| Private      & Confidential                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Dated      16 March 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     SUPPLEMENTAL      AGREEMENTrelating      to a Revolving Credit Facility and a Guaranteeand      Letter of Credit Facility ofup      to (originally) US$1,000,000,000toAEGEAN      MARINE PETROLEUM S.A.as      Borrower provided      byTHE      BANKS AND FINANCIAL INSTITUTIONSlisted      in schedule 1as      Banks Mandated      Lead Arranger and BookrunnerHSH      NORDBANK AGAgent,      Security Agent, Issuing Bank and Account BankTHE      ROYAL BANK OF SCOTLAND PLC     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| (1) | AEGEAN MARINE PETROLEUM      S.A., a corporation incorporated in the Republic of Liberia whose      registered office is at 80 Broad Street, Monrovia, Liberia (the “Borrower”); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE BANKS AND FINANCIAL      INSTITUTIONS listed in schedule 1 as Banks (together the “Banks”); |
|-----|-------------------------------------------------------------------------------------------------------------|

| (3) | THE ROYAL BANK OF SCOTLAND PLC      as agent (the “Agent”); |
|-----|-------------------------------------------------------------------------|

| (4) | THE ROYAL BANK OF SCOTLAND PLC      as account bank (the “Account      Bank”); |
|-----|--------------------------------------------------------------------------------------------|

| (5) | THE ROYAL BANK OF SCOTLAND PLC      as security agent (the “Security      Agent”); |
|-----|------------------------------------------------------------------------------------------------|

| (6) | THE ROYAL BANK OF SCOTLAND PLC      as issuing bank (the “Issuing      Bank”); |
|-----|--------------------------------------------------------------------------------------------|

| (7) | HSH NORDBANK AG as      mandated lead arranger and bookrunner (the “Arranger”); |
|-----|---------------------------------------------------------------------------------------------|

| (8) | THE COMPANIES listed in      schedule 2 as Owners (together the “Owners” and each an      “Owner”); |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (9) | AEGEAN BUNKERING SERVICES      INC., a corporation incorporated in the Marshall Islands whose      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake      Island, Majuro, Marshall Islands MH96960 (the “Manager”); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | AEGEAN MANAGEMENT SERVICES      M.C., a company incorporated in the Hellenic Republic whose      registered office is at 42 Hatzikiriakou Street, 185 38 Piraeus, Greece      (the “New      Manager”); and |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | AEGEAN MARINE PETROLEUM NETWORK      INC., a corporation incorporated in the Marshall Islands whose      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake      Island, Majuro, Marshall Islands MH96960 (the “Corporate      Guarantor”). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | this      Agreement is supplemental to a loan agreement dated 30 September 2008 as      amended and supplemented by various supplemental letters and agreements      (together, the “Principal      Agreement”) made between (1) the Borrower as borrower, (2) the      Banks, (3) the Agent, (4) the Arranger, (5) the Security Agent, (6) the      Account Bank and (7) the Issuing Bank, relating to a secured credit      facility of up to One billion Dollars ($1,000,000,000), made available by      the Banks to the Borrower upon the terms and conditions set out therein;      and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | the      Borrower has requested that (inter alia) the Banks agree to the extension      of the Final Maturity Date for all the Facilities and that certain other      changes are made to the Principal Agreement and this Agreement sets out      (inter alia) the terms and conditions upon which the Creditors shall, at      the request of the Borrower, agree to such  changes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | NOW IT IS HEREBY AGREED      as follows: |
|--------|------------------------------------------|

|   | 1 | Definitions |
|--------|---|-------------|

| 1.1 | Defined      expressions |
|-----|--------------------------|

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

5

----

| 1.4 | Headings |
|-----|----------|

| 1.5 | Construction      of certain terms |
|-----|------------------------------------|

|   | 2 | Consent      of the Creditors |
|--------|---|-------------------------------|

| 2.1 | The      Creditors, relying upon the representations and warranties made by each of      the Relevant Parties in clause 4, agree with the Borrower that,      subject to the terms and conditions of this Agreement and in particular,      but without prejudice to the generality of the foregoing, fulfilment on or      before 20 March 2009 of the conditions contained in clause 5 and      schedule 4, the Creditors agree to the amendment of the Principal      Agreement on the terms set out inclause 3. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The      Agent (acting on the instructions of all the Banks) shall advise the      Borrower in writing of the EffectiveDate. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | 3 | Amendments      to Principal Agreement |
|--------|---|----------------------------------------|

| 3.1 | Amendments      to Principal Agreement |
|-----|----------------------------------------|

| 3.2 | Continued      force and effect |
|-----|---------------------------------|

|   | 4 | Representations      and warranties |
|--------|---|-------------------------------------|

| 4.1 | Primary      representations and warranties |
|-----|---------------------------------------------|

| 4.1.1 | Existing      representations and warranties |
|-------|----------------------------------------------|

| 4.1.2 | Corporate      power |
|-------|----------------------|

| 4.1.3 | Binding      obligations |
|-------|--------------------------|

| 4.1.4 | No      conflict with other obligations |
|-------|-----------------------------------------|

| 4.1.5 | No      filings required |
|-------|--------------------------|

| 4.1.6 | Choice      of law |
|-------|--------------------|

| 4.1.7 | Consents      obtained |
|-------|------------------------|

| 4.2 | Repetition      of representations and warranties |
|-----|---------------------------------------------------|

