----

----

----

|   |                                |                                                            |
|--------|-------------------------------------|-----------------------------------------------------------------|
| 1.     | DEFINITIONS                         | 1                                                               |
|   |                                |                                                            |   |
|   | 1.1                                 | Specific      Definitions                                       | 1 |
|   | 1.2                                 | Computation      of Time Periods; Other Definitional Provisions | 22 |
|   | 1.3                                 | Accounting      Terms                                           | 22 |
|   | 1.4                                 | Certain      Matters Regarding Materiality                      | 22 |
|   | 1.5                                 | Forms      of Documents                                         | 22 |
|   |                                |                                                            |
| 2.     | REPRESENTATIONS      AND WARRANTIES | 22                                                              |
|   |                                |                                                            |
|   | 2.1                                 | Representations      and Warranties                             | 22 |
|   |                                |                                                            |   |   |
|   |                                | (a)                                                             | Due      Organization and Power | 23 |
|   |                                | (b)                                                             | Authorization      and Consents | 23 |
|   |                                | (c)                                                             | Binding      Obligations | 23 |
|   |                                | (d)                                                             | No      Violation | 23 |
|   |                                | (e)                                                             | Filings;      Stamp Taxes | 23 |
|   |                                | (f)                                                             | Litigation | 23 |
|   |                                | (g)                                                             | No      Default | 24 |
|   |                                | (h)                                                             | Vessels | 24 |
|   |                                | (i)                                                             | Insurance | 24 |
|   |                                | (j)                                                             | Financial      Information | 24 |
|   |                                | (k)                                                             | Tax      Returns | 24 |
|   |                                | (l)                                                             | Chief      Executive Office | 25 |
|   |                                | (m)                                                             | Foreign      Trade Control Regulations | 25 |
|   |                                | (n)                                                             | Equity      Ownership | 25 |
|   |                                | (o)                                                             | Environmental      Matters and Claims | 25 |
|   |                                | (p)                                                             | Compliance      with ISM Code, the ISPS Code, the MTSA and Annex VI | 26 |
|   |                                | (q)                                                             | No      Threatened Withdrawal of DOC, ISSC, SMC or IAPPC | 26 |
|   |                                | (r)                                                             | Liens | 26 |
|   |                                | (s)                                                             | Financial      Indebtedness | 26 |
|   |                                | (t)                                                             | No      Proceedings to Dissolve | 27 |
|   |                                | (u)                                                             | Solvency | 27 |
|   |                                | (v)                                                             | Senior/Pari      Passu Ranking | 27 |
|   |                                | (w)                                                             | Taxes      on Payments | 27 |
|   |                                | (x)                                                             | Jurisdiction/Governing      Law | 27 |
|   |                                | (y)                                                             | Charter      Hire | 27 |
|   |                                | (z)                                                             | Compliance      with Laws | 27 |

----

|   |   | (aa)   | Survival | 27     |
|--------|--------|--------|----------|--------|
|   |   |   |     |   |

| 3.     | THE      ADVANCES | 28                                           |
|--------|-------------------|----------------------------------------------|
|   |              |                                         |
|   | 3.1               | (a)                                          | Purposes | 28 |
|   |              | (b)                                          | Making      of the Advances | 28 |
|   |              |                                         |
|   | 3.2               | Drawdown      Notice                         | 30 |
|   |              |                                         |   |
|   | 3.3               | Effect      of Drawdown Notice               | 30 |
|   |              |                                         |   |
|   | 3.4               | Notation      of Advances                    | 30 |
|   |              |                                         |
| 4.     | CONDITIONS        | 30                                           |
|   |              |                                         |
|   | 4.1               | Conditions      Precedent to Initial Advance | 30 |
|   |              |                                         |   |   |
|   |              | (a)                                          | Corporate      Authority | 30 |
|   |              | (b)                                          | Transaction      Documents | 31 |
|   |              | (c)                                          | Solvency | 32 |
|   |              | (d)                                          | Approved      Manager Documents | 32 |
|   |              | (e)                                          | Environmental      Claims | 32 |
|   |              | (f)                                          | Equity      and Reserve Account | 32 |
|   |              | (g)                                          | Compliance      Certificate | 33 |
|   |              | (h)                                          | Vessel      Appraisal | 33 |
|   |              | (i)                                          | Money      Laundering Due Diligence | 33 |
|   |              | (j)                                          | Subordination      Agreement | 33 |
|   |              | (k)                                          | Shipbuilding      Contracts and Refund Guarantees | 33 |
|   |              | (l)                                          | Charter      Party Agreements and Performance Guarantees | 33 |
|   |              | (m)                                          | Mortgage      Recording; Charterer Subordination | 33 |
|   |              | (n)                                          | ISM      and ISPS Code | 34 |
|   |              | (o)                                          | Process      Agent | 34 |
|   |              | (p)                                          | Legal      Opinions | 34 |
|   |              | (q)                                          | Know      Your Customer Requirements | 34 |
|   |              | (r)                                          | UCC      Financing Statements | 35 |

|   | 4.2    | Conditions      Precedent to Secondary Advances and Tertiary Advances | 35                                                                |
|--------|--------|-----------------------------------------------------------------------|-------------------------------------------------------------------|
|   |   |                                                                  |                                                              |
|   |   | (a)                                                                   | Builder      Invoices                                             | 35 |
|   |   | (b)                                                                   | Evidence      of Construction Milestone                           | 35 |
|   |   |                                                                  |                                                              |
|   | 4.3    | Conditions      Precedent to Delivery Advances                        | 35                                                                |
|   |   |                                                                  |                                                              |
|   |   | (a)                                                                   | The      Vessels                                                  | 35 |
|   |   | (b)                                                                   | Vessel      Documents                                             | 36 |
|   |   | (c)                                                                   | Mortgage      Recording; Recording Prior to Delivery to Charterer | 36 |
|   |   | (d)                                                                   | Accounts                                                          | 37 |

----

|   |                          | (e)                                                                 | Additional      Documents           | 37 |
|--------|-------------------------------|---------------------------------------------------------------------|-------------------------------------|----|
|   |                          | (f)                                                                 | Vessel      Liens                   | 37 |
|   |                          | (g)                                                                 | Vessel      Appraisals              | 37 |
|   |                          | (h)                                                                 | ISM      and ISPS Code              | 38 |
|   |                          | (i)                                                                 | Approved      Manager Documents     | 38 |
|   |                          | (j)                                                                 | Legal      Opinions                 | 38 |
|   |                          |                                                                |                                |
|   | 4.4                           | Further      Conditions Precedent                                   | 38                                  |
|   |                          |                                                                |                                |
|   |                          | (a)                                                                 | Drawdown      Notice                | 38 |
|   |                          | (b)                                                                 | Representations      and Warranties | 38 |
|   |                          | (c)                                                                 | No      Event of Default            | 38 |
|   |                          | (d)                                                                 | No      Change in Laws              | 38 |
|   |                          | (e)                                                                 | No      Material Adverse Effect     | 38 |
|   |                          | (f)                                                                 | Fees                                | 39 |
|   |                          |                                                                |                                |
|   | 4.5                           | Conditions      Subsequent                                          | 39                                  |
|   |                          |                                                                |                                |
|   | 4.6                           | Breakfunding      Costs                                             | 39                                  |
|   |                          |                                                                |                                |
|   | 4.7                           | Satisfaction      after Drawdown                                    | 39                                  |
|   |                          |                                                                |                                |
| 5.     | REPAYMENT      AND PREPAYMENT | 39                                                                  |
|   |                          |                                                                |                                |
|   | 5.1                           | Repayment                                                           | 39                                  |
|   |                          |                                                                |                                |
|   | 5.2                           | Voluntary      Prepayment; No Re-Borrowing                          | 41                                  |
|   |                          |                                                                |                                |
|   | 5.3                           | Mandatory      Prepayment Upon Sale or Loss of Vessel               | 41                                  |
|   |                          |                                                                |                                |
|   | 5.4                           | Sale      or Loss of Collateral Vessel                              | 41                                  |
|   |                          |                                                                |                                |
|   | 5.5                           | Interest      and Costs with Prepayments/Application of Prepayments | 41                                  |
|   |                          |                                                                |                                |
| 6.     | INTEREST      AND RATE        | 42                                                                  |
|   |                          |                                                                |                                |
|   | 6.1                           | Applicable      Rate                                                | 42                                  |
|   |                          |                                                                |                                |
|   | 6.2                           | Default      Rate                                                   | 42                                  |
|   |                          |                                                                |                                |
|   | 6.3                           | Interest      Periods                                               | 42                                  |
|   |                          |                                                                |                                |
|   | 6.4                           | Interest      Payments                                              | 43                                  |
|   |                          |                                                                |                                |
| 7.     | PAYMENTS                      | 43                                                                  |
|   |                          |                                                                |                                |
|   | 7.1                           | Place      of Payments, No Set Off                                  | 43                                  |
|   |                          |                                                                |                                |
|   | 7.2                           | Tax      Credits                                                    | 43                                  |
|   |                          |                                                                |                                |
|   | 7.3                           | Sharing      of Setoffs                                             | 43                                  |
|   |                          |                                                                |                                |

----

|   | 7.4    | Computations;      Banking Days | 44     |
|--------|--------|---------------------------------|--------|
|   |   |                            |   |

| 8.     | EVENTS      OF DEFAULT | 44                         |
|--------|------------------------|----------------------------|
|   |                   |                       |   |
|   | 8.1                    | Events      of Default     | 44 |
|   |                   |                       |   |
|   |                   | (a)                        | Non-Payment      of Principal | 44 |
|   |                   | (b)                        | Non-Payment      of Interest or Other Amounts | 44 |
|   |                   | (c)                        | Representations | 44 |
|   |                   | (d)                        | Impossibility;      Illegality | 44 |
|   |                   | (e)                        | Mortgage | 45 |
|   |                   | (f)                        | Covenants | 45 |
|   |                   | (g)                        | Debt | 45 |
|   |                   | (h)                        | Ownership      of Borrowers or Collateral Obligors | 45 |
|   |                   | (i)                        | Bankruptcy | 45 |
|   |                   | (j)                        | Termination      of Operations; Sale of Assets | 45 |
|   |                   | (k)                        | Judgments | 45 |
|   |                   | (l)                        | Inability      to Pay Debts | 46 |
|   |                   | (m)                        | Change      in Financial Position | 46 |
|   |                   | (n)                        | Change      in Control | 46 |
|   |                   | (o)                        | Cross-Default | 46 |
|   |                   |                       |   |
|   | 8.2                    | Indemnification            | 46 |
|   |                   |                       |   |
|   | 8.3                    | Application      of Moneys | 47 |
|   |                   |                       |   |
| 9.     | COVENANTS              | 47                         |
|   |                   |                       |   |
|   | 9.1                    | Affirmative      Covenants | 47 |
|   |                   |                       |   |
|   |                   | (a)                        | Performance      of Agreements | 47 |
|   |                   | (b)                        | Notice      of Default, etc | 48 |
|   |                   | (c)                        | Obtain      Consents | 48 |
|   |                   | (d)                        | Financial      Information | 48 |
|   |                   | (e)                        | Vessel      Valuations | 49 |
|   |                   | (f)                        | Corporate      Existence | 49 |
|   |                   | (g)                        | Books      and Records | 50 |
|   |                   | (h)                        | Taxes      and Assessments | 50 |
|   |                   | (i)                        | Inspection | 50 |
|   |                   | (j)                        | Inspection      and Survey Reports | 50 |
|   |                   | (k)                        | Compliance      with Statutes, Agreements, etc | 50 |
|   |                   | (l)                        | Environmental      Matters | 50 |
|   |                   | (m)                        | Vessel      Management | 51 |
|   |                   | (n)                        | ISM      Code, ISPS Code, MTSA and Annex VI Matters | 51 |
|   |                   | (o)                        | Brokerage      Commissions, etc | 51 |
|   |                   | (p)                        | Deposit      Accounts; Assignment | 51 |

