|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Draft      (3): 3 September 2009YIC/AT01691Facility      Agreement  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|        FACILITY      AGREEMENTfor      a Revolving Credit Facilityand      a Guarantee and Letter of Credit Facilityof      up to US$50,000,000toAEGEAN      MARINE PETROLEUM S.A. provided      byTHE      BANKS AND FINANCIAL INSTITUTIONS SET OUT IN SCHEDULE 1 ArrangerNATIONAL      BANK OF GREECE S.A. Agent,      Security Agent, Issuing Bank and Account BankNATIONAL      BANK OF GREECE S.A., LONDON BRANCH  |
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| Clause                                                                  |                                                     | Page   |
|-------------------------------------------------------------------------|----------------------------------------------------------|--------|
|                                                                    |                                                     |   |
| 1                                                                       | Purpose      and definitions                             | 1      |
|                                                                    |                                                     |   |
| 2                                                                       | The      Facilities                                      | 12     |
|                                                                    |                                                     |   |
| 3                                                                       | Interest      and Interest Periods                       | 19     |
|                                                                    |                                                     |   |
| 4                                                                       | Indemnities;      repayments; cancellations; prepayments | 21     |
|                                                                    |                                                     |   |
| 5                                                                       | Fees,      commissions and expenses                      | 24     |
|                                                                    |                                                     |   |
| 6                                                                       | Payments      and taxes; accounts and calculations       | 25     |
|                                                                    |                                                     |   |
| 7                                                                       | Representations      and warranties                      | 29     |
|                                                                    |                                                     |   |
| 8                                                                       | Undertakings                                             | 34     |
|                                                                    |                                                     |   |
| 9                                                                       | Conditions                                               | 39     |
|                                                                    |                                                     |   |
| 10                                                                      | Events      of Default                                   | 40     |
|                                                                    |                                                     |   |
| 11                                                                      | Indemnities                                              | 44     |
|                                                                    |                                                     |   |
| 12                                                                      | Unlawfulness      and increased costs                    | 45     |
|                                                                    |                                                     |   |
| 13                                                                      | Security,      set off and pro-rata payments             | 47     |
|                                                                    |                                                     |   |
| 14                                                                      | Accounts                                                 | 49     |
|                                                                    |                                                     |   |
| 15                                                                      | Assignment,      transfer and lending office             | 51     |
|                                                                    |                                                     |   |
| 16                                                                      | Arranger,      Agent, Security Agent and Reference Banks | 54     |
|                                                                    |                                                     |   |
| 17                                                                      | Notices      and other matters                           | 63     |
|                                                                    |                                                     |   |
| 18                                                                      | Governing      law and jurisdiction                      | 64     |
|                                                                    |                                                     |   |
| Schedule      1 The Banks and their Percentages                         | 65                                                       |
|                                                                    |                                                     |
| Schedule      2 Documents and evidence required as conditions precedent | 66                                                       |
|                                                                    |                                                     |
| Schedule      3 Form of Trust Deed                                      | 69                                                       |
|                                                                    |                                                     |
| Schedule      4 Transfer Certificate                                    | 70                                                       |
|                                                                    |                                                     |
| The      Schedule                                                       | 73                                                       |
|                                                                    |                                                     |
| Schedule      5 Form of Drawdown Notice and Issue Request               | 74                                                       |
|                                                                    |                                                     |
| Schedule      6 Mandatory Cost formula                                  | 76                                                       |
|                                                                    |                                                     |
| Schedule      7 Form of Borrowing Base Report                           | 78                                                       |

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| (1) | AEGEAN MARINE PETROLEUM      S.A. as Borrower; |
|-----|------------------------------------------------|

| (2) | NATIONAL BANK OF GREECE S.A.,      LONDON BRANCH as Agent, Security Agent, Issuing Bank and Account      Bank; |
|-----|----------------------------------------------------------------------------------------------------------------|

| (3) | NATIONAL BANK OF GREECE S.A.      as Arranger; and |
|-----|----------------------------------------------------|

| (4) | THE BANKS AND FINANCIAL      INSTITUTIONS whose names and addresses are set out in schedule 1 as      Banks. |
|-----|--------------------------------------------------------------------------------------------------------------|

|   | 1 | Purpose      and definitions |
|--------|---|------------------------------|

|   | 1.1 | Purpose |
|--------|-----|---------|

|   | 1.1.1 | a      revolving credit facility in the amount of up to the RCF Limit (inclusive      of the limit of the guarantee and letter of credit facility referred to in      clause 1.1.2 below), for the purpose of assisting the Borrower to finance      the working capital and general business needs of the Borrower in      connection with trade relatedactivities; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.1.2 | a      multi-currency revolving guarantee and letter of credit facility in the      amount of up to the Guarantee Facility Limit, to finance the working      capital and general business needs of the Borrower in connection with      trade related activities. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | Definitions |
|--------|-----|-------------|

|   | (a) | the      Loan; |
|--------|-----|----------------|

|   | (b) | the      Outstanding Amounts for all L/Cs (subject to clause  2.8); |
|--------|-----|---------------------------------------------------------------------|

|   | (c) | all      amounts paid by the Banks pursuant to clauses 2.14 or 4.2.1 which have not      been fully paid or reimbursed by the Borrower under this Agreement;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | any      part of the Available Amount taken into account by the Corporate Guarantor      for the purpose of complying with clause 5.3.1(c) of the Corporate      Guarantee at the then latest time when compliance was tested by the      Security Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      date falling seven (7) days before the Final Maturity Date in respect of      the relevant Facility (or such later date as the Banks may agree with the      Borrower); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      date on which the Banks' obligation to make the relevant Facility      available is fully cancelled or terminated under the terms of this      Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      Dollars, a day on which banks are open in New York  City; |
|--------|-----|-------------------------------------------------------------------|

|   | (b) | in      an Optional Currency (other than euros), a day on which banks are open in      New York City and the principal financial centre of the country of that      Optional Currency; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      euros, a Target Day, |
|--------|-----|------------------------------|

----

|   | (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 or any      other agreement having the commercial effect of a borrowing or raising of      money by the debtor; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | under      any foreign exchange transaction, any 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 (and when calculating the value of any such transaction, only the      marked to market value as at any date shall be taken into      account); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any      other Indebtedness which would be regarded as debt pursuant to the      Applicable Accounting Principles, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

----

----

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

|   | (b) | if      no Screen Rate is available for that period, the rate (rounded upwards to      four decimal places) quoted to the Agent by the Reference Bank at the      request of the Agent to be the rate offered to that Reference Bank by      leading banks in the European InterbankMarket, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | 30      September 2010; and |
|--------|-----|-----------------------------|

|   | (b) | the      date falling 12 months after the first Utilisation Date under this      Agreement, |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|   | (a) | $25,000,000      or the equivalent thereof in Optional Currencies;  and |
|--------|-----|-------------------------------------------------------------------------|

|   | (b) | the      Available Amount under the RC Facility at the relevant    time, |
|--------|-----|--------------------------------------------------------------------------|

|   | (a) | a      Documentary L/C; or |
|--------|-----|----------------------------|

|   | (b) | a      Transaction Related Standby L/C; or |
|--------|-----|--------------------------------------------|

----

|   | (c) | a      Direct Credit Substitute; |
|--------|-----|----------------------------------|

|   | (a) | in      respect of any amount outstanding hereunder in Dollars or in an Optional      Currency (other than euros), the rate for deposits of the relevant      currency for a period equivalent to such period at or about 11:00 a.m. on      the Quotation Date for such period as displayed on Reuters page LIBOR 01      (British Bankers' Association Interest Settlement Rates) (or such other      page as may replace such page LIBOR 01 on such system or on any other      system of the information vendor for the time being designated by the      British Bankers' Association to calculate the BBA Interest Settlement Rate      (as defined in the British Bankers' Association's Recommended Terms and      Conditions ("BBAIRS" terms)      applicable at the relevant time));or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      on such date no such rate is so displayed, the rate (rounded upwards to      four decimal places) quoted to the Agent by the Reference Bank at the      request of the Agent, as the rate for deposits of the relevant currency in      an amount approximately equal to the amount in relation to which LIBOR is      to be determined for a period equivalent to such period offered to the      Reference Bank by leading banks in the London Interbank Market at or about      11:00 a.m. (London time) on the Quotation Date for such      period; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | (if      denominated in Dollars) the amount in Dollars which is, or is to be      outstanding under such L/C; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | (if      denominated in an Optional Currency) the amount in Dollars which would      have been outstanding if such L/C had first been issued and had remained      denominated in Dollars (and such amount shall be the amount in Dollars      required for the purchase of the relevant amount of the relevant Optional      Currency of that L/C in the London Foreign Exchange Market on the Issue      Date of such L/C for spot delivery on the basis of the rate determined by      the Agent (following advice from the Issuing Bank) to have been the      Issuing Bank's spot rate of exchange for such purchase at or about 11.00      a.m. on such Issue Date), |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | are      in all respects acceptable to the Agent and the Agent has confirmed its      acceptance in writing; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (b) | have      been assigned to the Security Agent pursuant to the Receivables      Assignment; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (c) | have      been included in a Schedule of Receivables submitted to the Agent and the      Security Agent pursuant to clause 2.4 or clause 8.2.1 and meet the      requirements of clause 2.4, each together with the copies of      documents,  receipt(s) and invoice(s) relating to such      Receivables required to be submitted pursuant to clause 2.4      and: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | (i)      in the case of Receivables due in respect of lubricants, are payable      within 60 days of the date of the relevant receipt and are not overdue for      payment; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii)      in      the case of Receivables due in respect of oil bunkering, are payable      within 30 days of the date of the relevant receipt and are not overdue for      payment by more than 15days; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      the case of deposits in Dollars or an Optional Currency (other than      euros), the day on which quotations would ordinarily be given by leading      banks in the London Interbank Market for deposits in the relevant currency      to which such rate is to be determined for delivery on the first day of      that period; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of deposits in euros, the Target Day on which quotations would      ordinarily be given by leading banks in the European Interbank Market for      deposits in euros for delivery on the first day of that      period; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | $50,000,00,      minus |
|--------|-----|------------------------|

|   | (b) | the      Outstandings of all the Banks under the Guarantee Facility at the relevant      time, |
|--------|-----|------------------------------------------------------------------------------------------------|

----

----

|   | 1.3 | Headings |
|--------|-----|----------|

|   | 1.4 | Construction      of certain terms |
|--------|-----|------------------------------------|

|   | 1.4.1 | references      to clauses and schedules are to be construed as references to clauses of,      and schedules to, this Agreement and references to this Agreement include      its schedules; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.2 | references      to (or to any specified provision of) this Agreement or any other document      shall be construed as references to this Agreement, that provision or that      document as in force for the time being and as amended in accordance with      terms thereof, or, as the case may be, with the agreement of the relevant      parties; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.3 | references      to a "regulation"      include any present or future regulation, rule, directive, requirement,      request or guideline (whether or not having the force of law) of any      agency, authority, central bank or government department or any      self-regulatory or other national or supra-national authority and, for the      avoidance of doubt, shall include any Basel 2  Regulation; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.4 | words      importing the plural shall include the singular and vice      versa; |
|--------|-------|---------------------------------------------------------------------------------|

|   | 1.4.5 | references      to a time of day are to Londontime; |
|--------|-------|-----------------------------------------------------|

----

|   | 1.4.6 | references      to a person shall be construed as references to an individual, firm,      company, corporation, unincorporated body of persons or any Government      Entity; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.7 | references      to a "guarantee"      include references to an indemnity or other assurance against financial      loss including, without limitation, an obligation to purchase assets or      services as a consequence of a default by any other person to pay any      Indebtedness and "guaranteed" shall be      construed accordingly; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.8 | references      to any enactment shall be deemed to include references to such enactment      as re-enacted, amended or extended;and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.9 | references      to a "demand"      include any requirement to make payment in accordance with the terms of a      L/C. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | 1.5 | Majority      Banks |
|--------|-----|---------------------|

|   | 2 | The      Facilities |
|--------|---|---------------------|

|   | 2.1 | The      Facilities; amounts; obligations and interests  several |
|--------|-----|------------------------------------------------------------------|

|   | 2.1.1 | Amounts |
|--------|-------|---------|

|   | (a) | The      Banks, relying upon each of the representations and warranties in clause      7, agree, upon and subject to the terms of this Agreement, to make      available to the Borrower for the Availability  Period: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      revolving credit facility for the purposes described in clause 1.1.1, in      an aggregate amount not exceeding at any one time the RCF Limit;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      multi-currency revolving guarantee and letter of credit facility for the      purposes described in clause 1.1.2, in an amount not exceeding at any one      time the Guarantee Facility Limit, which shall be made available by the      issuing of L/Cs by the IssuingBank. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      aggregate amount made available under the RC Facility and the Guarantee      Facility shall not exceed at any time the lower  of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      RCF Limit; and |
|--------|-----|-------------------------|

|   | (ii) | the      total of: |
|--------|------|--------------------|

|   | (A) | 90%      of the face value of all Qualifying Receivables at such time,      plus |
|--------|-----|----------------------------------------------------------------------------------|

|   | (B) | any      amount then standing to the credit of the Cash Collateral Account and any      Illegality Security Account (and any such amount in an Optional Currency      shall be calculated by the Agent in its Dollar equivalent by using the      Issuing Bank's spot rate of exchange referred to in clause 2.8 as of the      date of any relevantcalculation), |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      obligation of each Bank under this Agreement in respect of the RC Facility      shall be to contribute that proportion of each Advance which, as at the      Drawdown Date of such Advance, its Commitment bears to the Total      Commitment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Banks agree to indemnify and keep indemnified, in their several      Percentages and in accordance with the terms of this Agreement, the      Issuing Bank in respect of the UCs and the Guarantee    Facility. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.2 | Obligations      several |
|--------|-------|--------------------------|

|   | 2.1.3 | Interests      several |
|--------|-------|------------------------|

|   | 2.2 | Terms      of RC Facility |
|--------|-----|---------------------------|

|   | 2.2.1 | Subject      to the terms and conditions of this Agreement, each Advance under the RC      Facility shall be made to the Borrower following receipt by the Agent from      the Borrower of a Drawdown Notice for such Advance, not later than 10:00      a.m. on the third Banking Day before the date on which the Borrower      proposes such Advance is made.  A Drawdown Notice shall be      effective on actual receipt by the Agent and, once given, shall, subject      as provided in clause 3.6.1, beirrevocable. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.2 | The      Borrower shall be entitled to draw down the RC Facility in several      Advances. |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | 2.2.3 | Each      Advance of the RC Facility shall be a minimum of Five million Dollars      ($5,000,000) and an integral multiple of Five million Dollars ($5,000,000)      or any other amount as may be agreed by the Agent in its sole discretion      or the balance of the Available Amount, Provided that no Advance may be      drawn down under the RC Facility on anyday: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | of      an amount exceeding the Available Amount on such day;  or |
|--------|-----|-------------------------------------------------------------------|

|   | (b) | of      an amount which, when drawn down, would cause the Borrower to be in breach      of clause 2.1.1(b) or clause 8.2.1;or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      the drawdown of such Advance would result in more than two (2) Advances or      four (4) Utilisations having been made available under the Facilities      during the same calendar week; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | if      a Default has occurred and is continuing on such  day. |
|--------|-----|----------------------------------------------------------------|

|   | 2.2.4 | Each      Advance shall be denominated and advanced in Dollars  only. |
|--------|-------|-----------------------------------------------------------------------|

