------------------------------------|

| (b)   | liens      on either Vessel for crew's wages or salvage and possessory liens on      either Vessel for work carried out on that Vessel which has been approved      by the Agent; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | any      other lien on either Vessel arising in the ordinary course of trading by      statute or by operation of law in respect of obligations which are not      more than 14 days overdue or which are being contested in good faith by      appropriate proceedings (and for the payment of which adequate reserves      have been provided) so long as any such proceedings or the continued      existence of such lien do not involve any likelihood of the sale,      forfeiture or loss of, or of any interest in, such  Vessel; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

‎4.2

‎4.1

‎10.1

|   | A      =       | the      aggregate of (a) the Appraised Market Value of the Vessels and (b) the      market value, as determined by the Agent, of any additional security      provided under Clause ‎16;      and |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |           |                                                                                                                                                                                                     |
|   | B      =  |  the      Loan outstanding;                                                                                                                                                                         |

----

| (a)   | if      it consists of an actual loss, at noon London time on the actual date of      loss or, if that is not known, on the date when the Vessel was last heard      of; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | if      it consists of a requisitioning for title, at noon London time on the date      on which the requisition is expressed to take effect by the person      requisitioning the Vessel; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | if      it consists of a constructive or compromised or arranged or agreed Total      Loss, at noon London time on the earliestof: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      date on which notice of abandonment of the Vessel is given to its      insurers; |
|-----------------|-------------------------------------------------------------------------------------------|

| (ii)   | if      its insurers do not admit the claim for Total Loss, the actual date of      loss or alleged loss; and |
|------------------|---------------------------------------------------------------------------------------------------------------|

----

| (iii)   | the      date of any compromise, arrangement or agreement entered into by or on      behalf of the relevant Borrower with the Vessel's insurers in respect of      the Total Loss; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎5.3.2

Schedule 5

| 1.2   | Construction      of certain expressions |
|-----------------|------------------------------------------|

----

| 1.3   | Insurance      expressions |
|-----------------|----------------------------|

‎14

| 1.4   | General      interpretation |
|-----------------|-----------------------------|

| 1.4.1   | unless      the context otherwise requires, words in the singular include the plural      and vice versa; |
|-------------------|-----------------------------------------------------------------------------------------------------------|

----

| 1.4.2   | references      to any document include the same as varied, supplemented or replaced from      time to time; |
|-------------------|--------------------------------------------------------------------------------------------------------------|

| 1.4.3   | references      to any enactment include re-enactments, amendments and extensions      thereof; |
|-------------------|-------------------------------------------------------------------------------------------------|

| 1.4.4   | references      to any person include that person's successors and permitted      assigns; |
|-------------------|--------------------------------------------------------------------------------------------|

| 1.4.5   | clause      headings are for convenience of reference only and are not to be taken      into account in construction; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------|

| 1.4.6   | unless      otherwise specified, references to Clauses, Recitals and Schedules are      respectively to Clauses of and Recitals and Schedules to this      Agreement; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.7   | references      to a document being in "the agreed form" are to      a document in the form attached to the Agreed Form Certificate and include      references to that form with such modifications as the Majority Lenders      may approve or require; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.8   | references      to a period of one or more "months" shall mean a      period beginning in one calendar month and ending in the relevant calendar      month on the day numerically corresponding to the day of the calendar      month in which such period started, provided that (a) if such period      started on the last day in a calendar month, or if there is no such      numerically corresponding day, such period shall end on the last Banking      Day in the relevant calendar month and (b) if such numerically      corresponding day is not a Banking Day, such period shall end on the next      following Banking Day in the same calendar month, or if there is no such      Banking Day, such period shall end on the preceding Banking Day (and      "month" and "monthly" shall be construed      accordingly); |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.9   | for      the purpose of this Agreement, the Tranche "applicable" or "relating" to      either Vessel or to either Borrower is the Tranche used by that Borrower      to finance the payment of part of the purchase price of the Vessel owned      or to be owned by that Borrower in accordance with the terms of the      applicable MOA. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5   | Third      party rights |
|-----------------|-------------------------|

| 2.   | THE      LOAN |
|----------------|---------------|

| 2.1   | Agreement      to advance and purpose |
|-----------------|---------------------------------------|

----

| 2.1.1   | a      Tranche in the maximum amount of $41,625,000 which is to be applied by      Lemannville Navigation Inc. in paying part of the balance of the purchase      price due to the Seller under the relevant MOA upon delivery of Hull No.      2143 to Lemannville Navigation Inc. and in repaying part of the MOA Loan      in accordance with the terms of the MOA Loan Agreement;  and |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1.2   | a      Tranche in the maximum amount of $41,625,000 which is to be applied by      Turneville Navigation Inc. in paying part of the balance of the purchase      price due to the applicable Seller under the relevant MOA upon delivery of      Hull No. 2198 to Turneville Navigation Inc. and in repaying part of the      MOA Loan in accordance with the terms of the MOA Loan      Agreement, |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | Availability |
|-----------------|--------------|

‎2.1

| 2.3   | Lenders'      participations |
|-----------------|------------------------------|

| 2.4   | No      advance after expiry of AvailabilityPeriod |
|-----------------|----------------------------------------------------|

| 2.5   | Obligations      of Banks several |
|-----------------|-----------------------------------|

| 2.5.1   | no      Bank shall be liable for the failure of any other Bank to perform its      obligations under this Agreement or any of the other Finance Documents;      and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5.2   | the      failure of a Bank to perform any of its obligations under this Agreement      or any of the other Finance Documents shall not relieve any other Bank or      any Obligor from any of their respective obligations hereunder or      thereunder. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.6   | Rights      of Banks several |
|-----------------|------------------------------|

| 2.6.1   | the      aggregate of the amounts outstanding at any time under this Agreement and      the other Finance Documents to each Bank shall be due as a separate and      independent debt; and |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6.2   | each      Bank shall have the right to sue for any amount due and payable to it from      the Borrowers or any other Obligor under this Agreement or any of the      other Finance Documents and it shall not be necessary for any other Bank      to be joined as an additional party in any proceedings to that      end. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7   | Restrictions      on other proceedings by individualBanks |
|-----------------|-----------------------------------------------------------|

‎2.7

| 3.   | DRAWDOWN |
|----------------|----------|

| 3.1   | Notice      of Drawdown |
|-----------------|-------------------------|

| 3.1.1   | be      effective on receipt by the Agent; |
|-------------------|--------------------------------------------|

| 3.1.2   | specify      the Banking Day during the Availability Period upon which the Tranche of      the Loan is required; |
|-------------------|------------------------------------------------------------------------------------------------------------------|

| 3.1.3   | specify      the Borrowers' choice of duration of the Interest Period for that Tranche,      which shall comply with Clause 6.4; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------|

| 3.1.4   | give      full details of the place and account, which must be acceptable to the      Agent, to which the proceeds of the Tranche of the Loan are to be      paid; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.5   | constitute      a representation and warranty in the terms of Clause ‎11;      and |
|-------------------|------------------------------------------------------------------------------------------|

| 3.1.6   | be      irrevocable. |
|-------------------|----------------------|

| 3.2   | Agent's      notification to Lenders |
|-----------------|--------------------------------------|

‎3.1

----

| 3.3   | Availability      of Lenders' Commitments |
|-----------------|-------------------------------------------|

| 3.4   | Conditions      precedent |
|-----------------|---------------------------|

‎3.1

| 3.4.1   | the      Agent has received payment of the fees and expenses specified in Clause ‎18      to the extent due and payable on or before the Drawdown Date of that      Tranche; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4.2   | the      Agent or its legal advisers have received the documents and evidence      described in part 1 of Schedule 4, in form and substance satisfactory to      them; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4.3   | the      Agent or its legal advisers have received the relevant documents and      evidence in respect of the Vessel to which the Tranche to be drawn      relates, as described in part 2 of Schedule 4, in form and substance      satisfactory to them; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4.4   | the      Agent is satisfied that at the Drawdown Date of that    Tranche: |
|-------------------|---------------------------------------------------------------------------|

| (a)   | the      representations and warranties contained in Clause ‎11      are true and correct; |
|-----------------|--------------------------------------------------------------------------------------------------|

| (b)   | none      of the circumstances specified in Clauses ‎5.2,      ‎6.7      or ‎18.8      is subsisting; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (c)   | no      Material Adverse Change has occurred;and |
|-----------------|--------------------------------------------------|

| (d)   | no      Event of Default or Potential Event of Default has occurred or will arise      as a result of the advance of thatTranche. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 3.5   | Waiver      of conditions precedent |
|-----------------|-------------------------------------|

----

| 3.6   | Application      of Loan proceeds |
|-----------------|-----------------------------------|

‎3.3

| 3.7   | Deemed      Indebtedness |
|-----------------|--------------------------|

‎3.6

| 4.   | REPAYMENT |
|----------------|-----------|

| 4.1   | Repayment      by instalments |
|-----------------|-------------------------------|

| 4.2   | Repayment      Dates |
|-----------------|----------------------|

| 4.2.1   | except      as provided in this Clause ‎4.2,      the Repayment Instalments in respect of a Tranche shall be paid on the      Banking Days falling at successive 3 monthly intervals from the Drawdown      Date of that Tranche (the "Scheduled Repayment      Dates"); |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.2   | the      first Repayment Instalment in respect of the second Tranche to be drawn      shall be paid on the first Scheduled Repayment Date in respect of the      first Tranche to be drawn falling after the Drawdown Date in respect of      the second Tranche to be drawn, and the amount of such Repayment      Instalment adjusted pro rata on the basis of the number of days following      between the Drawdown Date of the second Tranche and the first Schedule      Repayment Date in respect of the firstTranche; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.3   | each      subsequent Repayment Instalment in respect of the second Tranche to be      drawn shall be paid on the Banking Days falling at successive 3 monthly      intervals from the Repayment Date of the first Repayment Instalment in      respect of that Tranche, as calculated in accordance with Clause ‎4.2.2; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.4   | the      final amount of the Repayment instalment in respect of the second      Tranche  to be drawn shall be adjusted pro rata on the basis of      the number of days following in the last payment interval before      maturity |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.3   | Final      repayment |
|-----------------|----------------------|

| 5.   | PREPAYMENT      AND CANCELLATION |
|----------------|----------------------------------|

| 5.1   | Voluntary      prepayment |
|-----------------|---------------------------|

| 5.1.1   | any      prepayment of part of a Tranche must be in a minimum amount or an integral      multiple of $1,000,000; and |
|-------------------|----------------------------------------------------------------------------------------------------------------------|

| 5.1.2   | the      Agent must receive not less than 15 days' notice specifying the amount to      be prepaid, the Tranche to which it relates and the date on which the      prepayment is to be made. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎5.1

| 5.2   | Mandatory      prepayment and cancellation uponillegality |
|-----------------|-----------------------------------------------------------|

| 5.2.1   | that      Lender shall promptly notify the Agent upon becoming aware of that event      and the Agent shall immediately notify the Borrowers    thereof; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2   | upon      the Agent notifying the Borrowers thereof, the Commitment of that Lender      will be immediately cancelled; and |
|-------------------|----------------------------------------------------------------------------------------------------------------------------|

| 5.2.3   | the      Borrowers shall repay that Lender's Contribution in respect of each      Tranche on the next Interest Date for that Tranche falling after the date      of the Agent's notice to the Borrowers or, if earlier, the date specified      by the Lender in its notice to the Agent (being no earlier than the last      day of any applicable grace period permitted by  law). |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Other      mandatory prepayment and cancellationevents |
|-----------------|--------------------------------------------------------|

| 5.3.1   | If      either Vessel has not for any reason been delivered to, and accepted by,      the relevant Borrower under the MOA relating thereto by the Back-stop Date      for the Tranche relating to that Vessel, the remaining Commitments of the      Lenders in respect of that Tranche shall be immediately cancelled and if      that Tranche has been drawn the Borrowers shall prepay the whole of that      Tranche on the relevant Back-stopDate. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.3.2   | If      either Vessel becomes a Total Loss or is sold in accordance with the      provisions of this Agreement or the relevant Finance Documents, the      Borrowers shall prepay the Loan on the relevant Total Loss Payment Date      (in the case of a Total Loss) or simultaneously with the completion of      such sale (in the case of a sale) in an amount equal to the Relevant      Amount provided that, if the Relevant Amount exceeds the outstanding      amount of the Loan, the Loan shall be prepaid in full and the Total      Commitments shall be cancelled in an aggregate amount equal to the      Relevant Amount minus the amountprepaid. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎5.3.2

|   | A | = | the      amount which, immediately prior to that relevant date, is equal to the      aggregate of (a) the principal amount of the Loan which has been drawn and      is outstanding and (b) the undrawn and available Commitments;      and |
|--------|---|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B | = | the      Appraised Market Value of the Vessel sold or lost immediately prior to      that relevant date and in any event determined not earlier than 4 weeks      before that date; and |
|--------|---|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C | = | the      Appraised Market Value of all of the Vessels (including the Vessel sold or      lost) immediately prior to that relevant date and in any event determined      not earlier than 4 weeks before thatdate. |
|--------|---|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3.3   | Notwithstanding      the provisions of Clause ‎5.3.2,      it is agreed that either Borrower may elect to place the insurance      proceeds or Requisition Compensation (in the case of a Total Loss) and the      sale proceeds (in the case of a sale) in respect of the relevant Vessel on      deposit with the Agent and may re-invest such proceeds in a replacement      vessel that in the reasonable opinion of the Majority Lenders is of equal      or better type, age, quality and condition, subject to the      following: |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      proceeds are re-invested within 90 days from the sale date (in the case of      a sale) and 180 days from the Total Loss Date (in the case of a Total      Loss); and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | security      documentation is executed by the relevant Borrower(s) in respect of the      replacement vessel to the satisfaction of the Agent and the Security      Trustee. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.4   | Conditions      of prepayment |
|-----------------|-------------------------------|

| 5.4.1   | each      prepayment must be made together with the accrued interest on the amount      prepaid and all other sums payable in respect thereof under the provisions      of this Agreement and, in the case of prepayment of the whole of the Loan,      shall be accompanied by payment of all other Outstanding      Indebtedness; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.2   | unless      otherwise specifically stated herein, any partial prepayment of the Loan      made hereunder shall be applied towards the pro rata discharge of all      remaining Repayment Instalments, including the Balloon      Payment; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.3   | any      notice of prepayment given by the Borrowers shall be effective on receipt      by the Agent and shall be irrevocable once given and the Borrowers shall      be bound to make such prepayment in accordance  therewith; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.4   | except      as specifically provided in this Agreement, in the absence of an Event of      Default and demand for repayment by the Agent, the Lenders shall not be      obliged to accept any other prepayment of the whole or any part of the      Loan; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.5   | any      part of the Loan which is repaid or prepaid by the Borrowers may not be      redrawn; |
|-------------------|------------------------------------------------------------------------------------------------|

| 5.4.6   | no      amount of the Total Commitments cancelled under this Agreement may be      subsequently reinstated; |
|-------------------|-------------------------------------------------------------------------------------------------------------|

| 5.4.7   | any      prepayment made on a day other than the last day of an Interest Period      applicable to the whole amount prepaid shall be made together with any      Break Costs. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5   | Unwinding      of Designated Transactions |
|-----------------|-------------------------------------------|