----

|   |                                                   | (q)                                  | Insurance                                              | 52 |
|--------|--------------------------------------------------------|--------------------------------------|--------------------------------------------------------|----|
|   |                                                   | (r)                                  | Interest      Rate Agreements                          | 52 |
|   |                                                   | (s)                                  | Subordination      of General and Administrative Costs | 52 |
|   |                                                   |                                 |                                                   |
|   | 9.2                                                    | Negative      Covenants              | 52                                                     |
|   |                                                   |                                 |                                                   |
|   |                                                   | (a)                                  | Liens                                                  | 52 |
|   |                                                   | (b)                                  | Debt                                                   | 53 |
|   |                                                   | (c)                                  | Change      of Flag, Class, Management or Ownership    | 53 |
|   |                                                   | (d)                                  | Chartering                                             | 53 |
|   |                                                   | (e)                                  | Change      in Business                                | 53 |
|   |                                                   | (f)                                  | Sale      or Pledge of Shares                          | 53 |
|   |                                                   | (g)                                  | Sale      of Assets                                    | 53 |
|   |                                                   | (h)                                  | Changes      in Offices                                | 54 |
|   |                                                   | (i)                                  | Consolidation      and Merger                          | 54 |
|   |                                                   | (j)                                  | Change      Fiscal Year                                | 54 |
|   |                                                   | (k)                                  | Limitations      on Ability to Make Distributions      | 54 |
|   |                                                   | (l)                                  | Use      of Corporate Funds                            | 54 |
|   |                                                   | (m)                                  | Issuance      of Shares                                | 54 |
|   |                                                   | (n)                                  | No      Money Laundering                               | 54 |
|   |                                                   | (o)                                  | Accounts                                               | 55 |
|   |                                                   | (p)                                  | Dividends      and Distributions to the Guarantor      | 55 |
|   |                                                   | (q)                                  | Use      of Proceeds                                   | 55 |
|   |                                                   |                                 |                                                   |
|   | 9.3                                                    | Financial      Covenants             | 55                                                     |
|   |                                                   |                                 |                                                   |
|   |                                                   | (a)                                  | Adjusted      Net Worth                                | 55 |
|   |                                                   | (b)                                  | EBITDA      to Fixed Charges                           | 55 |
|   |                                                   | (c)                                  | Minimum      Liquidity                                 | 55 |
|   |                                                   |                                 |                                                   |
|   | 9.4                                                    | Asset      Maintenance               | 55                                                     |
|   |                                                   |                                 |                                                   |
| 10.    | ASSIGNMENT                                             | 56                                   |
|   |                                                   |                                 |
| 11.    | ILLEGALITY,      INCREASED COST, NON-AVAILABILITY, ETC | 56                                   |
|   |                                                   |                                 |                                                   |
|   | 11.1                                                   | Illegality                           | 56                                                     |
|   |                                                   |                                 |                                                   |
|   | 11.2                                                   | Increased      Costs                 | 56                                                     |
|   |                                                   |                                 |                                                   |
|   | 11.3                                                   | Nonavailability      of Funds        | 57                                                     |
|   |                                                   |                                 |                                                   |
|   | 11.4                                                   | Lender's      Certificate Conclusive | 58                                                     |
|   |                                                   |                                 |                                                   |
|   | 11.5                                                   | Compensation      for Losses         | 58                                                     |
|   |                                                   |                                 |                                                   |

| 12.    | CURRENCY      INDEMNITY | 58     |
|--------|-------------------------|--------|
|   |                    |   |   |

----

|   | 12.1                     | Currency      Conversion                        | 58     |
|--------|--------------------------|-------------------------------------------------|--------|
|   |                     |                                            |   |
|   | 12.2                     | Change      in Exchange Rate                    | 58     |
|   |                     |                                            |   |
|   | 12.3                     | Additional      Debt Due                        | 58     |
|   |                     |                                            |   |
|   | 12.4                     | Rate      of Exchange                           | 58     |
|   |                     |                                            |   |
| 13.    | FEES      AND EXPENSES   | 59                                              |
|   |                     |                                            |   |
|   | 13.1                     | Fees                                            | 59     |
|   |                     |                                            |   |
|   | 13.2                     | Expenses                                        | 59     |
|   |                     |                                            |   |
| 14.    | THE      AGENTS          | 59                                              |
|   |                     |                                            |   |
|   | 14.1                     | Appointment      of Agents                      | 59     |
|   |                     |                                            |   |
|   | 14.2                     | Security      Trustee as Trustee                | 60     |
|   |                     |                                            |   |
|   | 14.3                     | Distribution      of Payments                   | 60     |
|   |                     |                                            |   |
|   | 14.4                     | Holder      of Interest in Note                 | 60     |
|   |                     |                                            |   |
|   | 14.5                     | No      Duty to Examine, Etc                    | 60     |
|   |                     |                                            |   |
|   | 14.6                     | Agents      as Lenders                          | 61     |
|   |                     |                                            |   |
|   | 14.7                     | Acts      of the Agents                         | 61     |
|   |                     |                                            |   |
|   | 14.8                     | Certain      Amendments                         | 62     |
|   |                     |                                            |   |
|   | 14.9                     | Assumption      re Event of Default             | 62     |
|   |                     |                                            |   |
|   | 14.10                    | Limitations      of Liability                   | 63     |
|   |                     |                                            |   |
|   | 14.11                    | Indemnification      of the Agents              | 63     |
|   |                     |                                            |   |
|   | 14.12                    | Consultation      with Counsel                  | 63     |
|   |                     |                                            |   |
|   | 14.13                    | Resignation                                     | 63     |
|   |                     |                                            |   |
|   | 14.14                    | Representations      of Lenders                 | 64     |
|   |                     |                                            |   |
|   | 14.15                    | Notification      of Event of Default           | 64     |
|   |                     |                                            |   |
|   | 14.16                    | No      Agency or Trusteeship if not Syndicated | 64     |
|   |                     |                                            |   |
|   | 14.17                    | Nature      of Duties                           | 64     |
|   |                     |                                            |   |
|   | 14.18                    | Delegation      of Power                        | 64     |
|   |                     |                                            |   |
| 15.    | NOTICES      AND DEMANDS | 65                                              |
|   |                     |                                            |   |
|   | 15.1                     | Notices                                         | 65     |
|   |                     |                                            |   |
|   |                     |                                            |   |

| 16.    | MISCELLANEOUS | 65     |
|--------|---------------|--------|
|   |          |   |   |

----

|   | 16.1                                          | Time      of Essence                                  | 65     |
|--------|-----------------------------------------------|-------------------------------------------------------|--------|
|   |                                          |                                                  |   |
|   | 16.2                                          | Invalidity                                            | 66     |
|   |                                          |                                                  |   |
|   | 16.3                                          | Further      Assurances                               | 66     |
|   |                                          |                                                  |   |
|   | 16.4                                          | Prior      Agreements, Merger                         | 66     |
|   |                                          |                                                  |   |
|   | 16.5                                          | Entire      Agreement; Amendments                     | 66     |
|   |                                          |                                                  |   |
|   | 16.6                                          | Indemnification                                       | 66     |
|   |                                          |                                                  |   |
|   | 16.7                                          | Remedies      Cumulative and Not Exclusive; No Waiver | 67     |
|   |                                          |                                                  |   |
|   | 16.8                                          | Successors      and Assigns                           | 67     |
|   |                                          |                                                  |   |
|   | 16.9                                          | Counterparts;      Electronic Delivery                | 67     |
|   |                                          |                                                  |   |
|   | 16.10                                         | References                                            | 68     |
|   |                                          |                                                  |   |
|   | 16.11                                         | Headings                                              | 68     |
|   |                                          |                                                  |   |
| 17.    | APPLICABLE      LAW, JURISDICTION AND WAIVERS | 68                                                    |
|   |                                          |                                                  |   |
|   | 17.1                                          | Applicable      Law                                   | 68     |
|   |                                          |                                                  |   |
|   | 17.2                                          | Jurisdiction                                          | 68     |
|   |                                          |                                                  |   |
|   | 17.3                                          | Waiver      of Jury Trial                             | 68     |
|   |                                          |                                                  |   |
|   | 17.4                                          | Waiver      of Immunity                               | 69     |

----

| SCHEDULE |
|----------|

| 1 | The      Lenders and the Initial Commitments |
|---|----------------------------------------------|
| 2 | The      Vessels                             |
| 3 | Financial      Indebtedness                  |

|   | A   | Form      of Note                                                           |
|--------|-----|-----------------------------------------------------------------------------|
|   | B   | Form      of Guaranty                                                       |
|   | C-1 | Form      of Account Pledge (Retention Account)                             |
|   | C-2 | Form      of Account Pledge (Earnings Accounts)                             |
|   | C-3 | Form      of Account Pledge (Equity and Reserve Account)                    |
|   | C-4 | Form      of Collateral Account Pledge (Retention Account)                  |
|   | C-5 | Form      of Collateral Account Pledge (Earnings Account)                   |
|   | C-6 | Form      of Collateral Account Pledge (Debt Service Reserve  Account)      |
|   | D-1 | Form      of Mortgage                                                       |
|   | D-2 | Form      of Mortgage and Deed of Covenants (Malta)                         |
|   | D-3 | Form      of Collateral Mortgage                                            |
|   | E-1 | Form      of Earnings Assignment                                            |
|   | E-2 | Form      of Collateral Earnings Assignment                                 |
|   | F-1 | Form      of Insurances Assignment                                          |
|   | F-2 | Form      of Collateral Insurances Assignment                               |
|   | G   | Form      of Assignment and Assumption Agreement                            |
|   | H   | Form      of Compliance Certificate                                         |
|   | I   | Form      of Drawdown Notice                                                |
|   | J   | Form      of Interest Notice                                                |
|   | K   | Form      of Approved Manager's Undertaking                                 |
|   | L   | Form      of Assignment of Shipbuilding Contract and      Refund Guarantees |
|   | M   | Form      of Assignment of Charter Party Agreement                          |
|   | N   | Form      of Collateral Assignment of Charter Party Agreement               |
|   | O   | Form      of Management AgreementAssignment                                 |

----

| 1. | DEFINITIONS |
|----|-------------|

| "Acceptable      Accounting Firm"  | means      Deloitte & Touche, or such other recognized international accounting      firm as shall be approved by the Administrative Agent, such approval not      to be unreasonably withheld;                                                                                                                      |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Account      Pledge(s)"                | means      each of the pledge agreements to be executed by the Borrowers in favor of      the Finance Parties in respect of the Retention Account, Earnings Accounts      and Equity and Reserve Account, pursuant to Section 4.1(b) and      Section 4.3(d), as the case may be, substantially in the form set out |