|   | 2.2.5 | Upon      receipt of a Drawdown Notice for an Advance complying with the terms of      this Agreement, the Agent shall promptly notify each Bank and each Bank      shall make available to the Agent, on the Drawdown Date for the relevant      Advance, its portion of the relevant Advance for payment by the Agent in      accordance with clause 6.2. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.6 | Any      part of the Total Commitment which remains undrawn and uncancelled by the      last day of the Availability Period applicable to it shall thereupon be      automatically cancelled. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.7 | Without      prejudice to the Borrower's obligations under clause 8.1.3, none of the      Creditors shall have any responsibility for the application of the      proceeds of the Loan or any part thereof by the  Borrower. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3 | Terms      of Guarantee Facility |
|--------|-----|----------------------------------|

|   | 2.3.1 | Subject      to the fulfilment of the conditions precedent contained in clause 9 and      the conditions contained in clause 2.3.4, the Borrower may request the      issuance of a L/C by ensuring that the Issuing Bank and the Agent receive      a completed Issue Request not later than 11.00 a.m. (Piraeus time) three      (3) Banking Days prior to the intended Issue  Date. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.2 | The      Borrower undertakes with the Issuing Bank and each Bank to use each L/C      only for the purpose stated in clause1.1.2. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.3 | The      Guarantee Facility shall terminate on the last day of the Availability      Period. |
|--------|-------|----------------------------------------------------------------------------------------------|

|   | 2.3.4 | The      conditions referred to in clause 2.3.1 arethat: |
|--------|-------|----------------------------------------------------------|

|   | (a) | an      Issue Date has to be a Banking Day during the Availability      Period; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | each      L/C shall be denominated in Dollars or in an Optional      Currency; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (c) | the      Original Dollar Amount of a L/C shall be not less than $250,000 (or such      other amount as is agreed by the Majority Banks) or such other amount as      is available in accordance with paragraph(d); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      total amount of the Outstandings of all Banks and the Outstanding Amount      of the L/C then to be made shall not exceed the lower  of: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Guarantee Facility Limit; and |
|--------|-----|----------------------------------------|

|   | (ii) | such      amount as shall ensure that the Borrower is in compliance with clause      2.1.1(b) and clause 8.2.1 and shall remain in compliance with clause 8.2.1      after the issuance of the relevantUC; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | each      UC shall specify an Expiry Date and that Expiry Date shall be a date      falling not later than the Final Maturity Date for the Guarantee Facility;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | no      L/C may be issued if its issue would result in more than four (4)      Utilisations having been made available under the Facilities during the      same calendar week. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.5 | Each      Issue Request must be signed by a duly authorised signatory of the      Borrower and, once served, the Issue Request cannot be revoked without the      prior consent of the Issuing Bank and the Agent (acting on the      instructions of the MajorityBanks). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.6 | Subject      to the provisions of this Agreement, the Issuing Bank shall, on the Issue      Date for a UC, issue the relevant L/C to the relevant      Beneficiary. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.3.7 | For      the purposes of (a) the definition of "Actual Exposure" in clause 1.2 and      (b) clauses 2.3.4(d) and 8.2.1, the Outstanding Amount of each Optional      Currency UC and the Original Dollar Amount of any Optional Currency L/C      shall be multiplied by 110%. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4 | Submission      of Schedule of Receivables |
|--------|-----|--------------------------------------------|

|   | 2.4.1 | a      Schedule of Receivables duly executed as a deed by the Borrower and      setting out details of the Receivables which the Borrower wishes to      provide to the Security Agent as security under the Receivables      Assignment, provided that: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | no      more than five per cent (5%) of the aggregate of all such Receivables set      out in such Schedule of Receivables shall be due from any one Customer      (except the United States Navy and ExxonMobil Marine Ltd.);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | such      Receivables shall not be subject to any other Encumbrance and shall not      have been contained in a Schedule of Receivables previously delivered      under this Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.2 | in      respect of each Receivable contained in a Schedule of Receivables      submitted to the Agent and the Security Agent under clause 2.4.1, a copy      of the bunkering confirmation issued by the Borrower to the relevant      Customer together with a copy of the Customer's confirmation of such      bunkering confirmation, together evidencing the contract entered into      between the Borrower and the Customer in relation to such Receivable and      complying with the followingrequirements: |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such      bunkering confirmation when read together with the relevant Customer's      confirmation shall include, whether expressly or by incorporation, all the      terms of such contract between the Borrower and the    Customer; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of Receivables relating to oil bunkers and/or lubricants supplied      to the Customer by the Borrower or its employees, such bunkering      confirmation when read together with the relevant Customer's confirmation      shall refer to and incorporate the Borrower's standard terms and      conditions; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of Receivables relating to oil bunkers and/or lubricants supplied      to the Customer by any parties other than the Borrower or its employees,      such bunkering confirmation shall contain the following      wording: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.3 | in      respect of each Receivable contained in a Schedule of Receivables      submitted to the Agent and the Security Agent under clause 2.4.1, a copy      of the receipt for the oil bunkers and/or lubricants supplied (as      relevant) complying with the following  requirements: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such      receipt shall have been duly signed by the master or chief engineer on      behalf of the vessel to which the Borrower has supplied such oil bunkers      and/or lubricants (as relevant) as evidence of the relevant Customer's      irrevocable payment obligations, free from any rights of set-off or other      deduction; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of oil bunkering receipts or lubricant sales receipts issued by      any parties other than the Borrower or its employees, such receipt      shall: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | contain      an express acknowledgement to the effect that the relevant third party has      supplied the relevant Receivables to the Customer for and on behalf of the      Borrower; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | set      out the number of the relevant bunkering confirmation to which such      receipt relates; |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of oil bunkering receipts, such receipt shall be dated no more      than 45 days before the relevant Issue Date and shall have a payment tenor      of no more than 30 days; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in      the case of lubricant sales receipts, such receipt shall be dated no more      than 60 days before the relevant Issue Date and shall have a payment tenor      of no more than 60 days; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.4 | for      each copy of a receipt delivered under clause 2.4.3, a certificate duly      signed by an officer of the Borrower, certifying that the copy of the      relevant receipt is true and up to date;and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.5 | for      each copy of a receipt delivered under clause 2.4.3, a carbon copy of the      relevant invoice issued to the relevant Customer, complying with the      following requirements: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of oil bunkering invoices, such invoice shall have a payment      tenor of no more than 30 days as of the date of the relevant receipt;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of lubricant sales invoices, such invoice shall have a payment      tenor of no more than 60 days as of the date of the relevant      receipt. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.5 | Reset      Date |
|--------|-----|-----------------|

|   | 2.6 | Extension      of Expiry Date |
|--------|-----|-------------------------------|

|   | 2.6.1 | the      extended Expiry Date shall be a date falling not later than the Final      Maturity Date for the GuaranteeFacility; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------|

|   | 2.6.2 | no      Default has occurred and is continuing as at the date on which such      extension is implemented; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | 2.6.3 | the      representations and warranties in clause 7 and those (if any) in the      Security Documents would be true and not misleading if repeated on the      date of the request for extension;and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.6.4 | the      Agent is satisfied that the test contained in clause 2.1.1(b) and in      clause 8.2.1 would not then or in the future be breached by reason of the      requested extension, |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.7 | Selection      of Optional Currencies for L/Cs |
|--------|-----|------------------------------------------------|

|   | 2.7.1 | If      a L/C is to be issued in an Optional Currency, the Borrower shall specify      such Optional Currency in the relevant Issue Request submitted in      accordance with clause 2.3.1. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.7.2 | If      the Borrower fails to specify an Optional Currency, it shall be deemed to      have specified Dollars for the UCconcerned. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8 | Amount      of Optional Currencies |
|--------|-----|------------------------------------|

|   | 2.8.1 | In      this clause 2.8, the "Issuing Bank's spot rate of      exchange" means the Issuing Bank's rate of exchange for the      purchase in the London Foreign Exchange Market of the appropriate amount      of the relevant Optional Currency with Dollars at or about 11.00 a.m. on,      as the case may be, each Issue Date on which an Optional Currency UC is to      be issued or on which a previously issued Optional Currency L/C remains      outstanding, the Settlement Date of an Optional Currency L/C and each      Reset Date or on any other date when compliance with clause 8.2.1 is      tested by the Agent, as relevant (each an "L/C Valuation      Date"). |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8.2 | On      each UC Valuation Date the Agent shall  determine: |
|--------|-------|------------------------------------------------------------|

|   | (a) | in      the case of an Issue Date, the Outstanding Amount of each Optional      Currency L/C then outstanding or to be issued on that L/C Valuation      Date; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of a Settlement Date, the Outstanding Amount of each relevant      Optional Currency L/C; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of a Reset Date or any other date when compliance with clause      8.2.1 is tested by the Agent, the Outstanding Amount of each Optional      Currency L/C then outstanding, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8.3 | The      Issuing Bank shall promptly notify the Agent and the Agent shall notify      the Banks and the Borrower of the Issuing Bank's spot rate of exchange (as      to which the Issuing Bank's determination shall, in the absence of      manifest error, be conclusive on the Borrower and the other Creditors) and      of the Outstanding Amounts hereunder as soon as they are      ascertained. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.9 | Reduction      of UCs |
|--------|-----|-----------------------|

|   | 2.9.1 | the      Issuing Bank has received a written confirmation from the Beneficiary of      such L/C of the amount of such reduction;or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.9.2 | the      Issuing Bank has notified the Agent and the Agent has notified the      Borrower in writing that (notwithstanding the absence of a written      confirmation from the Beneficiary of such UC) it is satisfied that its      liability under the L/C has been irrevocably reduced or discharged;      or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.9.3 | the      amount of the L/C irrevocably and unconditionally reduces in accordance      with its terms; or |
|--------|-------|----------------------------------------------------------------------------------------------------------|

|   | 2.9.4 | the      expiry date of the L/C elapses and the Issuing Bank has notified the Agent      and the Agent has notified the Borrower in writing that it is satisfied      that no claim or demand has been made, or may thereafter be made, under      the L/C. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.10 | Settlement      of L/Cs |
|------|-------------------------|

| 2.10.1 | The      Issuing Bank shall, immediately after receiving a demand from, or after      being notified by, a Beneficiary that it is required to make payment under      a L/C, notify the Agent, and the Agent shall notify the Borrower and the      Banks that such payment is due and of the Settlement Amount and the      Settlement Date. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10.2 | The      Borrower shall immediately after notification from the Agent under clause      2.10.1 reimburse the Settlement Amount to the Issuing Bank by payment      forthwith to the Agent for the account of the Issuing Bank on the      Settlement Date of the Settlement Amount in Dollars or, if the relevant      L/C was issued in an Optional Currency, in such Optional      Currency. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11 | L/C      payments |
|------|-------------------|

| 2.11.1 | irrevocably      authorises the Issuing Bank to make any payment demanded from it pursuant      to a UC if that demand is made in accordance with its    terms; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.2 | accepts      that any demand for payment made by the Beneficiary pursuant to a L/C and      which is made in accordance with its terms shall be conclusive evidence      that the Issuing Bank was liable to make payment under that L/C and any      payment which the Issuing Bank makes pursuant to any such demand shall be      accepted by the Borrower as binding upon the Borrower;  and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.3 | acknowledges      and agrees that the Issuing Bank shall not in any circumstances whatsoever      be liable to the Borrower in respect of any loss or damage suffered by the      Borrower by reason of the Issuing Bank making a payment to the Beneficiary      in connection with any payment demanded under a  L/C. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12 | No      impairment |
|------|--------------------|

| 2.12.1 | any      misrepresentation or non-disclosure in respect of the affairs or condition      of a Creditor made to the Borrower by any person;  or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12.2 | a      Beneficiary and/or any Creditor releasing or granting any time or any      indulgence whatsoever or making any settlement, composition or arrangement      with the Borrower, a Beneficiary, any other Security Party or any other      person; or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12.3 | a      Beneficiary and/or any Creditor asserting or pursuing, failing or      neglecting to assert or pursue, or delaying in asserting or pursuing, or      waiving, any of their rights or remedies against the Borrower, a      Beneficiary, any other Security Party or any other person;    or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12.4 | a      Beneficiary and/or any Creditor and/or the Borrower, with the consent of      the Borrower (or with or without the consent of the Borrower in the case      of any variation agreed between a Beneficiary and the Borrower or the      person whose obligations are guaranteed thereby), making, whether      expressly or by conduct, any variation to any UC;  or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12.5 | a      Beneficiary and/or any Creditor and/or the  Borrower: |
|--------|--------------------------------------------------------------|

|   | (a) | taking,      accepting, varying, dealing with, enforcing, abstaining from enforcing,      surrendering or releasing any security in relation to a Beneficiary or any      Creditor or the Borrower or any other person in such manner as it or they      think fit; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | claiming,      proving for, accepting or transferring any payment in respect of the      obligations and liabilities of the Borrower and/or a Beneficiary relative      to any UC or under this |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Agreement      in any composition by, or winding up of, the Borrower and/or any third      party or abstaining from so claiming, proving, accepting or transferring;      or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.12.6 | any      assignment or transfer by a Beneficiary of, or any succession to, any of      its rights relative to any UC. |
|--------|-----------------------------------------------------------------------------------------------------------------------|

| 2.13 | Expiry      Date after the Final Maturity Date |
|------|------------------------------------------------|

| 2.14 | Payment      by Banks |
|------|-----------------------|

| 2.15 | Banks'      authorisation to Issuing Bank |
|------|-------------------------------------------|

| 2.16 | Cancellation |
|------|--------------|

|   | 3 | Interest      and Interest Periods |
|--------|---|------------------------------------|

|   | 3.1 | Normal      interest rate |
|--------|-----|---------------------------|

|   | 3.1.1 | RC      Facility |
|--------|-------|------------------|

----

|   | 3.1.2 | Guarantee      Facility - interest before demand |
|--------|-------|--------------------------------------------------|

|   | 3.2 | Selection      of Interest Periods |
|--------|-----|------------------------------------|

|   | 3.3 | Determination      of Interest Periods |
|--------|-----|----------------------------------------|

|   | 3.3.1 | the      initial Interest Period in respect of each Advance shall commence on the      date such Advance is made and each subsequent Interest Period for such      Advance shall commence on the last day of the previous Interest Period for      such Advance; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.2 | if      any Interest Period in respect of an Advance would otherwise overrun the      Final Maturity Date for the RC Facility, such Interest Period shall end on      the Final Maturity Date for the RC Facility;and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.3 | if      the Borrower fails to specify the duration of an Interest Period in      accordance with the provisions of clause 3.2 and this clause 3.3 such      Interest Period shall have a duration of three (3) months or such other      period as shall comply with this clause3.3. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4 | Default      interest |
|--------|-----|-----------------------|