|   | 5 | Conditions |
|--------|---|------------|

| 5.1 | Documents      and evidence |
|-----|-----------------------------|

| 5.2 | General      conditions precedent |
|-----|-----------------------------------|

| 5.2.1 | the      representations and warranties in clause 4 being true and correct on      the Effective Date as if each was made with respect to the facts and      circumstances existing at such time;and |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2 | no      Event of Default having occurred and continuing at the time of the      Effective Date. |
|-------|-------------------------------------------------------------------------------------------------|

| 5.3 | Waiver      of conditions precedent |
|-----|-------------------------------------|

|   | 6 | Relevant      Parties' confirmations |
|--------|---|--------------------------------------|

| 6.1 | each      of the Security Documents to which it is a party, and its obligations      thereunder, shall remain in full force and effect notwithstanding the      amendments made to the Principal Agreement by this Agreement; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | its      obligations under the relevant Security Documents to which it is a party      includes any and all amounts owing by the Borrower under the Principal      Agreement as amended and restated by this Agreement;  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | with      effect from the Effective Date, references to “the Agreement” or the      “theLoan Agreement”, or the      “Facility      Agreement” (or equivalent references) in any of the Security      Documents to which it is a party, shall henceforth be references to the      Principal Agreement as amended and restated by this Agreement and as from      time to time hereafter amended. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7 | Expenses |
|--------|---|----------|

| 7.1 | Expenses |
|-----|----------|

| 7.1.1 | in      connection with the negotiation, preparation, execution and, where      relevant, registration of this Agreement and the New Security Documents      and of any amendment or extension of or the granting of any waiver or      consent under this Agreement or the New Security Documents;      and |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2 | in      contemplation of, or otherwise in connection with, the enforcement of, or      preservation of any rights under this Agreement or the New Security      Documents or otherwise in respect of the monies owing and obligations      incurred under this Agreement and the New Security    Documents, |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Value      Added Tax |
|-----|----------------------|

| 7.3 | Stamp      and other duties |
|-----|-----------------------------|

|   | 8 | Miscellaneous      and notices |
|--------|---|--------------------------------|

| 8.1 | Notices |
|-----|---------|

| 8.2 | Counterparts |
|-----|--------------|

|   | 9 | Applicable      law |
|--------|---|---------------------|

| 9.1 | Law |
|-----|-----|

----

| 9.3 | Contracts      (Rights of Third Parties) Act 1999 |
|-----|---------------------------------------------------|

----

|  Name                           |  Lending      Office                                            |
|-------------------------------------------|----------------------------------------------------------------------|
|  The      Royal Bank of Scotland plc |  45      Akti Miaouli185      36 PiraeusGreece             |
|  HSH      Nordbank AG                |  Gerhart-Hauptmann-Platz      5020095      HamburgGermany  |

----

|   |   | (1)Owner | (2)Country      of Incorporation                                | (3)Registered      office |
|--------|--------|----------|-----------------------------------------------------------------|---------------------------|
|   | 1      |     | Aegean      Daisy Maritime Company                              | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   | 2      |     | Aegean      Rose Maritime Company                               | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   | 3      |     | Baltic      Navigation Company                                  | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   | 4      |     | Carnaby      Navigation Inc.                                    | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia |
|   | 5      |     | Mare      Vision S.A.                                           | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   | 6      |     | Aegean      Tanking S.A.                                        | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia |
|   | 7      |     | Ouranos      Tanking S.A.                                       | Liberia                   | 80      Broad Street, Monrovia, Liberia |
|   | 8      |     | Sea      Breezer Marine S.A.                                    | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   | 9      |     | Aegean      Breeze Maritime Company                             | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   | 10     |     | Aegean      Tiffany Maritime Company                            | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   | 11     |     | Aegean      X Maritime Inc.                                     | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   | 12     |     | Pontos      Navigation Inc.                                     | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   | 13     |     | Aegean      Marine Petroleum LLC (Collateral      Owner A) | United      Arab Emirates | P.O.      Box 2688, Khorfakkan, Emirate of Sharjah, United Arab    Emirates |
|   | 14     |     | Aegean      Seven Maritime Inc. (Collateral      Owner B)       | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia |
|   | 15     |     | Venus      Holding Company (Collateral      Owner C)            | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |

----

|   |   | (1)Name/Hull      Number | (2)Flag      State                          |                      | (3)IMO      No. |   | (4)Owning      Company |
|--------|--------|--------------------------|---------------------------------------------|---------------------------|-----------------|--------|------------------------|
|   | 1      |                     | Aegean      Daisy                           | Greek                     |            |   | 7729007                |   | Aegean      Daisy Maritime Company |
|   | 2      |                     | Aegean      Rose                            | Greek                     |            |   | 7729019                |   | Aegean      Rose Maritime Company |
|   | 3      |                     | Aegean      Force                           | Liberia                   |            |   | 8007080                |   | Baltic      Navigation Company |
|   | 4      |                     | Aegean      Pride I                         | Liberia                   |            |   | 8027195                |   | Carnaby      Navigation Inc. |
|   | 5      |                     | Aegean      XI                              | Gibraltar                 |            |   | 8411255                |   | Mare      Vision S.A. |
|   | 6      |                     | Fos                                         | Liberia                   |            |   | 8033314                |   | Aegean      Tanking S.A. |
|   | 7      |                     | Ouranos                                     | Liberia                   |            |   | 8138683                |   | Ouranos      Tanking S.A. |
|   | 8      |                     | Aegean      Princess                        | Liberia                   |            |   | 8821759                |   | Sea      Breezer Marine S.A. |
|   | 9      |                     | Aegean      Breeze I                        | Greek                     |            |   | 9314466                |   | Aegean      Breeze Maritime Company |
|   | 10     |                     | Aegean      Tiffany                         | Greek                     |            |   | 9314478                |   | Aegean      Tiffany Maritime Company |
|   | 11     |                     | Aegean      X                               | Panama                    |            |   | 8209664                |   | Aegean      X Maritime Inc. |
|   | 12     |                     | Leader                                      | Panama                    |            |   | 8400000                |   | Pontos      Navigation Inc. |
|   | 13     |                     | Aegean Flower      (Collateral      Ship A) | United      Arab Emirates |            |   | 8978394                |   | Aegean      Marine Petroleum LLC |
|   | 14     |                     | Aegean VII (Collateral      Ship B)         | Liberia                   |            |   | 8313544                |   | Aegean      Seven Maritime Inc. |
|   | 15     |                     | Aegean IX (Collateral      Ship C)          | Panama                    |            |   | 7402623                |   | Venus      HoldingCompany |

----

----

| Private & Confidential                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    FACILITY      AGREEMENTfor      a Revolving Credit Facilityand      a Guarantee and Letter of Credit Facilityof      up to US$1,000,000,000toAEGEAN      MARINE PETROLEUM S.A. provided      byTHE      BANKS AND FINANCIAL INSTITUTIONS SET OUT IN SCHEDULE 1 Mandated      Lead Arranger and BookrunnerHSH      NORDBANK AG Agent,      Security Agent and Account BankTHE      ROYAL BANK OF SCOTLAND PLC             |

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| Clause                                                                  |                                                     | Page   |
|-------------------------------------------------------------------------|----------------------------------------------------------|--------|
|                                                                    |                                                     |   |
| 1                                                                       | Purpose      and definitions                             | 1      |
|                                                                    |                                                     |   |
| 2                                                                       | The      Facilities                                      | 22     |
|                                                                    |                                                     |   |
| 3                                                                       | Interest      and Interest Periods                       | 41     |
|                                                                    |                                                     |   |
| 4                                                                       | Indemnities;      repayments; cancellations; prepayments | 44     |
|                                                                    |                                                     |   |
| 5                                                                       | Fees,      commissions and expenses                      | 48     |
|                                                                    |                                                     |   |
| 6                                                                       | Payments      and taxes; accounts and calculations       | 50     |
|                                                                    |                                                     |   |
| 7                                                                       | Representations      and warranties                      | 55     |
|                                                                    |                                                     |   |
| 8                                                                       | Undertakings                                             | 61     |
|                                                                    |                                                     |   |
| 9                                                                       | Conditions                                               | 72     |
|                                                                    |                                                     |   |
| 10                                                                      | Events      of Default                                   | 73     |
|                                                                    |                                                     |   |
| 11                                                                      | Indemnities                                              | 79     |
|                                                                    |                                                     |   |
| 12                                                                      | Unlawfulness      and increased costs                    | 81     |
|                                                                    |                                                     |   |
| 13                                                                      | Security,      set off and pro-rata payments             | 83     |
|                                                                    |                                                     |   |
| 14                                                                      | Accounts                                                 | 86     |
|                                                                    |                                                     |   |
| 15                                                                      | Assignment,      transfer and lending office             | 88     |
|                                                                    |                                                     |   |
| 16                                                                      | Arranger,      Agent, Security Agent and Reference Banks | 91     |
|                                                                    |                                                     |   |
| 17                                                                      | Notices      and other matters                           | 102    |
|                                                                    |                                                     |   |
| 18                                                                      | Governing      law and jurisdiction                      | 104    |
|                                                                    |                                                     |   |
| Schedule      1 The Banks and their Percentages                         | 105                                                      |
|                                                                    |                                                     |
| Schedule      2 Documents and evidence required as conditions precedent | 106                                                      |
|                                                                    |                                                     |
| Schedule      3 The Owners and their Ships                              | 111                                                      |
|                                                                    |                                                     |
| Schedule      4 Transfer Certificate                                    | 114                                                      |
|                                                                    |                                                     |

----

| Clause                                                    |   | Page   |
|-----------------------------------------------------------|--------|--------|
|                                                      |   |   |
| The      Schedule                                         | 117    |
|                                                      |   |
| Schedule      5 Form of Drawdown Notice and Issue Request | 118    |
|                                                      |   |
| Schedule      6 Mandatory Cost formula                    | 121    |
|                                                      |   |
| Schedule      7 Form of Insurance Letter                  | 123    |
|                                                      |   |
| Schedule      8 Form of Trust Deed                        | 124    |
|                                                      |   |
| Schedule      9 Conditions subsequent                     | 125    |
|                                                      |   |
| Schedule      10 Form of Borrowing Base Report            | 131    |