----

|                        | in      Exhibits C-1, C-2 and C-3 respectively;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Accounting      Period"    | means      each consecutive period of three months falling during the period (ending      on the last day in March, June, September and December of each year) for      which quarterly accounting information is required to be provided to the      Administrative Agent hereunder;                                                                                                                                                                                                                                                                                              |
| "Additional      Deposit"   | shall      have the meaning set forth in Section 4.1(f);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Adjusted      Net Worth"   | means,      measured at the end of an Accounting Period, the amount of Total Assets      (as adjusted to include the aggregate Fair Market Value of each of the      vessels owned by the Guarantor and each of its Subsidiaries) less      Consolidated Debt as stated in then most recent accounting information      delivered to the Administrative Agent hereunder;                                                                                                                                                                                                           |
| "Administrative      Agent" | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| "Advance(s)"                | means      any amount advanced to the Borrowers with respect to the Facility or (as      the context may require) the aggregate amount of all such Advances for the      time being outstanding; provided, however, that      only four Advances shall be made per Tranche and that no Advance shall be      made available after the Final Availability Date;                                                                                                                                                                                                                     |
| "Affiliate"                 | means      with respect to any Person, any other Person directly or indirectly      controlled by or under common control with such Person.  For the      purposes of this definition, "control" (including, with correlative      meanings, the terms "controlled by" and "under common control with") as      applied to any Person means the possession directly or indirectly of the      power to direct or cause the direction of the management and policies of      that Person whether through ownership of voting securities or by contract      or otherwise; |
| "Agents"                    | means      each of the Administrative Agent and the Security  Trustee;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Amalfi"                    | means      Amalfi Shipping Company Limited, a corporation organized and existing      under the laws of the Republic of the Marshall  Islands;                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| "AMALFI"                                                                     | means      that certain handymax bulker vessel owned by Amalfi, with IMO Number      9218337, built in 2000 and registered under the flag of the Republic of      the Marshall Islands with Official Number 2825;                                                               |   |
|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| "Annex      VI"                                                              | means      Regulations for the Prevention of Air Pollution from Ships to the      International Convention for the Prevention of Pollution from Ships 1973      (as modified in 1978 and 1997);                                                                                 |   |
| "Applicable      Rate"                                                       | means      any rate of interest applicable to the Facility from time to time pursuant      to Section 6.1;                                                                                                                                                                 |   |
| "Approved      Manager"                                                      | means      a direct or indirect wholly-owned subsidiary of the Guarantor or any other      company approved by the Lenders from time to time as the manager of a      Vessel, which approval shall not unreasonably be withheld;                                                |   |
| "Approved      Manager's Undertaking(s)"                                     | means      each of the undertakings made or to be made by an Approved Manager in      favor of the Lenders in respect of a Vessel or Collateral Vessel (as      applicable), substantially in the form set out in Exhibit    K;                                                 |   |
| "Assigned      Moneys"                                                       | means      sums assigned to or received by the Agents pursuant to any Security      Document;                                                                                                                                                                                   |   |
| "Assignment      and Assumption      Agreement(s)"                           | means      the Assignment and Assumption Agreement(s) executed pursuant to      Section 10 substantially in the form set out in      Exhibit G;                                                                                                                       |   |
| "Assignment      Notices"                                                    | means      notices with respect to the Assignments and the Collateral      Assignments;                                                                                                                                                                                    |
| "Assignments"                                                                | means      the Earnings Assignments, Insurances Assignments, Assignments of Charter      Party Agreement, Assignments of Shipbuilding Contract and Refund Guarantee      and Management Agreement Assignments;                                                                  |   |
| "Assignment(s)      of CharterParty Agreement"                          | means      the assignments in respect of the Charter Party Agreements and Performance      Guarantees, to be executed by the relevant Borrower in favor of the      Security Trustee pursuant to Section 4.3(b), substantially in the      form set out in Exhibit M; |   |
| "Assignment(s)      of Shipbuilding Contract      and Refund Guarantee" | means      the assignments in respect of the Shipbuilding Contracts and Refund      Guarantees to be executed by the relevant Borrower in favor of the      Security Trustee pursuant                                                                                           |   |

----

|                                  |  to      Section 4.1(b), substantially in the form set out in      Exhibit L;                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Banking      Day(s)"                 | means      day(s) on which banks are open for the transaction of business in London,      England, New York, New York (United States of America), Piraeus, Greece      and Hamburg, Germany;                                                                                                                                                                                                                                 |
| "Borrower(s)"                         | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                |
| "Britto"                              | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                |
| "BRITTO"                              | means      that certain Vessel owned or to be owned by Britto, with Hull Number      S-1031 and registered or to be registered under the flag of the Republic      of Liberia;                                                                                                                                                                                                                                               |
| "BRITTO      Charter Party Agreement" | means      the bareboat charter agreement between the BRITTO Charterer and Britto      with respect to the BRITTO with a minimum net charter rate of $14,550 per      day and a minimum duration of 10 years;                                                                                                                                                                                                                |
| "BRITTO      Charterer"               | means      Daelim H&L Co., Ltd.;                                                                                                                                                                                                                                                                                                                                                                                         |
| "BRITTO      Refund Guarantee"        | means      that certain letter of guarantee No. 1372400009198179 dated December 18,      2006 issued by the Refund Guarantor in favor of the Guarantor in      connection with the BRITTO Shipbuilding Contract to be assigned to Britto      on or prior to the date of the Initial Advance with respect to Tranche      C;                                                                                                 |
| "BRITTO      Shipbuilding Contract"   | means      that certain Shipbuilding Contract for construction of the vessel BRITTO      entered into as of October 31, 2006, between the Builder and the Guarantor      to be novated in favor of Britto on or prior to the date of the Initial      Advance with respect to Tranche C;                                                                                                                                     |
| "Builder"                             | means      SPP Plant & Shipbuilding Co., Ltd., a corporation organized under the      laws of the Republic of Korea;                                                                                                                                                                                                                                                                                                     |
| "Change      of Control"              | means      (a) any "person" (as such term is used in Sections 13(d) and 14(d) of the      Exchange Act), other than a member of the immediate family of Evangelos      Pistiolis or a member of the immediate family of George Economou, who      becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under      the Exchange Act), directly or indirectly, of more than 35% of the total      voting power or |

----

|                                | ownership      interest of the Guarantor or (b)  the Board of Directors of the      Guarantor ceases to consist of a majority of the directors existing on the      date hereof or directors nominated by at least two-thirds (2/3) of the      then existing directors;                                                                                                                                                                               |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Charter      Party Agreement(s)"   | means      (i) the WARHOL Charter Party Agreement, (ii) the INDIANA Charter Party      Agreement, (iii) the BRITTO Charter Party Agreement and (iv) any other      bareboat charter agreement or any time charter agreement with any of the      Borrowers which the Borrowers shall from time to time enter, having a      duration of longer than eleven (11) months including but not limited to      the existing charters with respect to each Vessel; |
| "Charterer(s)"                      | means      (i) the WARHOL Charterer, (ii) the INDIANA Charterer, (iii) the BRITTO      Charterer and (iv) any other bareboat charterer or time charterer who has      entered or shall from time to time enter into a Charter Party Agreement      with any of the Borrowers;                                                                                                                                                                               |
| "Classification      Society"       | means      Det Norske Veritas or any other member of the International Association of      Classification Societies, as approved by the Administrative Agent, with      whom any of the Vessels are entered and who conducted periodic physical      surveys and/or inspections of any of the Vessels;                                                                                                                                                      |
| "Code"                              | means      the Internal Revenue Code of 1986, as amended, and any successor statute      and regulation promulgated thereunder;                                                                                                                                                                                                                                                                                                                             |
| "Collateral"                   | means      the Vessels, each of the Collateral Vessels, all property or other assets,      real or personal, tangible or intangible, whether now owned or hereafter      acquired in which any Agent or any Lender has been granted a security      interest pursuant to a Security Document;                                                                                                                                                               |
| "Collateral      Account Pledge(s)" | means      each of the second preferred pledge agreements executed by the relevant      Collateral Obligor in favor of the Finance Parties in respect of the      Retention Accounts, Earnings Account and Debt Service Reserve Account (as      defined in the $95M Credit Agreement) pursuant to Section 4.1(b), and      substantially in the form set out in Exhibits C-4, C-5 and C-6      respectively;                                          |

----

| "Collateral      Assignments"                                   | means      the Collateral Earnings Assignments, Collateral Insurances Assignments,      and the Collateral Assignments of Charter Party  Agreement;                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Collateral      Assignment(s) of Charter      Party Agreement" | means      the second preferred assignments in respect of any charter party      agreements and bareboat charter agreements in respect of each Collateral      Vessel from any and all sources, to be executed by the relevant Collateral      Obligors in favor of the Security Trustee pursuant to Section 4.1(b),      substantially in the form set out in Exhibit N;       |
| "Collateral      EarningsAssignment(s)"                         | means      the second preferred assignments in respect of the earnings of each      Collateral Vessel from any and all sources, to be executed by the relevant      Collateral Obligor in favor of the Security Trustee pursuant to      Section 4.1(b), substantially in the form set out in      Exhibit E-2;                                                                 |
| "Collateral      InsurancesAssignment(s)"                       | means      the second assignments in respect of the insurances over each of the      Collateral Vessels to be executed by the relevant Collateral Obligor,      bareboat charter, if any, and the manager of the relevant Collateral      Vessel in favor of the Security Trustee pursuant to Section 4.1(b),      substantially in the form set out in Exhibit F-2;                      |
| "Collateral      Mortgage(s)"                                   | mean,      collectively, the second preferred mortgages on each of the Collateral      Vessels, executed or to be executed by Amalfi with respect to the AMALFI      and Jeke with respect to the VOC GALLANT in favor of the Security Trustee,      as security trustee, on behalf of the Lenders, pursuant to the terms      herein, substantially in the form set out in Exhibit  D-3; |
| "Collateral      Obligors"                                      | means      Amalfi and Jeke and each of them;                                                                                                                                                                                                                                                                                                                                              |
| "Collateral      Vessels"                                       | means      each of the vessels VOC GALLANT and AMALFI;                                                                                                                                                                                                                                                                                                                                    |
| "Commitment(s)"                                                 | means      in relation to a Lender, the portion of the Facility set out opposite its      name in Schedule 1 or, as the case may be, as reduced by or set out      in any relevant Assignment and Assumption Agreement, as such amount shall      be reduced from time to time pursuant to Section 5;                                                                                |
| "Commitment      Fee"                                           | shall      have the meaning ascribed thereto in Section  13.1;                                                                                                                                                                                                                                                                                                                            |

| "Compliance      Certificate" | means      a certificate certifying the compliance by each of the Borrowers and/or      the Guarantor, as the case may be, with |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------|

----

|                                       | all      of its respective covenants contained herein and showing the calculations      thereof in reasonable detail,  executed and delivered by the      chief financial officer of the Guarantor to the Administrative Agent from      time to time pursuant to Section 9.1(d) in the form set out in      Exhibit H, or in such other form as the Administrative Agent may      agree;                                                                                                                                             |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Consent      and Agreement"               | means      the consent and agreement relating to this Credit Facility Agreement to be      executed by the Guarantor and each of the Collateral Obligors in the form      attached hereto;                                                                                                                                                                                                                                                                                                                                                                |
| "Consolidated      Debt"                   | means,      measured at the end of an Accounting Period for the Guarantor and its      Subsidiaries on a consolidated basis, the aggregate amount of Debt due by      the Security Parties as stated in the then most recent accounting      information delivered to the Administrative Agent    hereunder;                                                                                                                                                                                                                                              |
| "Consolidated      Financial Indebtedness" | means,      measured at the end of each Accounting Period, the aggregate amount of      Financial Indebtedness (including current maturities) of the Guarantor and      its Subsidiaries on a consolidated basis as stated in the then most recent      accounting information delivered to the Administrative Agent      hereunder;                                                                                                                                                                                                                      |
| "Construction      Costs"                  | means,      in relation to a Vessel, the total cost of construction, including, but      not limited to, any amount owed to the Builder under the Shipbuilding      Contracts, as determined by the Administrative Agent in its sole      discretion prior to the date of any Delivery Advance in respect of the      relevant Vessel;                                                                                                                                                                                                                    |
| "Credit      Facility Agreement"           | means      this agreement, as the same shall be amended, modified or supplemented      from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| "Current      Assets"                      | means,      measured at the end of each Accounting Period, the aggregate of the cash      and marketable securities, trade and other receivables of the Guarantor      and its Subsidiaries on a consolidated basis from Persons which can be      realized within one year, inventories and prepaid expenses which are to be      charged to income within one year less any doubtful debts and any      discounts or allowances given as stated in the then most recent accounting      information delivered to the Administrative Agent    hereunder; |