----

|   | 3.5 | Notification      of Interest Periods and interestrate |
|--------|-----|--------------------------------------------------------|

|   | 3.6 | Market      disruption; non-availability |
|--------|-----|------------------------------------------|

|   | 3.6.1 | If      and whenever, at any time prior to the commencement of any Interest      Period: |
|--------|-------|------------------------------------------------------------------------------------------|

|   | (a) | the      Agent shall have determined (which determination shall, in the absence of      manifest error, be conclusive) that adequate and fair means do not exist      for ascertaining LIBOR or (as the case may be) EURIBOR during such      Interest Period; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where      applicable, the Reference Bank does not supply the Agent with a quotation      for the purpose of calculating LIBOR or (as the case may be) EURIBOR;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Agent shall have received notification from one or more Banks, that      deposits in Dollars are not available to such Bank or Banks in the London      Interbank Market in the ordinary course of business in sufficient amounts      to fund the Loan or their Contributions for such Interest Period or that      LIBOR does not accurately reflect the cost to such Bank or Banks of      obtaining such deposits, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6.2 | During      the period of ten (10) days after any Determination Notice has been given      by the Agent under clause 3.6.1, each Bank shall certify an      alternative basis (the "Alternative Basis") for      funding its Commitment or maintaining its Contribution.  The      Alternative Basis may at the Bank's sole and unfettered discretion      (without limitation) include alternative interest periods, alternative      currencies or alternative rates of interest but shall include a margin      above the cost of funds to such Bank equivalent to the      Margin.  The Agent shall calculate the arithmetic mean of the      Alternative Bases provided by the relevant Banks (the "Substitute Basis") and      certify the same to the Borrower and the Banks.  The Substitute      Basis so certified shall be binding upon the Borrower and shall take      effect in accordance with its terms from the date specified in the      Determination Notice until such time as the Agent notifies the Borrower      that none of the circumstances specified in clause 3.6.1 continues to      exist whereupon the normal interest rate fixing provisions of this      Agreement shall apply. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4 | Indemnities;      repayments; cancellations;prepayments |
|--------|---|---------------------------------------------------------|

|   | 4.1 | Borrower's      indemnity |
|--------|-----|---------------------------|

|   | 4.1.1 | The      Borrower undertakes: |
|--------|-------|-------------------------------|

|   | (a) | to      pay to the Agent (for the account of the Issuing Bank) upon demand by the      Agent an amount equal to each amount and in the same currency as demanded      from or paid by the Issuing Bank under any L/C and not otherwise fully      paid or repaid by the Borrower under this  Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | to      pay to the Agent (for the account of the Banks rateably in accordance with      their respective Percentages) upon demand by the Agent an amount equal to      each amount paid by the Banks under any of clauses 2.14 and 4.2.1;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      indemnify the Issuing Bank and the Banks and each of them severally on      demand against all actions, claims, demands, liabilities, costs, losses,      damages and expenses of whatsoever nature and howsoever incurred or any      penalty or other expenditure which may result or which the Issuing Bank or      any Bank may incur, suffer or sustain in connection with or arising in any      way whatsoever out of this Agreement or the issuing of the      L/Cs. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.2 | The      Issuing Bank and each Bank shall be entitled to pay immediately any amount      for which a demand or request has been made at any time under any L/C      without any reference to or further authority from the Borrower and      neither the Agent, the Issuing Bank nor any Bank shall be under any duty      to investigate or enquire whether any claim or demand on the Issuing Bank      or any Bank shall have been properly made notwithstanding that the      Borrower may dispute the validity of such claim or demand.  The      liabilities of the Borrower under this Agreement shall be in no way      prejudiced, affected or diminished by the fact that the Issuing Bank or      any Bank was or might have been justified in refusing payment of any      amount claimed or demanded. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Banks'      indemnities |
|--------|-----|-------------------------|

|   | 4.2.1 | Each      Bank severally undertakes that it will upon demand by the Agent indemnify      the Issuing Bank in an amount equal to such Bank's Percentage of any      amount payable by the Borrower to or for the account of the Issuing Bank      pursuant to this Agreement but unpaid (save that in respect of any such      amount which is described in clause 2.14, the indemnity of that clause      2.14 prevails over the indemnity of this clause 4.2.1).  Each      Bank undertakes to pay to the Agent (for the account of the Issuing Bank)      interest upon any amounts payable by such Bank pursuant to this clause      4.2.1 from the date of demand in relation to any sum demanded of such Bank      pursuant to this clause 4.2.1 to the date of actual payment by such Bank      at a rate equal to the Issuing Bank's cost of funding such amount      (expressed as a percentage of such amount).  Such interest shall      be payable from time to time on demand by the  Agent. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.2 | The      Issuing Bank shall be entitled to pay immediately any amount for which a      demand or request has been made at any time under any UC, without any      reference to or further authority from the Banks and, subject as provided      in clause 4.2.3, the Issuing Bank shall not be under any duty to      investigate or enquire whether any claim or demand on the Issuing Bank      shall have been properly made notwithstanding that a Bank may dispute the      validity of such claim or demand.  Subject as provided in clause      4.2.3, the liabilities of each Bank under this Agreement shall be in no      way prejudiced, affected or diminished by the fact that the Issuing Bank      was or might have been justified in refusing payment of any amount claimed      or demanded. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.3 | The      Banks shall not be liable to indemnify the Issuing Bank in respect of any      losses, damages, costs or expenses suffered or incurred by the Issuing      Bank by reason of the Issuing Bank failing to examine documents presented      under a L/C with reasonable care to ascertain that they appear on their      face to be in accordance with the terms and conditions of such      L/C. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.4 | If      any Bank fails to make any payment to the Agent for the account of the      Issuing Bank pursuant to clause 2.14 or this clause 4.2 on the due date      (for the purposes of this clause 4.2.4, any such unpaid amount, an "overdue amount") then      until such Bank's failure has been remedied in full, the Issuing Bank      shall be entitled to (a) in respect of any overdue amount, the benefit of      such Bank's share of the Borrower's indemnity under clause 4.1 and the      benefit of all security then existing or thereafter created to secure the      obligations of the Borrower under this Agreement to which such Bank would      have been entitled had it performed its obligations in full as aforesaid,      (b) such Bank's rights to letter of credit commissions under this      Agreement in respect of the L/C in respect of which it has failed to      perform its obligations and (c) such Bank's Percentage as corresponds to      each overdue amount      for the purpose of determining the Majority Banks.  The rights      conferred upon the Issuing Bank by this clause 4.2.4 shall be in addition      and without prejudice to its other rights against such Bank under this      clause 4.2. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.3 | Repayment      and voluntary prepayments of RCFacility |
|--------|-----|--------------------------------------------------------|

|   | 4.3.1 | Repayment |
|--------|-------|-----------|

|   | 4.3.2 | Extension      of Final Maturity Date |
|--------|-------|---------------------------------------|

|   | (a) | The      Banks (acting unanimously) shall be entitled, in their absolute and      unfettered discretion, to extend the Final Maturity Date for a Facility      for such period as the Borrower may request and the Banks may agree in      their absolute and unfettered discretion, provided that the Borrower has      sent to the Agent a request in writing to that effect not later than 1      July 2010. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent will notify the Banks of the contents of any such request as soon as      practicable after receipt thereof but any Bank shall be entitled to      decline such request in its absolute and unfettered      discretion.  If the Banks acting unanimously agree to extend the      then current Final Maturity Date for a Facility, the Agent will notify the      Borrower in writing (each such notice, an "Extension Notice") of      the Banks' agreement to extend and of the new Final Maturity Date for that      Facility, not later than seven (7) days prior to the then current Final      Maturity Date for that Facility.  If the Agent has not sent an      Extension Notice to the Borrower by such time, it shall be deemed that the      Banks have declined the Borrower's request for an    extension. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower shall procure that it and the other Security Parties shall, at      the Borrower's own cost and expense, enter into and deliver to the Agent      such documentation as the Agent may require in its absolute discretion in      relation to any such extension of the Final Maturity Date for any Facility      (including, without limitation, an amendment to this Agreement and      documents and evidence of the type referred to in schedule 2 in connection      with any such amendments). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      and when the Final Maturity Date for a Facility is extended in accordance      with this clause 4.3.2, the Banks shall have the right each time on the      expiration of the then current Final Maturity Date for a Facility to      extend the then current Final Maturity Date for that Facility for such      further period as the Borrower may request and the Banks acting      unanimously may agree in their absolute and unfettered discretion and, in      each such case, the provisions of this clause 4.3.2 shall apply to each      such option to extend mutatis      mutandis. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.3 | Voluntary      prepayments |
|--------|-------|----------------------------|

|   | 4.4 | Amounts      payable on prepayment |
|--------|-----|------------------------------------|

|   | 4.4.1 | accrued      interest on the amount to be prepaid to the date of such      prepayment; |
|--------|-------|----------------------------------------------------------------------------------------|

|   | 4.4.2 | any      additional amount payable under clauses 6.6 or 12.2;  and |
|--------|-------|--------------------------------------------------------------------|

----

|   | 4.4.3 | all      other sums payable by the Borrower to the Creditors under this Agreement      or any of the other Security Documents including, without limitation, any      accrued commissions payable under clause 5.1 and any amounts payable under      clause 11. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5 | Notice      of prepayment; re-borrowing |
|--------|-----|-----------------------------------------|

|   | 4.5.1 | No      prepayment may be effected under clause 4.3.3 unless the Borrower shall      have given the Agent at least two (2) Banking Days' notice of its      intention to make such prepayment. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.2 | Every      notice of prepayment given under clause 4.3.3 shall be effective only on      actual receipt by the Agent, shall be irrevocable, shall specify the      Advance and the amount thereof to be prepaid and shall oblige the Borrower      to make such prepayment on the datespecified. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.3 | Any      amount to be prepaid pursuant to clause 4.3.3 in respect of a RC Facility      shall be applied in prepayment of such Advance or Advances of the RC      Facility, and in such manner as between them, as specified by the      Borrower. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.4 | Any      part of the Loan to be prepaid pursuant to clause 8.2.1(a) shall be      applied in such manner as the Agent may notify the Borrower that the      Majority Banks require in their absolute  discretion. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.5 | Any      reduction of the RCF Limit pursuant to this Agreement, shall reduce the      Commitments of all Banks pro rata. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.6 | Unless      and to the extent that the RCF Limit has been reduced on or prior to the      date of any such prepayment and subject to the other terms of this      Agreement, amounts of the RC Facility or part thereof prepaid under this      Agreement may be re-borrowed. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.7 | The      Borrower may not prepay the Loan or any part thereof save as expressly      provided in this Agreement. |
|--------|-------|------------------------------------------------------------------------------------------------------------------|

|   | 5 | Fees,      commissions and expenses |
|--------|---|-------------------------------------|

|   | 5.1 | Fees |
|--------|-----|------|

|   | 5.1.1 | for      the account of the Arranger, on the date of this Agreement, an arrangement      fee in the amount of $85,000; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | for      the account of the Banks pro rata in accordance with their Percentages, on      each of the dates falling at three (3) monthly intervals after the date of      this Agreement until the last day of the Availability Period, and on such      day, commitment commission computed from the date of this Agreement (in      the case of the first payment of commission) and from the due date of the      preceding payment of commission (in the case of each subsequent payment)      at the rate of zero point four five per cent (0.45%) per annum on the      daily undrawn and available amount of the RCF  Limit; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.3 | for      the account of the Banks pro rata in accordance with their Percentages, in      respect of each UC, on the last day of each calendar month up to the      Expiry Date of such L/C and on the Expiry Date of such L/C, letter of      credit commission on the daily Outstanding Amount of such UC, computed in      respect of that UC from its Issue Date (in the case of the first payment      of commission) and from the due date of the preceding payment of      commission (in the case of each subsequent payment) at the following      respective rates in respect of each type ofL/C: |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      respect of Documentary L/Cs, zero point five zero per cent (0.50%) per      annum; |
|--------|-----|--------------------------------------------------------------------------------------------|

----

|   | (b) | in      respect of Transaction Related Standby L/Cs, one point five zero per cent      (1.50%) per annum; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (c) | in      respect of Direct Credit Substitutes, two point five zero per cent (2.50%)      per annum; and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | 5.1.4 | for      the account of the Issuing Bank: |
|--------|-------|-------------------------------------------|

|   | (a) | on      the Issue Date for a L/C, a processing fee of $500 in respect of each L/C      so issued on such date; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (b) | on      the date of amendment of a L/C, an amendment fee of $250 in respect of      each such amendment of each L/C. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | Expenses |
|--------|-----|----------|

|   | 5.2.1 | in      connection with the negotiation, preparation, execution and, where      relevant, registration of the Security Documents and of any amendment or      extension of or the granting of any waiver or consent under, any of the      Security Documents; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.2 | in      contemplation of, or otherwise in connection with, the enforcement of, or      preservation of any rights under, any of the Security Documents, or      otherwise in respect of the moneys owing under any of the Security      Documents |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | Value      added tax |
|--------|-----|----------------------|

|   | 5.4 | Stamp      and other duties |
|--------|-----|-----------------------------|

|   | 6 | Payments      and taxes; accounts andcalculations |
|--------|---|---------------------------------------------------|

|   | 6.1 | No      set-off or counterclaim |
|--------|-----|---------------------------------|

----

|   | 6.1.1 | if      in Dollars: |
|--------|-------|---------------------|

|   | (a) | by      not later than 09.00 a.m. (New York time) on the due  date; |
|--------|-----|---------------------------------------------------------------------|

|   | (b) | in      same day Dollar funds settled through the New York Clearing House      Interbank Payments System (or in such other Dollar funds and/or settled in      such other manner as the Agent shall specify as being customary at the      time for the settlement of international transactions of the type      contemplated by this Agreement);and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      the account of such bank in such place in the country of that currency as      the Agent may from time to time notify to the  Borrower; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | if      in an Optional Currency (other than euros and  Sterling): |
|--------|-------|-------------------------------------------------------------------|

|   | (a) | by      not later than 11.00 a.m. local time in the place for payment (or such      other time as may be required law or practice for the settlement of      foreign exchange transactions in the place of payment) on the due date;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      lawful money of the country of that currency which is freely transferable      and convertible into Dollars and in immediately available funds to the      account of such bank in such place in the country of that currency as the      Agent shall from time to time notify to the  Borrower; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.3 | if      in Sterling: |
|--------|-------|----------------------|

|   | (a) | by      not later than 11.00 a.m. (London time) on the due  date; |
|--------|-----|-------------------------------------------------------------------|

|   | (b) | in      immediately available funds; and |
|--------|-----|------------------------------------------|

|   | (c) | to      such account of the Agent with such bank as the Agent shall from time to      time notify to the Borrower; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.4 | if      in euros: |
|--------|-------|-------------------|

|   | (a) | by      not later than 11.00 a.m. (London time) on the due  date; |
|--------|-----|-------------------------------------------------------------------|

|   | (b) | in      immediately available funds; and |
|--------|-----|------------------------------------------|

|   | (c) | to      such account of the Agent with such bank as the Agent shall from time to      time notify to the Borrower. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