----

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

| (2) | THE ROYAL BANK OF SCOTLAND      PLC as Agent, Security Agent and Account  Bank; |
|-----|---------------------------------------------------------------------------------|

| (3) | HSH NORDBANK AG 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      reducing revolving credit facility in the amount of up to the Applicable      RCF 1 Limit, for the purpose of assisting the Borrower to finance the      working capital needs of the Borrower and any other members of the Group      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 Applicable Guarantee Facility Limit (inclusive of the      limit of the revolving credit facility referred to in clause 1.1.3 below),      for the purpose of assisting the Borrower to finance the purchase and      transportation of fuel cargoes and the payment of other expenses      incidental to the supply of bunkers and lubricants to its customers;      and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.1.3 | a      revolving credit facility in the amount of up to the Applicable RCF 2      Limit, for the purpose of assisting the Borrower to finance the working      capital needs of the Borrower and any other members of the Group in      connection with trade relatedactivities. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

|   | (c) | all      other Outstandings of all Banks;and |
|--------|-----|----------------------------------------------|

|   | (d) | any      part of the Available Amount of the RC Facilities 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; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | the      GF Relevant Amount or the equivalent thereof in Optional Currencies, as      the same may be increased from time to time under and in accordance with      clause 2.16 but not exceeding the Maximum Guarantee Facility      Limit, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      outstanding Advances under RCF 2 at the relevant time;  and |
|--------|-----|----------------------------------------------------------------------|

|   | (c) | the      total amount of the Ancillary Commitment for as long as the Ancillary      Facility remains available under the Ancillary Documents and this      Agreement, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      RCF 2 Relevant Amount (or such other higher or lower sum as may be      approved in writing by all the Banks in their absolute discretion not      exceeding the then Applicable Guarantee Facility Limit), as the same may      be increased from time to time under and in accordance with clause 2.16      but not exceeding the Maximum RCF 2 Limit;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the      amount in Dollars which is equal to the available and unutilised portion      of the Applicable Guarantee Facility Limit at the relevant      time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      total amount of the Ancillary Commitment for as long as the Ancillary      Facility remains available under the Ancillary Documents and this      Agreement, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      date falling seven (7) days before the Final Maturity Date (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) | in      relation to Collateral Ship A, the Collateral Owner  A; |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | in      relation to Collateral Ship B, the Collateral Owner B;  or |
|--------|-----|--------------------------------------------------------------------|

|   | (c) | in      relation to Collateral Ship C, the Collateral Owner  C, |
|--------|-----|-----------------------------------------------------------------|

|   | (a) | in      relation to Collateral Owner A, the Collateral Ship  A; |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | in      relation to Collateral Owner B, the Collateral Ship  B; |
|--------|-----|-----------------------------------------------------------------|

----

|   | (c) | in      relation to Collateral Owner C, the Collateral Ship  C; |
|--------|-----|-----------------------------------------------------------------|

|   | (a) | in      connection with a RC Facility at any relevant time, the amount in Dollars      equal to such Bank’s Percentage of the Applicable Limit of that RC      Facility at such time; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      connection with both RC Facilities at any relevant time, the amount in      Dollars equal to such Bank’s Percentage of the Applicable Limits of both      RC Facilities at such time, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

----

|   | (a) | until      the RBS Reduction Date $197,500,000 or, with effect from the RBS Reduction      Date and at all times thereafter,$147,500,000; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      effect from the date of any reduction of the Applicable RCF 1 Limit under      clause 4, the amount of such reduction;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | with      effect from the date of any prepayment of RCF 1 under clause 8.2.1, the      amount of such prepayment; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

----

|   | (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 |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | if      on such date no such rate is so displayed, the arithmetic mean of the      rates (rounded upwards to four decimal places) quoted to the Agent by the      Reference Banks 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 each 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 relevant Bank) to have been the spot      rate of exchange of the Bank that issued such L/C for such purchase at or      about 11.00 a.m. on such IssueDate), |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | until      the RBS Reduction Date, the percentage set opposite its name in schedule 1      under the heading “Percentage - Pre-RBS      Reduction”; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      effect from the RBS Reduction Date and at all times thereafter, the      percentage set opposite its name in schedule 1 under the heading “Percentage - Post-RBS      Reduction”, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | have      been included in a Schedule of Receivables submitted to the Agent pursuant      to clause 2.4 or clause 8.2.1(b) 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: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | (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 |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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) | until      the RBS Reduction Date $147,500,000 or, with effect from the RBS Reduction      Date and at all times thereafter,$105,750,000; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      effect from the date of any reduction of the Applicable RCF 1 Limit under      clause 4, the amount of such reduction;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | with      effect from the date of any prepayment of RCF 1 under clause 8.2.1, the      amount of such prepayment; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | the      actual, constructive, compromised or arranged total loss of such Ship;      or |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | the      Compulsory Acquisition of such Ship;or |
|--------|-----|-------------------------------------------------|

|   | (c) | the      hijacking, theft, condemnation, capture, seizure, arrest, detention or      confiscation of such Ship (other than where the same amounts to the      Compulsory Acquisition of such |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Ship)      by any Government Entity, or by persons acting or purporting to act on      behalf of any Government Entity, unless such Ship be released and restored      to the relevant Owner from such hijacking, theft, condemnation, capture,      seizure, arrest, detention or confiscation within thirty (30) days after      the occurrence thereof; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      respect of the Guarantee Facility, the Maximum Guarantee Facility Limit      minus the maximum amount of the Applicable Guarantee Facility Limit at      such time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      respect of RCF 1, the Maximum RCF 1 Limit minus the maximum amount of the      Applicable RCF 1 Limit at such time;or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      respect of RCF 2, the Maximum RCF 2 Limit minus the maximum amount of the      Applicable RCF 2 Limit at such time;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | Clause      headings and the table of contents are inserted for convenience of      reference only and shall be ignored in the interpretation of this      Agreement. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 itsschedules; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.9 | references      to a “demand”      include any requirement to make payment in accordance with the terms of a      L/C; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.10 | an      amount borrowed includes any amount utilised under the Ancillary      Facility. |
|--------|--------|-----------------------------------------------------------------------------------------|