----

| "Debt"                          | means,      in relation to the Guarantor and its Subsidiaries (the      "debtor"):  (a) Financial Indebtedness of the debtor; (b)      liability for any credit to the debtor from a supplier of goods or      services or under any installment purchase or payment plan or similar      arrangement; (c) contingent liabilities of the debtor (including without      limitation any taxes or other payments under dispute) which have been or,      under GAAP, should be recorded in the notes to the accounting information;      (d) deferred tax of the debtor; and (e) liability under a guarantee,      indemnity or similar obligation entered into by the debtor in respect of a      liability of another Person who is not a Security Party which would fall      within (a) to (d) if the references to the debtor referred to the other      Person; |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Default      Rate"             | shall      have the meaning ascribed thereto in Section 6.2;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Delivery      Advance"         | means      with respect to each Tranche, the fourth and final Advance to be made to      any Borrower; provided, however, that      no Delivery Advance shall be made available after the Final Availability      Date with respect to the applicable Tranche;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| "Delivery      Date"            | means      with respect to each Vessel the date on which a Vessel is delivered to its      respective Borrower;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| "DOC"                           | means      a document of compliance issued to an Operator in accordance with rule 13      of the ISM Code;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| "Dollars"      and the sign "$" | means      the legal currency, at any relevant time hereunder, of the United States      of America and, in relation to all payments hereunder, in same day funds      settled through the New York Clearing House Interbank Payments System (or      such other Dollar funds as may be determined by the Administrative Agent      to be customary for the settlement in New York City of banking      transactions of the type herein involved);                                                                                                                                                                                                                                                                                                                                                                                                                            |
| "Drawdown      Date(s)"         | means      the dates, each being a Banking Day, upon which the Borrowers have      requested that an Advance be made available to the Borrowers, and such      Advance is made, as provided in Section 3; provided, that no Drawdown Date shall occur      after the Final Availability Date with respect to the applicable      Tranche;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| "Drawdown      Notice"            | shall      have the meaning ascribed thereto in Section 3.2;                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Earnings      Account"           | shall      have the meaning ascribed thereto in Section 4.3(d);                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Earnings      Assignment(s)"     | means      the assignments in respect of the earnings of each Vessel from any and all      sources, to be executed by the relevant Borrower in favor of the Security      Trustee pursuant to Section 4.3(b), substantially in the form set out      in Exhibit E-1;                                                                                                                                                                                                                        |
| "EBITDA"                          | means,      in respect of an Accounting Period, the aggregate amount of consolidated      pre-tax profits of the Guarantor and its Subsidiaries before extraordinary      or exceptional items (including drydocking costs), depreciation, interest,      rentals under finance leases and similar charges payable but after the      deduction of payments made under bareboat charters in each case as stated      in the then most recent accounting information;                                  |
| "Environmental      Affiliate(s)" | means      any Person, the liability of which for Environmental Claims any Security      Party or Subsidiary of any Security Party may have assumed by contract or      operation of law;                                                                                                                                                                                                                                                                                                             |
| "Environmental      Approval(s)"  | shall      have the meaning ascribed thereto in  Section 2.1(o);                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| "Environmental      Claim(s)"     | shall      have the meaning ascribed thereto in  Section 2.1(o);                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| "Environmental      Law(s)"       | shall      have the meaning ascribed thereto in  Section 2.1(o);                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| "Equity      Deposit"             | shall      have the meaning ascribed thereto in Section 4.1(f);                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Equity      and Reserve Account" | shall      have the meaning ascribed thereto in Section 4.1(f);                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Event(s)      of Default"        | means      any of the events set out in Section 8.1;                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Exchange      Act"               | means      the Securities and Exchange Act of 1934, as amended;                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Facility"                        | means      the term loan facility to be made available by the Lenders to the      Borrowers hereunder in three (3) Tranches, each comprised of four (4)      Advances to be made available pursuant to Section 3; and being, in the      aggregate, no more than the least of (i) One Hundred Twenty One Million      Two Hundred Eighty Six Thousand Five Hundred Dollars ($121,286,500), (ii)      eighty-five percent (85%) of the Construction Costs of the Vessels, or      (iii) eighty percent |

----

|                                     | (80%)      of the Fair Market Value of the Vessels;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Fair      Market Value"       | means      (i) in relation to a Vessel, her sale value, determined as the average of      two valuations per Vessel prior to the Delivery Date relating to such      Vessel, and thereafter one valuation every six months commencing six      months following the Delivery Date relating to such Vessel, and (ii) in      relation to a Collateral Vessel, her sale value, determined as the average      of two valuations per Collateral Vessel prior to the Initial Advance under      any Tranche, and thereafter one valuation per year commencing on the first      anniversary following the first Delivery Date relating to any Vessel, each      valuation to be not older than one month from any of Simpson, Spence and      Young, London, England or Astrup Fearnley A/S, Oslo, Norway or AC      Shipping, London, England or R.S. Platou Shipbrokers A/S, Oslo, Norway or      Galbraith's Limited, London, England or H. Clarksons & Co. Ltd.,      London, England) with or without physical inspection (as the Lender may      require) in United States Dollars on the basis of the sale of the Vessel      (i) for prompt delivery, (ii) for cash, (iii) without taking into account      any charter party relating to the Vessel, and (iv) at arm's length on      normal commercial terms between a willing seller and a willing buyer. If      the two valuations for any Vessel obtained prior to the Drawdown Date      differ by a margin of more than fifteen percent (15%) then a third      appraiser from the aforementioned firms selected by the Administrative      Agent shall make an independent appraisal at the Borrowers' expense, and      the Fair Market Value of the Vessel shall be considered to be the average      of all three valuations obtained; |
| "Fee      Letter"                        | means      that certain fee letter of even date herewith, entered into by the      Guarantor and HSH in respect of the Facility;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Final      Availability Date"           | means      (i) with respect to Tranche A, July 28, 2009, (ii) with respect to Tranche      B, October 27, 2009 and (iii) with respect to Tranche C, November 27,      2009;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| "Final      Tranche A Payment      Date" | means,      that date which is ten (10) years after the Delivery Advance under Tranche      A, but in any event not later than December 30, 2019;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "Final      Tranche B Payment      Date" | means,      that date which is ten (10) years after the Delivery Advance under Tranche      B, but in any event not later than                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

----

|                                     | December      30, 2019;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Final      Tranche C Payment      Date" | means,      that date which is ten (10) years after the Delivery Advance under Tranche      C, but in any event not later than December 30, 2019;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Finance      Parties"                   | means      (i) HSH as the Mandated Lead Arranger, Underwriter, Administrative Agent      and Security Trustee, (ii) the Lenders and (iii) the Swap      Provider;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Financial      Indebtedness"            | means,      in relation to the Guarantor and its Subsidiaries (the "debtor"), a      liability of the debtor:  (a) for principal, interest or any      other sum payable in respect of any moneys borrowed or raised by the      debtor; (b) under any loan, stock, bond, note or other security issued by      the debtor; (c) under any acceptance credit, guarantee or letter of credit      facility made available to the debtor; (d) under a financial lease, a      deferred purchase consideration arrangement (in each case, other than in      respect of assets or services obtained on normal commercial terms in the      ordinary course of business) or any other agreement having the commercial      effect of a borrowing or raising of money by the debtor; (e) under any      foreign exchange transaction, interest or currency swap or any other kind      of derivative transaction entered into by the debtor or, if the agreement      under which any such transaction is entered into requires netting of      mutual liabilities, the liability of the debtor for the net amount; or (f)      under a guarantee, indemnity or similar obligation entered into by the      debtor in respect of a liability of another Person which would fall within      (a) to (e) if the references to the debtor referred to the other      Person; |
| "Fixed      Charges"                     | means,      measured at the end of an Accounting Period, the aggregate of Interest      Expenses and the portion of Consolidated Financial Indebtedness (other      than balloon repayments) in respect of the Guarantor and its Subsidiaries      falling due during that period, as stated in the then most recent      accounting information provided to the Administrative Agent      hereunder;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| "GAAP"                                   | shall      have the meaning ascribed thereto in Section 1.3;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Guarantor"                              | means      Top Ships Inc. (fka Top Tankers Inc.), a corporation organized and      existing under the laws of the Republic of the Marshall      Islands;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

| "Guaranty"                             | means      the unconditional and irrevocable guaranty to be executed by the Guarantor      in respect of the obligations of the Borrowers under and in connection      with this Credit Facility Agreement and the Note in favor of the Security      Trustee pursuant to Section 4.l(b), substantially in the form set out      in form of Exhibit B; |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "HSH"                                  | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                               |
| "Hull      Cover Ratio"                | means      the ratio, expressed as a percentage, of the Fair Market Value of the      Vessels then mortgaged hereunder divided by the outstanding principal      amount under the Facility;                                                                                                                                                                 |
| "IAPPC"                                | means      a valid international air pollution prevention certificate for a Vessel      issued under Annex VI;                                                                                                                                                                                                                                              |
| "Indemnitee"                           | shall      have the meaning ascribed thereto in Section 16.6;                                                                                                                                                                                                                                                                                          |
| "Indiana"                              | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                               |
| "INDIANA"                              | means      that certain Vessel owned or to be owned by Indiana, with Hull Number      S-1029 and registered or to be registered under the flag of the Republic      of Malta;                                                                                                                                                                               |
| "INDIANA      Charter Party Agreement" | means      the bareboat charter agreement between the INDIANA Charterer and Indiana      with respect to the INDIANA with a minimum net charter rate of $14,300 per      day and a minimum duration of 7 years;                                                                                                                                             |
| "INDIANA      Charterer"               | means      Magellano Marine C.V.;                                                                                                                                                                                                                                                                                                                           |
| "INDIANA      Refund Guarantee"        | means      that certain letter of guarantee No. 1372200009194179 dated December 18,      2006 issued by the Refund Guarantor in favor of the Guarantor in      connection with the INDIANA Shipbuilding Contract to be assigned to      Indiana on or prior to the date of the Initial Advance with respect to      Tranche B;                              |
| "INDIANA      Shipbuilding Contract"   | means      that certain Shipbuilding Contract for construction of the vessel INDIANA      entered into as of October 31, 2006, between the Builder and the Guarantor      to be novated in favor of Indiana on or prior to the date of the Initial      Advance with respect to TrancheB;                                                                   |

| "Initial      Advance" |  means,      with respect to each Tranche, the first Advance to |
|------------------------|----------------------------------------------------------------------|