‎4
‎5

| 6.   | INTEREST |
|----------------|----------|

| 6.1   | Payment      of interest |
|-----------------|--------------------------|

----

| 6.2   | Interest      Rate |
|-----------------|--------------------|

| 6.2.1   | the      Applicable Margin; |
|-------------------|-----------------------------|

| 6.2.2   | LIBOR      for that Interest Period; and |
|-------------------|------------------------------------------|

| 6.2.3   | the      Mandatory Costs (if any) for that Interest Period, but only to the extent      that the amount of Mandatory Cost represents a change to the amount      applicable at the date of thisAgreement. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3   | Default      Rate |
|-----------------|-------------------|

| 6.3.1   | the      rate of interest applicable to the sum unpaid (if of principal)      immediately prior to its due date for so long as the default      continues; and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3.2   | the      aggregate of the Applicable Margin, LIBOR and the Mandatory Cost for      periods of such duration as the Agent may determine from time to      time. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4   | Duration      of Interest Periods |
|-----------------|-----------------------------------|

‎6.5

| 6.5   | Borrowers'      selection of Interest Periods |
|-----------------|-----------------------------------------------|

‎6.5.1
‎6.5.7

----

| 6.5.1   | except      as provided in this Clause ‎6.5,      the Borrowers may select the duration of an Interest Period only in      relation to the whole of the Tranche to which it  relates; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.2   | the      first Interest Period in respect of a Tranche shall commence on its      Drawdown Date and, except in relation to the first Interest Period for the      first Tranche to be drawn (which shall end on the date selected by the      relevant Borrower in accordance with Clause ‎3.1),      shall end on the last day of the then current Interest Period for the      other Tranche already drawn (so that the Interest Periods for both      Tranches shall be consolidated); |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.3   | each      subsequent Interest Period in respect of a Tranche shall commence on the      last day of the immediately preceding Interest  Period; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.4   | the      Borrowers shall make each selection under this Clause ‎6.5      (and in the case of the duration of the Interest Period being determined      in accordance with Clause ‎6.5.5      below shall be deemed to have selected the period so determined) in such      manner as to ensure that, in the event that any Repayment Date falls      within the Interest Period so selected, a separate Interest Period is      selected in respect of the part of the Tranche due to be repaid under      Clause ‎4.1      on such Repayment Date, the expiry of which period coincides with the      relevant Repayment Date (and for this purpose alone the Borrowers shall be      entitled to select Interest Periods of different lengths in relation to a      Tranche); |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.5   | in      the absence of any such selection by the Borrowers of the duration of an      Interest Period, or if the Agent shall certify to the Borrowers that the      funds requested are not available for an Interest Period of the duration      selected by the Borrowers, the duration of that Interest Period shall      (subject as provided in this Clause ‎6.5)      be 3 months or such other period as the Agent may  specify; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.6   | if      an Interest Period would otherwise end on a day which is not a Banking      Day, that Interest Period will instead end on the next Banking Day in that      calendar month (if there is one) or the preceding Banking Day (if there is      not); and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.7   | no      Interest Period shall extend beyond the Maturity Date or (if earlier) the      final Repayment Date. |
|-------------------|--------------------------------------------------------------------------------------------------------------|

| 6.6   | Agent's      notification |
|-----------------|---------------------------|

----

| 6.7   | Market      disturbances |
|-----------------|--------------------------|

| 6.7.1   | the      Agent shall determine that, by reason of circumstances affecting the      London Interbank Market generally, adequate and reasonable means do not or      will not exist for ascertaining the Interest Rate applicable to that      Interest Period; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7.2   | the      Agent shall receive notification from a Lender (an "Affected Lender") that      the rate at which deposits in Dollars are being offered to that Affected      Lender in the London Interbank Market would not adequately reflect the      cost to that Affected Lender of making, funding or maintaining its      Contribution or any part thereof for the duration of that Interest Period;      or |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7.3   | the      Agent shall receive notification from an Affected Lender that, by reason      of circumstances affecting the London Interbank Market generally, deposits      in Dollars are not available to it in sufficient amounts in the ordinary      course of business and that accordingly that Affected Lender will not be      able to make, fund or maintain its Contribution or any part of it during      that Interest Period. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.8   | Determination      Notice |
|-----------------|---------------------------|

| 6.9   | Suspension      of Affected Lender's commitment |
|-----------------|-------------------------------------------------|

| 6.10   | Mitigation |
|------------------|------------|

| 6.11   | Alternative      funding |
|------------------|--------------------------|

----

| 6.12   | Repeat      of procedure |
|------------------|--------------------------|

| 6.13   | Borrowers'      right of prepayment |
|------------------|-------------------------------------|

‎6.11
‎5.3

| 6.14   | Hedging      of Borrowers' interest rateexposure |
|------------------|--------------------------------------------------|

| 7.   | ACCOUNTS      OF THE BANKS |
|----------------|----------------------------|

| 7.1   | Lenders      and Swap Provider to open accounts |
|-----------------|-------------------------------------------------|

| 7.2   | Agent      to open accounts |
|-----------------|-----------------------------|

| 7.3   | Conclusiveness      of entries |
|-----------------|--------------------------------|

----

| 8.   | PAYMENTS |
|----------------|----------|

| 8.1   | Place,      time and manner of payment |
|-----------------|----------------------------------------|

| 8.2   | Order      of application |
|-----------------|---------------------------|

| 8.2.1   | first,      in or towards payment of all moneys expended or liabilities incurred by      the Banks (or any of them) in respect of expenses, fees or charges      relating to the preparation, completion and registration of the Security      Documents or in respect of the protection, maintenance or enforcement of      the security they create; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.2   | secondly,      in or towards the satisfaction of any amounts forming the balance of the      Outstanding Indebtedness which are then due and payable, whether by reason      of payment demanded or otherwise, pro rata between the Banks in such order      of application as the Agent may, with the Majority Lenders' approval,      think fit; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.3   | thirdly,      at the Agent's discretion, in retention on a suspense account of such      amount as the Agent may consider appropriate to secure the discharge of      any part of the Outstanding Indebtedness not then due and payable, and,      upon the same becoming due and payable, in or towards the discharge      thereof in accordance with the foregoing provisions of this Clause ‎8.2; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.4   | lastly,      the surplus (if any) shall be paid to the Borrowers or whomsoever else      shall be entitled thereto. |
|-------------------|---------------------------------------------------------------------------------------------------------------------|

----

| 8.3   | Availability      of funds conditional upon receipt byAgent |
|-----------------|-------------------------------------------------------------|

| 8.4   | Refunds      by Borrowers |
|-----------------|---------------------------|

‎8.3

| 8.5   | Refunds      by Banks |
|-----------------|-----------------------|

‎8.3

| 8.5.1   | on      demand refund such amount to the Agent;and |
|-------------------|----------------------------------------------------|

| 8.5.2   | pay      to the Agent on demand such further amount (as conclusively certified by      the Agent) as shall indemnify the Agent against any cost, loss, liability      or expense suffered or incurred by the Agent as a result of its having      made available such amount to that Bank before receiving it from the      Borrowers. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6   | Non-Banking      Days |
|-----------------|-----------------------|

| 8.7   | Accrual      of interest and periodic payments |
|-----------------|------------------------------------------------|

| 9.   | NO      SET-OFF, COUNTERCLAIM OR TAXDEDUCTION |
|----------------|-----------------------------------------------|

| 9.1   | No      set-off or counterclaim |
|-----------------|---------------------------------|

| 9.2   | Gross      up |
|-----------------|---------------|

| 9.2.1   | promptly      notify the Agent upon becoming aware of such  requirement; |
|-------------------|--------------------------------------------------------------------------|

----

| 9.2.2   | pay      the tax deducted to the appropriate taxation authority promptly, and in      any event before any fine or penaltyarises; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 9.2.3   | pay      the Bank to which such payment is made such additional amount as is      necessary to ensure that such Bank receives a net amount equal to the full      amount which it would have received had such tax deduction not been      required to be made; and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2.4   | as      soon as reasonably practicable after making the relevant tax deduction,      deliver to the Agent a copy of the receipt from the relevant taxation      authority evidencing that the tax had been paid to such      authority. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | EARNINGS |
|-----------------|----------|

| 10.1   | Obligation      to open Accounts |
|------------------|----------------------------------|

| 10.1.1   | on      or before the Delivery Date of its Vessel, to establish and thereafter      maintain with the Agent (free of Encumbrances and rights of set off other      than Permitted Encumbrances) a Dollar denominated earnings account in the      name of that Borrower for the purpose of collecting the Earnings of its      Vessel; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.2   | on      or before the Delivery Date of its Vessel, to establish and thereafter      maintain with the Agent (free of Encumbrances and rights of set off other      than Permitted Encumbrances) a Dollar denominated retention account in the      name of that Borrower for the purpose of retaining part of the Earnings of      its Vessel, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎10.1

| 10.2   | Payment      of Earnings; restrictions onwithdrawals |
|------------------|------------------------------------------------------|

| 10.2.1   | throughout      the Security Period, unless and until the Agent shall otherwise direct,      all the Earnings of that Borrower's Vessel are paid and credited to the      Earnings Account relating to thatVessel; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2   | all      moneys in that Borrower's Earnings Account are applied in accordance with      the provisions of Clause ‎10.3      and the Accounts Security relatingthereto; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.2.3   | no      withdrawals are made from that Borrower's Earnings Account otherwise than      in accordance with the terms of Clause ‎10.3      and the Accounts Security relatingthereto. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3   | Management      of Accounts |
|------------------|-----------------------------|

| 10.3.1   | Each      Borrower agrees that, so long as no Event of Default has occurred, any and      all moneys credited to that Borrower's Earnings Account will be applied by      the Agent (which applications the Agent is hereby irrevocably and      unconditionally authorised to make) asfollows: |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | FIRST: | in      payment to the Agent of any amounts due and owing under or pursuant to the      Security Documents, other than sums owing pursuant to      Clauses  ‎4,      ‎5      and ‎6      of the Agreement or pursuant to the Master  Agreement; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | SECONDLY: | by      the Agent making the following transfers from the Earnings Account to the      Retention Account of that Borrower: |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------|

|   | (i) | at      successive monthly intervals from the first Drawdown Date in respect of      each Tranche an amount equal to 1/3rd of the amount of that Tranche (if      and to the extent drawn) falling due for repayment to the Lenders under      Clause ‎4.1      on the next succeeding Repayment Date in respect of that Tranche;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | at      successive monthly intervals from the start of each Interest Period in      respect of each Tranche an amount equal to 1/3rd of the amount falling due      for payment to the Lenders by way of interest on that Tranche under Clause      ‎6      on the next succeeding Interest Date in respect of that      Tranche. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎4
‎5
‎6

|   | THIRDLY: | subject      always to the Agent's rights under Clause ‎10.3.3      and the provisions of each Accounts Security, the balance (if any) in each      Earnings Account will be available to the relevant Borrower as beneficial      owner thereof; |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.3.2   | Each      Borrower will, at the request of theAgent: |
|--------------------|------------------------------------------------------|

| (a)   | transfer      or procure the transfer of any funds credited to either of its Accounts      and pay or procure the payment of any Earnings to which it is entitled, to      such other account or accounts in substitution therefor with the Agent or      any other bank or with any branch, sub-branch or subsidiary of the Agent      or any other bank as the Agent may from time to time specify;      and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | forthwith      upon demand do all such acts and things and execute such documents as the      Agent may require in order to create security over its  Accounts      (or any of them) more effectively to secure the payment of the Outstanding      Indebtedness; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.3   | Notwithstanding      anything to the contrary contained in this Agreement or either Accounts      Security, so long as either of the Borrowers remains under any liability      (whether actual or contingent) in respect of the Outstanding Indebtedness,      the Agent shall, be entitled to withhold payment (up to the amount of such      actual or contingent liability) of any moneys from time to time standing      to the credit of either Account of such  Borrower; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.4   | On      or at any time after the happening of an Event of  Default: |
|--------------------|---------------------------------------------------------------------|

| (a)   | neither      Borrower shall be entitled to make or procure any further withdrawal from      either of its Accounts without the prior consent of the Security Trustee,      with the Majority Lenders' authority;and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Security Trustee shall forthwith become entitled, with the Majority      Lenders' authority, to direct that the Earnings in respect of either      Vessel be paid to such place and account as the Security Trustee may think      fit, and following such Event of Default (without prejudice to the Banks'      rights under Clause ‎17      of the Agreement) at any time and without notice to either Borrower to      appropriate all or any of the moneys standing to the credit of the      Accounts of either Borrower and any Earnings in respect of either Vessel      which may thereafter be received by the Security Trustee and apply the      same in or towards the discharge of the Outstanding Indebtedness in      accordance with Clause ‎8.2      of the Agreement (and the Agent is hereby irrevocably authorised and      instructed to effect any transfers from the Accounts of either Borrower in      order to give effect to thisClause); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.5   | All      bank, exchange, telegraph and other charges in connection with the inward      and outward remittance of moneys to and from either Account of either      Borrower shall be for the account of that Borrower, and the Agent shall be      entitled and is hereby irrevocably and unconditionally authorised, to      debit the amount of such charges to the Account concerned, as and when      such charges are incurred; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.6   | Nothing      in this Clause ‎10.3,      whether express or implied, shall relieve either Borrower of its absolute      and unconditional obligation to repay the Loan, to pay interest thereon      and to pay all other sums from time to time due, owing or payable      hereunder and under any of the other Security  Documents. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.   | REPRESENTATIONS      AND WARRANTIES |
|-----------------|-------------------------------------|

| 11.1   | Date      of representations and warranties |
|------------------|---------------------------------------------|

| 11.2   | Existence,      powers, compliance and solvency |
|------------------|-------------------------------------------------|

| 11.2.1   | is      a company or corporation duly incorporated with limited liability, validly      existing and in good standing under the laws of its country of      incorporation; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2.2   | has      full power to own its property and assets and to carry on its business as      it is now being conducted; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| 11.2.3   | has      complied with all statutory and other requirements relative to its      business; |
|--------------------|--------------------------------------------------------------------------------------------|

| 11.2.4   | is      solvent and not in liquidation or administration or subject to any other      insolvency procedure, and no receiver, administrative receiver,      administrator, liquidator, trustee or analogous officer has been appointed      in respect of it or all or any part of its  assets. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3   | Capacity      and authorisation |
|------------------|---------------------------------|

| 11.4   | No      contravention of laws or contractual  restrictions |
|------------------|------------------------------------------------------------|

| 11.4.1   | contravene      in any respect the constitutional documents of that Borrower or any law,      regulation or contractual restriction which does, or may, bind that      Borrower or any of its assets; or |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4.2   | result      in the creation or imposition of any Encumbrance (other than a Permitted      Encumbrance) on any of its assets in favour of any  party. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.5   | Licences      and approvals in force |
|------------------|--------------------------------------|

| 11.6   | Validity      and enforceability |
|------------------|----------------------------------|

| 11.7   | Status      of Transaction Documents |
|------------------|--------------------------------------|

| 11.8   | No      litigation current or pending |
|------------------|---------------------------------------|

| 11.9   | No      breach or default |
|------------------|---------------------------|

| 11.9.1   | No      continuing Event of Default or Potential Event of Default has      occurred. |
|--------------------|--------------------------------------------------------------------------------------|

| 11.9.2   | No      Borrower is in breach of any law, governmental directive, guideline or      policy statement (whether having the force of law or not) nor is either      Borrower in default under any agreement to which it is party or by which      it may be bound. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.10   | Governing      law and enforcement |
|-------------------|------------------------------------|