| 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      reducing revolving credit facility for the purposes described in clause      1.1.1, in an aggregate amount not exceeding at any one time the Applicable      RCF 1 Limit; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 Applicable Guarantee Facility Limit;  and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      revolving credit facility for the purposes described in clause 1.1.3, in      an amount not exceeding at any one time the Applicable RCF 2      Limit. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      aggregate amount made available under the Guarantee Facility and RCF 2      shall not exceed at any time the lowerof: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (B) | 75%      of the total market value of the total volume of Oil Products which are      owned by the Borrower and subject to the Oil Products Security Deed at      such time (as such total volume is shown in the then most recent Borrowing      Base Report available to the Agent),plus |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | 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      relevant spot rate of exchange referred to in clause 2.8 as of the date of      any relevant calculation), minus |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | any      amounts on account of trade payables then owing by the Borrower to      suppliers of Oil Products but excluding any part of such amounts which are      financed or secured by the utilization of L/Cs under the Guarantee      Facility and while the relevant L/Cs remain  outstanding, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      maximum amount made available under RCF 1 shall not exceed at any time the      lower of: |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (i) | the      Applicable RCF 1 Limit; and |
|--------|-----|--------------------------------------|

----

|   | (ii) | 83%      of the market value of the Mortgaged Ships as most recently determined in      accordance with the provisions of clause8.2.2. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      obligation of each Bank under this Agreement in respect of a RC Facility      shall be to contribute that Bank’s Relevant Proportion of each Advance      under that RC Facility, as at the Drawdown Date of such      Advance. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Subject      to the terms of this Agreement and the Ancillary Documents, the Ancillary      Bank may, in accordance with clause 2.20, make available the Ancillary      Facility to the Borrower in place of (i) a part of its Guarantee Facility      Commitment and (ii) an equal part of its Commitment relating to RCF      2. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 2.2 | Terms      of RC Facilities |
|-----|-----------------------------|

|   | 2.2.1 | Subject      to the terms and conditions of this Agreement, each Advance under a 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, be      irrevocable. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 2.2.3 | Each      Advance of each 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 for such RC Facility, Provided that      no Advance may be drawn down under a RC Facility on any    day: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | of      an amount exceeding the Available Amount of such RC Facility 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), clause 2.1.1(c), clause 8.2.1(a) or clause 8.2.1(b);      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      the drawdown of such Advance would result in (i) more than two (2)      Advances having been drawn down under both RC Facilities during the same      calendar week or (ii) more than four (4) utilisations (including issuance      of L/Cs and drawings of |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Advances)      having been made available under the RC Facilities and the Guarantee      Facility 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 Relevant Proportion of the relevant Advance for payment by      the Agent in accordance withclause 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. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.8 | No      drawing may be made under a RC Facility (nor under the Ancillary Facility)      unless the Agent has confirmed in writing to the Borrower and the Banks      and (in the case of a drawing under the Ancillary Facility) to the      Ancillary Bank, that such drawing will not cause the Borrower to be in      breach of clauses 2.1.1 or 8.2.1(a) nor to be in breach of clause 8.2.1(a)      immediately after such drawing.  In relation to a drawing      proposed to be made under the Ancillary Facility, the Agent shall not      unreasonably delay its response to the request of the Ancillary      Bank for such confirmation. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 2.3.1 | Subject      to the terms of clause 2.18 and 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 Agent and the Bank requested to issue that L/C receive a      completed Issue Request: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | not      later than 11.00 a.m. (Greek time) on the intended Issue Date, if the      relevant L/C is to be issued by The Royal Bank of Scotland plc;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | not      later than 10.00 a.m. (German time) on the intended Issue Date, if the L/C      is to be issued by HSH Nordbank AG. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.2 | The      Borrower undertakes with each Bank to use each L/C only for the purpose      stated in clause 1.1.2. |
|--------|-------|---------------------------------------------------------------------------------------------------------------|

|   | 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 and the Agent) 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      Applicable 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(a) and shall remain in compliance with clause      8.2.1(a) immediately after the issuance of the relevant    L/C; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | each      L/C 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; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | no      L/C will be issued unless the Agent has confirmed to the Borrower and the      relevant Bank that will issue such L/C, that the issuance of the relevant      L/C would be in compliance with paragraph (d)(ii) above;    and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | no      more than four (4) utilisations (including issuance of L/Cs and drawings      of Advances) may be made within 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 Bank that will issue the relevant L/C and the      Agent. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.6 | Subject      to the provisions of this Agreement, the Bank that is to issue the      relevant L/C shall, on the Issue Date for such L/C, 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 L/C and the Original Dollar Amount of any Optional Currency L/C      shall be multiplied by 110%. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.8 | The      obligation of a Bank to issue a L/C and the right of the Borrower to      request the issuance of a L/C are further subject to the terms and      conditions of clause 2.18. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 have been contained in a Schedule of Receivables      previously delivered under thisAgreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.2 | in      respect of each Receivable contained in a Schedule of Receivables      submitted to the Agent under clause 2.4.1, a copy of the bunkering      confirmation issued by the Borrower tothe |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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 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(a) 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 L/Cconcerned. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 2.8.1 | In      this clause 2.8, the “relevant spot rate of      exchange” means, in relation to an Optional Currency L/C issued or      to be issued by a Bank, that 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 such Optional Currency L/C 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(a) is      tested by the Agent, as relevant (each an “L/C Valuation      Date”). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8.2 | On      each L/C 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(a) is tested by the Agent, the Outstanding Amount of each Optional      Currency L/C then outstanding, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8.3 | Each      Bank shall promptly notify the Agent and the Agent shall notify the Banks      and the Borrower of each relevant spot rate of exchange (as to which each      relevant Bank’s determinations 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 L/Cs |
|-----|------------------------|