----

|                           | be      made to any Borrower thereunder for the purpose of re-financing the      existing pre-delivery debt in respect of the Vessels; provided, however, that      the Initial Advance with respect to Tranche A shall not exceed $9,918,300,      the Initial Advance with respect to Tranche B shall not exceed $10,023,300      and the Initial Advance with respect to Tranche C shall not exceed      $10,023,300;                                                                                                                                                                                                |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Initial      Payment Date"    | means,      with respect to each Tranche, three (3) months after the Delivery Advance      thereunder;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "Insurances      Assignment"   | means      the assignments in respect of the insurances over each of the Vessels to      be executed by the relevant Borrower, Charterer and manager of the      respective Vessel (as applicable) in favor of the Security Trustee      pursuant to Section 4.3(b), substantially in the form set out in Exhibit      F-1;                                                                                                                                                                                                                                                                                             |
| "Interest      Expense"        | means,      measured at the end of an Accounting Period, the aggregate on a      consolidated basis of all interest incurred by the Guarantor and its      Subsidiaries and any net amounts payable under interest rate hedge      agreements, as stated in the then most recent accounting information      provided to the Administrative Agent hereunder;                                                                                                                                                                                                                                                            |
| "Interest      Notice"         | means      a notice from the Borrowers to the Administrative Agent specifying the      duration of any relevant Interest Period, each substantially in the form      set out in Exhibit J;                                                                                                                                                                                                                                                                                                                                                                                                                              |
| "Interest      Payment Date"   | means      each date on which accrued interest on the Facility shall be payable      pursuant to Section 6.4;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Interest      Period(s)"      | means      period(s) of three (3), six (6) or twelve (12) months as selected by the      Borrowers, or as otherwise agreed by the Lenders and the      Borrowers;                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Interest      Rate Agreement" | means      any interest rate protection agreement, interest rate future agreement,      interest rate option agreement, interest rate swap agreement, interest      rate cap agreement, interest rate collar agreement, interest rate hedge      agreement or other similar agreement or arrangement entered into between      the Borrowers with the Swap Provider, which is designed to protect the      Borrowers against fluctuations in interest rates applicable under this      Credit Facility Agreement, to or under which the Borrowers, the Guarantor      or any of the Guarantor's Subsidiaries is a party |

----

|             | or      a beneficiary on the date of this Credit Facility Agreement or becomes a      party or a beneficiary hereafter;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "ISM      Code"  | means      the International Safety Management Code for the Safe Operating of Ships      and for Pollution Prevention constituted pursuant to Resolution A.741(18)      of the International Maritime Organization and incorporated into the      Safety of Life at Sea Convention and includes any amendments or extensions      thereto and any regulation issued pursuant thereto;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| "ISPS      Code" | means      the International Ship and Port Facility Security Code adopted by the      International Maritime Organization (as the same may be amended from time      to time);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "ISSC"           | means      a valid and current International Ship Security Certificate issued under      the ISPS Code;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "Jeke"           | means      Jeke Shipping Company Limited, a corporation organized and existing under      the laws of the Republic of Liberia;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Lender(s)"      | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| "LIBOR"          | means      the rate for deposits of Dollars for a period equivalent to the relevant      Interest Period at or about 11:00 A.M. (London time) on the second      London Banking Day before the first day of such period as displayed on the      Reuters screen "LIBOR01", or any successor service for the purpose of      displaying the London Interbank rates of major banks for Dollars (the      Reuters screen "LIBOR01" is the display designated as the Reuters screen      "LIBOR01", or such other page as may replace the Reuters screen "LIBOR01"      on that service or such other service or services as may be denominated by      the British Bankers' Association for the purpose of displaying London      Interbank offered rates for Dollar deposits); provided, however, that if on such date no such rate      is so displayed for the relevant Interest Period, LIBOR for such period      shall be the rate quoted to the Facility Agent by the Reference Bank at      the request of the Facility Agent as the offered rate for deposits of      Dollars in an amount approximately equal to the amount in relation to      which LIBOR is to be determined for a period equivalent to the relevant      Interest Period to prime banks in the London Interbank Market at or about      11:00 A.M. (London time) on |

----

|                                      | the      second Banking Day before the first day of such period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Liquid      Funds"                       | means,      measured at the end of an Accounting Period:  (a) cash in hand      or held with banks or other financial institutions of the Guarantor and/or      any other Security Party in Dollars or another currency freely convertible      into Dollars, which is free of any security interest (other than a      permitted security interest and other than ordinary bankers' liens which      have not been enforced or become capable of being enforced); or (b) any      other short-term financial investments which is free of any security      interest (other than a permitted security interest), as stated in the then      most recent accounting information delivered to the Administrative Agent      hereunder; |
| "Majority      Lenders"                   | means,      at any time, Lenders holding an aggregate of more than 60% of the Advances      then outstanding;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "Management      Agreement Assignment(s)" | means      the assignments in respect of the management agreements with respect to      the Vessels to be executed by the relevant Borrower in favor of the      Security Trustee pursuant to Section 4.3(b), substantially in the form set      out in Exhibit O;                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| "Mandated      Lead Arranger"             | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "Mandatory      Costs"                    | means      the cost of complying with any applicable regulatory requirements of any      relevant regulatory authority;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| "Margin"                                  | means,      with respect to any Advance under a Tranche, (a) 1.75% per annum until and      including the Margin Final Date and (b) after the Margin Final Date, the      Margin as determined between the Lenders and the Borrowers in accordance      with Section 6.1(b);                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| "Margin      Final Date"                  | shall      be August 30, 2010;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "Material      Adverse Effect"            | means      a material adverse effect on (i) the ability of the Borrowers to      repay the Advances or perform any of its obligations hereunder or under      the Note, (ii) the ability of any Security Party to perform its      obligations under any Security Documents or (iii) the business,      property, assets, liabilities, operations, condition (financial or      otherwise) or                                                                                                                                                                                                                                                                                                                                    |

----

|                              | prospects      of the Security Parties taken as a whole;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Minimum      Liquidity Amount"   | shall      have the meaning ascribed thereto in Section 9.3(c);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| "Mortgage(s)"                     | means      each of the first preferred ship mortgages (together with any deed of      covenants collateral thereto, if applicable) on each of the Vessels, to be      executed under the laws of a Permitted Jurisdiction by the respective      Borrower, as owner, as listed in Schedule 2 in favor of the Security      Trustee (as trustee for the Lenders) pursuant to Section 4.4(b),      substantially in the form set out in Exhibit D-1 or Exhibit D-2, as      applicable;                                                                                                                                          |
| "MTSA"                            | means      the Maritime and Transportation Security Act, 2002, as amended, interalia, by Public Law  107-295;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "$95M      Credit Agreement"      | means      that certain senior secured term loan facility agreement dated November 8,      2007 entered into by and among the Collateral Obligors and Noir, as      borrowers, the Guarantor, as guarantor, HSH together with any banks and      financial institutions as are a party thereto (the "$95M Lenders"), as      lenders, and HSH, as agent and security trustee for the $95M Lenders      (together with the $95M Lenders, the "$95M Creditors"), pursuant to which      $95M Lenders made available to the Collateral Obligors and Noir a credit      facility in the amount of $95,000,000 (the "$95M    Facility"); |
| "$95M      Mortgage(s)"           | means      the first preferred mortgages on the VOC GALLANT and the AMALFI, executed      by the relevant Collateral Obligor in favor of HSH as security trustee on      behalf of the $95M Creditors, pursuant to the terms of the $95M Credit      Agreement;                                                                                                                                                                                                                                                                                                                                                                     |
| "$95M      Transaction Documents" | means      each of the $95M Credit Agreement, all promissory notes evidencing the      $95M Facility, the $95M Mortgages and all assignments, pledge agreements,      guaranties and other documents executed as security for the $95M Facility      and the Collateral Obligors' obligations in connection      therewith;                                                                                                                                                                                                                                                                                                         |
| "Noir"                            | means      Noir Shipping S.A., a company organized and existing under the laws of the      Republic of the MarshallIslands;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

| "Note"                          | means      the promissory note to be executed by the Borrowers to the order of the      Administrative Agent pursuant to Section 4.1(b), to evidence the      Facility, substantially in the form set out in    Exhibit A;                                                                                                                                                      |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Operator"                      | means,      in respect of any Vessel, the Person who is concerned with the operation      of such Vessel and falls within the definition of "Company" set out in      rule 1.1.2 of the ISM Code;                                                                                                                                                                                         |
| "Payment      Dates"            | means,      with respect to each Tranche, the Initial Payment Date with respect to      such Tranche and the dates falling at three month intervals thereafter,      the last of which is, in respect of Tranche A, the Final Tranche A Payment      Date, in respect of Tranche B, the Final Tranche B Payment Date and, in      respect of Tranche C, the Final Tranche C Payment Date; |
| "Performance      Guarantees"   | means      the irrevocable performance guarantees to be executed by the relevant      Performance Guarantor in respect of the INDIANA Charter Party Agreement      and the BRITTO Charter Party Agreement, respectively;                                                                                                                                                                  |
| "Performance      Guarantor(s)" | means      Marco Polo Seatrade B.V. in respect of the INDIANA Charter Party Agreement      and Daelim Corp. Co. Ltd. in respect of the BRITTO Charter Party Agreement      and each of them;                                                                                                                                                                                              |
| "Permitted      Jurisdiction"   | means      the Republic of the Marshall Islands, the Republic of Liberia, the      Republic of Malta or such other jurisdiction as may be approved in writing      by the Majority Lenders;                                                                                                                                                                                               |
| "Person"                        | means      any individual, sole proprietorship, corporation, partnership (general or      limited), limited liability company, business trust, bank, trust company,      joint venture, association, joint stock company, trust or other      unincorporated organization, whether or not a legal entity, or any      government or agency or political subdivision thereof;              |
| "Proceeding"                    | shall      have the meaning ascribed thereto in  Section 8.1(i);                                                                                                                                                                                                                                                                                                                     |
| "Reference      Bank"           | means      HSH;                                                                                                                                                                                                                                                                                                                                                                           |
| "Refund      Guarantee(s)"      | means      the WARHOL Refund Guarantee, the INDIANA Refund Guarantee and the BRITTO      Refund Guarantee, and                                                                                                                                                                                                                                                                            |

----

|                       | each      of them;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Refund      Guarantor"    | means      Woori Bank;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| "Regulation      T"        | means      Regulation T of the Board of Governors of the Federal Reserve System, as      in effect from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| "Regulation      U"        | means      Regulation U of the Board of Governors of the Federal Reserve System, as      in effect from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| "Regulation      X"        | means      Regulation X of the Board of Governors of the Federal Reserve System, as      in effect from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| "Required      Percentage" | means,      until the fourth anniversary of this Credit Facility Agreement, one      hundred and twenty percent (120%), and thereafter, one hundred and twenty      five percent (125%) of the amount of the outstanding Facility and the      notional cost or actual cost (if any) as determined by the Lender of      terminating any interest rate swap entered into by the      Borrowers;                                                                                                                                                      |
| "Retention      Account"   | shall      have the meaning ascribed thereto in Section 4.3(d);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Retention      Amount"    | means,      with respect to any Tranche, an amount equal to one third (1/3) of the      next quarterly principal payment due in accordance with Section 5 hereof      in respect of such Tranche and the relevant fraction of interest accruing      on the relevant Advances during the next month in accordance with Section      6 hereof;                                                                                                                                                                                                             |
| "Retention      Date"      | means      the date one month after the first Initial Advance and at monthly      intervals thereafter;                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "Secondary      Advance"   | means      with respect to each Tranche, the second Advance to be made to the      Borrowers for the purpose of financing the third (keel laying) installment      due under the Shipbuilding Contract with respect to the Vessel to which      such Tranche relates; provided, however, that the Secondary Advance with      respect to Tranche A shall not exceed $6,612,200, the Secondary Advance      with respect to Tranche B shall not exceed $6,682,200 and the Secondary      Advance with respect to Tranche C shall not exceed    $6,682,200; |

| "Security      Document(s)" | means      the Guaranty, the Mortgages, the Collateral Mortgages, the Assignments,      the Collateral Assignments, |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------|