----

| 11.11   | Truth      of financial and other information |
|-------------------|-----------------------------------------------|

| 11.12   | No      liability to deduction orwithholding |
|-------------------|----------------------------------------------|

| 11.13   | Tax      compliance |
|-------------------|---------------------|

| 11.14   | No      money laundering |
|-------------------|--------------------------|

| 11.14.1   | that      it will use the proceeds of the Loan for its own benefit, under its full      responsibility and exclusively for the purposes specified in this      Agreement;  and |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.14.2   | that      the foregoing or any other activities of that Borrower or the other      Obligors will not involve or lead to a contravention of any law, official      requirement or other regulatory measure or procedure implemented to combat      "money laundering" (as defined in Article 1 of Directive (91/308 EEC) of      the Council of EuropeanCommunities). |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.15   | No      third party Encumbrances |
|-------------------|----------------------------------|

----

| 11.16   | Pari      passu obligations |
|-------------------|-----------------------------|

| 11.17   | No      commissions or rebates |
|-------------------|--------------------------------|

| 11.18   | No      deterioration of financialcondition |
|-------------------|---------------------------------------------|

| 11.19   | No      established place of business in UnitedKingdom |
|-------------------|--------------------------------------------------------|

| 11.20   | Environmental      matters |
|-------------------|----------------------------|

| 11.20.1   | the      Borrowers and other Obligors and, to the best of each Borrower's knowledge      and belief (having made due enquiry), their respective Environmental      Affiliates have complied with the provisions of all Environmental      Laws; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.20.2   | the      Borrowers and the other Obligors and, to the best of each Borrower's      knowledge and belief (having made due enquiry), their respective      Environmental Affiliates have obtained all Environmental Approvals and are      in compliance with all such Environmental  Approvals; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.20.3   | neither      of the Borrowers nor any other Obligor nor, to the best of each Borrower's      knowledge and belief (having made due enquiry), any of their respective      Environmental Affiliates has received notice of any Environmental Claim      that alleges that either of the Borrowers or any other Obligor or any such      Environmental Affiliate is not in compliance with any Environmental Law or      any Environmental Approval; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.20.4   | there      is no Environmental Claim pending or, to the best of each Borrower's      knowledge and belief (having made due enquiry), threatened against either      of the Borrowers or any other Obligor or any Relevant Ship or, to the best      of each Borrower's knowledge and belief (having made due enquiry), any of      their respective Environmental Affiliates;and |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.20.5   | no      Environmental Incident which could or might give rise to any Environmental      Claim has occurred. |
|---------------------|-------------------------------------------------------------------------------------------------------------|

| 11.21   | Continuing      nature of representations andwarranties |
|-------------------|---------------------------------------------------------|

‎11
‎11.5
‎11.8
‎11.9.1
‎11.12

| 12.   | GENERAL      UNDERTAKINGS |
|-----------------|---------------------------|

| 12.1   | Duration      of undertakings |
|------------------|-------------------------------|

‎12

| 12.2   | General      undertakings |
|------------------|---------------------------|

| 12.2.1   | perform      and observe the several covenants and obligations imposed upon it under      the Finance Documents; |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| 12.2.2   | without      affecting its obligations under the applicable provisions of the Finance      Documents, perform and observe its obligations under the Transaction      Documents and use its best endeavours to procure that each of the other      parties to the Transaction Documents performs and observes its obligations      thereunder; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.3   | maintain      its corporate existence as a limited liability company duly organised,      validly existing and in good standing in its place of      incorporation; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.4   | obtain      and maintain in force, and promptly furnish certified copies to the Agent      of, all licences, authorisations, approvals and consents, and do all other      acts and things, which may from time to time be necessary or desirable for      the continued due performance of its obligations under the Finance      Documents and the Transaction Documents or which may be required for the      validity, enforceability or admissibility in evidence of the Finance      Documents and the Transaction Documents to which it is a      party; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.5   | ensure      that its obligations under the Finance Documents rank at least pari passu      with all its other present, future and/or contingent unsecured and      unsubordinated obligations; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.6   | conduct      its business in a proper and efficient manner and not change the nature,      organisation or conduct of its business or conduct any business other than      that of its purchase and subsequent ownership of its    Vessel; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2.7   | manage      its business and its Vessel in compliance with all relevant applicable      laws and regulations (including, without limitation, all relevant      Environmental Laws) and shall notify the Agent immediately upon becoming      aware of any breach of the same; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.8   | pay      all taxes, assessments and other governmental charges as they fall due,      except to the extent that it is contesting the same in good faith by      appropriate proceedings and has set aside adequate reserves for their      payment if such proceedings fail; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.9   | keep      proper books of account in respect of its business in accordance with      generally accepted accounting principles, consistently applied, and      whenever so requested by the Agent make the same available for inspection      by or on behalf of the Agent; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.10   | procure      that a swap or other hedging transaction or transactions, including      collar, is entered into with the Swap Bank to hedge the Borrowers'      floating interest rate exposure by fixing the Interest Rate relating to at      least 50% of the Loan outstanding for the duration of the period from the      first Drawdown Date to the end of the Security Period provided that the      initial swap or hedging transaction, and each subsequent swap or hedging      transaction, to be entered into by the Borrowers shall be for a minimum      period of 3 years. The Swap Bank undertakes to consider, in its absolute      discretion, one or more proposals by the Borrowers (or either of them) in      respect of alternative hedging and/or swap transactions and      arrangements. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3   | Consent      of Lenders required |
|------------------|----------------------------------|

| 12.3.1   | sell      or agree to sell its Vessel or convey, assign, transfer, sell or otherwise      dispose of or deal with any of its other real or personal property, assets      or rights, whether present orfuture; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.2   | create      or permit to exist any Encumbrance (other than a Permitted Encumbrance)      over any part of its undertaking, property, assets or rights, whether      present or future (provided that where any such Encumbrance arises in the      ordinary course of business, the relevant Borrower shall promptly      discharge the same); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.3   | incur      any Financial Indebtedness or other liability or obligation      except: |
|--------------------|-------------------------------------------------------------------------------------|

| (a)   | under      this Agreement and the other SecurityDocuments; |
|-----------------|------------------------------------------------------------|

| (b)   | arising      under the Transaction Documents to which it is a party;  or |
|-----------------|--------------------------------------------------------------------------|

| (c)   | arising      in the ordinary course of operating and chartering its Vessel;      or |
|-----------------|-------------------------------------------------------------------------------------|

----

| (d)   | unsecured      Financial Indebtedness owed to the Corporate Guarantor provided that,      before such Financial Indebtedness is incurred, particulars of the same      are immediately notified to the Agent, and the relevant Obligor(s)      execute(s) such deeds and documents as the Agent may at its discretion      require to subordinate the same to the Outstanding      Indebtedness; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.4   | except      as contemplated by this Agreement, assume, guarantee or endorse, or      otherwise become or remain liable for, any obligation of any other      person; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.5   | authorise      or accept any capital commitment other than in the normal course of      business; |
|--------------------|---------------------------------------------------------------------------------------------------|

| 12.3.6   | make      any payment of principal or interest to any of its shareholders in respect      of any loans or loan capital made available to it by its      shareholders; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.7   | waive      or fail to enforce any provision of, or agree to any amendment or      supplement to, the Transaction Documents to which it is a      party; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.8   | issue      any further shares or stock or register any transfer of any of its shares      or stock, or admit any new member, whether by subscription or      transfer; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.9   | consolidate,      amalgamate or merge with any other entity or demerge or enter into any      form of reconstruction or reorganisation or do anything analogous      thereto; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.10   | form      or acquire any subsidiary; |
|---------------------|--------------------------------------|

| 12.3.11   | alter      or extend its financial year for the purposes of the preparation of its      accounts, or change its auditors; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------|

| 12.3.12   | alter      any of the provisions of its constitutional  documents; |
|---------------------|--------------------------------------------------------------------|

| 12.3.13   | make      any loans or advances to, or any investments in, any person (including,      without limitation, any officer, director, stockholder, employee or      customer of either Borrower); |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.14   | when      an Event of Default or Potential Event of Default has occurred, declare or      pay any dividends upon its shares or stock or otherwise distribute any      assets to any of its shareholders whether in cash or      otherwise; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.15   | consolidate      or subdivide or alter any of the rights attached to, or reduce, any of its      share capital, or capitalise, repay or otherwise distribute any amount      outstanding to the credit of any capital or revenue reserves, redeem any      of its share capital in any way or enter into any arrangement with its      creditors; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3.16   | undertake      any transaction with any person, company or other entity which is an      affiliate of that Borrower unless such transaction is conducted at arm's      length on normal commercial terms; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.3.17   | change      its place of incorporation; or |
|---------------------|--------------------------------------------|

| 12.3.18   | permit      any changes to be made in the identity of its shareholders or the senior      management of the CorporateGuarantor. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------|

| 13.   | INFORMATION      UNDERTAKINGS |
|-----------------|-------------------------------|

| 13.1   | Duration      of undertakings |
|------------------|-------------------------------|

‎13

| 13.2   | Financial      information |
|------------------|----------------------------|

| 13.2.1   | within      120 days of the end of each financial year of the Corporate Guarantor,      certified copies (in a sufficient number for each of the Banks) of the      Corporate Guarantor consolidated profit and loss account and balance sheet      of the Corporate Guarantor and its subsidiaries for that financial year,      prepared in accordance with generally accepted accounting principles and      practices consistently applied and audited by auditors previously approved      in writing by the Agent; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2.2   | within      45 days of the end of each financial quarter of the Corporate Guarantor,      certified copies (in a sufficient number for each of the Banks) of the      unaudited interim consolidated management accounts and financial      statements of the Corporate Guarantor for that quarter prepared in      accordance with generally accepted accounting principles and practices      consistently applied; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2.3   | a      certificate from the Chief Financial Officer of the Corporate Guarantor      confirming compliance with the financial covenants contained in Clause ‎13.3      and such certificate being accompanied by detailed (to the satisfaction of      the Agent) calculations relating to such  covenants; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2.4   | such      further information in the possession or control of the Borrowers      regarding their financial condition and operations as the Agent may      reasonably request. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3   | Financial      Covenants |
|------------------|--------------------------|

| 13.3.1   | procure      that the Corporate Guarantor shall ensure that in respect of each      Measurement Period: |
|--------------------|---------------------------------------------------------------------------------------------------------|

| (a)   | the      ratio of EBITDA to Interest Payable is not less than  2:1; |
|-----------------|---------------------------------------------------------------------|

| (b)   | the      ratio of Total Net Debt to Total Net Capitalisation is not more than      0.70:1; |
|-----------------|--------------------------------------------------------------------------------------------|

----

| (c)   | the      Working Capital is not less than $1,000,000;and |
|-----------------|----------------------------------------------------------|

| (d)   | Liquidity      is not less than: |
|-----------------|----------------------------------|

| (i)   | $500,000      per Vessel if the average remaining time charter coverage in respect      of  both Vessels is more than 1year; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | $750,000      per Vessel if the average remaining time charter coverage in respect of      both Vessels is more than 6 months and less or equal to 1 year;      and |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | 5%      of the Outstanding Indebtedness if the average remaining time charter      coverage in respect of both Vessels is less or equal to 6 months, but in      any event not less than $750,000 perVessel; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.2   | (if      the Agent reasonably considers that its financial position or prospects      are deteriorating), give independent auditors appointed to carry out an      audit and inspection of its affairs every assistance in that      regard. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4   | Notification      of material litigation |
|------------------|------------------------------------------|

| (a)   | its      ability, or the ability of any other Obligor, to perform its obligations      under the Finance Documents (or any of them);or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      security constituted by the Finance Documents (or any of      them). |
|-----------------|-------------------------------------------------------------------------------|

| 13.5   | Notification      of default |
|------------------|------------------------------|

| 13.5.1   | after      the happening of any Event of Default or a Potential Event of Default,      notify the Agent of such event and of the steps (if any) which are being      taken to remedy it; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.5.2   | at      the request of the Agent from time to time, provide the Agent with a      certificate signed by its Chief Financial Officer or its Chief Executive      Officer confirming that it is, as at the date of such certificate, in      compliance with its obligations under the Finance Documents and that no      Event of Default or Potential Event of Default has occurred, or, if any      has occurred, none is continuing. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.6   | "Know      your customer" checks |
|------------------|----------------------------------|

| 13.7   | Provision      of further information |
|------------------|---------------------------------------|

| 14.   | VESSEL      UNDERTAKINGS - INSURANCE |
|-----------------|--------------------------------------|

| 14.1   | Duration      of undertakings |
|------------------|-------------------------------|