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

|   | 2.9.2 | the      Bank that has issued that L/C 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 L/C) 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 Bank that has issued that L/C 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 | Each      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      issued by it, notify the Agent, and the Agent shall notify the Borrower      and the other 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 relevant Bank that has      issued that L/C by payment forthwith to the Agent for the account of that      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 each Bank to make any payment demanded from it pursuant to a      L/C issued by it 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 Bank that issued it was liable to make payment under that L/C and      any payment which that 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 no Bank shall in any circumstances whatsoever be liable to      the Borrower in respect of any loss or damage suffered by the Borrower by      reason of that Bank making a payment to the Beneficiary in connection with      any payment demanded under a L/C issued byit. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 L/C;  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 L/C 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 L/C. |
|--------|------------------------------------------------------------------------------------------------------------------------|

----

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

| 2.14 | Cancellation |
|------|--------------|

| 2.15 | Banks’      authorisation to issuing Bank |
|------|-------------------------------------------------|

| 2.16 | Increase      of Applicable Guarantee Facility Limit and Applicable RCF 2      Limit |
|------|--------------------------------------------------------------------------------------|

| 2.16.1 | It      is hereby agreed and understood that, as of the Effective      Date: |
|--------|------------------------------------------------------------------------------|

|   | (a) | the      maximum amount of the Applicable Guarantee Facility Limit is      $197,500,000; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | the      maximum amount of the Applicable RCF 1 Limit is    $102,500,000; |
|--------|-----|---------------------------------------------------------------------------|

|   | (c) | the      maximum amount of the Applicable RCF 2 Limit is $147,500,000;      and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (d) | the      Uncommitted Limit (or any part thereof) in respect of a Facility may      become available to the Borrower upon the satisfaction of the conditions      of, and subject to the terms of, this clause  2.16. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.2 | If      at any time the Borrower wishes an increase of the maximum amount of the      Applicable Guarantee Facility Limit, it will notify in writing the Agent      and the Arranger accordingly and of the proposed amount of the increase      (the “Relevant      Amount”), which shall be an amount not exceeding the then      Uncommitted Limit of the Guarantee Facility.  The Borrower shall      be entitled to submit such notice at any time falling not later than 20      Banking Days prior to the last day of the Availability Period for the      Guarantee Facility. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.3 | The      Agent will notify the Banks of the Borrower’s notice as soon as      practicable after receipt thereof by theAgent. |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.16.4 | The      maximum amount of the Applicable Guarantee Facility Limit shall be      increased by the sum of the Relevant Amount if, within 15 Banking Days      after the Agent’s said notice to theBanks: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Agent, the Arranger and all the Banks have consented in writing to such      proposed increase of the maximum amount of the Applicable Guarantee      Facility Limit by the sum of the Relevant Amount;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      Bank (an “Increasing      Bank”) has advised the Agent and the Arranger in writing that it      wishes to increase its Guarantee Facility Commitment by a sum equal to the      Relevant Amount; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the event that the Increasing Bank has also advised the Agent that it      wishes to increase its Guarantee Facility Commitment only on condition      that it transfers simultaneously a part of its rights and obligations      under this Agreement to a Transferee Bank, a Transfer Certificate to this      effect has been executed between the Increasing Bank and the relevant      Transferee Bank in respect of the said transfer to the satisfaction of the      Increasing Bank and such Transfer Certificate has been executed by the      Agent and is otherwise duly executed and effective in accordance with the      terms of this Agreement; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      Banks, the Increasing Bank and, if applicable, the relevant Transferee      Bank have executed such other Transfer Certificates with each other, as      the Agent shall determine and require in order to ensure that, on the said      increase of the maximum amount of the Applicable Guarantee Facility Limit      becoming effective, the proportion (expressed as a percentage) which each      Bank’s (including the Increasing Bank and, if applicable, the relevant      Transferee Bank) Commitment and Contribution in respect of both RC      Facilities bears to the Total Commitments and the aggregate of the      Contributions of all of the Banks, and which each Bank’s Guarantee      Facility Commitment bears to all Guarantee Facility Commitments and its      Percentage in all the Facilities, are all the same percentage, and such      Transfer Certificates have been executed by the Agent and are otherwise      duly executed and effective in accordance with the terms of this      Agreement; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Agent has sent a notice to the Borrower, the Arranger, the Banks and the      other Creditors in writing (the “Increase Notice”)      advising that the matters described in paragraphs (a), (b), (c) and (d)      above have been completed and that the maximum amount of the Applicable      Guarantee Facility Limit has been increased by the Relevant      Amount. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.5 | No      increase of the maximum amount of the Applicable Guarantee Facility Limit      may be made under this clause 2.16 except if, in and upon doing so and as      a result thereof, it is ensured by the Agent, the Borrower and the Banks      that each of the Banks (including the Increasing Bank and any relevant      Transferee Bank) maintains the same proportion of Commitment and      Contribution in respect of both RC Facilities, the same proportion of      Guarantee Facility Commitment and the same Percentage in all the      Facilities. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.6 | It      is hereby agreed and understood that, in order for the conditions referred      to in clause 2.16.4(d) and clause 2.16.5 to take effect in connection with      the increase of the maximum amount of the Applicable Guarantee Facility      Limit, Banks other than the Increasing Bank may be required by the Agent      to transfer part of their rights and obligations under this Agreement to      other Banks, and all Banks hereby confirm their agreement to do so.      However, nothing in this clause 2.16 will create an obligation or duty to      a Bank to increase its Percentage in the Facilities at any      time. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.16.7 | The      effects of an increase of the maximum amount of the Applicable Guarantee      Facility Limit under this clause 2.16 will be the    following: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      maximum amount of the Applicable Guarantee Facility Limit will increase by      a sum equal to the Relevant Amount;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      maximum amount of the Applicable RCF 2 Limit will increase by a sum (the      “RCF 2 Relevant      Amount”) equal to the lower of (i) the Relevant Amount and (ii) the      then Uncommitted Limit of RCF 2 and (iii) such other amount as may be      agreed by all the Banks in their absolute discretion, and each Increase      Notice shall contain the RCF 2 Relevant Amount agreed to by the Banks;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Guarantee Facility Commitment of the Increasing Bank will increase by an      amount equal to the Relevant Amount and its Percentage will increase      accordingly; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      Commitment of the Increasing Bank in respect of RCF 2 will increase by an      amount equal to the RCF 2 Relevant Amount;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Commitments, Contributions, Guarantee Facility Commitments and Percentages      of the Banks (including the Increasing Bank and any Transferee Bank) will      be adjusted further in accordance with the terms of all relevant Transfer      Certificates executed pursuant to this clause 2.16 in order to give effect      to the arrangements contemplated by this clause 2.16 and otherwise in      accordance with the provisions of this Agreement applicable to the effects      of Transfer Certificates; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Uncommitted Limit of the Guarantee Facility will reduce by the sum of the      Relevant Amount; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (g) | the      Uncommitted Limit of RCF 2 will reduce by the sum of the RCF 2 Relevant      Amount. |
|--------|-----|-----------------------------------------------------------------------------------------------|