----

|                            | the      Assignment Notices, the Account Pledges, the Collateral Account Pledges,      the Approved Manager's Undertakings and any other documents that may be      executed as security for the Facility and the Borrowers' obligations in      connection therewith;                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Security      Party(ies)"      | means      each of the Borrowers, the Collateral Obligors and the      Guarantor;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Security      Trustee"         | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| "Shipbuilding      Contract(s)" | means      the WARHOL Shipbuilding Contract, the INDIANA Shipbuilding Contract and      the BRITTO Shipbuilding Contract, and each of them;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "SMC"                           | means      the safety management certificate issued in respect of each Vessel in      accordance with rule 13 of the ISM code;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Subsidiary(ies)"               | means,      with respect to any Person, any business entity of which more than 50% of      the outstanding voting stock or other equity interest is owned directly or      indirectly by such Person and/or one or more other Subsidiaries of such      Person and, in the case of the Guarantor, such term shall include, but not      be limited to, the Borrowers, the Collateral Obligors and each of      them;                                                                                                                                                                                                                                                                          |
| "Swap      Provider"            | means      HSH;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| "Tangible      Fixed Assets"    | means,      measured at the end of an Accounting Period, the value (less depreciation      computed in accordance with GAAP) on a consolidated basis of all tangible      fixed assets of the Security Parties as stated in the then most recent      accounting information delivered to the Administrative Agent      hereunder;                                                                                                                                                                                                                                                                                                                                                            |
| "Taxes"                         | means      any present or future income or other taxes, levies, duties, charges,      fees, deductions or withholdings of any nature now or hereafter imposed,      levied, collected, withheld or assessed by any taxing authority      whatsoever, except for taxes on or measured by the overall net income of      each Lender imposed by its jurisdiction of incorporation or applicable      lending office, the United States of America, the State or City of New      York or any governmental subdivision or taxing authority of any thereof or      by any other taxing authority having jurisdiction over such Lender (unless      such jurisdiction is asserted by reason of the |

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|                    | activities      of any of the Security Parties);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Tertiary      Advance" | means      with respect to each Tranche, the third Advance to be made to the      Borrowers for the purpose of financing the fourth (launching) installment      due under the Shipbuilding Contract with respect to the Vessel to which      such Tranche relates; provided, however, that      the Tertiary Advance with respect to Tranche A shall not exceed      $6,612,200, the Tertiary Advance with respect to Tranche B shall not      exceed $6,682,200 and the Tertiary Advance with respect to Tranche C shall      not exceed $6,682,200; |
| "Total      Assets"     | means,      measured at the end  of an Accounting Period, the aggregate of      Current Assets and Tangible Fixed Assets as stated in the then most recent      financial information delivered to the Administrative Agent      hereunder;                                                                                                                                                                                                                                                                                                  |
| "Total      Loss"       | shall      have the meaning ascribed thereto in the Mortgages;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| "Tranche(s)"            | means      any, all or any combination, as the context requires, of Tranche A,      Tranche B and Tranche C;                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Tranche      A"        | means      that portion of the Facility attributable to the WARHOL in an amount equal      to the least of (i) Forty Million One Hundred and Forty Five Thousand Five      Hundred Dollars ($40,145,500), (ii) eighty-five percent (85%) of the      Construction Costs of the WARHOL, and (iii) eighty percent (80%) of the      Fair Market Value of the WARHOL, to be made available to the Borrowers in      four (4) Advances: an Initial Advance, a Secondary Advance, a Tertiary      Advance and a Delivery Advance;                           |
| "Tranche      B"        | means      that portion of the Facility attributable to the INDIANA in an amount      equal to the least of (i) Forty Million Five Hundred Seventy Thousand Five      Hundred Dollars ($40,570,500), (ii) eighty-five percent (85%) of the      Construction Costs of the INDIANA, and (iii) eighty percent (80%) of the      Fair Market Value of the INDIANA, to be made available to the Borrowers in      four (4) Advances: an Initial Advance, a Secondary Advance, a Tertiary      Advance and a Delivery Advance;                              |
| "Tranche      C"        | means      that portion of the Facility attributable to the BRITTO in an amount equal      to the least of (i) Forty Million Five Hundred Seventy Thousand Five      Hundred Dollars ($40,570,500), (ii) eighty-five percent (85%) of the                                                                                                                                                                                                                                                                                                              |

----

|                                  | Construction      Costs of the BRITTO, and (iii) eighty percent (80%) of the Fair Market      Value of the BRITTO, to be made available to the Borrowers in four (4)      Advances: an Initial Advance, a Secondary Advance, a Tertiary Advance and      a Delivery Advance;                                                    |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| "Transaction      Document(s)"        | means      this Credit Facility Agreement, the Consent and Agreement, the Note, the      Security Documents, any Interest Rate Agreement, or any of them, as the      case may be;                                                                                                                                              |
| "Underwriter"                         | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                   |
| "Vessel(s)"                           | each      of the WARHOL, INDIANA and BRITTO, registered or to be registered in the      name of the relevant Borrower, as owner, as set forth in Schedule 2      hereto, but excluding any Vessel for which a mandatory prepayment is made      pursuant to Section 5.3; and                                                    |
| "VOC      GALLANT"                    | means      that certain handymax bulker vessel owned by Jeke, with IMO Number      9257072, built in 2002 and registered under the flag of the Republic of      Liberia having Official No. 13736;.                                                                                                                             |
| "Warhol"                              | shall      have the meaning ascribed thereto in the preamble;                                                                                                                                                                                                                                                                   |
| "WARHOL"                              | means      that certain Vessel owned or to be owned by Warhol, with Hull Number      S-1025 and registered or to be registered under the flag of the Republic      of Liberia;                                                                                                                                                  |
| "WARHOL      Charter Party Agreement" | means      the bareboat charter agreement between the WARHOL Charterer and Warhol      with respect to the WARHOL, with a minimum net charter rate of $14,400 per      day and a minimum duration of 10 years;                                                                                                                  |
| "WARHOL      Charterer"               | means      Perseveranza Societa de Navigazione S.p.A.;                                                                                                                                                                                                                                                                          |
| "WARHOL      Refund Guarantee"        | means      that certain letter of guarantee number 1372300009210179 dated December      19, 2006 issued by the Refund Guarantor in favor of the Guarantor in      connection with the WARHOL Shipbuilding Contract to be assigned to Warhol      on or prior to the date of the initial Advance with respect to Tranche      A; |
| "WARHOL      Shipbuilding Contract"   | means      that certain Shipbuilding Contract for construction of the vessel WARHOL      entered into as of December 6, 2006, between the Builder and the Guarantor      to be novated in favor of Warhol on or prior to the date of the Initial      Advance with respect to TrancheA;                                         |

----

|   | in      favor of Warhol on or prior to the date of the Initial Advance with      respect to TrancheA; |
|--------|-------------------------------------------------------------------------------------------------------|

| 2. | REPRESENTATIONS AND      WARRANTIES |
|----|-------------------------------------|

----

----

|   | (i) | will      be in the sole and absolute ownership of the respective Borrower as set      forth in Schedule 2 and duly registered in such Borrower's name under      the flag of a Permitted Jurisdiction, unencumbered, save and except for      the Mortgage recorded against it and as permitted  thereby; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will      be classed in the highest classification and rating for vessels of the      same age and type with the respective Classification Society as set forth      in Schedule 2 without any outstanding recommendations affecting class      and without any qualifications; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | will      be operationally seaworthy and in every way fit for its intended service;      and |
|--------|-------|----------------------------------------------------------------------------------------------|

|   | (iv) | will      be insured in accordance with the provisions of the Mortgage recorded      against it and the requirements thereof in respect of such insurances will      have been complied with; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | (i) | Each      of the Lenders, relying upon each of the representations and warranties      set out in Section 2, hereby severally and not jointly agrees with      the Borrowers that, subject to and upon the terms of this Credit Facility      Agreement, it will, not later than 11:00 A.M. (New York City time) on the      Drawdown Date of any Advance in respect of each Tranche (except as      provided in subsection (ii) of this Section), make its portion of the      relevant Advance, in Federal or other funds immediately available in New      York City, to the Administrative Agent at its address and to such account      as set forth on Schedule 1 or to such account of the Administrative Agent      most recently designated by it for such purpose by notice to the      Lenders.  Unless the Administrative Agent determines that any      applicable condition specified in Section 4 has not been satisfied, the      Administrative Agent will make the funds so received from the Lenders      available to the Borrowers at the aforesaid address, subject to the      receipt of the funds by the Administrative Agent as provided in the      immediately preceding sentence, not later than 10:00A.M. (New York City      time) on the date of such Advance, and in any event as soon as practicable      after receipt. All Advances, subject to the other terms and conditions      hereof, shall be in a minimum amount of One Million Dollars ($1,000,000)      and in multiples of Two Hundred Fifty Thousand Dollars ($250,000). The      Facility and each Tranche hereunder shall be repayable as provided in      Section 5. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The      Lenders' obligation to make the relevant Initial Advance in respect of any      Tranche hereunder shall terminate if the conditions precedent provided in      Section 4.1 are not each completed to the satisfaction of the      Administrative Agent upon the date hereof and the Administrative Agent      does not receive a Drawdown Notice in respect of each Initial Advance      under any Tranche within 90 days of the date hereof.  The      Lenders' obligation to make the relevant Secondary Advance and/or Tertiary      Advance in respect of any Tranche hereunder shall terminate if the      conditions precedent provided in Section 4.2 are not each completed to the      satisfaction of the Administrative Agent and the Administrative Agent does      not receive a Drawdown Notice in respect of each Secondary      Advance |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   |  and/or      Tertiary Advance under any Tranche prior to the relevant Delivery Date of      the relevant Vessel.  The Lenders' obligation to make the      relevant Delivery Advance in respect of any Tranche hereunder shall      terminate if the conditions precedent provided in Section 4.3 are not each      completed to the satisfaction of the Administrative Agent upon the date of      the relevant Delivery Advance and the Administrative Agent does not      receive a Drawdown Notice in respect of the relevant Delivery Advance at      least three (3) Banking Days before the Final Availability      Date.  Notwithstanding the foregoing, the Lenders' obligation to      make any Advance in respect of any Tranche hereunder shall terminate if      the Vessel to which such Tranche relates is not delivered to the Borrowers      by the Final Availability Date with respect to such      Tranche.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (iii)  | Unless      the Administrative Agent shall have received notice from a Lender prior to      the Drawdown Date of any Advance that such Lender will not make available      to the Administrative Agent such Lender's share of such Advance, the      Administrative Agent may assume that such Lender has made such share      available to the Administrative Agent on the date of such Advance in      accordance with this Section 3.1 and the Administrative Agent may, in      reliance upon such assumption, make available to the Borrowers on such      date a corresponding amount.  If and to the extent that such      Lender shall not have so made such share available to the Administrative      Agent, such Lender and the Borrowers (but without duplication and not if      such Lender is an affiliate of the Administrative Agent) severally agree      to repay to the Administrative Agent forthwith on demand such      corresponding amount together with interest thereon, for each day from the      date such amount is made available to the Borrowers until the date such      amount is repaid to the Administrative Agent, at (i) in the case of      the Borrowers, a rate per annum equal to the higher of (y) the LIBOR rate      for overnight or weekend deposits plus the Margin and (z) the interest      rate applicable thereto pursuant to Section 6.1 and (ii) in the      case of such Lender, the LIBOR rate for overnight or weekend      deposits.  If such Lender shall repay to the Administrative      Agent such corresponding amount, such amount so repaid shall constitute      such Lender's Advance included in such Advance for purposes of this Credit      Facility Agreement as of the date such Advance was      made.  Nothing in this subsection (b)(iii) shall be deemed      to relieve any Lender of its obligation to make Advances to the extent      provided in this Credit Facility Agreement.  In the event that      the Borrowers are |