‎14

| 14.2   | Obligatory      Insurances |
|------------------|----------------------------|

| 14.2.1   | to      effect and maintain sufficient insurances on and over its Vessel in      respect of (a) hull, machinery and equipment, marine, war and terrorism      risks (including excess risks), (b) protection and indemnity risks      (including pollution risks) and (c) such other risks for which insurance      would be maintained by a prudent owner for a ship of a similar type, size,      age and flag, and otherwise in accordance with the provisions of the      Finance Documents; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.2   | to      effect such insurances in such amounts in Dollars and upon such terms as      shall from time to time be approved in writing by the Security Trustee,      but in any event for not less than: |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      the case of hull, machinery and equipment, marine, war and terrorism risks      and excess risks, on an agreed value basis for whichever is the greater of      (i) the most recent Appraised Market Value of the relevant Vessel and (ii)      an amount which when aggregated with the amount for which the other Vessel      is insured for in respect of such risks is not less than 120% of the Loan      outstanding; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of protection and indemnity risks, for the full value and tonnage      of the relevant Vessel, for an unlimited amount, if available, and      otherwise for the maximum amount obtainable in the market from time to      time, including from the protection and indemnity association in which the      Vessel is from time to timeentered; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.3   | to      effect the Insurances through such brokers (the "approved insurance      brokers") and with such insurance companies, underwriters, war      risks and protection and indemnity associations as shall from time to time      be approved in writing by the Security Trustee (such approval not to be      unreasonable withheld), and, if so required by the Security Trustee (but      without, as between the Security Trustee and the relevant Borrower,      liability on the part of the Security Trustee for premiums or calls), with      the Security Trustee named as coassured; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2.4   | to      notify the Security Trustee, at least 7 days before the relevant policies      or contracts expire, of the relevant brokers and/or insurance companies,      underwriters, war risks and protection and indemnity associations through      and with whom the Insurances are to be renewed and of the terms and      conditions of renewal; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.5   | to      renew the Insurances upon the terms required by this Clause ‎14      on or prior to the date on which the relevant policies or contracts      expire, and to procure that the approved insurance brokers, and any such      war risks and protection and indemnity associations with which the      Insurances are effected, shall promptly confirm in writing to the Security      Trustee such renewal, on the approved terms and conditions, as and when      the same occurs; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.6   | punctually      to pay all premiums, calls, contributions or other sums in respect of the      Insurances and to produce all relevant receipts when so required by the      Security Trustee; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.7   | to      arrange for the execution of such guarantees as may from time to time be      required by any protection and indemnity or war risks association for or      for the continuance of the relevant Vessel's  entry; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.8   | to      procure that notice of assignment to the Security Trustee signed by the      relevant Borrower is duly endorsed upon all slips, cover notes, policies,      certificates of entry or other instruments of insurance issued or to be      issued in connection with the Insurances, together with a loss payable      clause, in each case in such form as may be required by the Security      Trustee; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.9   | to      procure that all such instruments of insurance referred to in Clause ‎14.2.8      as are effected through the approved insurance brokers shall be deposited      with the approved insurance brokers, and that such brokers shall furnish      the Security Trustee with pro forma copies and a letter or letters of      undertaking in such form as may be required by the Security      Trustee; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.10   | to      procure that the protection and indemnity and/or war risks associations in      which the relevant Vessel is entered shall furnish the Security Trustee      with a certified copy of the certificate of entry for the relevant Vessel      and a letter or letters of undertaking in such form as may be required by      the Security Trustee together with a certified copy of each certificate of      financial responsibility for pollution by oil or other substances issued      by such protection and indemnity and/or war risks associations in relation      to the relevant Vessel; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2.11   | without      prejudice to the generality of Clauses ‎14.2.9      and ‎14.2.10,      if any of the Insurances form part of a fleet cover, to procure that the      approved insurance brokers and (as the case may be) associations so      approved shall undertake to the Security Trustee that they shall neither      set off against any claim in respect of the Vessels any premiums or calls      due in respect of other vessels or in respect of other insurances nor      cancel any of the Insurances by reason of non payment of premiums or calls      due in respect of other vessels or in respect of other      insurances; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.12   | to      comply with all the requirements from time to time applicable to the      Insurances, and not to make, do, consent or agree to any act or omission      which would or might render any such instrument of insurance invalid,      void, voidable or unenforceable or subject to any material exclusion or      qualification or which would render any sum payable thereunder repayable      in whole or in part; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.13   | not      to employ the relevant Vessel, or suffer the relevant Vessel to be      employed, otherwise than in conformity with the terms of the said      instruments of insurance (including any express or implied warranties they      contain), without first obtaining the insurers' consent to such other      employment and complying with such requirements as to extra premium or      otherwise as the insurers may prescribe, or arranging for additional      insurances; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.14   | to      apply all such sums receivable in respect of the Insurances as are paid to      such Borrower in accordance with the Finance Documents for the purpose of      making good the loss and fully repairing all damage in respect of which      such sums have been received; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.15   | not      to alter any of the terms of any of the instruments of insurance referred      to in Clause ‎14.2.8      if, as a result of such alteration, they will cease to comply with the      requirements of this Clause ‎14; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.16   | not      without the prior written consent of the Security Trustee to settle,      compromise or abandon any claim under the Insurances in respect of the      relevant Vessel for a Total Loss or a Major  Casualty; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.17   | to      do all things necessary and provide the Security Trustee with all relevant      documents, evidence and information as the Security Trustee may require to      enable the Security Trustee to collect or recover any moneys in respect of      the Insurances which are payable to the Security Trustee pursuant to the      Security Documents; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.18   | to      provide the Security Trustee, at the time of the relevant communication,      with copies of all communications of a material nature between such      Borrower and the approved insurance brokers or (as the case may be)      approved associations relating to the Insurances including, without      limitation: |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | any      material condition, qualification or exclusion applicable to the      Insurances; |
|-----------------|--------------------------------------------------------------------------------------------|

----

| (b)   | any      actual or potential suspension of any of the  Insurances; |
|-----------------|--------------------------------------------------------------------|

| (c)   | payment      of premiums and calls and performance by such Borrower of its other      material obligations in respect of the  Insurances; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.19   | to      make or procure that the managers of the relevant Vessel shall make such      quarterly voyage declarations as may be required from time to time in      accordance with the Insurances, especially in order to maintain cover for      trading in and to the United States of America and the Exclusive Economic      Zone (as defined in the United States of America Oil Pollution Act 1990)      and shall on request supply the Security Trustee with copies      thereof. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3   | MII      and MAP Cover |
|------------------|------------------------|

| 14.4   | Consultation      with insurance advisers |
|------------------|-------------------------------------------|

| 14.5   | Modification      of Insurances |
|------------------|---------------------------------|

----

| 15.   | VESSEL      UNDERTAKINGS - OPERATION ANDMAINTENANCE |
|-----------------|-----------------------------------------------------|

| 15.1   | Duration      of undertakings |
|------------------|-------------------------------|

‎15

| 15.2   | Operation      and maintenance |
|------------------|--------------------------------|

| 15.2.1   | to      keep its Vessel registered in the Republic of the Marshall Islands (or      under the laws and flag of any other Approved Flag State) and not to do or      suffer to be done anything whereby such registration may be forfeited or      imperilled.  Notwithstanding the provisions of this Clause ‎15.2.1      any change in the registration of the Vessel, including, for the avoidance      of doubt, the change of registration of the Vessel to registration with      another approved Flag State, will require the prior written consent of the      Majority Lenders; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.2   | to      procure that its Vessel is kept in a good and seaworthy state of repair,      so as to maintain the highest class with the Classification Society free      of overdue recommendations and conditions, and so as to comply with the      provisions of all laws and all other regulations and requirements      (statutory or otherwise) from time to time applicable to vessels      registered at ports in the Approved Flag State and to vessels trading to      any jurisdiction to which that Vessel may, subject to the provisions of      this Agreement, trade from time totime; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.3   | to      procure that its Vessel is submitted regularly to such periodical or other      surveys as may be required for classification and regulatory purposes and,      if so required by the Security Trustee, to procure that the Security      Trustee is supplied with copies of all survey reports and class and other      certificates issued in thisrespect; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.4   | to      procure that the Security Trustee or any representative of the Security      Trustee is permitted: |
|--------------------|------------------------------------------------------------------------------------------------------------|

| (a)   | to      board its Vessel once a year, unless an Event of Default has occurred and      is continuing, at reasonable times (or at any time if survey reports are      not satisfactory) for the purpose of inspecting her condition or      satisfying itself as to proposed or executed repairs, and to afford all      proper facilities for such inspections, all reasonable costs of which      shall be paid for by the Borrowers or reimbursed by the Borrowers to the      Security Trustee; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | at      any time without prior notice to the Borrowers, to obtain information      about its Vessel and her condition from the Classification Society and the      relevant regulatory authorities, to have access to the records of such      Vessel maintained by the Classification Society and such authorities and      otherwise to communicate direct with each of them as if the Security      Trustee were the owner of the relevant Vessel (for which purpose the      relevant Borrower shall issue such authorisations and instructions to, and      use its best endeavours to obtain such acknowledgments and undertakings      from, such bodies, each in such terms as the Security Trustee may      require); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.2.5   | promptly      to pay and discharge or secure all debts, damages and liabilities      whatsoever which such Borrower shall have been called upon to pay,      discharge or secure and which have given, or may give, rise to maritime or      possessory liens on or claims enforceable against its Vessel, and in the      event of arrest of its Vessel pursuant to legal process, or in the event      of her detention in exercise or purported exercise of any such lien as      aforesaid, to procure the release of that Vessel from such arrest or      detention forthwith upon receiving notice of the same by providing bail or      otherwise as the circumstances mayrequire; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.6   | not      to employ its Vessel, or suffer heremployment: |
|--------------------|---------------------------------------------------------|

| (a)   | in      any trade or business which is forbidden by the law of the Approved Flag      State or of any country to which that Vessel may sail, or which is      otherwise illicit; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      carrying illicit or prohibited goods, or in any manner whatsoever which      may render her liable to condemnation in a Prize Court or to destruction,      seizure or confiscation; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      the event of hostilities in any part of the world (whether war be declared      or not), in carrying any contraband goods, nor to enter or trade to any      zone which is declared a war zone by the Vessel's war risks insurers      unless the Security Trustee has given its consent thereto in writing and      the relevant Borrower has effected, at its own expense, such special      insurance cover as the Security Trustee may  require; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.7   | promptly      to furnish the Security Trustee, when so required by it in writing, with a      copy of the classification certificate issued by the Classification      Society for the relevant Vessel, all such information regarding that      Vessel, her employment, position and engagements, particulars of all      towages and salvages and copies of all charters and other contracts for      her employment or otherwise howsoever concerning her and all such material      information as shall be or ought to be supplied to the insurers of that      Vessel; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.8   | fully      to perform its own obligations under each charter, which has been approved      by the Agent in respect of its Vessel and not to amend any such charter in      any material respect (other than for amendments which are favourable to      the relevant Borrower) without the consent of the Lenders, which shall not      be unreasonably withheld; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.2.9   | not      to let or employ its Vessel on charter without the prior written consent      of the Lenders (and then only subject to such terms as the Lenders may      impose) where: |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      relevant charter is a demise charter;or |
|-----------------|--------------------------------------------------|

| (b)   | the      relevant charter is a time charter for a term in excess of 12 months      (including any extensions); or |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| (c)   | under      the terms of the relevant time charter, 2 months' fire (or more) is      payable in advance or the agreed payable rate in respect of the relevant      vessel is below the market rate applicable to vessels of similar age, size      and market value; or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      relevant time charter is concluded otherwise than at arm's      length; |
|-----------------|----------------------------------------------------------------------------------|

| 15.2.10   | not      to employ or permit any member of its Vessel's crew to be employed in      breach of the International Transport Worker's Federation (ITF) rules and      regulations; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.11   | to      notify the Security Trustee forthwith by telefax  of: |
|---------------------|---------------------------------------------------------------|

| (a)   | any      accident to its Vessel or incident which is or is likely to be a Major      Casualty; |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | any      occurrence resulting in its Vessel becoming or being likely to become a      Total Loss; |
|-----------------|---------------------------------------------------------------------------------------------------|

| (c)   | any      requirement or recommendation made by any insurer or the Classification      Society, or by any competent authority, in respect of its Vessel which is      not complied with within any time limit imposed by such insurer,      Classification Society orauthority; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      arrest of its Vessel, or the exercise or purported exercise of any lien on      its Vessel or her Earnings or any requisition of its Vessel for      hire; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.12   | to      procure that all tolls, dues and other outgoings whatsoever in respect of      its Vessel are promptly paid, and to furnish satisfactory evidence that      the wages and allotments, and the insurance and pension contributions in      respect of the Master and crew, are being regularly paid, that all      deductions from crew's wages on account of tax and/or social security      contributions have been properly made and accounted for to the relevant      authorities and that the Master has no claim for disbursements other than      those incurred by him in the ordinary course of trading on the voyage then      in progress; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.13   | not      without the previous consent in writing of the Lenders (and then only      subject to such terms as the Lenders may  impose): |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | to      create or suffer the creation of an Encumbrance (other than a Permitted      Encumbrance) over or in respect of its Vessel or any share in its      Vessel; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | to      make any change to its Vessel which would materially alter her structure,      equipment, type or performance or which would materially reduce her      value; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.14   | to      inform the Security Trustee prior to any change in the name of its      Vessel; |
|---------------------|-----------------------------------------------------------------------------------------|

| 15.2.15   | not      without the previous consent in writing of the Security Trustee to put or      suffer its Vessel to be put into the possession of any person for the      purpose of work being done upon her in an amount exceeding or likely to      exceed $1,000,000 (or the equivalent in any other currency) unless either      the cost of such work is fully recoverable under the Insurances or such      person has first given to the Security Trustee in terms satisfactory to      the Security Trustee a written undertaking not to exercise any lien on the      Vessel for the cost of such work orotherwise; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.16   | to      procure that at all times the technical management of its Vessel is      undertaken only by an Approved Technical Manager on the terms of the      relevant Approved Technical Management Agreement and not without the prior      written consent of the Agent (which shall not be unreasonably withheld) to      amend any Approved Technical Management Agreement in any material respect      or to terminate or suffer the termination of any such appointment or to      appoint or suffer the appointment of any other technical managers for its      Vessel, provided always that the Lenders have the right to direct that the      appointment of an Approved Technical Manager is terminated where the      performance levels of that Approved Technical Manager are not adequate in      the reasonable opinion of theLenders; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.17   | to      place, and at all times and places to retain, a properly certified copy of      the relevant Mortgage on board its Vessel with her papers, and to cause      such certified copy and such papers to be exhibited to any and all persons      having business with the Vessel which might give rise to any lien on it      other than liens for crew's wages and salvage and to any representative of      the Security Trustee and keep prominently displayed in the chart room and      in the Master's cabin of its Vessel a framed notice in plain type, reading      as follows: |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.2.18   | to      comply with and satisfy all pertinent requirements and formalities to      perfect and maintain the relevant Mortgage as a legal, valid and      enforceable first preferred mortgage over its  Vessel; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.19   | to      notify the Security Trustee forthwith by fax thereafter confirmed by      letter of the occurrence of: |
|---------------------|----------------------------------------------------------------------------------------------------------------|

| (a)   | any      Environmental Claim against the Borrowers (or either of them), the Vessel,      any other Obligor or any other Relevant Ship;or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      Environmental Incident which may give rise to any Environmental      Claim; |
|-----------------|--------------------------------------------------------------------------------------|

| 15.2.20   | to      comply with and procure that all Environmental Affiliates comply with all      Environmental Laws including, without limitation, requirements relating to      manning and establishment of financial responsibility, and to obtain and      comply with, and procure that all Environmental Affiliates obtain and      comply with, all EnvironmentalApprovals; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.21   | to      ensure that its Vessel is, at all times, equipped and accredited with any      required trading documentation and/or authorisations necessary to      legitimise the entry of such Vessel into the waters of any relevant      jurisdiction.  Such trading documentation and authorisations      shall include, amongst other things, valid certification under the      International Convention on Civil Liability for Oil Pollution Damage (as      amended), a valid US Coast Guard certificate of financial responsibility      (water pollution), a valid certificate from any US state that requires a      state equivalent of a certificate of financial responsibility, a vessel      classification certificate and any other credentials as might be, or may      come to be, required.  Copies of such trading documentation      and/or authorisations shall be made available to the Security Trustee as      and when requested; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.22   | to      comply, and procure compliance by the Approved Technical Manager,      with: |
|---------------------|--------------------------------------------------------------------------------------|

| (a)   | all      provisions of the ISM Code including, without limitation, obtaining and      maintaining in force at all times a valid Document of Compliance in      relation to itself and a valid Safety Management Certificate in respect of      the Vessel as required by the ISM Code;and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | all      provisions of the ISPS Code including, without limitation, obtaining and      maintaining in force a valid International Ship Security Certificate in      respect of its Vessel as required by the ISPS Code, and ensuring that the      Vessel's security system and its associated security equipment comply with      the applicable requirements of Part A of the ISPS Code and of Chapter XI-2      of the Safety of Life at Sea Convention (SOLAS), and that an approved ship      security plan is in place. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.3   | Employment      of Vessels |
|------------------|----------------------------|

| 16.   | VALUATIONS      AND ASSET PROTECTION |
|-----------------|--------------------------------------|

| 16.1   | Arrangement      of valuations |
|------------------|--------------------------------|