| 2.16.8 | Each      increase of the maximum amount of the Applicable Guarantee Facility Limit      by the sum of the Relevant Amount, each increase of the maximum amount of      the Applicable RCF 2 Limit by the sum of the RCF 2 Relevant Amount and the      other matters referred to in clause 2.16.7 will take effect from and on      the date when the Agent has sent to the Borrower the relevant Increase      Notice.  The Increase Notice will set out in detail the      Commitments, Contributions, Guarantee Facility Commitments and Percentages      of all the Banks following such increase and the implementation of the      transfers and other matters referred to in clauses 2.16.4 and 2.16.7 and      each Increase Notice will constitute an agreement supplemental to this      Agreement and, once sent by the Agent, will constitute an integral part of      this Agreement |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.9 | The      Uncommitted Limit of a Facility can be made available to the Borrower in      accordance with the terms of this clause 2.16, whether in whole or in      part, in one amount or in several successive portions, each time in the      absolute and unfettered discretion of all the Banks, the Agent, the      Arranger and any relevant Increasing Bank and Transferee    Bank. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.16.10 | Each      time the Uncommitted Limit of a Facility becomes available under the terms      of this clause 2.16, the Agent shall be entitled to request the parties to      this Agreement that schedule 1 be substituted by a new schedule 1 prepared      by the Agent and reflecting the then applicable Percentages following the      resulting changes thereto, and each such new schedule 1 as prepared by the      Agent and notified to the Borrower and the other Creditors in writing,      shall constitute an integral part of this  Agreement. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.16.11 | 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 the making available of any Uncommitted Limit, any increase of      the maximum amount of the Applicable Guarantee Facility Limit and/or the      Applicable RCF 2 Limit and any of the other matters referred to in this      clause 2.16 (including, without limitation, an amendment to this      Agreement, amendments of the Mortgages and documents and evidence of the      type referred to in schedule 2 in connection with any such      amendments). |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.17 | Market      flex |
|------|------------------|

| 2.17.1 | In      consideration of the Arranger and the Banks agreeing to enter into this      Agreement, it is hereby agreed by the Borrower that the Arranger shall be      entitled, after consultation with the Borrower and the Agent, to change      the terms, conditions, pricing, fees and structure of this Agreement and      the Security Documents, if the Arranger determines in its reasonable      discretion that such changes are required in order for Banks to agree to      an increase of the maximum amount of the Applicable Guarantee Facility      Limit to $1,000,000,000 and such other changes as described in clause      2.16, and for the syndication of the Facilities provided however that the      Arranger shall not be entitled to make or require such changes if the      Borrower does not submit any notice under clause  2.16.2. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.17.2 | 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 reasonable discretion      in relation to any of the changes referred to or required by the Arranger      under the terms of clause 2.17.1 (including, without limitation, an      amendment to this Agreement, amendments of the Mortgages and documents and      evidence of the type referred to in schedule 2 in connection with any such      amendments). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.18 | Selection      of Bank to issue L/Cs |
|------|--------------------------------------|