----

|   |   | required      to repay an Advance to the Administrative Agent pursuant to this Section      3.1(b)(iii), as between the Borrowers and the defaulting Lender, the      liability for any breakfunding costs as described in Section 4.6 shall be      borne by the defaulting Lender.  If the defaulting Lender has      not paid any such breakage costs upon demand by the Administrative Agent      therefor, the Borrowers shall pay such breakage costs upon demand by the      Administrative Agent and the Borrowers shall be entitled to recover any      such payment for breakfunding costs made by the Borrowers from the      defaulting Lender. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | CONDITIONS |
|----|------------|

|   | (i) | copies,      certified as true and complete by an officer of each of the Borrowers, the      Collateral Obligors and Noir, of the resolutions of their respective board      of directors and, in the case of the Collateral Obligors and Noir, their      respective shareholders evidencing approval of the    Transaction |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   |  Documents      to which it is to be a party and authorizing an appropriate officer or      officers or attorney-in-fact or attorneys-in-fact to execute the same on      its behalf, or other evidence of such approvals and      authorizations;                                                                                                                                                                |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (iii)  | copies,      certified as true and complete by an officer of the Guarantor, of the      resolutions of the board of directors evidencing approval of the      Transaction Documents to which it is to be a party and authorizing an      appropriate officer or officers or attorney-in-fact or attorneys-in-fact      to execute the same on its behalf, or other evidence of such approvals and      authorizations; |

|   | (iii) | copies,      certified as true and complete by an officer of each Security Party and      Noir, of all documents evidencing any other necessary action (including      actions by such parties thereto other than the Security Parties or Noir as      may be required by the Administrative Agent), approvals or consents with      respect to the TransactionDocuments; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | copies,      certified as true and complete by an officer of each Security Party and      Noir, of the certificate of incorporation and by-laws, certificate of      formation and operating agreement, or equivalent instruments      thereof; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | certificate      of an authorized officer of the Guarantor certifying that it legally and      beneficially owns, directly or indirectly, all of the issued and      outstanding capital stock, or limited liability company membership      interests, as the case may be, of each of the Borrowers, each of the      Collateral Obligors and Noir and that such capital stock or membership      interests are free and clear of any liens, claims, pledges or other      encumbrances whatsoever and have been paid in full;  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | certificates      of the jurisdiction of incorporation or formation, as the case may be, of      each Security Party and Noir as to the good standing    thereof; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | this      Credit Facility Agreement; |
|--------|-----|--------------------------------------|

|   | (ii) | the      Note; |
|--------|------|----------------|

|   | (iii) | the      Consent and Agreement; |
|--------|-------|---------------------------------|

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|   | (iv)   |  the      Guaranty;                                                   |
|--------|--------|----------------------------------------------------------------------------|
|   |   |                                                                       |
|   | (v)    | the      Account Pledge with respect to the Equity and Reserve    Account; |

|   | (vi) | the      Collateral Account Pledge (which shall also be executed by Noir) with      respect to the 'Retention Account' under the $95 M Credit      Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | the      Collateral Account Pledges with respect to the 'Earnings Accounts' under      the $95 M Credit Agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------|

|   | (viii) | the      Collateral Pledge (which shall also be executed by Noir) with respect to      the 'Debt Service Reserve Account' under the $95 M Credit      Agreement; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | the      Collateral Mortgages; |
|--------|------|--------------------------------|

|   | (x) | the      Assignments of Shipbuilding Contract and Refund  Guarantees; |
|--------|-----|-----------------------------------------------------------------------|

|   | (xi) | the      Collateral Earnings Assignments; |
|--------|------|-------------------------------------------|

|   | (xii) | the      Collateral Insurances Assignments (which shall also be executed by the      bareboat charterer, if any, and the manager of the relevant Collateral      Vessel); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | the      Collateral Assignments of Charter Party Agreements;  and |
|--------|--------|-------------------------------------------------------------------|

|   | (xiv) | the      Assignment Notices with respect to (x), (xi), (xii) and (xiii)      above; |
|--------|-------|-------------------------------------------------------------------------------------|

----

----

|   | (i) | completed      bank account opening mandates with telephone and fax indemnities to      include the list of the Borrowers' authorized signatories and specimens of      their signatures; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | certified      list of directors, including titles, business and residential addresses      and dates of birth; |
|--------|------|-----------------------------------------------------------------------------------------------------------------|

|   | (iii) | certified      true copy of photo identification (i.e. passport or driving license) and      evidence of residential address (i.e. utility bill or bank statement) for      all authorized signatories; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv)   |  certificate      of ultimate beneficial ownership, certified by the respective secretary of      such entity, from the Borrowers with respect to each other Security Party;      and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                       |
|   | (v)    | non-resident      declaration forms;                                                                                                                                                       |

|   | (i) | copies      of the invoices received from the Builder certified by the relevant      Borrower for the relevant installment due under the Shipbuilding Contract      to which such Advance relates; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | instructions      from the relevant Borrower directing the Administrative Agent to release      funds from the Equity and Reserve Account in payment of such Borrower's      equity portion of the third (keel laying) or fourth (launching)      installment, as the case may be, under the relevant Shipbuilding      Contract. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | has      been delivered to the relevantBorrower; |
|--------|-----|--------------------------------------------------|

|   | (ii) | is      in the sole and absolute ownership of the relevant Borrower and duly      registered in such Borrower's name under the flag of  a |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | Permitted      Jurisdiction, respectively, unencumbered, save and except for the      Mortgage, recorded against it and as otherwise permitted      thereby;                                                                       |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                               |
|   | (iv)   | is      classed in the highest classification and rating for vessels of the same      age and type with the respective Classification Society as set forth in      Schedule 2 without any material outstanding    recommendations; |

|   | (v) | is      operationally seaworthy and in every way fit for its intended service;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (vi) | is      insured in accordance with the provisions of the Mortgage recorded against      it and the requirements thereof in respect of such insurance have been      complied with; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Mortgage over its Vessel; |
|--------|-----|------------------------------------|

|   | (ii) | the      Insurances Assignment with respect to its Vessel (which shall also be      executed by the relevant Charterer and the manager of the      Vessel); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Earnings Assignment with respect to itsVessel; |
|--------|-------|---------------------------------------------------------|

|   | (iv) | the      Assignment of Charter Party Agreement with respect to its      Vessel; |
|--------|------|---------------------------------------------------------------------------------|

|   | (v) | the      Management Agreement Assignment with respect to its Vessel (if      applicable); |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (vi) | the      Assignment Notices with respect to the above-indicated Assignments;      and |
|--------|------|---------------------------------------------------------------------------------------|

|   | (vii) | Uniform      Commercial Code Financing Statements for filing with the District of      Columbia and in such other jurisdictions as the Administrative Agent may      reasonably require; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | established      with the Administrative Agent (A) an individual earnings account (the      "Earnings Account") into which the Assigned Moneys are to be paid and (B)      a joint retention account (the "Retention Account") into which, on each      Retention Date, the Borrowers shall deposit (from the individual Earnings      Accounts or from such other accounts of the Borrowers) an amount equal to      the Retention Amount shall be transferred;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | duly      executed and delivered to the Administrative Agent (A) the Account Pledge      with respect to the Retention Account and (B) an Account Pledge with      respect to its Earnings Account; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | an      executed management agreement with an Approved Manager, if applicable;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | inspection      reports acceptable to the Administrative Agent by a surveyor appointed by      the Administrative Agent at the Borrowers' expense, of the physical      inspection of the relevant Vessel, provided, however, that the      Administrative Agent may waive this requirement and reserve the right to      have the relevant Vessel inspected after the relevant Advance, if the      Borrowers deliver to the Administrative Agent, prior to the relevant      Advance, its in-house survey report of the relevant Vessel in form and      substance satisfactory to the Administrative Agent, however, all surveys      must be done without undue interference with the operation of the relevant      Vessel; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 5. | REPAYMENT AND      PREPAYMENT |
|----|-------------------------------|

----

|   | (i)    | Tranche      A in forty (40) consecutive installments payable quarterly in arrears      commencing on the date occurring three (3) months after the Delivery      Advance of Tranche A.  The amount of each of the installments      shall be as follows: (i) the first through eighth installments shall each      be in the amount of Six Hundred Thousand Dollars ($600,000); (ii) the      ninth through twentieth installments shall each be in the amount of Seven      Hundred Thousand Dollars ($700,000); and (iii) the twenty-first through      fortieth installments shall each be in the amount of Seven Hundred Fifty      Thousand Dollars ($750,000).  A balloon payment of Eleven      Million Nine Hundred Forty Five Thousand Five Hundred Dollars      ($11,945,500), or such other amount as remains outstanding, shall be      payable on the Final Tranche A Final Payment Date.  The amount      of each installment and the balloon payment shall be reduced pro rata in      the event less than the maximum amount of Tranche A is drawn      down; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (ii)   | Tranche      B in forty (40) consecutive installments payable quarterly in arrears      commencing on the date occurring three (3) months after the Delivery      Advance of Tranche B.  The amount of each of the installments      shall be as follows: (i) the first through eighth installments shall each      be in the amount of Six Hundred Thousand Dollars ($600,000); (ii) the      ninth through twentieth installments shall each be in the amount of Seven      Hundred Thousand Dollars ($700,000); (iii) the twenty-first through      fortieth installments shall each be in the amount of Seven Hundred Fifty      Thousand Dollars ($750,000).  A balloon payment of Twelve      Million Three Hundred Seventy Thousand Five Hundred Dollars ($12,370,500),      or such other amount as remains outstanding, shall be payable on the Final      Tranche B Final Payment Date.  The amount of each installment      and the balloon payment shall be reduced pro rata in the event less than      the maximum amount of Tranche B is drawn down;  and       |

|   | (iii) | Tranche      C in forty (40) consecutive installments payable quarterly in arrears      commencing on the date occurring three (3) months after the Delivery      Advance of Tranche C.  The amount of each of the installments      shall be as follows: (i) the first through eighth installments shall each      be in the amount of Six Hundred Thousand Dollars ($600,000); (ii) the      ninth through twentieth installments shall each be in the amount of Seven      Hundred Thousand Dollars ($700,000); and (iii) the twenty-first through      fortieth installments shall each be in the amount of Seven Hundred Fifty      Thousand Dollars ($750,000).  A balloon payment of Twelve      Million Three Hundred Seventy Thousand |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | Five      Hundred Dollars ($12,370,500), or such other amount as remains      outstanding, shall be payable on the Final Tranche C Payment      Date.  The amount of each installment and the balloon payment      shall be reduced pro rata in the event less than the maximum amount of      Tranche C is drawn down. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7. | PAYMENTS |
|----|----------|

----

|   | (B) | Whenever      any payment hereunder or under the Note shall be stated to be due on a day      other than a Banking Day, such payment shall be due and payable on the      next succeeding Banking day unless the next succeeding Banking Day falls      in the following calendar month, in which case it shall be payable on the      immediately preceding Banking Day. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | EVENTS OF      DEFAULT |
|----|------------------------|