‎16

| 16.2   | Basis      of valuations |
|------------------|--------------------------|

| 16.2.1   | with      or without a physical inspection of the Vessel concerned, at the      discretion of the Agent; |
|--------------------|----------------------------------------------------------------------------------------------------------|

| 16.2.2   | in      Dollars on the basis of a sale for prompt delivery, charter-free, at arm's      length between a willing seller and a willing  buyer; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2.3   | semi-annually      (or at such other dates as the Agent may require) at the cost of the      Borrowers; |
|--------------------|---------------------------------------------------------------------------------------------------------|

| 16.2.4   | by      any two of the Approved Brokers as shall be selected by the      Agent. |
|--------------------|---------------------------------------------------------------------------------|

| 16.3   | Appraised      Market Value |
|------------------|-----------------------------|

| 16.4   | Consequences      of security shortfall |
|------------------|-----------------------------------------|

| 16.4.1   | If      at any time Security Coverage is less than 125%, then the Borrowers shall      prepay such part of either Tranche or Tranches as will eliminate the      shortfall in accordance with the relevant provisions of Clause ‎5.      Notwithstanding the provisions of this Clause ‎16.4.1,      subject to the Borrowers' request and the Agent's written approval, the      Borrowers may provide or procure the provision of additional security over      such assets and in such form as is acceptable to the Majority Lenders      which have a market value as reasonably determined by the Majority Lenders      at least equal to the shortfall instead of or in addition to making a      prepayment in accordance with the provisions of this Clause ‎16.4.1; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.4.2   | The      Borrowers will, following the occurrence of a shortfall, ensure that      adequate Security Coverage is provided in accordance with Clause ‎16.4.1      within 30 days of a demand by the Agent to that effect unless the relevant      shortfall arises following any of the events set out in Clause 5.3 in      which case the Borrowers will ensure that adequate Security Coverage is      provided immediately following the demand by the Agent to that      effect. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5   | Valuation      of additional security |
|------------------|---------------------------------------|

‎16

| 16.5.1   | the      value of any cash collateral in Dollars will be valued at its principal      amount; |
|--------------------|-----------------------------------------------------------------------------------------------|

| 16.5.2   | any      additional vessel security will be valued in accordance with Clause ‎16.2;      and |
|--------------------|----------------------------------------------------------------------------------------------------|

| 16.5.3   | any      letter of credit or first class bank guarantee will be valued at the      maximum amount which may be drawn under it at any  time. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 16.6   | Valuation      conclusive |
|------------------|---------------------------|

‎16

| 16.7   | Costs      of valuation |
|------------------|-------------------------|

‎16

| 16.8   | Assistance |
|------------------|------------|

‎16

| 17.   | EVENTS      OF DEFAULT |
|-----------------|------------------------|

| 17.1   | Defaults |
|------------------|----------|

| 17.1.1   | either      Borrower fails to make any payment due under any of the Finance Documents      on its due date, or, in respect of moneys payable on demand, (unless      otherwise specifically provided) on the date such moneys are demanded to      be paid; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.1.2   | either      Borrower is in breach of any of the provisions of Clauses ‎12.2.3      or ‎12.3,      or any one or more of the provisions of the Finance Documents relating to      the Insurances; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.3   | either      Borrower fails to observe or perform any provision of the Security      Documents other than those referred to in Clauses ‎17.1.1      and ‎17.1.2      and either, in the opinion of the Agent, such default is not remediable,      or, in the case of any such default which the Agent considers capable of      remedy, such default continues unremedied for a period of 14 days after      the Agent, by notice to the Borrowers, requires the same to be      remedied; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.4   | each      Vessel is not delivered to the applicable Borrower by the Back-stop Date      relating to that Vessel; |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| 17.1.5   | any      licence, approval, consent, authorisation or registration at any time      necessary or desirable for the validity, enforceability or admissibility      in evidence of any of the Finance Documents, or for any of the parties      thereto to comply with its obligations thereunder is revoked, withheld or      expires, or is modified in what the Agent considers a material      respect; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.6   | either      Vessel becomes a Total Loss and (without prejudice to the Borrowers'      obligations under Clause ‎5.3)      the Agent does not receive within the stated time frame the amount      specified to be repaid to the Agent pursuant to Clause ‎5.3; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.7   | a      petition is filed, or an order made, or an effective resolution passed,      for the compulsory or voluntary winding-up or dissolution of either      Borrower (other than for the purposes of amalgamation or reconstruction in      respect of which the prior written consent of the Agent, has been      obtained) or any proceedings analogous to winding-up proceedings are begun      in any jurisdiction in relation to either Borrower or if either Borrower      suspends payment of, or is unable to or admits inability to pay, its debts      as they fall due or makes any special arrangement or composition with      creditors generally or any class of its  creditors; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.8   | an      administrator, administrative receiver, receiver or trustee or similar      official is appointed of the whole, or what the Agent considers a material      part, of the property, assets or undertaking of either Borrower or if      either of the Borrowers applies for, or consents to, any such      appointment; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.9   | any      step is taken (including, without limitation, the making of any      application or the giving of any notice) by either of the Borrowers or by      any other person to appoint an administrator in respect of that      Borrower; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.10   | an      encumbrancer takes possession of, or distress or execution is levied upon,      the whole, or what the Agent considers a material part, of the property,      assets or undertaking of either Borrower and the same is not      released/satisfied within 14 days; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.1.11   | either      Borrower ceases, or threatens to cease, to carry on its business, or      disposes or threatens to dispose of what the Agent considers a material      part of its properties, assets or undertakings, or such a part is seized,      nationalised, appropriated or compulsorily purchased by or under the      authority of any government; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.12   | anything      is done, suffered or omitted to be done or occurs which, in the reasonable      opinion of the Agent would in any way imperil the security created by the      Finance Documents (or any of them); |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.13   | an      event of default or event of termination occurs in relation to any      obligation whatsoever of either Borrower in respect of Financial      Indebtedness, whether such obligation is to the Agent or any other person      or any guarantee or indemnity given by either of the Borrowers is not      honoured when called; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.14   | any      representation or warranty made or deemed to be made in any of the      Security Documents, or in any certificate or statement delivered in      connection with any of the Finance Documents or Transaction Documents or      in the negotiations leading up to the conclusion of this Agreement is, or      at any time becomes, incorrect in any respect which the Agent considers      materially adverse to the Banks (or any of them), as if such      representation or warranty were made as of such  time; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.15   | either      Borrower ceases to be a company or corporation duly registered in good      standing in the place in which it was  incorporated; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.16   | it      becomes impossible or unlawful for either of the Borrowers to fulfil any      of its obligations under the Finance Documents (or any of them), or for      the Banks (or any of them) to exercise any of the rights vested in them      (or any of them) by, or to enforce the security constituted by, the      Finance Documents, or any of the Finance Documents for any reason becomes      invalid or unenforceable or ceases to be in full force and effect or if      either of the Borrowers repudiates or threatens to repudiate any of the      Finance Documents; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.17   | in      the reasonable opinion of the Agent there is any Material Adverse Change      in the financial condition of either Borrower or the Corporate      Guarantor; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.18   | any      of the events specified in Clauses ‎17.1.1      to ‎17.1.17      inclusive occurs (mutatis mutandis) in relation to any other      Obligor; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.19   | any      event occurs or proceeding is taken in relation to either Borrower or any      other Obligor (in any jurisdiction) which has an effect equivalent or      similar to any of the events specified in Clauses ‎17.1.7      to ‎17.1.9; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.1.20   | (without      the prior written consent of the Agent) the Corporate Guarantor ceases to      be the sole legal and/or beneficial owner of the shares of the Borrowers      or there is a change in the legal and/or beneficial ownership of the      Corporate Guarantor; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.21   | either      of the Borrowers defaults under any approved time charter arrangement or      agreement, including the Applicable Charters or any approved vessel      management arrangement or agreement, including the Approved Management      Agreements; or |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.22   | it      becomes impossible or unlawful for any party to any of the Transaction      Documents to fulfil any of its obligations under, or to exercise any      rights vested in it by any of the Transaction Documents or any of the      Transaction Documents is breached in any material respect by any party      thereto or is terminated or for any reason becomes invalid or      unenforceable or otherwise ceases to be in full force and effect or any      party thereto repudiates or threatens to repudiate any of the Transaction      Documents. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2   | Banks'      remedies |
|------------------|----------------------|

| 17.2.1   | the      Agent may, and shall if so requested by the Majority Lenders, take any one      or more of the following actions: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| (a)   | by      written notice to the Borrowers declare the Total Commitments of the      Lenders cancelled, whereupon the same shall be  cancelled; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | by      written notice to the Borrowers demand the immediate repayment of the      Loan, all interest accrued thereon and all other Outstanding Indebtedness,      whereupon the same shall become immediately due and    payable; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | take      steps to exercise the rights and remedies conferred upon the Agent and/or      the other Banks by this Agreement and the other Finance Documents and      exercisable on or after the occurrence of an Event of Default;      and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2.2   | the      Security Trustee may, and shall if so requested by the Majority Lenders,      take steps to enforce the security created by the Security Documents      and/or otherwise exercise the rights and remedies conferred on the      Security Trustee by this Agreement and the Security Documents and      exercisable on or after the occurrence of an Event of    Default. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.   | FEES,      EXPENSES AND INDEMNITIES |
|-----------------|-------------------------------------|

| 18.1   | Commitment      commission |
|------------------|----------------------------|

| 18.2   | Arrangement      fee |
|------------------|----------------------|

| 18.3   | Agency      fee |
|------------------|-----------------|

| 18.4   | Indemnity      against costs |
|------------------|------------------------------|

| 18.4.1   | in      the negotiation, preparation, printing, execution and registration of this      Agreement and the other FinanceDocuments; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 18.4.2   | in      entering into this Agreement and/or the Finance Documents (or any of them)      or in connection with the Vessels (or either of  them); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4.3   | in      the enforcement or preservation or the attempted enforcement or      preservation of any of the rights and powers of the Banks (or any of them)      under this Agreement and the other Finance Documents or of the security      constituted by the FinanceDocuments; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4.4   | in      connection with any actual or proposed amendment of or supplement to this      Agreement or any other Finance Document, or with any request to the Banks      (or any of them) to grant any consent or waiver in respect of any      provision of this Agreement or any other Finance Document, whether or not      the same is given; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4.5   | arising      out of any act or omission made by the Agent or the other Banks (or any of      them) in good faith in connection with any of the matters dealt with in      the Finance Documents; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4.6   | resulting      from the imposition from time to time, under or pursuant to the Bank of      England Act 1988 and/or by the Bank of England and/or by the Financial      Services Authority (or other United Kingdom governmental authorities or      agencies) of a requirement upon the Banks (or any of them) to pay fees to      the Financial Services Authority calculated by reference to liabilities      used to fund the OutstandingIndebtedness. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.5   | Tax      indemnity |
|------------------|--------------------|

| 18.6   | Break      costs and other general indemnities |
|------------------|------------------------------------------------|

| 18.6.1   | a      Tranche not being drawn in full for any reason on the Drawdown Date      specified in the Notice of Drawdown relating thereto, other than as a      result of a default by that Bank; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.6.2   | any      repayment or prepayment of the whole or any part of a Tranche or      consolidation of the Tranches being made on any date other than the last      day of the Interest Period applicablethereto; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.6.3   | any      default in payment by the Borrowers (or either of them) of any sum due      under the Finance Documents on its due date;or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 18.6.4   | the      occurrence or continuance of an Event of Default and/or a Potential Event      of Default. |
|--------------------|-----------------------------------------------------------------------------------------------------|

| 18.7   | Currency      indemnity |
|------------------|-------------------------|

| 18.7.1   | such      receipt or recovery shall only constitute a discharge to the Borrowers to      the extent of the amount in Dollars which the Banks are able or would have      been able, on the date or dates of receipt by it of such payment or      payments in the Currency of Payment (or, in the case of any such date      which is not a Banking Day, on the next succeeding Banking Day), to      purchase in the foreign exchange market of its choice with the amount or      amounts so received; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.7.2   | if      the amount of Dollars which the Banks are so able to purchase falls short      of the amount originally due to the Banks, each Borrower shall indemnify      and hold the Banks harmless against any loss or damage arising as a result      by paying to the Banks that amount in Dollars certified by the Agent as      necessary to so indemnify and hold harmless the  Banks; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.7.3   | this      indemnity shall constitute a separate and independent obligation from the      other obligations contained in this Agreement, shall give rise to a      separate and independent cause of action, shall apply irrespective of any      indulgence granted by the Agent or the Banks (or any of them) from time to      time and shall continue in full force and effect notwithstanding any      judgment or order for a liquidated sum or sums in respect of amounts due      hereunder or under any such judgment or order;  and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.7.4   | the      certificate of the Agent or the Banks as to the amount of any such loss or      damage  (which shall be deemed to constitute a loss suffered by      the relevant Bank(s)) shall (save in case of manifest error) for all      purposes be conclusive and binding on the  Borrowers. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8   | Increased      costs |
|------------------|----------------------|

| 18.8.1   | This      Clause ‎18.8      applies if the Agent considers that as a result of (a) the introduction of      or any change in any applicable law, regulation or official directive      (whether or not having the force of law), or in the interpretation thereof      by any authority charged with the administration thereof or by any court      of competent jurisdiction, or (b) the implementation, application or      compliance by the Banks (or any of them) with Basel II or any other      directive, request or requirement from any applicable governmental, fiscal      or monetary authority (whether or not having the force of      law): |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | there      is any change in the basis of taxation (other than the basis of taxation      of the Banks' (or any of them) overall net income) of payments by any of      the Borrowers to the Banks (or any of them) of principal, interest or      otherwise; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | there      is any change in the basis of taxation of payments by the Banks (or any of      them) of principal or interest on, or otherwise in respect of, deposits      taken from third parties to make, fund or maintain the    Loan; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | any      reserve, special deposit, cash ratio, liquidity or other requirements are      imposed, modified or deemed applicable against assets held by or deposits      in or for the account of, or loans by, the Banks (or any of them)      (including, without limitation, any such requirements arising out of the      implementation of any regulations which may replace those set out Basle II      or any other revision to the Basel Accord);or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      other condition is imposed on the Banks (or any of them) in respect of the      transactions contemplated by this Agreement or any other of the Finance      Documents, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.8.2   | An      increased cost is: |
|--------------------|----------------------------|

| (a)   | any      additional cost to the Banks (or any of them) of making, funding or      maintaining the Loan or any part thereof or entering into this      Agreement; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      reduction in any amount payable or the effective return to the Banks (or      any of them) under this Agreement;or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      amount of any payment made by the Banks (or any of them) or the amount of      any interest or other return foregone by the Banks (or any of them)      calculated  by reference to any amount received or receivable by      the Banks (or any of them) from any other person who is a party to this      Agreement or any Finance Documents. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8.3   | The      Agent shall promptly notify the Borrowers of any increased cost incurred      by the Banks (or any of them). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| 18.8.4   | The      Borrowers shall pay to the Banks (or any of them) from time to time upon      demand of the Agent such additional moneys as the Agent shall specify to      be necessary to indemnify the Banks (or any of them) for any increased      cost. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8.5   | It      shall not be a defence to a claim by the Banks (or any of them) under this      Clause ‎18      that any increased cost could have been avoided by the Banks (or any of      them). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8.6   | Any      amount due from the Borrowers under this Clause ‎18      shall be due as a separate debt and shall not be affected by judgment      being obtained for any other sums due under or in respect of this      Agreement. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8.7   | The      Borrowers may give 10 Banking Days notice to the Agent that they wish to      prepay the Loan as a result of any amounts payable by the Borrowers under      this Clause ‎18.      The relevant provisions of Clause ‎5.3      shall apply to that prepayment. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.9   | Environmental      indemnity |
|------------------|------------------------------|