----

|   | 6.2 | Payment      by the Banks |
|--------|-----|---------------------------|

|   | 6.2.1 | All      sums to be advanced by the Banks to the Borrower under the RC Facility      under this Agreement shall be remitted in Dollars on the Drawdown Date for      the relevant Advance to the account of the Agent at such bank as the Agent      may have notified to the Banks and shall be paid by the Agent on such date      in like funds as are received by the Agent to the account specified in the      Drawdown Notice for such Advance. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.2 | All      payments to be made by a Bank to or for the account of the Issuing Bank or      the Agent under this Agreement shall be made in full, without any set-off      or counterclaim whatsoever and, subject as provided in clause 6.6.2, free      and clear of any deductions or withholdings, in Dollars (if the relevant      payment is due in Dollars) or in the relevant Optional Currency (if the      relevant payment is due in an Optional Currency) on the due date to the      account of the Agent at such bank as the Agent may from time to time      specify for this purpose and, in the case of payments for the account of      the Issuing Bank, shall be paid by the Agent on such date in like funds as      are received by the Agent to the IssuingBank. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | Non-Banking      Days |
|--------|-----|-----------------------|

|   | 6.4 | Calculations |
|--------|-----|--------------|

|   | (a) | in      the case of payments denominated in Dollars or an Optional Currency other      than Sterling, on the basis of a three hundred and sixty (360) day year;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of payments denominated in Sterling, on the basis of a three      hundred and sixty five (365) dayyear. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | 6.5 | Certificates      conclusive |
|--------|-----|------------------------------|

|   | 6.6 | Grossing-up      for Taxes |
|--------|-----|----------------------------|

|   | 6.6.1 | If      at any time the Borrower is required to make any deduction or withholding      in respect of Taxes from any payment due under any of the Security      Documents for the account of any Creditor or if the Agent or the Security      Agent is required to make any deduction or withholding from a payment to      another Creditor or withholding in respect of Taxes from any payment due      under any of the Security Documents, the sum due from the Borrower in      respect of such payment shall be increased to the extent necessary to      ensure that, after the making of such deduction or withholding, the      relevant Creditor receives on the due date for such payment (and retains,      free from any liability in respect of such deduction or withholding), a      net sum equal to the sum which it would have received had no such      deduction or withholding been required to be made and the Borrower shall      indemnify each Creditor against any losses or costs incurred by it by      reason of any failure of the Borrower to make any such deduction or      withholding or by reason of any increased payment not being made on the      due date for such payment.  The Borrower shall promptly deliver      to the Agent any receipts, certificates or other proof evidencing the      amounts (if any) paid or payable in respect of any deduction or      withholding as aforesaid. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.6.2 | If      at any time any Bank is required to make any deduction or withholding in      respect of Taxes from any payment due under this Agreement for the account      of the Agent or the Issuing Bank, the sum due from such Bank in respect of      such payment shall be increased to the extent necessary to ensure that,      after the making of such deduction or withholding, the Agent or the      Issuing Bank (as the case may be) receives on the due date for such      payment (and retains free from any liability in respect of such deduction      or withholding) a net sum equal to the sum which it would have received      had no such deduction or withholding been required to be made and each      Bank shall indemnify the Agent or the Issuing Bank against any losses or      costs incurred by either of them by reason of any failure of such Bank to      make any such deduction or withholding or by reason of any increased      payment not being made on the due date for such  payment. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.7 | Loan      account |
|--------|-----|-------------------|

|   | 6.8 | Agent      may assume receipt |
|--------|-----|-------------------------------|

|   | 6.9 | Partial      payments |
|--------|-----|-----------------------|

|   | 6.9.1 | firstly,      in or towards payment, on a pro rata basis, of any unpaid costs and      expenses of the Creditors or any of them under any of the Security      Documents; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.2 | secondly,      in or towards payment, on a pro rata basis, of any fees payable to the      Arranger, the Agent, the Issuing Bank or any other Creditor under, or in      relation to, the Security Documents which remain  unpaid; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.3 | thirdly,      in or towards payment to the Banks, on a pro rata basis, of any accrued      commissions payable under clause 5.1 which shall have become due but      remain unpaid; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.9.4 | fourthly,      in or towards payment to the Banks and the Issuing Bank, on a pro rata      basis, of any accrued interest which shall have become due under any of      the Security Documents but remainsunpaid; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.5 | fifthly,      in or towards payment to the Banks and the Issuing Bank, on a pro rata      basis, of any amounts of principal in respect of the Loan or owing under      clauses 2.10.2 or 4.1.1, which shall have become due but remains      unpaid; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.6 | sixthly,      in or towards payment to any Bank for any loss suffered by reason of any      payment in respect of principal not being effected on an Interest Payment      Date relating to the part of principal so repaid and which amounts are so      payable under this Agreement; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.7 | seventhly,      in or towards payment to the relevant person of any other sum which shall      have become due under any of the Security Documents but remains unpaid      (and, if more than one such sum so remains unpaid, on a pro rata      basis). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | The      order of application set out in clauses 6.9.3 to 6.9.7 may be varied by      the Agent if all the Banks so direct without any reference to, or consent      or approval from theBorrower. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.10 | Types      of L/C |
|------|-------------------|

| 7 | Representations      and warranties |
|---|-------------------------------------|

|   | 7.1 | Continuing      representations and warranties |
|--------|-----|------------------------------------------------|

|   | 7.1.1 | Due      incorporation |
|--------|-------|------------------------|

|   | 7.1.2 | Corporate      power |
|--------|-------|----------------------|

|   | 7.1.3 | Binding      obligations |
|--------|-------|--------------------------|

----

|   | 7.1.4 | No      conflict with other obligations |
|--------|-------|-----------------------------------------|

|   | 7.1.5 | No      litigation |
|--------|-------|--------------------|

|   | 7.1.6 | No      filings required |
|--------|-------|--------------------------|

|   | 7.1.7 | Choice      of law |
|--------|-------|--------------------|

|   | 7.1.8 | No      immunity |
|--------|-------|------------------|

|   | 7.1.9 | Consents      obtained |
|--------|-------|------------------------|

| 7.1.10 | Shareholdings |
|--------|---------------|

|   | (a) | the      Borrower is a wholly-owned direct Subsidiary of the Corporate Guarantor;      and |
|--------|-----|--------------------------------------------------------------------------------------------|

----

|   | (b) | no      less than 26% of the total issued voting share capital of the Corporate      Guarantor is ultimately beneficially owned by Mr Dimitrios Melisanidis;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | no      person or persons acting in concert (other than Mr Dimitrios Melisanidis)      are the ultimate beneficial owners of more than 50% (or of any other      percentage higher than that owned by Mr Dimitrios Melisanidis), of the      total issued voting share capital of the Corporate Guarantor or have the      control of the Corporate Guarantor or of its board of directors (and      "control" shall      have the meaning given to it in the definition of "Subsidiary" in clause      1.2); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.11 | Financial      statements correct and complete |
|--------|------------------------------------------------|

| 7.1.12 | Borrowing      Base Report |
|--------|----------------------------|

| 7.1.13 | No      immunity |
|--------|------------------|

|   | (a) | each      Security Party is subject to civil and commercial law with respect to its      obligations under each of the Security Documents to which it is or is to      be a party; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      entry into and performance by each Security Party of the Security      Documents to which it is or is to be a party constitute private and      commercial acts (rather than governmental or public acts);    and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | no      Security Party itself nor any of its assets is entitled to claim any right      of immunity on the grounds of sovereignty or otherwise from any legal      action or proceeding (including set-off, suit, execution, attachment or      other legal process) in respect of its obligations under the Security      Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.14 | Title      to assets |
|--------|----------------------|

| 7.1.15 | Insurance |
|--------|-----------|

----

| 7.1.16 | Solvency |
|--------|----------|

|   | (a) | no      Security Party nor any other member of the Group is unable, or admits or      has admitted its inability, to pay its debts or has suspended making      payments on any of its debts; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      Security Party nor any other member of the Group by reason of actual or      anticipated financial difficulties has commenced, or intends to commence,      negotiations with one or more of its creditors with a view to rescheduling      any of its indebtedness; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      value of the assets of each Security Party and each of the other members      of the Group is not less than their respective liabilities (taking into      account contingent and prospective liabilities);  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | no      moratorium has been, or may, in the reasonably foreseeable future be,      declared in respect of any indebtedness of any Security Party or any other      member of the Group. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2 | Initial      representations and warranties |
|--------|-----|---------------------------------------------|

|   | 7.2.1 | Pari      passu |
|--------|-------|-----------------|

|   | 7.2.2 | No      default under other Indebtedness |
|--------|-------|------------------------------------------|

|   | 7.2.3 | Information |
|--------|-------|-------------|

|   | 7.2.4 | No      withholding Taxes |
|--------|-------|---------------------------|

|   | 7.2.5 | No      Default |
|--------|-------|-----------------|

----

|   | 7.2.6 | No      material adverse change |
|--------|-------|---------------------------------|

|   | 7.2.7 | Borrower's      own account |
|--------|-------|-----------------------------|

|   | 7.2.8 | No      Environmental matters |
|--------|-------|-------------------------------|

|   | (a) | no      Environmental Claim is pending or has been made or threatened against any      Security Party or any other member of the Group or any of their respective      officers in their capacity as such and no Security Party nor any other      member of the Group has any reason to believe that it has or is likely to      have any liability in relation to Environment  Matters; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      Relevant Substance has been deposited, disposed of, kept, treated,      imported, exported, transported, processed, manufactured, used, collected,      sorted or produced at any time, or is present in the environment (whether      or not on property owned, leased, occupied or controlled by any Security      Party or any other member of the Group) in circumstances which are likely      to result in an Environmental Claim against any Security Party or any      other member of the Group; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | every      consent, authorisation, licence or approval required by each Security      Party and their respective Subsidiaries (including without limitation      Environmental Licences) in connection with the conduct of their business      and the ownership, use, exploitation or occupation of their respective      property and assets has been obtained and is in full force and effect and      there has been no default in the observance of the conditions and      restrictions (if any) imposed in, or in connection with, any of the same      and, to the knowledge of the officers of each Security Party, no      circumstances have arisen whereby any remedial action is likely to be      required to be taken by or at the expense of, any Security Party or any of      their respective Subsidiaries under or pursuant to any law or regulation      (including, without limitation, Environmental Law) applicable to the      business, property or assets of any Security Party or any of their      respective Subsidiaries. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3 | Repetition      of representations and warranties |
|--------|-----|---------------------------------------------------|

----

|   | 8 | Undertakings |
|--------|---|--------------|

|   | 8.1 | General |
|--------|-----|---------|

|   | 8.1.1 | Notice      of Default |
|--------|-------|------------------------|

|   | 8.1.2 | Consents      and licences |
|--------|-------|----------------------------|

|   | 8.1.3 | Use      of proceeds |
|--------|-------|----------------------|

|   | 8.1.4 | Pari      passu and subordination of intra-Grouploans |
|--------|-------|-------------------------------------------------------|

|   | (a) | ensure      that the obligations of the Borrower and the Corporate Guarantor under      this Agreement and the Corporate Guarantee, respectively, shall, without      prejudice to the provisions of clause 8.3 and the security intended to be      created by the Security Documents, at all times rank at least pari passu      with all their other respective present and future unsecured and      unsubordinated Indebtedness with the exception of any obligations which      are mandatorily preferred by law and not by contract;  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ensure      that, to the extent that the proceeds of the RC Facility are on-lent by      the Borrower to the Corporate Guarantor or any other member of the Group      in accordance with the specified purpose of the RC Facility pursuant to      clauses 1.1 and 2.1 or to the extent there are any intra-Group loans in      place between members of the Group: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      relevant loan or loans shall be made on an unsecured basis and shall be      fully subordinated towards any moneys owing to the Creditors, whether      actually or contingently, under this Agreement and the other Security      Documents; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | neither      the relevant loan or loans nor any part thereof nor any interest accrued      or accruing thereon shall be repaid or paid to the Borrower unless any and      all moneys owing to the Creditors, whether actually or contingently, under      this Agreement and the other Security Documents (including the Aggregate      Liabilities) have been repaid infull; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.1.5 | Financial      statements |
|--------|-------|---------------------------|

|   | 8.1.6 | Delivery      of reports |
|--------|-------|--------------------------|

|   | 8.1.7 | Provision      of further information and Borrowing Base  Reports |
|--------|-------|-------------------------------------------------------------------|

|   | (a) | provide      the Agent with such financial and other information concerning the Group,      the Corporate Guarantor, the Borrower, the other Security Parties, the      other Relevant Parties and their respective affairs, at the earliest      possible opportunity and in any event at regular intervals of not more      than three (3) months and at all other times as the Agent may from time to      time require, including, without limitation, any management information,      information relating to the position, trading and/or employment of the any      ships of the Group and any actual or proposed purchase of vessels by any      member of the Group, copies of all documents required of the Corporate      Guarantor to file with the Securities and Exchange Commission of the      U.S.A. or pursuant to the Sarbanes-Oxley Act of the U.S.A. and any other      documents or information as may be reasonably required by the Agent;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | deliver      to the Agent in writing before 11:00 a.m. (London time) on the first      working day of each calendar week or at such other time as the Agent      (acting on the instructions of the Majority Banks in their absolute      discretion) may require, a Borrowing Base Report as at such date      (attaching also a list of the Borrower's Receivables which are not      Qualifying Receivables), duly executed by the Borrower and counter-signed      and verified for the accuracy of its contents by the Chief Financial      Officer of the Group; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.8 | Obligations      under Security Documents |
|--------|-------|-------------------------------------------|

|   | 8.1.9 | "KYC"      requirements |
|--------|-------|-------------------------|

| 8.1.10 | Litigation |
|--------|------------|

----

|   | 8.2 | Security      value maintenance |
|--------|-----|---------------------------------|

|   | 8.2.1 | Security      shortfall |
|--------|-------|-------------------------|

|   | (a) | prepay      within a period of two (2) days of the date of receipt by the Borrower of      the Agent's said notice such sum of the RC Facility in Dollars as will      result in X      after such prepayment being at least equal to or lower than Y;      and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | within      two (2) days of the date of receipt by the Borrower of the Agent's said      notice: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | provide      in accordance with clause 2.4 further Receivables which are Qualifying      Receivables by delivering to the Agent and the Security Agent a Schedule      of Receivables with such Receivables together with copies of documents,      receipts and invoices of the type specified in clause 2.4 and relating to      such Receivables; and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | place      further funds to the credit of the cash of the Cash Collateral Account;      and/or |
|--------|------|------------------------------------------------------------------------------------------------|

|   | (iii) | constitute      to the satisfaction of the Agent such further security for the Aggregate      Liabilities as shall be acceptable to theBanks, |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | 90%      of the face value of all Qualifying Receivables;  plus |
|--------|-----|-----------------------------------------------------------------|

|   | (ii) | any      amount standing to the credit of the Cash Collateral Account and any      Illegality Security Account (and any such amount in an Optional Currency      shall be calculated by the Agent in its Dollar equivalent by using the      Issuing Bank's spot rate of exchange referred to in clause 2.8 as of the      date of any relevant calculation);plus |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      market value of any additional security for the time being actually      provided to the Creditors pursuant to clause 8.2 (but excluding amounts      standing to the credit of the Cash Collateral  Account), |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.2 | Information |
|--------|-------|-------------|

|   | 8.2.3 | Costs |
|--------|-------|-------|

|   | 8.2.4 | Valuation      of additional security |
|--------|-------|---------------------------------------|

|   | 8.2.5 | Documents      and evidence |
|--------|-------|-----------------------------|

|   | 8.3 | Negative      undertakings |
|--------|-----|----------------------------|

----

|   | 8.3.1 | Negative      pledge |
|--------|-------|----------------------|

|   | (a) | was      incurred prior to the date of this Agreement and has been notified in      writing by the Borrower to the Agent prior to the date of this Agreement;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | was      or is to be incurred by the Borrower with the prior written consent of the      Agent pursuant to clause 8.3.7; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | 8.3.2 | No      merger |
|--------|-------|----------------|

|   | 8.3.3 | Disposals |
|--------|-------|-----------|

|   | 8.3.4 | Other      business |
|--------|-------|---------------------|

|   | 8.3.5 | Acquisitions |
|--------|-------|--------------|

|   | 8.3.6 | Other      obligations |
|--------|-------|------------------------|

|   | 8.3.7 | No      borrowing |
|--------|-------|-------------------|

|   | (a) | Borrowed      Money pursuant to the Security Documents;or |
|--------|-----|-----------------------------------------------------------|

|   | (b) | Borrowed      Money incurred prior to the date of this Agreement and notified in writing      by the Borrower to the Agent prior to the date of this Agreement;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Borrowed      Money incurred with the prior written consent of the  Agent; |
|--------|-----|----------------------------------------------------------------------------|