----

----

----

|   | (A) | first,      in or towards the payment or reimbursement of any expenses or liabilities      incurred by the Finance Parties in connection with the ascertainment,      protection or enforcement of their rights and remedies hereunder, under      the Note and under any of the other Transaction  Documents, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | second,      in or towards payment of any interest owing in respect of the      Facility, |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (C) | third,      in or towards repayment of principal owing in respect of the      Facility, |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (D) | fourth,      in or towards payment of all other sums which may be owing to the Finance      Parties under the Transaction Documents (other than any Interest Rate      Agreement), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | fifth,      in or towards payments of any amounts then owed under any Interest Rate      Agreement, including, but not limited to, any costs associated with      unwinding any Interest Rate Agreement, on a pari passu basis,      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | sixth,      the surplus (if any) shall be paid to the Borrowers or to whosoever else      may be entitled thereto. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

| 9. | COVENANTS |
|----|-----------|

----

|   | (i) | as      soon as available but not later than one hundred twenty (120) days after      the end of each fiscal year of the Guarantor, complete copies of the      consolidated financial reports of the Guarantor and its Subsidiaries      (together with a Compliance Certificate and a detailed reconciliation of      all of the differences between GAAP as at December 31, 2007 and as at the      time of delivery), all in reasonable detail, which shall include at least      the consolidated balance sheet of the Guarantor and its Subsidiaries as of      the end of such year and the related consolidated statements of income and      sources and uses of funds for such year, which shall be audited reports      prepared by an Acceptable Accounting Firm, and each of the Borrowers shall      provide to each Lender as soon as available but not later than one hundred      eighty (180) days after the end of each fiscal year of such Borrower and      any Charterers, complete copies of the consolidated financial reports of      each of the Borrowers and consolidated, audited financial reports of each      of the Charterers; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as      soon as available but not later than forty-five (45) days after the      end of each of the first three quarters of each fiscal year of the      Guarantor, a quarterly interim consolidated balance sheet of the Guarantor      and its Subsidiaries and the related consolidated profit and loss      statements and sources and uses of funds (together with a Compliance      Certificate and a detailed reconciliation of all of the differences      between GAAP as at December 31, 2007 and as at the time of delivery), all      in |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | reasonable      detail, unaudited, but certified to be true and complete by the chief      financial officer of the Guarantor;                                                                                                                                                                                                                                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (iii)  | within      ten (10) days of the filing thereof at the email addresses (as provided by      the Administrative Agent from time to time), electronic      copies of all registration statements and reports on Forms 10-K, 10-Q and      8-K (or their equivalents) and other material filings which the Guarantor      shall have filed with the Securities and Exchange Commission or any      similar governmental authority; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (iv)   | promptly      upon the mailing thereof to the shareholders of the Guarantor, copies of      all financial statements, reports, proxy statements and other      communications provided to the Guarantor's  shareholders;                                                                                                                                                                                                        |

|   | (v) | within      ten (10) days of the Security Parties' receipt thereof, copies of all      audit letters or other correspondence from any external auditors including      material financial information in respect of the Security      Parties; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | such      other statements (including, without limitation, monthly consolidated      statements of operating revenues and expenses), lists of assets and      accounts, budgets, forecasts, reports and other financial information with      respect to its business as the Administrative Agent may from time to time      request, certified to be true and complete by the chief financial officer      of each of the Guarantor; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | (i) | the      Mortgages, the Collateral Mortgages, the Assignments, the Collateral      Assignments and other liens in favor of the Security    Trustee; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | liens,      charges and encumbrances against their respective Vessels or the      Collateral Vessels permitted to exist under the terms of the Mortgages or      the Collateral Mortgages; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | liens,      charges and encumbrances on the Collateral Vessels in connection with the      $95M Transaction Documents; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 10. | ASSIGNMENT |
|-----|------------|

| 11. | ILLEGALITY, INCREASED      COST, NON-AVAILABILITY, ETC. |
|-----|---------------------------------------------------------|

|   | (i) | subject      any Lender to any Taxes with respect to its income from the Facility, or      any part thereof; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | change      the basis of taxation to any Lender of payments of principal or interest      or any other payment due or to become due pursuant to this Credit Facility      Agreement (other than a change in the basis effected by the jurisdiction      of organization of such Lender, the jurisdiction of the principal place of      business of such Lender, the United States of America, the State or City      of New York or any governmental subdivision or other taxing authority      having jurisdiction over such Lender  (unless such jurisdiction      is asserted by reason of the activities of the Borrowers      or any of the other Security Parties) or such other jurisdiction where the      Facility may be payable); or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | impose,      modify or deem applicable any reserve requirements or require the making      of any special deposits against or in respect of any assets or liabilities      of, deposits with or for the account of, or loans by, a Lender;      or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | impose      on any Lender any other condition affecting the Facility or any part      thereof; |
|--------|------|------------------------------------------------------------------------------------------------|

|   | (i) | the      Lender shall notify the Administrative Agent and the Borrowers of the      happening of such event, and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Borrowers agree forthwith upon demand to pay to such Lender such amount as      such Lender certifies to be necessary to compensate such Lender for such      additional cost or such reduction. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12. | CURRENCY      INDEMNITY |
|-----|-------------------------|

----

| 13. | FEES AND      EXPENSES |
|-----|------------------------|

| 14. | THE      AGENTS |
|-----|-----------------|

----

----

|   | (A) | Obligations of the      Agents.  The obligations of each Agent under the      Transaction Documents are only those expressly set forth herein and      therein. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | No Duty to      Investigate.  No Agent shall at any time be under any      duty to investigate whether an Event of Default, or an event which, with      the giving of notice or lapse of time, or both, would constitute an Event      of Default, has occurred or to investigate the performance of any      Transaction Document by any SecurityParty. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | Discretion of the      Agents.  Each Agent shall be entitled to use its      discretion with respect to exercising or refraining from exercising any      rights which may be vested in it by, and with respect to taking or      refraining from taking any action or actions which it may be able to take      under or in respect of, the Transaction Documents, unless the      Administrative Agent shall have been instructed by the Majority Lenders to      exercise such rights or to take or refrain from taking such action; provided, however, that      no Agent shall be required to take any action which exposes such Agent to      personal liability or which is contrary to this Credit Facility Agreement      or applicable law. Each Agent may refrain from acting in accordance with      the instructions of the Majority Lenders (or, if appropriate, all of the      Lenders) until such Agent has received such security as it may require for      any costs, loss or liability (together with any associated value added      tax) which it may incur in complying with said    instructions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | Instructions of      Majority Lenders.  Each Agent shall in all cases be fully      protected in acting or refraining from acting under any Transaction      Document in accordance with the instructions of the Majority Lenders (or,      in the case of any Interest Rate Agreement, in accordance with the      instructions of the Swap Provider), and any action taken, or failure to      act pursuant to such instructions, shall be binding on all of the Lenders      any instructions given by the Majority Lenders will be binding on all of      the Lenders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | Power of      Attorney.  Each Agent has the right to delegate by power      of attorney or otherwise to any Person or Persons all or any of the      rights, trusts, powers, authorities and discretions vested in it by this      Credit Facility Agreement or any other agreement relating hereto on such      terms and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | conditions      as such Agent shall think fit and such Agent shall not be bound to      supervise the proceedings or be in any way responsible for any loss      incurred by reason of any misconduct or default on the part of any such      delegate or sub-delegate provided that such Agent shall have acted      reasonably in making such delegation to such delegate and such Agent shall      promptly give notice to each of the Lenders of the appointment of any      delegate or such delegate asaforesaid. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (A) | to      any Security Party or any other Person or entity as a consequence of any      failure or delay in performance by, or any breach by, any other Lenders or      any other Person of any of its or their obligations under this Credit      Facility Agreement or under any other Transaction  Document; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | to      any Lender or Lenders as a consequence of any failure or delay in      performance by, or any breach by, any Security Party of any of its      respective obligations under this Credit Facility Agreement, under the      Note or under the other Transaction Documents;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | to      any Lender or Lenders for any statements, representations or warranties      contained in this Credit Facility Agreement, in any other Transaction      Document or in any document or instrument delivered in connection with the      transaction hereby contemplated; or for the validity, effectiveness,      enforceability or sufficiency of any of the Transaction Documents or any      document or instrument delivered in connection with the transactions      hereby contemplated. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (A) | in      making its decision to enter into this Credit Facility Agreement and to      make its Commitment available hereunder, it has independently taken      whatever steps it considers necessary to evaluate the financial condition      and affairs of the Security Parties, that it has made an independent      credit judgment and that it has not relied upon any statement,      representation or warranty by any other Lender or any Agent;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | so      long as any portion of its Commitment remains outstanding, it will      continue to make its own independent evaluation of the financial condition      and affairs of the SecurityParties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16. | MISCELLANEOUS |
|-----|---------------|

----

----

----

| 17. | APPLICABLE LAW,      JURISDICTION AND WAIVERS |
|-----|-----------------------------------------------|

----

----

|   |   | WARHOL      SHIPPING COMPANY LIMITED                                                                                            |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                            |
|   |   | By:                                                                                                                             |  /s/      Gary Wolfe  |
|   |   |                                                                                                                            | Name:      Gary Wolfe |
|   |   |                                                                                                                            | Title:      Attorney-in-Fact |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |
|   |   | INDIANA      SHIPPING COMPANY LIMITED                                                                                           |
|   |   |                                                                                                                            |
|   |   | By:                                                                                                                             |  /s/      Gary Wolfe |
|   |   |                                                                                                                            | Name:      Gary Wolfe |
|   |   |                                                                                                                            | Title:      Attorney-in-Fact |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |
|   |   | BRITTO      SHIPPING COMPANY LIMITED                                                                                            |
|   |   |                                                                                                                            |
|   |   | By:                                                                                                                             |        /s/ Gary Wolfe |
|   |   |                                                                                                                            | Name:      Gary Wolfe |
|   |   |                                                                                                                            | Title:      Attorney-in-Fact |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |
|   |   | HSH      NORDBANK AG,as      Mandated Lead Arranger, Underwriter, Swap Provider, Administrative Agent      and Security Trustee |
|   |   |                                                                                                                            |
|   |   | By:                                                                                                                             |        /s/ Matthew Cooley |
|   |   |                                                                                                                            | Name:      Matthew Cooley |
|   |   |                                                                                                                            | Title:      Attorney-in-Fact |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |
|   |   | The      Lenders:                                                                                                               |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |
|   |   | HSH      NORDBANK AG                                                                                                            |
|   |   |                                                                                                                            |
|   |   | By:                                                                                                                             |  /s/      Matthew Cooley  |
|   |   |                                                                                                                            | Name:      Matthew Cooley |
|   |   |                                                                                                                            | Title:      Attorney-in-Fact |
|   |   |                                                                                                                            |
|   |   |                                                                                                                            |

----

|   |   | Guarantor:                           |
|--------|--------|--------------------------------------|
|   |   |                                 |
|   |   | TOP      SHIPS INC.                  |
|   |   |                                 |
|   |   | By:                                  |  /s/      Gary Wolfe |
|   |   |                                 | Name:      Gary Wolfe |
|   |   |                                 | Title:      Attorney-in-Fact |
|   |   |                                 |
|   |   |                                 |
|   |   | Collateral      Obligors:            |
|   |   |                                 |
|   |   | AMALFI      SHIPPING COMPANY LIMITED |
|   |   |                                 |
|   |   | By:                                  |        /s/ Gary Wolfe |
|   |   |                                 | Name:      Gary Wolfe |
|   |   |                                 | Title:      Attorney-in-Fact |
|   |   |                                 |
|   |   |                                 |
|   |   | JEKE      SHIPPING COMPANY LIMITED   |
|   |   |                                 |
|   |   | By:                                  |        /s/ Gary Wolfe |
|   |   |                                 | Name:      Gary Wolfe |
|   |   |                                 | Title:      Attorney-in-Fact |
|   |   |                                 |
|   |   |                                 |

----

|                                                                                                                                                              |                     |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|--------|
| Lenders                                                                                                                                                           | Commitment               |   |
|                                                                                                                                                              |                     |   |
| HSH      Nordbank AGGerhart-Hauptmann-Platz      5020095      Hamburg, GermanyAttn:      Shipping, Greek ClientsFacsimile      No.:  + 49 40 3333 34121 |        $121,286,500 |   |
|                                                                                                                                                              |                     |   |
|                                                                                                                                                              |                     |   |

----

| Name of Vessel |   Owner                             | Hull Number | Flag    |   DWT |   Classification Society |
|----------------|-----------------------------------------------|-------------|---------|-----------------|------------------------------------|
| WARHOL         | Warhol      Shipping Company Limited     | S-1025      | Liberia | 50,000          | Det      Norske Veritas ("DNV")    |
| INDIANA        | Indiana      R Shipping Company Limited  | S-1029      | Malta   | 50,000          | DNV                                |
| BRITTO         | Britto      Shipping Company Limited     | S-1031      | Liberia | 50,000          | DNV                                |

----