----

| 18.10   | Survival      of indemnities |
|-------------------|------------------------------|

| 19.   | THE      AGENT |
|-----------------|----------------|

| 19.1   | Appointment      of Agent |
|------------------|---------------------------|

| 19.2   | Agent's      powers and discretions |
|------------------|-------------------------------------|

| 19.2.1   | which      are expressly delegated to the Agent by the terms of this Agreement and      the other Finance Documents; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| 19.2.2   | which      the Majority Lenders consider appropriate and give to the Agent (generally      or in a particular case) with the Agent's consent;  and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2.3   | which      the Agent considers to be reasonably incidental to the discharge and      performance of any of its functions under this Agreement or any of the      other Finance Documents or otherwise appropriate in the context of those      functions, including the exercise of any powers given to it by the      Majority Lenders. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3   | Agent      is agent only |
|------------------|--------------------------|

| 19.4   | Agent      to have no responsibility toBorrowers |
|------------------|--------------------------------------------------|

| 19.5   | Matters      within Agent's authority |
|------------------|---------------------------------------|

‎19.6

----

| 19.5.1   | to      waive, modify, vary or otherwise amend or excuse performance of any      provisions of this Agreement or any of the other Finance Documents;      and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.5.2   | to      enforce or take or refrain from taking any other action or proceedings      with regard to this Agreement or any of the other Finance      Documents, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.6   | Notification      of proposed waivers and amendments |
|------------------|------------------------------------------------------|

‎17.2
‎19.6

| 19.7   | Consent      of Agent |
|------------------|-----------------------|

| 19.8   | Agent      to act in accordance with instructions of Majority  Lenders |
|------------------|------------------------------------------------------------------------|

‎19.7

| 19.9   | Agent      not required to act |
|------------------|--------------------------------|

| 19.9.1   | this      Agreement or any of the other Finance Documents;  or |
|--------------------|----------------------------------------------------------------|

| 19.9.2   | any      law, regulation or directive. |
|--------------------|----------------------------------------|

| 19.10   | Provision      of copy documents to Lenders |
|-------------------|---------------------------------------------|

----

| 19.10.1   | with      copies of any documents received by it under Clause ‎13      (but the Agent shall not be obliged to review or check the accuracy or      completeness thereof); |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.10.2   | if      requested by that Lender, with copies of all documents received by the      Agent under Clause ‎3.4; |
|---------------------|--------------------------------------------------------------------------------------------------------------------|

| 19.10.3   | with      details of any communication received from the Borrowers or any other      Obligor referring to this Agreement andwhich: |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | contains      a request for a consent or waiver which, under the terms of this Agreement      or any other Security Document, requires the consent of the Lenders or the      Majority Lenders; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | states      that an Event of Default or Potential Event of Default has occurred and is      continuing; or |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (c)   | contains      any other request or information which, in the reasonable opinion of the      Agent, is of a material nature. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 19.11   | Provision      of copy communications to Agent |
|-------------------|------------------------------------------------|

| 19.11.1   | sent      by that Lender to the Borrowers or any other Obligor;  or |
|---------------------|---------------------------------------------------------------------|

| 19.11.2   | received      by that Lender from the Borrowers or any other Obligor and, in each case,      relating to this Agreement or any of the Finance  Documents. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.12   | Distributions      of sums received and deductions byAgent |
|-------------------|------------------------------------------------------------|

‎8.3

| 19.13   | Agent's      retention of fees and expenses |
|-------------------|---------------------------------------------|

| 19.14   | Waiver      on instructions of Majority Lenders |
|-------------------|-------------------------------------------------|

‎19.15

----

| 19.15   | Consent      of Agent and all Lenders required |
|-------------------|------------------------------------------------|

‎19.14

| 19.15.1   | any      change in the Applicable Margin or in the definitions of "Majority      Lenders", "Finance Documents" or "Security  Documents"; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| 19.15.2   | any      change in the date for, or alteration in the amount (or the basis of      determining the amount) of, any payment of principal, interest, fees, or      other amounts payable under thisAgreement; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.15.3   | any      change in a Lender's Commitment; |
|---------------------|-------------------------------------------|

| 19.15.4   | any      extension of the AvailabilityPeriod; |
|---------------------|-----------------------------------------------|

| 19.15.5   | any      change to Clauses ‎2,      ‎3,      ‎4,      ‎5,      ‎6,      ‎8.2,      ‎10,      ‎12.3,      ‎23      and ‎29; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.15.6   | any      change to this Clause ‎19.15; |
|---------------------|----------------------------------------------|

| 19.15.7   | the      release of any of the security created by or pursuant to the Security      Documents (or any of them); or |
|---------------------|--------------------------------------------------------------------------------------------------------------------|

| 19.15.8   | any      other matter in respect of which the terms of this Agreement or any other      of the Finance Documents expressly requires the agreement of all the      Lenders. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.16   | Borrowers'      reliance upon Agent |
|-------------------|-------------------------------------|

| 19.17   | Lenders      to be informed |
|-------------------|-----------------------------|

‎19.6

| 19.18   | Consent      of Agent required |
|-------------------|--------------------------------|

‎19.14
‎19.15

----

| 20.   | THE      SECURITY TRUSTEE |
|-----------------|---------------------------|

| 20.1   | Trust      Property defined |
|------------------|-----------------------------|

‎20

| 20.1.1   | all      rights, title and interests that may be mortgaged, charged, pledged or      assigned in favour of the Security Trustee under or by virtue of the      Security Documents; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.1.2   | all      rights granted to, or held or exercisable by, the Security Trustee by      virtue of this Agreement and the Security  Documents; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 20.1.3   | all      moneys and other assets, which are received or recovered by or on behalf      of the Security Trustee under or by virtue of any of the foregoing rights,      including as a result of the enforcement or exercise of any such right;      and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.1.4   | all      moneys and other assets accrued in respect of or derived from any of the      foregoing. |
|--------------------|---------------------------------------------------------------------------------------------------|

| 20.2   | Duties      of Security Trustee |
|------------------|---------------------------------|

| 20.2.1   | hold      the Trust Property on trust for the Banks in accordance with provisions of      this Agreement and the Security Documents;and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 20.2.2   | perform      and exercise the rights and benefits vested in it and deal with the Trust      Property in accordance with the provisions of this Agreement and the      Security Documents. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.3   | Security      Trustee to have no responsibility toBorrowers |
|------------------|-------------------------------------------------------------|

| 20.4   | Security      Trustee's powers and discretions |
|------------------|------------------------------------------------|

| 20.4.1   | which      are expressly delegated to the Security Trustee by the terms of this      Agreement and the SecurityDocuments; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| 20.4.2   | which      the Majority Lenders consider appropriate and give to the Security Trustee      (generally or in a particular case) with the Security Trustee's      consent; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.4.3   | which      the Security Trustee considers to be reasonably incidental and conducive      to the discharge and performance of any of its functions under this      Agreement or any of the Security Documents or otherwise appropriate in the      context of those functions, including the exercise of any powers given to      it by the Majority Lenders; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.4.4   | which      are conferred on a trustee by the Trustee Act 1925 and any other      applicable law for the time being inforce. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| 20.5   | Security      Trustee to act in accordance with instructions of Majority      Lenders |
|------------------|---------------------------------------------------------------------------------------|

| 20.6   | Security      Trustee not required to act |
|------------------|-------------------------------------------|

| 20.6.1   | this      Agreement or any of the Security Documents;or |
|--------------------|---------------------------------------------------------|

| 20.6.2   | any      law, regulation or directive. |
|--------------------|----------------------------------------|

| 20.7   | Provision      of copy documents to Banks |
|------------------|-------------------------------------------|

| 20.8   | Transfer      of moneys to Agent |
|------------------|----------------------------------|

| 20.9   | Security      Trustee's retention of fees andexpenses |
|------------------|-------------------------------------------------------|

----

| 20.10   | Release      of security |
|-------------------|--------------------------|

| 20.11   | Perpetuity      period |
|-------------------|------------------------|

‎20

| 20.12   | Parallel      debt |
|-------------------|--------------------|

| 20.12.1   | Notwithstanding      any other provision of this Agreement the Borrowers hereby irrevocably and      unconditionally undertake to pay to the Security Trustee, as creditor in      its own right and not as representative of the Banks, sums equal to and in      the currency of each amount payable by the Borrowers to each of the Banks      under or by virtue of this Agreement and the other Finance Documents as      and when that amount falls due for payment under the relevant Finance      Document or would have fallen due but for any suspension of payment,      moratorium, discharge by operation of law or analogous    event. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.12.2   | The      Security Trustee shall have its own independent right to demand payment of      the amounts payable by the Borrowers under this Clause ‎20.12,      irrespective of any suspension, extinction or any other discharge for any      reason whatsoever (otherwise than by payment) of the Borrowers' obligation      to pay those amounts to the Banks other than a discharge by virtue of      payment which those Banks are entitled to  retain. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.12.3   | Any      amount due and payable by the Borrowers to the Security Trustee under this      Clause ‎20.12      shall be decreased to the extent that the Banks have received (and are      able to retain) payment in full of the corresponding amount under the      other provisions of the Finance Documents and any amount due and payable      by the Borrowers to the Banks under those provisions shall be decreased to      the extent that the Security Trustee has received (and is able to retain)      payment in full of the corresponding amount under this Clause ‎20.12. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.12.4   | The      rights of the Banks (other than the Security Trustee) to receive payment      of amounts payable by the Borrowers under the Finance Documents are      several and are separate and independent from, and without prejudice to,      the rights of the Security Trustee to receive payment under this Clause ‎20.12. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.12.5   | Any      amounts received by the Security Trustee shall, to the extent permitted by      the mandatory provisions of the applicable law, be applied in accordance      with Clause ‎8.2. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.   | RETIREMENT      OF A SERVICE BANK |
|-----------------|-----------------------------------|

| 21.1   | Resignation      of Service Bank |
|------------------|----------------------------------|

| 21.2   | Appointment      of successor by Majority Lenders |
|------------------|---------------------------------------------------|

| 21.3   | Appointment      by retiring Service Bank |
|------------------|-------------------------------------------|

‎21.1

| 21.4   | Consequence      of change of Service Bank |
|------------------|--------------------------------------------|

| 21.4.1   | that      successor shall become bound by all the obligations of that Service Bank      and become entitled to all the rights, privileges, powers, authorities and      discretions of that Service Bank under this Agreement and the Security      Documents; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4.2   | the      obligations of that Service Bank under this Agreement and the Security      Documents shall terminate but without prejudice to any liabilities which      that Service Bank may have incurred prior to that    termination; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4.3   | that      Service Bank shall be discharged from any further liability or obligations      under this Agreement and the Security Documents;  and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4.4   | the      provisions of this Agreement and the Security Documents shall continue in      effect for the benefit of that Service Bank in respect of any action taken      or omitted to be taken by it or any event occurring before the termination      of its obligations pursuant to this Clause ‎21. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.   | LIMITS      OF THE SERVICE BANKS' OBLIGATIONS |
|-----------------|-----------------------------------------------|

| 22.1   | No      duty to enquire |
|------------------|-------------------------|

| 22.1.1   | either      initially or on a continuing basis, as to the credit or financial      condition or affairs of the Borrowers, any other Obligor or any other      person; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.1.2   | as      to the performance or observance by the Borrowers or any other Obligor of      any of the terms and conditions of this Agreement or any of the other      Finance Documents or any other agreement;or |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.1.3   | whether      any Event of Default or Potential Event of Default has occurred, and until      it shall have actual knowledge or express notice to the contrary, the      Agent shall be entitled to assume that no Event of Default or Potential      Event of Default has occurred. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.2   | Responsibilities      excluded |
|------------------|--------------------------------|

| 22.2.1   | any      failure or delay in performance, or breach by the Borrowers, of their      obligations under this Agreement or any of the other Finance Documents or      any other agreement or any failure or delay in performance, or breach by      any of the other Obligors, of their respective obligations under any of      the Finance Documents or any other agreement;or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.2.2   | any      recitals, statements, representations or warranties in, or for the      legality, validity, effectiveness, enforceability, admissibility in      evidence or sufficiency of, this Agreement or any of the other Finance      Documents or any other agreement;or |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.2.3   | the      legality, validity, effectiveness or enforceability of any of the security      created, or purported to be created, pursuant to any of the Security      Documents. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.3   | Limitation      of liability |
|------------------|------------------------------|

| 22.3.1   | Neither      Service Bank and none of their respective officers, employees or agents      shall be liable for any loss, damage or expense suffered or incurred by      the Borrowers or any other Bank or any other person in consequence of any      action taken or omitted to be taken by it under this Agreement or any of      the other Finance Documents or in connection herewith or therewith unless      caused by its gross negligence or wilful  misconduct. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.3.2   | Without      prejudice to the provisions of Clause ‎22.3.1,      none of the other Parties shall take any proceedings against any officer,      employee or agent of a Service Bank in respect of any claim which it may      have against that Service Bank or in respect of any act or omission      (including, without limitation, negligence or wilful misconduct) by that      officer, employee or agent in relation to this Agreement or any of the      other Finance Documents. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4   | Lenders'      and Swap Bank's representations andundertakings |
|------------------|---------------------------------------------------------------|