----

|   | 8.3.8 | Repayment      of borrowings |
|--------|-------|------------------------------|

|   | 8.3.9 | Loans |
|--------|-------|-------|

| 8.3.10 | Sureties |
|--------|----------|

| 8.3.11 | Share      capital and distribution |
|--------|-------------------------------------|

| 8.3.12 | Subsidiaries |
|--------|--------------|

| 8.3.13 | Receivables |
|--------|-------------|

|   | (a) | agree      to enter into any transactions under which it incurs or might or agrees to      incur Borrowed Money and it creates or might or agrees to create      Encumbrances over or in relation to Receivables, if the advance level      extended to it by the lender under any such transaction in relation to      Receivables is:      (i) lower than 90%, unless the same lower level is made available to      the Banks under this Agreement at the same time or (ii) higher than 90%;      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permit      any arrangement, whether contractual or otherwise, pursuant to which the      creation of Encumbrances over or in relation to Receivables in favour of      the Security Agent under the Security Documents is or will be subject to      the approval of any other lender of the Group or any other      person. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.4 | Cash      collateralisation of L/Cs |
|--------|-----|-------------------------------------|

|   | 9 | Conditions |
|--------|---|------------|

|   | 9.1 | Documents      and evidence |
|--------|-----|-----------------------------|

----

|   | 9.2 | General      conditions precedent |
|--------|-----|-----------------------------------|

|   | 9.2.1 | the      representations and warranties contained in (i) clauses 7.1, 7.2 and      7.3(b) and (ii) clause 4 of the Corporate Guarantee, are true and      correct on and as of each such time as if each was made with respect to      the facts and circumstances existing at such time;  and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2.2 | no      Default shall have occurred and be continuing or would result from the      making of the relevant Advance or the issuing of the relevant L/C (as the      case may be). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3 | Waiver      of conditions precedent |
|--------|-----|-------------------------------------|

|   | 9.4 | Further      conditions precedent |
|--------|-----|-----------------------------------|

|   | 10 | Events      of Default |
|--------|----|------------------------|

| 10.1 | Events |
|------|--------|

| 10.1.1 | Non-payment: any      Security Party fails to pay any sum payable by it under any of the      Security Documents at the time, in the currency and in the manner      stipulated in the Security Documents (and so that, for this purpose, sums      payable on demand shall be treated as having been paid at the stipulated      time if paid within three (3) Banking Days of demand);  or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.2 | Breach of Insurances and      certain other obligations: the Borrower or the Corporate Guarantor      commit any breach of or omit to observe any of the obligations or      undertakings expressed to be assumed by them under clauses 8.1.3,      8.1.7(b), 8.2, 8.3 or 8.4 of this Agreement or clauses 5.2 or 5.3 of the      Corporate Guarantee, respectively;or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.3 | Breach of other      obligations: any Security Party commits any breach of or omits to      observe any of its obligations or undertakings expressed to be assumed by      it under any of the Security Documents (other than those referred to      elsewhere in this clause 10.1) and, in respect of any such breach or      omission which in the opinion of the Agent (acting on the instructions of      the Majority Banks) is capable of remedy, such action as the Agent (acting      on the instructions of the Majority Banks) may require shall not have been      taken within fourteen (14) days of the Agent notifying the relevant      Security Party of such default and of such required action;    or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.4 | Misrepresentation: any      representation or warranty made or deemed to be made or repeated by or in      respect of any Security Party in or pursuant to any of the Security      Documents or in any notice, certificate or statement referred to in or      delivered under any of the Security Documents is or proves to have been      incorrect or misleading in any material respect;  or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.5 | Cross-default: any      Indebtedness of any Relevant Party is not paid when due or any      Indebtedness of any Relevant Party becomes (whether by declaration or      automatically in accordance with the relevant agreement or instrument      constituting the same) due and payable prior to the date when it would      otherwise have become due (unless as a result of the exercise by the      relevant Relevant Party of a voluntary right of prepayment), or any      creditor of any Relevant Party becomes entitled to declare any such      Indebtedness due and payable or any facility or commitment available to      any Relevant Party relating to Indebtedness, is withdrawn, suspended or      cancelled by reason of any default (however described) of the person      concerned unless the relevant Relevant Party shall have satisfied the      Agent that such withdrawal, suspension or cancellation will not affect or      prejudice in any way the relevant Relevant Party's ability to pay its      debts as they fall due and fund its commitments, or any guarantee given by      any Relevant Party in respect of Indebtedness is not honoured when due and      called upon; or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.6 | Legal process: any      judgment or order made against any Relevant Party is not stayed or      complied with within seven (7) days or a creditor attaches or takes      possession of, or a distress, execution, sequestration or other process is      levied or enforced upon or sued out against, any of the undertakings,      assets, rights or revenues of any Relevant Party and is not discharged      within seven (7) days; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.7 | Insolvency: any Relevant      Party is unable or admits inability to pay its debts as they fall due;      suspends making payments on any of its debts or announces an intention to      do so; becomes insolvent; has assets the value of which is less than the      value of its liabilities (taking into account contingent and prospective      liabilities); or suffers the declaration of a moratorium in respect of any      of its Indebtedness; or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.8 | Reduction or loss of      capital: a meeting is convened by any Relevant Party for the      purpose of passing any resolution to purchase or reduce its share capital      or to redeem any of its shares; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.9 | Winding up: any      corporate action, legal proceedings or other procedure or step is taken      for the purpose of winding up any Relevant Party or an order is made or      resolution passed for the winding up of any Relevant Party or a notice is      issued convening a meeting for the purpose of passing any such resolution;      or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.10 | Administration: any      petition is presented, notice given or step is taken for the purpose of      the appointment of an administrator of any Relevant Party or the Agent      believes that any such petition or other step is imminent or an      administration order is made in relation to any Relevant Party;      or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.11 | Appointment of receivers and      managers: any administrative or other receiver is appointed of any      Relevant Party or any part of its assets and/or undertaking or any other      steps are taken to enforce any Encumbrance over all or any part of the      assets of any Relevant Party; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.12 | Compositions: any      corporate action, legal proceedings or other procedures or steps are      taken, or negotiations commenced, by any Relevant Party or by any of its      creditors with a view to the general readjustment or rescheduling of all      or part of its indebtedness or to proposing any kind of composition,      compromise or arrangement involving such company and any of its creditors;      or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.13 | Analogous proceedings:      there occurs, in relation to any Relevant Party, in any country or      territory in which any of them carries on business or to the jurisdiction      of whose courts any part of their assets is subject, any event which, in      the reasonable opinion of the Agent, appears in that country or territory      to correspond with, or have an effect equivalent or similar to, any of      those mentioned in clauses 10.1.6 to 10.1.12 (inclusive) or any Relevant      Party otherwise becomes subject, in any such country or territory, to the      operation of any law relating to insolvency, bankruptcy or liquidation;      or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.14 | Cessation of business:      any Relevant Party suspends or ceases or threatens to suspend or cease to      carry on its business; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.15 | Seizure: all or a      material part of the undertaking, assets, rights or revenues of, or shares      or other ownership interests in, any Relevant Party are seized,      nationalised, expropriated or compulsorily acquired by or under the      authority of any government; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.16 | Invalidity: any of the      Security Documents shall at any time and for any reason become invalid or      unenforceable or otherwise cease to remain in full force and effect, or if      the validity or enforceability of any of the Security Documents shall at      any time and for any reason be contested by any Security Party which is a      party thereto, or if any such Security Party shall deny that it has any,      or any further, liability thereunder;or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.17 | Unlawfulness: it becomes      impossible or unlawful at any time for any Security Party, to fulfil any      of the covenants and obligations expressed to be assumed by it in any of      the Security Documents or for the Agent to exercise the rights or any of      them vested in it under any of the Security Documents or otherwise;      or |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.18 | Repudiation: any      Security Party repudiates any of the Security Documents or does or causes      or permits to be done any act or thing evidencing an intention to      repudiate any of the Security Documents;or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.19 | Encumbrances      enforceable: any Encumbrance in respect of any of the property (or      part thereof) which is the subject of any of the Security Documents      becomes enforceable; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.20 | Material adverse change:      there occurs, in the reasonable opinion of the Agent (acting on the      instructions of the Majority Banks), a material adverse change in the      financial condition of any Security Party or the Group or by reference to      the financial position of that Security Party or (as the case may be) the      Group as described by or on behalf of the Borrower or any Security Party      to the Agent and/or the Banks in the negotiation of this Agreement;      or |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.21 | Shareholdings: |
|---------|----------------|

|   | (a) | there      is any change in the legal and/or ultimate beneficial ownership of any of      the shares in the Corporate Guarantor from that existing on the date of      this Agreement, which results in (i) Mr Dimitrios Melisanidis being the      ultimate beneficial owner of less than 26% of the total issued voting      share capital of the Corporate Guarantor at any relevant time or (ii) any      person or persons acting in concert (other than Mr Dimitrios Melisanidis)      becoming at any relevant time the ultimate beneficial owners of more than      50% (or of a percentage higher than that then owned by Mr Dimitrios      Melisanidis), of the total issued voting share capital of the Corporate      Guarantor or having the control of the Corporate Guarantor or of its board      of directors (and "control" shall have the      meaning given to it in the definition of "Subsidiary" in clause 1.2);      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | there      is any change in the legal and/or beneficial ownership of any of the      shares in the Borrower which results in the Borrower ceasing to be a      wholly-owned direct Subsidiary of the Corporate Guarantor;    or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.22 | Accounts: moneys are      withdrawn from any of the Accounts other than in accordance with clause      14; or |
|---------|---------------------------------------------------------------------------------------------------------------|

| 10.1.23 | Listing: the shares of      the Corporate Guarantor are de-listed or suspended from trading on, or      cease to trade (whether temporarily for longer than ten (10) consecutive      days, or permanently) on, the New York Stock Exchange;  or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.24 | Licences,      etc:  any licence, authorisation, consent or approval at      any time necessary to enable any Security Party to comply with its      obligations under the Security Documents is revoked or withheld or      modified or is otherwise not granted or fails to remain in full force and      effect or if any exchange control or other law or regulation shall exist      which would make any |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.25 | Material events: any      other event occurs or circumstance arises which, in the reasonable opinion      of the Agent (acting on the instructions of the Majority Banks), is likely      materially and adversely to affect either (i) the ability of any Security      Party to perform all or any of its obligations under or otherwise to      comply with the terms of any of the Security Documents or (ii) the      security created by any of the Security  Documents. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Acceleration |
|------|--------------|

| 10.2.1 | declare      that the obligation of each Bank to make the Facilities available shall be      terminated, whereupon the RCF Limit and the Guarantee Facility Limit shall      each be reduced to zero forthwith;and/or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2 | declare      that the Loan and all interest and commissions accrued and all other sums      payable under the Security Documents have become due and payable,      whereupon the same shall, immediately or in accordance with the terms of      such notice, become due and payable;and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.3 | make      a demand on the Borrower pursuant to clause 8.4 for payment of cash      collateral to the Account Bank for credit to the Cash Collateral Account      forthwith and/or at any other time specified by the Agent (acting on the      instructions of the Majority Banks), whereupon any such amount shall      become due and payable immediately or in accordance with each such notice      (it being understood that the Agent (acting on the instructions of the      Majority Banks) shall be entitled to give multiple such notices for      further payment of moneys by the Borrower to the Cash Collateral Account,      at any time and from time to time following an Event of Default,      notwithstanding that the Borrower may have complied with one or more      earlier notices). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Demand      basis |
|------|-------------------|

| 10.3.1 | call      for repayment of the Loan on such date as may be specified whereupon the      Loan shall become due and payable on the date so specified together with      all interest and commissions accrued and all other sums payable under this      Agreement; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.2 | withdraw      such declaration with effect from the date specified in such      notice. |
|--------|-----------------------------------------------------------------------------------------|

| 10.4 | Negotiation      with Beneficiaries after Default |
|------|---------------------------------------------------|

| 10.4.1 | irrevocably      authorises the Agent (acting on the instructions of the Majority Banks)      negotiate with any Beneficiary at any time after the occurrence of any      Default with a view to arranging for the prepayment by the Issuing Bank,      for the account of the Borrower, of any moneys outstanding under any UC;      and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4.2 | agrees      that at any time after the occurrence of any Default the Issuing Bank      shall be entitled (but not, so far as the Borrower is concerned, bound) to      and, if directed by the Agent (acting on the instructions of the Majority      Banks), it shall pay to a Beneficiary, in such manner  and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.5 | Conversion      into Dollars |
|------|------------------------------|

| 10.5.1 | The      Agent (acting on the instructions of all the Banks) may, following a      notice given to the Borrower under clause 10.2, declare that the part (if      any) of the Outstandings of the Banks which is then outstanding and/or      denominated in one or more Optional Currencies, be converted into, and      outstanding in, Dollars with effect from the date of conversion selected      by the Agent (acting on the instructions of all the Banks in their      discretion) and notified by the Agent to the Issuing Bank, the Banks and      the Borrower.  In making such conversion the Agent shall use the      Issuing Bank's spot rate(s) of exchange referred to in clause 2.8 as of      the date of such conversion (as advised to it by the Issuing Bank), and      the amount of the Outstandings so converted and outstanding in Dollars      shall be such amount of Dollars as is required for the purchase of the      amount of the total Outstandings of all Banks in the relevant Optional      Currencies by applying such rate(s) on the relevant date of      conversion. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5.2 | With      effect on and from the date when the conversion has taken place (as      notified by the Agent to the Borrower, the Banks and the Issuing Bank      pursuant to clause 10.5.1), all the Outstandings of all Banks shall be      denominated in Dollars and the liabilities of the Borrower to the Banks,      the Agent, the Security Agent and the Issuing Bank under this Agreement in      respect of the Outstandings shall also be denominated and owing in      Dollars. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11 | Indemnities |
|--------|----|-------------|

| 11.1 | Miscellaneous      indemnities |
|------|--------------------------------|

| 11.1.1 | any      default in payment of any sum under any of the Security Documents when      due; |
|--------|-------------------------------------------------------------------------------------------|

| 11.1.2 | the      occurrence of any other Event ofDefault; |
|--------|---------------------------------------------------|

| 11.1.3 | any      prepayment of the Loan or part thereof being made under clauses 4.3.3,      8.2.1(a) or 12.1 or any other repayment or prepayment of the Loan or part      thereof being made, otherwise than on an Interest Payment Date relating to      the part of the Loan prepaid orrepaid; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.4 | applying      any sum standing to the credit of the Cash Collateral Account otherwise      than on the last day of a deposit period relating  thereto; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.5 | any      Advance not being made for any reason (excluding any default by the Agent      or any Bank) after the Drawdown Notice for such Advance has been given;      or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.6 | any      L/C not being issued for any reason (excluding any default by any      Creditor) after the Issue Request for such L/C has been    given, |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Currency      indemnity |
|------|-------------------------|