----

| 22.4.1   | severally      represents and warrants to the Service Banks that it has made its own      independent investigation of the financial condition and affairs of the      Borrowers and the other Obligors in connection with the entry by it into      this Agreement and, in the case of the Swap Bank, into each Master      Agreement and in such respect it has not relied on any information      provided to it by either Service Bank;and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4.2   | undertakes      that it will continue to make its own independent appraisal of the      creditworthiness of the Borrowers and the other Obligors and will not rely      on any information provided to it by either Service  Bank. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5   | Indemnification      by Lenders and Swap Bank of ServiceBanks |
|------------------|---------------------------------------------------------------|

| 22.5.1   | in      the case of the Lenders, according to their respective Contributions (or,      if no part of the Loan has been advanced, their respective Commitments),      and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5.2   | in      the case of the Swap Bank, according to the maximum net exposure of the      Borrowers to the Swap Bank determined in accordance with the terms of each      Master Agreement as if the Master Agreement Liabilities were terminated      and/or closed out at that time or, as the case may be, if they have      already been terminated and/or closed out, the aggregate amount (whether      actual or contingent) payablethereunder, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6   | Service      Banks' rights |
|------------------|----------------------------|

| 22.6.1   | engage      and pay for the advice and services of any lawyers, accountants or other      experts whose advice or services may to that Service Bank seem necessary      or desirable and that Service Bank shall be entitled to rely on the advice      and opinions of such lawyers, accountants and other experts and shall not      be liable to any of the other parties hereto for any of the consequences      of any such reliance; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.6.2   | perform      all or any of its functions and duties hereunder or under the Security      Documents through employees or agents or any office or branch of that      Service Bank from time to time selected by it and notified to the other      parties hereto; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6.3   | rely      on any communication or document believed by it to be genuine and correct      and to have been communicated or signed by the person by whom it purports      to be communicated or signed and shall not be liable to any of the other      parties hereto for any of the consequences of such reliance;      and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6.4   | without      liability to account, make loans to, accept deposits from and generally      engage in any kind of banking or trust business with the Borrowers or the      other Obligors as though that Service Bank was not a Service      Bank. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.7   | Service      Banks as Lenders and/or Swap Bank |
|------------------|------------------------------------------------|

| 23.   | SHARING      OF PAYMENTS |
|-----------------|--------------------------|

| 23.1   | Relevant      circumstances |
|------------------|-----------------------------|

‎23

| 23.2   | Payment      by Sharing Lender to Agent |
|------------------|-----------------------------------------|

‎23.3
‎23.4

| 23.2.1   | the      Sharing Lender shall forthwith pay to the Agent the full amount or (as the      case may be) an amount equal to the equivalent of the full amount so      received or recovered; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2.2   | as      between the Borrowers and the Sharing Lender, the Borrowers shall remain      or again become indebted to such Sharing Lender under this Agreement in      the amount so paid as if it had not been received or recovered as      aforesaid; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2.3   | the      Agent shall treat the amount so paid as if it were a payment by the      Borrowers on account of amounts due from the Borrowers under this      Agreement or any of the other Finance Documents for distribution to the      Sharing Lender and such of the other Lenders in the proportions in which      the Sharing Lender and the other Lenders would have been entitled to      receive such amount had it been paid by the Borrowers to the Agent      hereunder or under such FinanceDocuments. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.3   | Refund      by Agent |
|------------------|----------------------|

‎23.2
‎23.2

| 23.4   | No      sharing required |
|------------------|--------------------------|

| 23.5   | Matters      notifiable |
|------------------|-------------------------|

| 23.5.1   | the      institution by that Lender of a legal action or proceedings against the      Borrowers under this Agreement or under any of the other Finance Documents      or in connection therewith as soon as practicable thereafter (and, in any      event, within 5 Banking Days); and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.5.2   | the      receipt or recovery by that Lender of any amount due and payable by the      Borrowers under this Agreement or under any of the other Finance Documents      which is received or recovered otherwise than through the      Agent. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.   | JOINT      AND SEVERAL LIABILITY |
|-----------------|----------------------------------|

| 24.1   | Joint      and several |
|------------------|------------------------|

| 24.2   | Obligations      not affected |
|------------------|-------------------------------|

----

| 24.2.1   | any      failure of a Finance Document to be legal, valid, binding and enforceable      in relation to either of the Borrowers whether as a result of lack of      corporate capacity, due authorisation, effective execution or      otherwise; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.2.2   | any      giving of time, forbearance, indulgence, waiver or discharge in relation      to either of the Borrowers; or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| 24.2.3   | any      other matter or event whatsoever which might have the effect of impairing      all or and of the liabilities any obligations of either of the      Borrowers. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3   | Principal      debtors |
|------------------|------------------------|

| 24.4   | Subordination |
|------------------|---------------|

| 25.   | ASSIGNMENT,      TRANSFER AND RELEASE |
|-----------------|---------------------------------------|

| 25.1   | Successors      and assigns |
|------------------|-----------------------------|

| 25.2   | No      assignment by Borrowers |
|------------------|---------------------------------|

| 25.3   | Transfer      by Lenders |
|------------------|--------------------------|

----

| 25.4   | Signature      of Transfer Certificate |
|------------------|----------------------------------------|

| 25.5   | Authorisation      of Agent to sign TransferCertificate |
|------------------|---------------------------------------------------------|

| 25.6   | Effective      date of Transfer Certificate |
|------------------|---------------------------------------------|

‎25.4

| 25.7   | Effect      of Transfer Certificate |
|------------------|-------------------------------------|

| 25.7.1   | to      the extent that in that Transfer Certificate the Transferor Lender seeks      to transfer its rights and/or its obligations under this Agreement and the      other Finance Documents, each Obligor and the Transferor Lender shall each      be released from further obligations to the other under this Agreement and      the other Finance Documents and their respective rights against each other      shall be cancelled (such rights and obligations being referred to in this      Clause ‎25.7      as "discharged rights and      obligations"); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7.2   | each      Obligor, the Transferee Lender and the other Banks shall each assume      obligations towards each other and/or acquire rights against each other      which differ from the discharged rights and obligations only insofar as      the Transferee Lender has assumed and/or acquired the same in place of the      Transferor Lender; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7.3   | the      Transferee Lender and the other Banks shall acquire the same rights and      assume the same obligations between themselves as they would have acquired      and assumed had the Transferee Lender been an original party to this      Agreement as a Lender with the rights and/or obligations acquired or      assumed by it as a result of thattransfer. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.8   | Transfer      fee |
|------------------|-------------------|

| 25.9   | Sub-participation      by Lenders |
|------------------|-----------------------------------|

| 25.10   | Disclosure      of information |
|-------------------|--------------------------------|

| 25.11   | Change      of Lending Office |
|-------------------|-------------------------------|

‎25.11

| 25.12   | Mitigation |
|-------------------|------------|

| 25.12.1   | a      Lender transfers any of its rights and obligations under this Agreement      and the other Finance Documents in accordance with Clause ‎25.3      or changes its Lending Office in accordance with Clause ‎25.11;      and |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12.2   | as      a result of circumstances existing at the date the transfer or change      occurs, an Obligor would be obliged to make a payment to the Transferee      Lender or Lender acting through its new Lending Office under Clause ‎9.2      or Clause ‎18.8, |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.13   | Delegation |
|-------------------|------------|

| 25.14   | Register |
|-------------------|----------|

| 25.15   | Swap      Bank |
|-------------------|----------------|

| 26.   | SET-OFF |
|-----------------|---------|

| 27.   | MISCELLANEOUS |
|-----------------|---------------|

| 27.1   | Remedies      and waivers |
|------------------|---------------------------|

| 27.2   | Waivers      and amendments to be in writing |
|------------------|----------------------------------------------|

| 27.3   | Severability |
|------------------|--------------|

----

| 27.4   | Counterparts |
|------------------|--------------|

| 27.5   | Conclusiveness      of Bank's certificates |
|------------------|--------------------------------------------|

| 27.6   | Force      majeure |
|------------------|--------------------|

| 27.7   | Further      assurance |
|------------------|------------------------|

| 28.   | NOTICES |
|-----------------|---------|

| 28.1   | Addresses |
|------------------|-----------|

| 28.1.1   | in      the case of the Agent, the Security Trustee and the Swap Bank to them      at: |
|--------------------|----------------------------------------------------------------------------------------|

|   | London      EC2V 7AE |
|--------|----------------------|

|   | England |
|--------|---------|

----

| 28.1.2   | in      the case of an Original Lender, to it at the address set out beneath its      name in Schedule 1 and, in the case of any      other Lender, to it at the address specified in the relevant Transfer      Certificate; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.1.3   | in      the case of the Borrowers, to themat: |
|--------------------|-----------------------------------------------|

| 28.2   | Changes      of address |
|------------------|-------------------------|

| 28.3   | Deemed      receipt of notices |
|------------------|--------------------------------|

| 28.4   | English      language |
|------------------|-----------------------|

| 29.   | APPLICABLE      LAW AND JURISDICTION |
|-----------------|--------------------------------------|

| 29.1   | Governing      law |
|------------------|--------------------|

----

| 29.2   | Submission      to jurisdiction |
|------------------|---------------------------------|

‎29

| 29.3   | Service      of process |
|------------------|-------------------------|

| 29.3.1   | that,      for the purpose of Proceedings in England, any legal process may be served      upon Hill Dickinson Services Limited, currently of c/o Hill Taylor      Dickinson, Irongate House, Duke's Place, London EC3A 7HX (Attn: Ms.      Electra Panayotopoulos), who are hereby authorised to accept service on      its behalf, which shall be deemed to be good service on such Borrower;      and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.3.2   | that      throughout the Security Period it will maintain a duly appointed process      agent in England, duly notified to the Agent, and that failure by any such      process agent to give notice thereof to it shall not impair the validity      of such service or of a judgment or order based  thereon. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.4   | Choice      of forum |
|------------------|----------------------|

‎29

| 29.5   | Forum      convenience |
|------------------|------------------------|

‎29

| 29.6   | Consent |
|------------------|---------|

----

| 29.7   | Waiver      of immunity |
|------------------|-------------------------|

----

| Lender                         | Lending Office                                        | Hull No. 2143 - Tranche  Commitment      ($) | Hull No. 2198 - Tranche  Commitment      ($) | Percentage |
|--------------------------------|-------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------|------------|
| Lloyds      TSB Bank plc  | 10      Gresham StreetLondonEC2V  7AE  | $41,625,000                                            | $41,625,000                                            | 100%       |
|                           |                                                  | $41,625,000                                            | $41,625,000                                            | 100%       |

----

‎3

| Name of    Vessel                                                                  |  :  [●]             |
|------------------------------------------------------------------------------------|------------------------------------------|
|                                                           |                                     |
| Name of buyer of      Vessel          |  :  [●]             |
|                                                                               |                                     |
|  Amount of      Tranche                                                       |  :  $[●]            |
|                                                                               |                                     |
|  Proposed      Drawdown Date                                                  |  :  [●]             |
|                                                                               |                                     |
|  Duration of      first Interest Period                                       |  :  [●]      months |

| (a) | the      representations and warranties made by us as set out in Clause ‎11      of the Facility Agreement are true and accurate on the date hereof as if      made on such date; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | no      Event of Default or Potential Event of Default has occurred and is      continuing or will occur as a result of the proposed      borrowing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Borrower      (owner)            | Seller                                     | Vessel      name   | Approved      Flag State              |
|----------------------------------|--------------------------------------------|--------------------|---------------------------------------|
| Lemannville      Navigation Inc. | ST      Shipping & Transport Pte. Ltd. | Hull      No. 2143 | Republic      of the Marshall Islands |
| Turneville      Navigation Inc.  | ST      Shipping & Transport Pte. Ltd. | Hull      No. 2198 | Republic      of the Marshall Islands |

----

| 1.   | Certified      copies of the certificate of incorporation and articles of incorporation      and bylaws or equivalent constitutional documents of each Obligor      (excluding each Approved Technical Manager that does not belong to the      Group). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | A      certificate of good standing for each Obligor (excluding each Approved      Technical Manager that does not belong to the Group) or other evidence      that each Obligor (excluding each Approved Technical Manager that does not      belong to the Group) is in good standing in its country of      incorporation. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | A      certificate in respect of each Obligor (excluding each Approved Technical      Manager that does not belong to the Group), signed by the secretary or a      director of that Obligor, stating: |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1   | its      officers and directors; |
|-----------------|----------------------------------|

| 3.2   | the      names and shareholdings of its shareholders (except in the case of the      Corporate Guarantor); |
|-----------------|------------------------------------------------------------------------------------------------------------|

| 3.3   | that      no licences, authorisations, approvals or consents are required by that      Obligor in connection with the execution, delivery, performance, validity      and enforceability of the Finance Documents and Transaction Documents to      which it is (or is to become) a party or, if any such licences,      authorisations, approvals or consents are required by it, attaching      certified copies of the same. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Certified      copies of resolutions duly passed by the directors and (if required by the      Agent) the shareholders of each Obligor (excluding each Approved Technical      Manager that does not belong to the Group) evidencing approval of the      transactions contemplated by this Agreement, the other Finance Documents      and the Transaction Documents and authorising the execution of the      same. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      original of any power of attorney issued by each Obligor (excluding each      Approved Technical Manager that does not belong to the Group) in favour of      any person or persons executing this Agreement and the other Finance      Documents. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Such      certificates and documents as any Bank may reasonably require in order to      comply with the money laundering prevention procedures applicable to it,      including documentation evidencing the ownership structure in respect of      each Vessel, which is satisfactory to theAgent. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Originals      of the following documents: |
|----------------|--------------------------------------------|

| 7.1   | this      Agreement executed by theBorrowers; |
|-----------------|-----------------------------------------------|

| 7.2   | the      Fee Letter executed by theBorrowers; |
|-----------------|-----------------------------------------------|

----

| 7.3   | the      Guarantee executed by the CorporateGuarantor; |
|-----------------|--------------------------------------------------------|

| 8.   | Evidence      satisfactory to the Agent in all respects of compliance by each Borrower      with the requirements of Clause ‎15.3      of this Agreement, including a certified copy of each relevant charter      agreement, as required by theAgent. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Favourable      legal opinions from the legal advisers to the Agent in each relevant      jurisdiction in respect of the relevant Obligors (or any of them)      (excluding each Approved Technical Manager that does not belong to the      Group) and the relevant Finance Documents (or any of them) in form      satisfactory to the Agent or confirmation satisfactory to the Agent that      such opinions will be given. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | In      respect of the documents delivered by the executed by the Borrowers to the      Agent pursuant to part 1 of this Schedule 4, such updating documents as      the Agent may require. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Originals      of the following Security Documents in respect of the Vessel to which the      Tranche relates (the "relevant      Vessel"): |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1   | the      Master Agreement executed by either Borrower or the Borrowers, as required      by the Swap Bank; |
|-----------------|------------------------------------------------------------------------------------------------------------|

| 2.2   | the      Mortgage executed by the relevantBorrower; |
|-----------------|-----------------------------------------------------|

| 2.3   | the      General Assignment executed by the relevant Borrower;  and |
|-----------------|---------------------------------------------------------------------|

| 2.4   | the      Accounts Security executed by the relevant  Borrower, |
|-----------------|----------------------------------------------------------------|

| 3.   | The      following documents and evidence relating to the delivery of the relevant      Vessel under the relevant MOA: |
|----------------|------------------------------------------------------------------------------------------------------------------------|

| 3.1   | certified      copies of the bill of sale (Shipyard to Seller), builder's certificate,      declaration of warranty and commercial invoice issued by the      Shipyard; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | a      certified copy of a protocol of delivery and acceptance for the relevant      Vessel executed on behalf of the Shipyard and the  Seller; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3   | a      certified copy of the bill of sale (Seller to relevant Borrower) and of a      protocol of delivery and acceptance for the relevant Vessel executed on      behalf of the Seller and the relevantBorrower. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.   | Evidence      that the Mortgage on the relevant Vessel has been registered or is capable      of immediate registration with first priority against that Vessel at the      relevant ship registry in the Approved Flag  State. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Evidence      that the Accounts in respect of the relevant Vessel have been duly      opened. |
|----------------|-----------------------------------------------------------------------------------------------|