----

| 11.2.1 | making      or filing a claim or proof against theBorrower; |
|--------|-------------------------------------------------------------|

| 11.2.2 | obtaining      an order or judgment in any court or other tribunal;  or |
|--------|-------------------------------------------------------------------------|

| 11.2.3 | enforcing      any order or judgment given or made in relation to any of the Security      Documents, |
|--------|-------------------------------------------------------------------------------------------------------|

|   | (a) | the      rate of exchange used for such purpose to convert the sum in question from      the first currency into the second currency;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      rate or rates of exchange at which the relevant Creditor may in the      ordinary course of business purchase the first currency with the second      currency upon receipt of a sum paid to it in satisfaction, in whole or in      part, of any such order, judgment, claim or  proof. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.3 | Environmental      indemnity |
|--------|------|------------------------------|

|   | 12 | Unlawfulness      and increased costs |
|--------|----|---------------------------------------|

| 12.1 | Unlawfulness |
|------|--------------|

| 12.1.1 | renders      it unlawful for the Issuing Bank to issue any or any further UCs, or for a      Bank to perform its obligations under clauses 2.14 or 4.2.1 in respect of      any further UCs to be issued by the Issuing Bank, the Issuing Bank or (as      the case may be) the relevant Bank shall promptly inform the Agent and the      Agent shall notify the Borrower, and the obligations of the Issuing Bank      to issue any or any further L/Cs under this Agreement shall forthwith      terminate and the Borrower shall within ten (10) Banking Days after such      notice pay to the Account Bank for credit to the Illegality Security      Account for each issued and outstanding UC, an amount (in the currency of      the relevant L/C) equal to the difference between (a) the Outstanding      Amount of such UC and (b) the amount then standing to the credit of the      Illegality Security Account for that UC (less any amount already standing      to the credit of |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.1.2 | renders      it unlawful for a Bank to perform its obligations under clauses 2.14 or      4.2.1 in respect of any UC which has previously been opened, then that      Bank shall promptly inform the Agent and the Agent shall notify the      Borrower, and the Borrower shall within ten (10) Banking Days after such      notice pay to the Account Bank for credit to the Illegality Security      Account for each issued and outstanding UC an amount (and in the currency      of the relevant L/C) equal to such Bank's Percentage of the difference      between (a) the Outstanding Amount of such UC and (b) the amount then      standing to the credit of the Illegality Security Account for such L/C      (less any amount standing to the credit of such account as a result of      payment in respect of another Bank under this clause 12.1.2);      or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1.3 | renders      it unlawful for any Bank to contribute to an Advance or to maintain its      Commitment or fund its Contribution, such Bank shall promptly, through the      Agent, give notice to the Borrower whereupon (a) such Bank's Commitment      shall be reduced to zero and (b) the Borrower shall be obliged to prepay      such Bank's Commitment either (i) forthwith or (ii) on a future specified      date not being earlier than the latest date permitted by the relevant law      or regulation together with interest accrued to the date of prepayment and      all other sums payable by the Borrower under this    Agreement. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Increased      costs |
|------|----------------------|

| 12.2.1 | subject      any Bank or the Issuing Bank to Taxes or change the basis of Taxation of      such Bank or the Issuing Bank with respect to any payment under any of the      Security Documents (other than Taxes or Taxation on the overall net      income, profits or gains of such Bank or the Issuing Bank imposed in the      jurisdiction in which its principal or lending office under this Agreement      is located); and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.2 | increase      the cost to, or impose an additional cost on (a) a Bank or its holding      company in making or keeping such Bank's Commitment available or in      maintaining or funding all or part of such Bank's Contribution or any      amounts owing under clauses 2.10.2 or 4.1.1 or 4.2 or (b) the Issuing Bank      or its holding company in making or keeping available its obligation to      issue any L/C or to maintain or fund all or part of any amounts owing      under clauses 2.10.2 or 4.1.1 or 4.2;and/or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.3 | reduce      the amount payable or the effective return to a Bank or the Issuing Bank      under any of the Security Documents;and/or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.4 | reduce      a Bank's or the Issuing Bank's or their respective holding company's rate      of return on its overall capital by reason of a change in the manner in      which it is required to allocate |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2.5 | require      a Bank or the Issuing Bank or their respective holding company to make a      payment or forego a return on or calculated by reference to any amount      received or receivable by such Bank or the Issuing Bank under any of the      Security Documents; and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.6 | require      a Bank or the Issuing Bank or their respective holding company to incur or      sustain a loss (including a loss of future potential profits) by reason of      being obliged to deduct, all or part of its Commitment or Contribution or      any amount owing under clauses 2.10.2, 4.1.1 or 4.2, all or part of the      amount that will be guaranteed by a UC when it is issued or the      Outstanding Amount, from its capital for regulatory    purposes, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such      Bank or, as the case may be, the Issuing Bank shall (through the Agent)      notify the Borrower in writing of such event promptly upon its becoming      aware of the same; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower shall on demand pay to the Agent for the account of such Bank or,      as the case may be, the Issuing Bank, the amount which such Bank or, as      the case may be, the Issuing Bank, specifies (in a certificate setting      forth the basis of the computation of such amount but not including any      matters which such Bank or, as the case may be, the Issuing Bank or their      respective holding company regards as confidential)  is required      to compensate such Bank and/or the Issuing Bank and/or (as the case may      be) their respective holding company for such liability to Taxes, cost,      reduction, payment , forgone return orloss. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Exception |
|------|-----------|

|   | 13 | Security,      set-off and pro-rata payments |
|--------|----|----------------------------------------------|

| 13.1 | Application      of moneys |
|------|----------------------------|

| 13.1.1 | first,      in or towards payment of all unpaid costs and expenses which may be owing      to the Creditors or any of them under any of the Security      Documents; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.2 | secondly,      in or towards payment, on a pro rata basis, of any unpaid fees and      commissions payable to the Creditors or any of  them; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.3 | thirdly,      in or towards payment, on a pro rata basis, of any arrears of interest      owing in respect of the Loan or any part thereof or in respect of the      Guarantee Facility (including under clause  4.1.1); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.4 | fourthly,      in or towards repayment, on a pro rata basis, of any amounts of principal      in respect of the Loan or in respect of the Guarantee Facility (including      under clause 4.1.1) (whether the same is due and payable or      not); |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.1.5 | fifthly,      in or towards payment to the Cash Collateral Account of any amounts so      payable pursuant to the terms of this Agreement or the other Security      Documents; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.6 | sixthly,      in or towards payment to any Bank for any loss suffered by reason of any      payment in respect of principal not being effected on an Interest Payment      Date relating to the part of the principal so repaid and which amounts are      so payable under this Agreement; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.7 | seventhly,      in or towards payment to any Creditor of any other sums owing to it under      any of the Security Documents; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

| 13.1.8 | eighthly,      the surplus (if any) shall be paid to the Borrower or to whomsoever else      may be entitled to receive suchsurplus, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Setoff |
|------|--------|

| 13.3 | Pro      rata payments |
|------|------------------------|

| 13.3.1 | If      at any time any Bank (the "Recovering Bank")      receives or recovers any amount owing to it by the Borrower under this      Agreement by direct payment, set-off or in any manner other than by      payment through the Agent pursuant to clause 6.1 or 6.9 (not being, in the      case of a Bank, a payment received from a Transferee Bank or a      sub-participant in such Bank's participation under this Agreement or any      other payment of an amount due to the Recovering Bank for its sole account      pursuant to clauses 3.6, 5, 6.6, 11.1, 11.2, 12.1, or 12.2) the Recovering      Bank shall, within two (2) Banking Days of such receipt or recovery (a      "Relevant      Receipt") notify the Agent of the amount of the Relevant Receipt.      If the Relevant Receipt exceeds the amount which the Recovering Bank would      have received if the Relevant Receipt had been received by the Agent and      distributed pursuant to clauses 6.1 or 6.9 (as the case may be)      then: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | within      two (2) Banking Days of demand by the Agent, the Recovering Bank shall pay      to the Agent an amount equal (or equivalent) to the  excess; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Agent shall treat the excess amount so paid by the Recovering Bank as if      it were a payment made by the Borrower and shall distribute the same to      the Banks (other than the Recovering Bank) in accordance with clause 6.9;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | as      between the Borrower and the Recovering Bank the excess amount so      re-distributed shall be treated as not having been paid but the      obligations of the Borrower to the other Banks shall, to the extent of the      amount so re-distributed to them, be treated as  discharged. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.3.2 | If      any part of the Relevant Receipt subsequently has to be wholly or partly      refunded by the Recovering Bank (whether to a liquidator or otherwise)      each Bank to which any part of such Relevant Receipt was so re-distributed      shall on request from the Recovering Bank repay to the Recovering Bank      such Bank's pro-rata share of the amount which has to be refunded by the      Recovering Bank. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.3 | Each      Bank shall on request supply to the Agent such information as the Agent      may from time to time request for the purpose of this clause      13.3. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.4 | Notwithstanding      the foregoing provisions of this clause 13.3, no Recovering Bank shall be      obliged to share any Relevant Receipt which it receives or recovers      pursuant to legal proceedings taken by it to recover any sums owing to it      under this Agreement with any other party which has a legal right to, but      does not, either join in such proceedings or commence and diligently      pursue separate proceedings to enforce its rights in the same or another      court (unless the proceedings instituted by the Recovering Bank are      instituted by it without prior notice having been given to such party      through the Agent). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | No      release |
|------|-----------------|

| 13.5 | No      charge |
|------|----------------|

| 13.6 | Further      assurance |
|------|------------------------|

| 13.7 | Conflicts |
|------|-----------|

|   | 14 | Accounts |
|--------|----|----------|

| 14.1 | General |
|------|---------|

| 14.1.1 | on      or before the date of this Agreement, it will open the Operating Account      and the Cash Collateral Account;and |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| 14.1.2 | it      will procure that all Receivables which are set out in a Schedule of      Receivables submitted to the Agent and/or the Security Agent under this      Agreement and the other Security Documents shall be paid at all times to      the Operating Account. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2 | Borrower's      Accounts: withdrawals |
|------|---------------------------------------|

| 14.2.1 | the      Borrower may withdraw moneys from the Cash Collateral Account for any      purpose not expressly prohibited by the terms of this Agreement or any      other Security Document provided that there are and, following any such      withdrawal, there will be sufficient funds in the Cash Collateral Account      to ensure that the Borrower is in compliance with this Agreement;      and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.2 | the      Borrower may withdraw moneys from the Operating Account only for the      following purposes: |
|--------|--------------------------------------------------------------------------------------------------------|

|   | (a) | to      make payments to the credit of the Cash Collateral Account;      and |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | provided      that there are and, following any such withdrawal there will be,      sufficient funds in the Cash Collateral Account to ensure that the      Borrower is in compliance with this Agreement;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | for      any other purpose not expressly prohibited by the terms of this Agreement      or the other Security Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Interest |
|------|----------|

| 14.4 | Set-off |
|------|---------|

| 14.5 | Deductions |
|------|------------|

| 14.6 | Pledging      of Accounts |
|------|---------------------------|

----

| 14.7 | Illegality      Security Accounts |
|------|-----------------------------------|

| 14.8 | Payments      out of Illegality Security Accounts |
|------|---------------------------------------------------|

| 14.9 | Payments      into Illegality Security Accounts |
|------|-------------------------------------------------|

|   | 15 | Assignment,      transfer and lending office |
|--------|----|----------------------------------------------|

| 15.1 | Benefit      and burden |
|------|-------------------------|

| 15.2 | No      assignment by Borrower |
|------|--------------------------------|

| 15.3 | Transfers      by Banks |
|------|-------------------------|

----

| 15.3.1 | a      Transfer Certificate may be in respect of a Bank's rights in respect of      all, or part of, its rights and obligations under this Agreement but shall      be in respect of the same proportion of its Commitment and Contribution in      the RC Facility and the same proportion of participation in all      Facilities; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.2 | a      Transfer Certificate shall only be in respect of rights and obligations of      the Transferor Bank in its capacity as a Bank and shall not transfer its      rights and obligations as the Agent, or in any other capacity, as the case      may be and such other rights and obligations may only be transferred in      accordance with any applicable provisions of this    Agreement; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.3 | a      Transfer Certificate shall take effect in accordance with English law as      follows: |
|--------|-----------------------------------------------------------------------------------------------|

|   | (a) | to      the extent specified in the Transfer Certificate, the Transferor Bank's      payment rights and all its other rights (other than those referred to in      clause 15.3.2 above) under this Agreement are assigned to the Transferee      Bank absolutely, free of any defects in the Transferor Bank's title and of      any rights or equities which the Borrower had against the Transferor      Bank; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Transferor Bank's obligations are discharged to the extent specified in      the Transfer Certificate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Transferee Bank becomes a Bank with a Contribution, Commitment and      Percentage specified in the Transfer  Certificate; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      Transferee Bank becomes bound by all the provisions of this Agreement and      the Security Documents which are applicable to the Banks generally,      including those about pro-rata sharing and the exclusion of liability on      the part of, and the indemnification of, the Agent, the Security Agent and      the Arranger in accordance with the provisions of clause 16 and to the      extent that the Transferee Bank becomes bound by those provisions, the      Transferor Bank ceases to be bound bythem; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | a      payment which the Transferee Bank makes under this Agreement after the      Transfer Certificate comes into effect ranks in point of priority and      security in the same way as it would have ranked had it been made by the      Transferor Bank, assuming that any defects in the Transferor Bank's title      and any rights or equities of any Security Party against the Transferor      Bank had not existed; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Transferee Bank becomes entitled to all the rights under this Agreement      which are applicable to the Banks generally, including but not limited to      those relating to the Majority Banks and those under clauses 3.6, 5 and 12      and to the extent that the Transferee Bank becomes entitled to such      rights, the Transferor Bank ceases to be entitled to  them; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.4 | the      rights and equities of the Borrower or of any other Security Party      referred to above include, but are not limited to, any right of set-off      and any other kind of cross-claim;and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.5 | the      Borrower, the Account Bank, the Security Agent, the Issuing Bank and the      Banks hereby irrevocably authorise and instruct the Agent to sign any such      Transfer Certificate on their behalf and undertake not to withdraw, revoke      or qualify such authority or instruction at any time.  Promptly      upon its signature of any Transfer Certificate, the Agent shall notify the      Borrower, the Transferor Bank, the Transferee Bank and the other      Creditors. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Reliance      on Transfer Certificate |
|------|---------------------------------------|

| 15.4.1 | The      Agent shall be entitled to rely on any Transfer Certificate believed by it      to be genuine and correct and to have been presented or signed by the      persons by whom it purports to |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.4.2 | The      Agent shall at all times during the continuation of this Agreement      maintain a register in which it shall record the name, Commitments,      Contributions, Percentages and administrative details (including the      lending office) from time to time of the Banks holding a Transfer      Certificate and the date at which the transfer referred to in such      Transfer Certificate held by each Bank was transferred to such Bank, and      the Agent shall make the said register available for inspection by any      Bank, the Issuing Bank or the Borrower during normal banking hours upon      receipt by the Agent of reasonable prior notice requesting the Agent to do      so. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.3 | The      entries on the said register shall, in the absence of manifest error, be      conclusive in determining the identities, the Commitments, Contributions,      Percentages and the Transfer Certificates held by the Banks from time to      time and the principal amounts of such Transfer Certificates and may be      relied upon by the Agent and the other Security Parties for all purposes      in connection with this Agreement and the Security    Documents. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | Transfer      fees and expenses |
|------|---------------------------------|

| 15.6 | Documenting      transfers |
|------|----------------------------|

| 15.7 | Sub-participation |
|------|-------------------|

| 15.8 | Lending      office |
|------|---------------------|

| 15.9 | Disclosure      of information |
|------|--------------------------------|

----

|   | 16 | Arranger,      Agent, Security Agent and ReferenceBanks |
|--------|----|---------------------------------------------------------|

| 16.1 | Appointment      of the Agent |
|------|-------------------------------|

| 16.1.1 | to      execute such documents as may be approved by the Majority Banks for      execution by the Agent; and |
|--------|--------------------------------------------------------------------------------------------------------------|

| 16.1.2 | (whether      or not by or through employees or agents) to take such action on such      Bank's or the Issuing Bank's behalf and to exercise such rights, remedies,      powers and discretions as are specifically delegated to the Agent by this      Agreement and/or any other Security Document, together with such powers      and discretions as are reasonably incidental  thereto. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Agent's      actions |
|------|----------------------|

| 16.3 | Agent's      duties |
|------|---------------------|

| 16.3.1 | promptly      notify each Bank and the Issuing Bank of the contents of each notice,      certificate or other document received by it from the Borrower under or      pursuant to clauses 8.1.1, 8.1.5 and 8.1.6 and each Borrowing Base Report;      and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3.2 | (subject      to the other provisions of this clause 16) take (or instruct the Security      Agent to take) such action or, as the case may be, refrain from taking (or      authorise the Security Agent to refrain from taking) such action with      respect to the exercise of any of its rights, remedies, powers and      discretions as agent, as the Majority Banks may  direct. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | Agent's      rights |
|------|---------------------|

| 16.4.1 | in      the exercise of any right, remedy, power or discretion in relation to any      matter, or in any context, not expressly provided for by this Agreement or      any of the other Security Documents, act or, as the case may be, refrain      from acting (or authorise the Security Agent to act or refrain from      acting) in accordance with the instructions of the Banks and/or the      Issuing Bank, and shall be fully protected in so  doing; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.2 | unless      and until it shall have received directions from the Majority Banks, take      such action or, as the case may be, refrain from taking such action (or      authorise the Security Agent to take or refrain from taking such action)      in respect of a Default of which the Agent has actual knowledge as it      shall deem advisable in the best interests of the Banks and the Issuing      Bank (but shall not be obliged to doso); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.3 | refrain      from acting (or authorise the Security Agent to refrain from acting) in      accordance with any instructions of the Banks and/or the Issuing Bank to      institute any legal proceedings arising out of or in connection with this      Agreement or any of the other Security Documents until it and/or the      Security Agent has been indemnified and/or secured to its satisfaction      against any and all costs, expenses or liabilities (including legal fees)      which it would or might incur as aresult; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.4.4 | deem      and treat (i) each Bank as the person entitled to the benefit of the      Contribution of such Bank and of any amounts owing to such Bank under      clause 4.1.1 for all purposes of this Agreement unless and until a notice      shall have been filed with the Agent pursuant to clause 15.3 and shall      have become effective, and (ii) the office set opposite the name of each      of the Banks in schedule 1 as such Bank's lending office under this      Agreement unless and until a written notice of change of lending office      shall have been received by the Agent and the Agent may act upon any such      notice unless and until the same is superseded by a further such      notice; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.5 | rely      as to matters of fact which might reasonably be expected to be within the      knowledge of any Security Party upon a certificate signed by any director      or officer of the relevant Security Party on behalf of the relevant      Security Party; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.6 | do      anything which is in its opinion necessary or desirable to comply with any      law or regulation in anyjurisdiction. |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | No      liability of Arranger or Agent |
|------|----------------------------------------|

| 16.5.1 | be      obliged to make any enquiry as to the use of any of the proceeds of the      Facilities or the use of any L/C issued unless (in the case of the Agent)      so required in writing by a Bank, in which case the Agent shall promptly      make the appropriate request to the Borrower;or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.2 | be      obliged to make any enquiry as to any breach or default by the Borrower or      any other Security Party in the performance or observance of any of the      provisions of this Agreement or any of the other Security Documents or as      to the existence of a Default unless (in the case of the Agent) the Agent      has actual knowledge thereof or has been notified in writing thereof by a      Bank or the Issuing Bank, in which case the Agent shall promptly notify      the Banks and the Issuing Bank of the relevant event or circumstance;      or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.3 | be      obliged to enquire whether or not any representation or warranty made by      the Borrower or any other Security Party pursuant to this Agreement or any      of the other Security Documents is true;or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.4 | be      obliged to do anything (including, without limitation, disclosing any      document or information) which would, or might in its opinion, be contrary      to any law or regulation or be a breach of any duty of confidentiality or      otherwise be actionable or render it liable to any person;    or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.5 | be      obliged to account to any Bank or the Issuing Bank for any sum or the      profit element of any sum received by it for its own account;      or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.6 | be      obliged to institute any legal proceedings arising out of or in connection      with this Agreement or any of the other Security Documents other than on      the instructions of the Majority Banks;or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.7 | be      liable to any Bank or the Issuing Bank for any action taken or omitted      under or in connection with this Agreement or any of the other Security      Documents unless caused by its gross negligence or wilful      misconduct. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.6 | Non-reliance      on Arranger or Agent |
|------|----------------------------------------|

| 16.7 | No      responsibility on Arranger or Agent for Borrower's    performance |
|------|---------------------------------------------------------------------------|

| 16.7.1 | on      account of the failure of any Security Party to perform its obligations      under any of the Security Documents;or |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| 16.7.2 | for      the financial condition of any Security Party;  or |
|--------|-------------------------------------------------------------|

| 16.7.3 | for      the completeness or accuracy of any statements, representations or      warranties in any of the Security Documents or any document delivered      under any of the Security Documents;or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.4 | for      the execution, effectiveness, adequacy, genuineness, validity,      enforceability or admissibility in evidence of any of the Security      Documents or of any certificate, report or other document executed or      delivered under any of the Security Documents;  or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.5 | to      investigate or make any enquiry into the title of the Borrower or any      other Security Party to any security or any part thereof;    or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.6 | for      the failure to register any of the Security Documents with any official or      regulatory body or office or elsewhere;or |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.7 | for      taking or omitting to take any other action under or in relation to any of      the Security Documents or any aspect of any of the Security Documents;      or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.8 | on      account of the failure of the Security Agent to perform or discharge any      of its duties or obligations under the Security Documents;    or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.9 | otherwise      in connection with this Agreement or its negotiation or for acting (or, as      the case may be, refraining from acting) in accordance with the      instructions of the Banks or the IssuingBank. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8 | Reliance      on documents and professionaladvice |
|------|---------------------------------------------------|

----

| 16.9 | Other      dealings |
|------|---------------------|

| 16.10 | Rights      of Agent as Bank; no partnership |
|-------|----------------------------------------------|

| 16.11 | Amendments      and waivers |
|-------|-----------------------------|

| 16.11.1 | Subject      to clause 16.11.2, the Agent may, with the consent of the Majority Banks      (or if and to the extent expressly authorised by the other provisions of      any of the Security Documents) and, if so instructed by the Majority      Banks, shall: |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | agree      (or authorise the Security Agent to agree) amendments or modifications to      any of the Security Documents with the Borrower and/or any other Security      Party; and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | vary      or waive breaches of, or defaults under, or otherwise excuse performance      of, any provision of any of the other Security Documents by the Borrower      and/or any other Security Party (or authorise the Security Agent to do      so). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.11.2 | Except      with the prior written consent of all the Banks, the Agent shall have no      authority on behalf of the Banks or the Issuing Bank to agree (or      authorise the Security Agent to agree) with the Borrower and/or any other      Security Party any amendment or modification to any of the Security      Documents or to grant (or authorise the Security Agent to grant) waivers      in respect of breaches or defaults or to vary or excuse (or authorise the      Security Agent to vary or excuse) performance of or under any of the      Security Documents by the Borrower and/or any other Security Party, if the      effect of such amendment, modification, waiver or excuse would be      to: |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | reduce      the Margin or the commission payable under clause  5.1.3; |
|--------|-----|-----------------------------------------------------------------------|

|   | (b) | postpone      the due date or reduce the amount of any payment of principal or interest      (including amounts owing under clauses 2.10.2, 2.14, 4.1.1 or 4.2.1),      interest  or other amount payable by any Security Party under      any of the Security Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | change      the currency in which any amount is payable by any Security Party under      any of the Security Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (d) | increase      any Bank's Commitment or Percentage or the Guarantee Facility Limit or the      RCF Limit; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (e) | extend      the Final Maturity Date for anyFacility; |
|--------|-----|------------------------------------------------------|

----

|   | (f) | change      any provision of any of the Security Documents which expressly or      impliedly requires the approval or consent of all the Banks such that the      relevant approval or consent may be given otherwise than with the sanction      of all the Banks; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | change      the order of distribution under clauses 6.9 or  13.1 or any clauses      concerning application of funds standing to the credit of the Cash      Collateral Account or any Illegality Security  Account; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | change      this clause 16.11; |
|--------|-----|--------------------------------|

|   | (i) | change      clause 10.2; |
|--------|-----|--------------------------|

|   | (j) | change      clause 8.1.5 of this Agreement or clause 5.1.4 of the Corporate      Guarantee; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (k) | change      the definitions of "Majority Banks", "Outstandings" and "Outstanding Amount" in      clause 1.2; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (l) | change      any provisions regarding the payment of cash collateral to the credit of      the Cash Collateral Account or any Illegality Security Account;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | release      any Security Party from the security constituted by any Security Document      (except as required by the terms thereof or by law) or change the terms      and conditions upon which such security or guarantee may be, or is      required to be, released. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.12 | Reimbursement      and indemnity by Banks |
|-------|-------------------------------------------|

| 16.13 | Retirement      of Agent |
|-------|--------------------------|

| 16.13.1 | The      Agent may, having given to the Borrower and each of the Banks, the Issuing      Bank and the Account Bank not less than ninety (90) days' notice of its      intention to do so, retire from its appointment as Agent under this      Agreement, provided that no such retirement shall take effect unless there      has been appointed by the Banks and the Issuing Bank as a successor      agent: |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      Related Company of the Agent nominated by the Agent which the Banks and      the Issuing Bank hereby irrevocably and unconditionally agree to appoint      or, failing such nomination, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      Bank nominated by the Majority Banks or, failing such a      nomination, |
|--------|-----|---------------------------------------------------------------------------------|

|   | (c) | any      reputable and experienced bank or financial institution nominated by the      retiring Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------|

----

| 16.13.2 | Upon      any such successor as aforesaid being appointed, the retiring Agent shall      be discharged from any further obligation under the Security Documents      (but shall continue to have the benefit of this clause 16 in respect of      any action it has taken or refrained from taking prior to such discharge)      and its successor and each of the other parties to this Agreement shall      have the same rights and obligations among themselves as they would have      had if such successor had been a party to this Agreement in place of the      retiring Agent. The retiring Agent shall (at its own expense) provide its      successor with copies of such of its records as its successor reasonably      requires to carry out its functions under the Security      Documents. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.14 | Appointment      and retirement of Security Agent |
|-------|---------------------------------------------------|

| 16.14.1 | Appointment |
|---------|-------------|

| 16.14.2 | Retirement |
|---------|------------|

|   | (a) | a      Related Company of the Security Agent nominated by the Security Agent      which the Banks and the Issuing Bank hereby irrevocably and      unconditionally agree to appoint or, failing such    nomination, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      bank or trust corporation nominated by the Majority Banks or, failing such      a nomination, |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (c) | any      bank or trust corporation nominated by the retiring Security      Agent, |
|--------|-----|-----------------------------------------------------------------------------------|

----

| 16.15 | Powers      and duties of the Security Agent |
|-------|----------------------------------------------|

| 16.15.1 | The      Security Agent shall have no duties, obligations or liabilities to any of      the Banks, the Agent or the Issuing Bank beyond those expressly stated in      any of the Security Documents.  Each of the Banks, the Agent and      the Issuing Bank hereby authorises the Security Agent to enter into and      execute: |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each      of the Security Documents to which the Security Agent is or is intended to      be a party; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (b) | any      and all such other Security Documents as may be approved by the Agent in      writing (acting on the instructions of the Majority Banks) for entry into      by the Security Agent, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.2 | Subject      to clause 16.15.3 the Security Agent may, with the prior consent of the      Majority Banks communicated in writing by the Agent, concur with any of      the Security Parties to: |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | amend,      modify or otherwise vary any provision of the Security Documents to which      the Security Agent is or is intended to be a party;  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | waive      breaches of, or defaults under, or otherwise excuse performance of, any      provision of the Security Documents to which the Security Agent is or is      intended to be a party. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.3 | The      Security Agent shall not concur with any Security Party with respect to      any of the matters described in clause 16.11.2 without the consent of the      Banks communicated in writing by theAgent. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.4 | The      Security Agent shall (subject to the other provisions of this clause 16)      take such action or, as the case may be, refrain from taking such action,      with respect to any of its rights, powers and discretions as security      agent and trustee, as the Agent may direct.  Subject as provided      in the foregoing provisions of this clause, unless and until the Security      Agent shall have received such instructions from the Agent, the Security      Agent may, but shall not be obliged to, take (or refrain from taking) such      action under or pursuant to the Security Documents referred to in clause      16.14 as the Security Agent shall deem advisable in  the |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.15.5 | None      of the Banks nor the Agent nor the Issuing Bank shall have any independent      power to enforce any of the Security Documents referred to in clause      16.15.1 or to exercise any rights, discretions or powers or to grant any      consents or releases under or pursuant to such Security Documents or any      of them or otherwise have direct recourse to the security and/or      guarantees constituted by such Security Documents or any of them except      through the Security Agent. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.6 | For      the purpose of this clause 16, the Security Agent may rely, and act in      reliance, upon any information from time to time furnished to the Security      Agent by the Agent (whether pursuant to clause 16.15.7 or otherwise)      unless and until the same is superseded by further such information, so      that the Security Agent shall have no liability or responsibility to any      party as a consequence of placing reliance on and acting in reliance upon      any such information unless the Security Agent has actual knowledge that      such information is inaccurate orincorrect. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.7 | Without      prejudice to the foregoing each of the Agent, the Issuing Bank and the      Banks (whether directly or through the Agent) shall provide the Security      Agent with such written information as it may reasonably require for the      purpose of carrying out its duties and obligations under the Security      Documents referred to in clause16.15.1. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16 | Trust      provisions |
|-------|-----------------------|

| 16.16.1 | The      trusts constituted or evidenced in or by this Agreement and the Trust Deed      shall remain in full force and effect until whichever is the earlier      of: |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      expiration of a period of eighty (80) years from the date of this      Agreement; and |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | receipt      by the Security Agent of confirmation in writing by the Agent that there      is no longer outstanding any Indebtedness (actual or contingent) which is      secured or guaranteed or otherwise assured by or under any of the Security      Documents, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16.2 | In      its capacity as trustee in relation to the Security Documents specified in      clause 16.15.1, the Security Agent shall, without prejudice to any of the      powers, discretions and immunities conferred upon trustees by law (and to      the extent not inconsistent with the provisions of any of those Security      Documents), have all the same powers and discretions as a natural person      acting as the beneficial owner of such property and/or as are conferred      upon the Security Agent by any of those Security  Documents. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16.3 | It      is expressly declared that, in its capacity as trustee in relation to the      Security Documents specified in clause 16.15.1, the Security Agent shall      be entitled to invest moneys forming part of the security and which, in      the opinion of the Security Agent, may not be paid out promptly following      receipt in the name or under the control of the Security Agent in any of      the investments for the time being authorised by law for the investment by      trustees of trust moneys or in any other property or investments whether      similar to the aforesaid or not or by placing the same on deposit in the      name or under the control of the Security Agent as the Security Agent may      think fit without being under any duty to diversify its investments and      the Security Agent may at any time vary or transpose any such property or      investments for or into any others of alike nature and shall not be      responsible for any loss due todepreciation |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.17 | Independent      action by Creditors |
|-------|--------------------------------------|

| 16.18 | Common      Agent and Security Agent |
|-------|--------------------------------------|

| 16.19 | Co-operation      to achieve agreed priorities ofapplication |
|-------|--------------------------------------------------------------|

| 16.20 | Prompt      distribution of proceeds |
|-------|--------------------------------------|