| 6.   | Such      evidence as the Agent may require that a Borrower or the Borrowers (as may      be required by the Swap Bank) have entered into a swap or other hedging      transaction, including collar, with the Swap Bank to hedge the Borrowers'      floating interest rate exposure by fixing the Interest Rate relating to at      least 50% of the Loan outstanding for the duration of the period from the      first Drawdown Date to the end of the Security Period in accordance with      Clauses ‎6.14      and ‎12.2.10. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Such      evidence as the Agent may require that at least 30 days before the      Delivery Date of the relevant Vessel the relevant Borrower has deposited      in its Retention Account or in another account opened or to be opened by      that Borrower with the Agent, as the Agent may require, an amount equal to      the lesser of (i) $13,275,000; and (ii) 25% of the Appraised Market Value      of the relevant Vessel less$600,000. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | The      following documents relating to the management of the relevant      Vessel: |
|----------------|--------------------------------------------------------------------------------------|

| 8.1   | a      certified copy of the Approved Management  Agreements; |
|-----------------|---------------------------------------------------------------|

| 8.2   | an      original of each Approved Manager's Undertaking and an original of the      corresponding notice of assignment and acknowledgment to the Approved      Manager's Undertaking; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | such      evidence as the Agent may reasonably require as to the due execution of      each Approved Manager's Undertaking by the relevant Approved Technical      Manager. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Such      evidence as the Agent may require that the relevant Vessel is registered      in the sole name of the relevant Borrower under the laws and flag of the      Approved Flag State free from all Encumbrances except for Permitted      Encumbrances. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | A      certificate of class maintained in respect of the relevant Vessel      confirming that she is classed with the highest class applicable to      vessels of her age, type and specifications with the Classification      Society free of overdue recommendations and  conditions. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Evidence      that the relevant Vessel is insured in the manner required by the Finance      Documents, that letters of undertaking will be issued in the manner      required by the Finance Documents and that all other requirements of the      Finance Documents in respect of the Insurances and the noting of the      Security Trustee's interest thereon have been complied    with. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | If      required by the Agent, an opinion from the Agent's insurance advisers on      the Insurances of the relevant Vessel satisfactory in all respects to the      Agent. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Evidence      satisfactory to the Agent in all respects of compliance by the relevant      Borrower, the Approved Technical Manager(s) and the relevant Vessel with      the requirements of the ISM Code, the ISPS Code and Chapter XI-2 of the      Safety of Life at Sea Convention 1974(SOLAS). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.   | Either      a certified copy of each Applicable Charter relating to the relevant      Vessel or evidence satisfactory to the Agent that the relevant Vessel is      not employed at that time under an Applicable  Charter. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.   | Favourable      legal opinions from the legal advisers to the Agent in each relevant      jurisdiction in respect of the relevant Obligors (or any of them)      (excluding each Approved Technical Manager that does not belong to the      Group) and the relevant Finance Documents (or any of them) in form      satisfactory to the Agent or confirmation satisfactory to the Agent that      such opinions will be given. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| To: | Lloyds      TSB Bank plc, as agent on its own behalf and for and on behalf of the      Obligors and Banks defined in the Agreement referred to    below: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | This      Transfer Certificate relates to a loan agreement (the "Loan Agreement")      dated [●] 2008 and made between (1) Lemannville Navigation Inc. and      Turneville Navigation Inc. as joint and several borrowers (the "Borrowers"), (2) the      banks and financial institutions defined therein as lenders (the      "Lenders") and (3) Lloyds TSB Bank plc, as swap bank, agent and security      trustee (as the same may from time to time be amended or      varied). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Terms      defined in the Loan Agreement shall, unless otherwise defined herein, have      the same meanings when used in this Transfer  Certificate. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | In      this Certificate: |
|----------------|---------------------------|

| 4.   | The      Transferor Lender as beneficial owner hereby transfers to the Transferee      Lender absolutely in accordance with Clause ‎25      (Assignment, Transfer      and Release) of the Loan Agreement all its rights and benefit      (present, future or contingent) under the Loan Agreement and the other      Finance Documents to the extent of [●]% of the Transferor Lender's      Contribution outstanding, details of which are set out    below: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Transferor Lender's      Contribution | Amount to be Transferred |
|---------------------------------------|--------------------------|
|                                  |                     |

| 5.   | By      virtue of this Transfer Certificate and Clause ‎25      (Assignment, Transfer      and Release) of the Loan Agreement the Transferor Lender is      discharged [entirely from its Commitment][from [●]% of its      Commitment]. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | The      Transferee Lender hereby requests the Agent and the other Banks to accept      the executed copies of this Transfer Certificate as being delivered      pursuant to and for the purposes of Clause ‎25      (Assignment, Transfer      and Release) of the Loan Agreement so as to take effect in      accordance with the terms thereof on[●]. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.   | The      Transferee Lender: |
|----------------|-----------------------------|

| 7.1   | confirms      that it has received copies of the Loan Agreement and the other Finance      Documents together with such other documents and information as it has      required in connection with the transaction contemplated      thereby; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | confirms      that it has not relied and will not hereafter rely on the Transferor      Lender, any other Lender, the Swap Bank, the Agent or the Security Trustee      to check or enquire on its behalf into the legality, validity,      effectiveness, adequacy, accuracy or completeness of the Loan Agreement,      any of the other Finance Documents or any such other documents or      information; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | agrees      that it has not relied and will not rely on the Transferor Lender, any      other Lender, the Swap Bank, the Agent or the Security Trustee to assess      or keep under review on its behalf the financial condition,      creditworthiness, condition, affairs, status or nature of the Borrowers or      any other party to the Loan Agreement or any of the other Finance      Documents (save as otherwise expressly provided  therein); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4   | warrants      to the Transferor Lender and each Relevant Party that it has power and      authority to become a party to the Loan Agreement and has taken all      necessary action to authorise execution of this Transfer Certificate and      to obtain all necessary approvals and consents to the assumption of its      obligations under the Loan Agreement and the other Finance      Documents; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5   | if      not already a Lender, appoints the Agent to act as its agent as provided      in the Loan Agreement and the other Finance Documents and agrees to be      bound by the terms thereof; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6   | confirms      the accuracy of the administrative details set out in the Schedule to this      Transfer Certificate. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| 8.   | The      Transferor Lender: |
|----------------|-----------------------------|

| 8.1   | warrants      to the Transferee Lender and each Relevant Party that it has full power to      enter into this Transfer Certificate and has taken all corporate action      necessary to authorise it to do so;and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | undertakes      with the Transferee Lender that it will, at its own expense, execute any      documents which the Transferee Lender reasonably requests for perfecting      in any relevant jurisdiction the Transferee Lender's title under this      Transfer Certificate or for a similarpurpose. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      Transferee Lender hereby undertakes with the Transferor Lender and each      Relevant Party that it will perform all those obligations which by the      terms of the Loan Agreement will be assumed by it after this Transfer      Certificate takes effect. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.   | If      this Transfer Certificate takes effect during an Interest Period, the      Agent shall make all payments which would have become due to the      Transferor Lender under the Loan Agreement during that Interest Period if      no such transfer had been effected to the Transferor Lender and the      Transferee Lender according to the percentages of the Transferor Lender's      Contribution and Commitment transferred and retained pursuant to Clauses 4      and 5 of this Transfer Certificate, and the Transferor Lender and the      Transferee Lender shall be responsible for paying to each other pro rata      all amounts (if any) due to them from each other for that Interest      Period.  On and from the commencement of the immediately      succeeding Interest Period, the Agent shall make all payments due under      the Loan Agreement for the account of the Transferor Lender to the      Transferor Lender and shall make all payments due under the Loan Agreement      for the account of the Transferee Lender to the Transferee      Lender.  This provision is for administrative convenience only      and shall not affect the rights of the Transferor Lender and the      Transferee Lender under the LoanAgreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | None      of the Transferor Lender, any other Lender, the Swap Bank, the Agent or      the Security Trustee: |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| 11.1   | makes      any representation or warranty nor assumes any responsibility with respect      to the legality, validity, effectiveness, adequacy or enforceability of      the Loan Agreement or any of the other Finance Documents or any other      document relating thereto; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2   | assumes      any responsibility for the financial condition of the Borrowers or any      other party to the Loan Agreement or any of the other Finance Documents or      any other document relating thereto or for the performance and observance      thereof by (save as otherwise expressly provided therein) and any and all      such conditions and warranties, whether expressed or implied by law or      otherwise, are hereby excluded (except as  aforesaid). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | The      Transferor Lender and the Transferee Lender undertake that they will on      demand fully indemnify the Agent and the Security Trustee in respect of      any claim, proceeding, liability or expense which relates to or results      from this Transfer Certificate or any matter connected with or arising out      of it unless caused by the Agent's or Security Trustee's gross negligence      or wilful misconduct, as the case maybe. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | The      agreements and undertaking of the Transferee Lender in this Transfer      Certificate are given to and for the benefit of and made with each of the      Relevant Parties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | This      Transfer Certificate shall be governed by, and construed in accordance      with, English law. |
|-----------------|----------------------------------------------------------------------------------------------------------|

----

----

| 1.   | The      Mandatory Cost is an addition to the interest rate to compensate Lenders      for the cost of compliance with (a) the requirements of the Bank of      England and/or the Financial Services Authority (or, in either case, any      other authority which replaces all or any of its functions) or (b) the      requirements of the European CentralBank. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | On      the first day of each Interest Period (or as soon as possible thereafter)      the Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")      for each Lender, in accordance with the paragraphs set out      below.  The Mandatory Cost will be calculated by the Agent as a      weighted average of the Lenders' Additional Cost Rates (weighted in      proportion to the percentage participation of each Lender in the Loan) and      will be expressed as a percentage rate per  annum. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      Additional Cost Rate for any Lender lending from a lending office in a      Participating Member State will be the percentage notified by that Lender      to the Agent.  This percentage will be certified by that Lender      in its notice to the Agent to be its reasonable determination of the cost      (expressed as a percentage of that Lender's participation in all Loans      made from that lending office) of complying with the minimum reserve      requirements of the European Central Bank in respect of loans made from      that lending office. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The      Additional Cost Rate for any Lender lending from a lending office in the      United Kingdom will be calculated by the Agent as  follows: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | E | is      designed to compensate Lenders for amounts payable under the Fees Rules      and is calculated by the Agent as being the average of the most recent      rates of charge supplied by the Lenders to the Agent pursuant to paragraph      7 below and expressed in pounds per£1,000,000. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | For      the purposes of this Schedule: |
|----------------|-----------------------------------------|

| 5.1   | "Eligible Liabilities"      and "Special      Deposits" have the meanings given to them from time to time under      or pursuant to the Bank of England Act 1998 or (as may be appropriate) by      the Bank of England; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | "Fees Rules" means the      rules on periodic fees contained in the FSA Supervision Manual or such      other law or regulation as may be in force from time to time in respect of      the payment of fees for the acceptance of  deposits; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | "Fee Tariffs" means the      fee tariffs specified in the Fees Rules under the activity group A.1      Deposit acceptors (ignoring any minimum fee or zero rated fee required      pursuant to the Fees Rules but taking into account any applicable discount      rate); |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.4   | "Participating Member      State" means any member state of the European Union that adopts or      has adopted the euro as its lawful currency in accordance with legislation      of the European Union relating to European Monetary Union;    and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5   | "Tariff Base" has the      meaning given to it in, and will be calculated in accordance with, the      Fees Rules. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| 6.   | If      requested by the Agent, each Reference Bank shall, as soon as practicable      after publication by the Financial Services Authority, supply to the      Agent, the rate of charge payable by that Reference Bank to the Financial      Services Authority pursuant to the Fees Rules in respect of the relevant      financial year of the Financial Services Authority (calculated for this      purpose by that Reference Bank as being the average of the Fee Tariffs      applicable to that Reference Bank for that financial year) and expressed      in pounds per £1,000,000 of the Tariff Base of that Reference      Bank. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Each      Lender shall supply any information required by the Agent for the purpose      of calculating its Additional Cost Rate.  In particular, but      without limitation, each Lender shall supply the following information in      writing on or prior to the date on which it becomes a    Lender: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1   | the      jurisdiction of its lending office;and |
|-----------------|-------------------------------------------------|

| 7.2   | any      other information that the Agent may reasonably require for such      purpose. |
|-----------------|-----------------------------------------------------------------------------------------|

| 8.   | The      rates of charge of each Lender for the purpose of E above shall be      determined by the Agent based upon the information supplied to it pursuant      to paragraph 6 above and on the assumption that, unless a Lender notifies      the Agent to the contrary, each Lender's obligations in relation to cash      ratio deposits and Special Deposits are the same as those of a typical      bank from its jurisdiction of incorporation with a lending office in the      same jurisdiction as its lendingoffice. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      Agent shall have no liability to any person if such determination results      in an Additional Cost Rate which over or under compensates any Lender and      shall be entitled to assume that the information provided by any Lender      pursuant to paragraphs 3, 6 and 7 above is true and correct in all      respects. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | The      Agent shall distribute the additional amounts received as a result of the      Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for      each Lender based on the information provided by each Lender pursuant to      paragraphs 3, 6 and 7 above. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Any      determination by the Agent pursuant to this Schedule in relation to a      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable      to a Lender shall, in the absence of manifest error, be conclusive and      binding on all parties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | The      Agent may from time to time, after consultation with the Borrowers and the      Lenders, determine and notify to all parties any amendments which are      required to be made to this Schedule in order to comply with any change in      law, regulation or any requirements from time to time imposed by the      Financial Services Authority or the European Central Bank (or, in any      case, any other authority which replaces all or any of its functions) and      any such determination shall, in the absence of manifest error, be      conclusive and binding on allparties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                           |   |                                                                                                        |
|-------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|
|                                      |   |                                                                                                        |
| SIGNED                                    | )      |                                                                                                        |
| By                                        | )      |                                                                                                        |
| duly      authorised for and on behalf of | )      | ............................................... |
| LEMANNVILLE      NAVIGATION INC.          | )      |                                                                                                        |
| as      Borrower                          | )      |                                                                                                        |
| in      the presence of:                  | )      |                                                                                                        |

|                                      |   |                                                                                                        |
|-------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|
|                                      |   |                                                                                                        |
| SIGNED                                    | )      |                                                                                                        |
| By                                        | )      |                                                                                                        |
| duly      authorised for and on behalf of | )      | ............................................... |
| TURNEVILLE      NAVIGATION INC.           | )      |                                                                                                        |
| as      Borrower                          | )      |                                                                                                        |
| in      the presence of:                  | )      |                                                                                                        |

----

|                                           |    |                                                                                                        |
|-------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------|
|                                      |    |                                                                                                        |
| SIGNED for and on behalf of               | )       |                                                                                                        |
| LLOYDS      TSB BANK PLC                  | )       |                                                                                                        |
| as      Swap Bank, Original Lender,  | )       | ............................................... |
| Agent      and Security Trustee           | )       |                                                                                                        |
| by                                        | )       |                                                                                                        |
| its      authorised signatory             | )       |                                                                                                        |
| in      the presence of:             | )  |                                                                                                        |