----

|   | 17 | Notices      and other matters |
|--------|----|--------------------------------|

| 17.1 | Notices |
|------|---------|

| 17.1.1 | be      in writing delivered personally or by first-class prepaid letter (airmail      if available) or facsimile transmission or other means of      telecommunication in permanent writtenform; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.2 | be      deemed to have been received, subject as otherwise provided in the      relevant Security Document, in the case of a letter, when delivered      personally or five (5) days after it has been put in to the post and, in      the case of a facsimile transmission or other means of telecommunication      in permanent written form, at the time of despatch (provided that if the      date of despatch is not a business day in the country of the addressee or      if the time of despatch is after the close of business in the country of      the addressee it shall be deemed to have been received at the opening of      business on the next such business day);and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.3 | be      sent: |
|--------|---------------|

|   | (a) | if      to the Borrower at: |
|--------|-----|-----------------------------|

|   | (b) | if      to the Agent and/or the Account Bank and/or the Security Agent and/or the      Issuing Bank and/or the Arrangerat: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      to a Bank, to its address or fax number specified in schedule 1 or in any      relevant Transfer Certificate, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

| 17.2 | Notices      through the Agent |
|------|--------------------------------|

| 17.3 | No      implied waivers, remediescumulative |
|------|---------------------------------------------|

----

| 17.4 | English      language |
|------|-----------------------|

|   | 18 | Governing      law and jurisdiction |
|--------|----|-------------------------------------|

| 18.1 | Law |
|------|-----|

| 18.2 | Submission      to jurisdiction |
|------|---------------------------------|

| 18.3 | Contracts      (Rights of Third Parties) Act 1999 |
|------|---------------------------------------------------|

----

|  Name                                             |  Lending      Office                                          |  Address      for Notices                                                                                                                                                                                                          |  Percentage  |
|--------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
|  National      Bank of Greece S.A., London Branch |  75      King William StreetLondon      EC4N 7BEEngland  |  75      King William StreetLondon      EC4N 7BEEngland Fax      no:              +44      207 105 3834Att:      Credit Administration Department  |  100%             |

----

| 1 | Constitutional      documents |
|---|-------------------------------|

| 2 | Corporate      authorisations |
|---|-------------------------------|

|   | (i) | being      true and correct; |
|--------|-----|------------------------------|

|   | (ii) | being      duly passed at meetings of the directors of such Security Party and, if      required, of the shareholders of such Security Party each duly convened      and held; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | not      having been amended, modified or revoked;and |
|--------|-------|-------------------------------------------------------|

|   | (iv) | being      in full force and effect, |
|--------|------|--------------------------------------|

| 3 | Specimen      signatures |
|---|--------------------------|

| 4 | Certificates      of incumbency |
|---|---------------------------------|

| 5 | Borrower's      consents and approvals |
|---|----------------------------------------|

----

| 6 | Other      consents and approvals |
|---|-----------------------------------|

| 7 | Accounts |
|---|----------|

| 8 | Security      Documents |
|---|-------------------------|

| 9 | Fees |
|---|------|

| 10 | Due      diligence and Group structure chart;accounts |
|----|-------------------------------------------------------|

|   | (a) | evidence      that all information required in relation to any Security Party in order      for the each Creditor to complete its due diligence formalities in      connection with this Agreement and the other Security Documents has been      provided and is satisfactory in all respects to the such      Creditor; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      Group structure chart in respect of the Group;  and |
|--------|-----|------------------------------------------------------------|

|   | (c) | the      unaudited consolidated financial statements of the Group for the half-year      ended 30 June 2009; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

| 11 | Schedule      of Receivables and Borrowing BaseReport |
|----|-------------------------------------------------------|

|   | (a) | a      Schedule of Receivables which the Borrower wishes to provide to the      Security Agent as security under the Receivables Assignment;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      Borrowing Base Report as at a date not earlier than 3 Banking Days prior      to the earlier of the first Utilisation Date under this Agreement, duly      executed by the Borrower and counter-signed and verified for the accuracy      of its contents by the Chief Financial Officer of the Group;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | evidence      that The Royal Bank of Scotland plc and HSH Nordbank Ag (as lenders to the      Borrower) have agreed that the Borrower may assign Receivables in favour      of the Security Agent under this Agreement;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | evidence      that all the Lenders of the Borrower have agreed to the same financial      undertakings as those contained in the Corporate  Guarantee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | English      opinion |
|----|----------------------|

----

| 13 | Marshall      Islands and Liberian opinion |
|----|--------------------------------------------|

| 14 | Borrower's      process agent |
|----|-------------------------------|

| 15 | Security      Parties' process agent |
|----|--------------------------------------|

----

| 1 | The      Security Agent hereby acknowledges and declares that, from the date of      this Deed, it holds and shall hold the Trust Property on trust for certain      of the other Creditors on the terms and basis set out in the      Agreement. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The      declaration and acknowledgement contained in paragraph 1 above shall be      irrevocable. |
|---|----------------------------------------------------------------------------------------------------|

| EXECUTED as a DEED                               | ) |   |             |
|--------------------------------------------------|---|--------|------------------|
| by                                               | ) |   |             |
| for      and on behalf of                        | ) |   |             |
| NATIONAL      BANK OF GREECE S.A., LONDON BRANCH | ) |   | Attorney-in-fact |
| as      Security Agent                           | ) |   |             |
| in      the presence of:                         | ) |   |             |

----

| To: | NATIONAL      BANK OF GREECE S.A., LONDON BRANCH as agent on its own behalf and on      behalf of the Borrower, the Account Bank, the Security Agent, the Issuing      Bank and the Banks defined in the Facility Agreement referred to      below. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | The      Transferor with full title guarantee assigns to the Transferee absolutely      all rights and interests (present, future or contingent) which the      Transferor has as a Bank under or by virtue of the Facility Agreement and      all the Security Documents in relation to such parts of the participation      of the Transferor (or its predecessors in title) in the Facility Agreement      as are set out in the schedule. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | By      virtue of this Transfer Certificate and clause 15 of the Facility      Agreement, the Transferor is discharged [entirely from its participation]      [from such parts of its participation as are set out in the      schedule]. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The      Transferee hereby requests the Agent (on behalf of itself, the Borrower,      the Account Bank, the Security Agent, the Issuing Bank and the Banks) to      accept the executed copies of this Transfer Certificate as being delivered      pursuant to and for the purposes of clause 15.3 of the Facility Agreement so as to take      effect in accordance with the terms thereof on [date of      transfer]. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The      Transferee: |
|---|----------------------|

|   | 4.1 | confirms      that it has received a copy of the Facility Agreement and the other      Security Documents together with such other documents and information as      it has required in connection with the transaction contemplated      thereby; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | confirms      that it has not relied and will not hereafter rely on the Transferor, the      Agent, the Account Bank, the Security Agent, the Issuing Bank or the Banks      to check or enquire on its |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | behalf      into the legality, validity, effectiveness, adequacy, accuracy or      completeness of the Facility Agreement, any of the Security Documents or      any such documents or information; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3 | agrees      that it has not relied and will not rely on the Transferor, the Agent, the      Account Bank, the Security Agent, the Issuing Bank or the Banks to assess      or keep under review on its behalf the financial condition,      creditworthiness, condition, affairs, status or nature of the Borrower, or      any other Security Party (save as otherwise expressly provided      therein); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.4 | warrants      that it has power and authority to become a party to the Facility      Agreement and has taken all necessary action to authorise execution of      this Transfer Certificate and to obtain all necessary approvals and      consents to the assumption of its obligations under the Facility Agreement      and the Security Documents; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5 | if      not already a Bank, appoints (i) the Agent to act as its agent and (ii)      the Security Agent as its security agent and trustee, as provided in the      Facility Agreement and the Security Documents and agrees to be bound by      the terms of the Facility Agreement and the Security      Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | The      Transferor: |
|---|----------------------|

|   | 5.1 | warrants      to the Transferee that it has full power to enter into this Transfer      Certificate and has taken all corporate action necessary to authorise it      to do so; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | warrants      to the Transferee that this Transfer Certificate is binding on the      Transferor under the laws of England, the country in which the Transferor      is incorporated and the country in which its lending office is located;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | agrees      that it will, at its own expense, execute any documents which the      Transferee reasonably requests for perfecting in any relevant jurisdiction      the Transferee's title under this Transfer Certificate or for a similar      purpose. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | The      Transferee hereby undertakes with the Transferor and each of the other      parties to the Facility Agreement and the other Security Documents that it      will perform in accordance with its terms all those obligations which by      the terms of the Facility Agreement and the other Security Documents will      be assumed by it after delivery of the executed copies of this Transfer      Certificate to the Agent and satisfaction of the conditions (if any)      subject to which this Transfer Certificate is expressed to take      effect. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | By      execution of this Transfer Certificate on their behalf by the Agent and in      reliance upon the representations and warranties of the Transferee, the      Borrower, the Agent, the Security Agent, the Account Bank, the Issuing      Bank and the Banks accept the Transferee as a party to the Facility      Agreement and the Security Documents with respect to all those rights      and/or obligations which by the terms of the Facility Agreement and the      Security Documents will be assumed by the Transferee (including those      about pro-rata sharing and the exclusion of liability on the part of, and      the indemnification of, the Agent, the Account Bank, the Issuing Bank and      the Security Agent as provided by the Facility Agreement) after delivery      of the executed copies of this Transfer Certificate to the Agent and      satisfaction of the conditions (if any) subject to which this Transfer      Certificate is expressed to takeeffect. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | None      of the Transferor, the Agent, the Security Agent, the Account Bank, the      Issuing Bank or the Banks: |
|---|-------------------------------------------------------------------------------------------------------------------|

|   | 8.1 | makes      any representation or warranty nor assumes any responsibility with respect      to the legality, validity, effectiveness, adequacy or enforceability of      the Facility Agreement or any of the Security Documents or any document      relating thereto; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | assumes      any responsibility for the financial condition of the Borrower or any      other Security Party or any party to any such other document or for the      performance and observance by the Borrower or any other Security Party or      any party to any such other document (save as otherwise expressly provided      therein) and any and all such conditions and warranties, whether express      or implied by law or otherwise, are hereby excluded (except as      aforesaid). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9 | The      Transferor and the Transferee each undertake that they will on demand      fully indemnify the Agent in respect of any claim, proceeding, liability      or expense which relates to or results from this Transfer Certificate or      any matter concerned with or arising out of it unless caused by the      Agent's gross negligence or wilful misconduct, as the case may      be. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | The      agreements and undertakings of the Transferee in this Transfer Certificate      are given to and for the benefit of and made with each of the other      parties to the Facility Agreement and the Security    Documents. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | This      Transfer Certificate is governed by, and shall be construed in accordance      with, English law. |
|----|-------------------------------------------------------------------------------------------------------------|

|   | Transferor |   | Transferee |
|--------|------------|--------|------------|
|   |       |   |       |   |   |
|   | By:        |   |       | By: |   |
|   |       |   |       |   |   |
|   | Dated:     |   |       | Dated: |   |

| By:    |   |   |
|--------|--------|--------|
|   |   |   |
| Dated: |   |   |

----

----

|   |  [·] 200[·] |
|--------|----------------------------|

| (a) | no      event or circumstance has occurred and is continuing which constitutes a      Default; |
|-----|------------------------------------------------------------------------------------------------|

| (b) | the      representations and warranties contained in (i) clauses 7.1, 7.2 and      7.3(b) of the Facility Agreement and (ii) clause 4 of the Corporate      Guarantee, are true and correct at the date hereof as if made with respect      to the facts and circumstances existing at such date;  and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | there      has been no material adverse change in our financial position or the      financial position of the Corporate Guarantor or any other Relevant Party      or the consolidated financial position of the Group from that described by      or on behalf of ourselves to the Agent and the Banks in the negotiation of      the Facility Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| To:    | National      Bank of Greece S.A., London Branch75      King William StreetLondon      EC4N 7BEEngland(as      Agent and Issuing Bank) |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | [·] 200[·] |
|--------|----------------------|

| (a) | currency      and amount of the L/C: [·]; |
|-----|------------------------------------------------|

| (b) | Issue      Date of the L/C: [·]; |
|-----|---------------------------------------|

| (c) | Expiry      Date of the L/C: [·];      and |
|-----|-------------------------------------------------|

| (d) | delivery      instructions: [·]. |
|-----|---------------------------------------|

| (d) | no      event or circumstance has occurred and is continuing which constitutes a      Default; |
|-----|------------------------------------------------------------------------------------------------|

| (e) | the      representations and warranties contained in (i) clauses 7.1, 7.2 and      7.3(b) of the Facility Agreement and (ii) clause 4 of the Corporate      Guarantee, are true and correct at the date hereof as if made with respect      to the facts and circumstances existing at such date;  and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | there      has been no material adverse change in our financial position or the      financial position of the Corporate Guarantor or any other Relevant Party      or the consolidated financial position of the Group from that described by      or on behalf of ourselves to the Agent and the Banks in the negotiation of      the Facility Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

|   | E x0.01 |   | per      cent per annum. |
|--------|---------|--------|--------------------------|
|   | 300     |   |

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

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

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

|   | (c) | "Special Deposits" has      the meaning given to it from time to time under or pursuant to the Bank of      England Act 1998 or (as may be appropriate) by the Bank of England;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

|   | (a) | the      jurisdiction of its lending office;and |
|--------|-----|-------------------------------------------------|

|   | (b) | any      other information that the Agent may reasonably require for such      purpose. |
|--------|-----|-----------------------------------------------------------------------------------------|

| 8 | The      rate of charge of the Reference Bank for the purpose of E above shall be      determined by the Agent based upon the information supplied to it pursuant      to paragraphs 6 and 7 above and on the assumption that, unless a Bank      notifies the Agent to the contrary, each Bank's obligations in relation to      cash ratio deposits and Special Deposits are the same as those of a      typical bank from its jurisdiction of incorporation with a lending office      in the same jurisdiction as its lendingoffice. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

----

|                              | ) |   |             |
|-----------------------------------|---|--------|------------------|
| SIGNEDby                          | ) |   |             |
| for      and on behalf of         | ) |   |             |
| AEGEAN      MARINE PETROLEUM S.A. | ) |   | Attorney-in-fact |
| as      Borrower                  | ) |   |             |
|                              | ) |   |             |

| SIGNEDby                                         | ) |   |                        |
|--------------------------------------------------|---|--------|-----------------------------|
| and      by                                      | ) |   |                        |
| for      and on behalf of                        | ) |   |                        |
| NATIONAL      BANK OF GREECE S.A., LONDON BRANCH | ) |   | Authorised      Signatories |
| as      Agent, Security Agent,                   | ) |   |                        |
| Issuing      Bank and Account Bank               | ) |   |                        |

| SIGNEDby                          | )      |   |                        |
|-----------------------------------|--------|--------|-----------------------------|
| and      by                       | )      |   |                        |
| for      and on behalf of         | )      |   |                        |
| NATIONAL      BANK OF GREECE S.A. | )      |   | Authorised      Signatories |
| as      Arranger                  | )      |   |                        |
|                              |   |   |                        |

| SIGNEDby                                         | )      |   |                        |
|--------------------------------------------------|--------|--------|-----------------------------|
| and      by                                      | )      |   |                        |
| for      and on behalf of                        | )      |   |                        |
| NATIONAL      BANK OF GREECE S.A., LONDON BRANCH | )      |   | Authorised      Signatories |
| as      Bank                                     |   |   |                        |
|                                             |   |   |                        |

----