| 2.18.1 | When      the Borrower wishes a L/C to be issued under this Agreement, it shall be      entitled to select the Bank that will issue such L/C subject to the      following conditions. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.18.2 | The      conditions referred to above arethat: |
|--------|------------------------------------------------|

|   | (a) | Subject      to paragraph (b), no Bank will issue a L/C, if the Original Dollar Amount      for which such L/C is to be issued: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | would      be an amount which, if added to the total Outstandings of such Bank as of      the date of the relevant Issue Request and the relevant Issue Date      (including under any other L/Cs which are to be issued by it after the      relevant Issue Request but on or prior to the Issue Date for the relevant      L/C), would exceed such Bank’s Guarantee Facility Commitment as of either      such date; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | would      cause as of the date of the relevant Issue Request and the relevant Issue      Date, or is likely to cause at any later time, the Outstandings of the      Bank that will issue the relevant L/C, to bear a proportion to the total      Outstandings of all Banks, which is higher than the proportion which that      Bank’s Percentage bears to all Banks’ Percentages (but subject to the      Tolerance Level). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject      to clause 2.19, any L/Cs issued by The Royal Bank of Scotland plc prior to      the Effective Date will not fall within the restrictions of paragraph (a)      but the parties agree that all L/Cs issued on or after the Effective Date      will be issued by HSH Nordbank AG |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | or      any other Bank (other than The Royal Bank of Scotland plc) until such time      as the L/Cs issued under this Agreement will be in compliance with      paragraph (a) above. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | For      the avoidance of doubt, the parties agree that any L/Cs issued by The      Royal Bank of Scotland plc prior to the Effective Date will, with effect      on and from the Effective Date, be deemed issued by The Royal Bank of      Scotland plc as “Bank” under the terms of this Agreement as amended and      restated by the Supplemental Agreement (and will no longer be deemed      issued by The Royal Bank of Scotland plc as “Issuing Bank” under the terms      of this Agreement prior to such amendment and  restatement). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.18.3 | The      Borrower undertakes with the Banks and the Agent to ensure that the      provisions of clause 2.18.2 are complied with at all times in connection      with any L/C requested to be issued under this Agreement. If a Bank      considers that the issuance of a L/C by itself or any other Bank would not      be in compliance with the provisions of 2.18.2, such Bank is entitled to      object to the issuance of such L/C, whether by itself or by any other      Bank, and such objection shall be binding on all parties to this Agreement      and shall prevent the issuance of such L/C by any Bank until all Banks      agree in writing that the issuance of such L/C will be in compliance with      such provisions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.19 | RBS      Reduction Date |
|------|-------------------------|

| 2.19.1 | The      parties agree that with effect from the RBS Reduction Date and at all      times thereafter, the aggregate of (a) the Commitment in respect of RCF1,      (b) the Guarantee Facility Commitment and (c) the Participation of The      Royal Bank of Scotland plc, shall in no event exceed      $100,000,000. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.19.2 | The      Borrower undertakes with the Banks to ensure that, with effect from the      RBS Reduction Date, clause 2.19.1 shall be complied with and, without      prejudice to the absolute nature of such obligation and the generality of      the foregoing, it undertakes further with the Banks to do any of the      following on or prior to such date, in order to ensure compliance with      such clause on such date and at all times  thereafter: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      prepay the Contribution of The Royal Bank of Scotland plc to any of the      Advances under the RC Facilities;and/or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      substitute any of the L/Cs issued by The Royal Bank of Scotland plc with      L/Cs issued by another Bank or Banks;and/or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      place to the credit of the Cash Collateral Account amounts (without taking      into account any other amounts standing to its credit for other purposes      under this Agreement) in respect of any outstanding L/Cs then issued by      The Royal Bank of Scotland plc (such amounts being equal to the total      Outstanding Amounts of such L/Cs) until their Expiry Date or until such      time as such Bank will confirm in writing that it no longer has any      liabilities under clauses 2.10 or 4.1.1 in respect of such L/Cs or      otherwise under such L/Cs (and the parties hereby agree that such cash      collateralisation in respect of a L/C will be deemed to reduce the      Outstanding Amounts and the Participation of The Royal Bank of Scotland      plc for the purposes of this clause 2.19 by an amount equal to the      relevant cash collateralisation);and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      procure (with no obligation or commitment whatsoever on the part of The      Royal Bank of Scotland plc or any other Creditor in connection therewith)      the transfer by The Royal Bank of Scotland plc to a Transferee Bank, on or      prior to the RBS Reduction Date, of a part of the rights and obligations      of The Royal Bank of Scotland plc under this Agreement and the other      Security Documents, in accordance with clause  15.3. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.19.3 | Except      where by the RBS Reduction Date the arrangements contemplated in clause      2.19.2(d) materialise in a manner whereby The Royal Bank of Scotland plc      transfers to a Transferee Bank a part of its rights and obligations under      this Agreement such that the relevant Transferee Bank then has obtained,      exclusively as a result of such transfer, an aggregate Commitment in      respect of both RC Facilities, a Guarantee Facility Commitment and a      Participation of up to $50,000,000, the parties to this Agreement hereby      irrevocably and unconditionally agree that the following changes to the      terms of this Agreement shall take effect as from the RBS Reduction      Date: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      maximum amount of the Applicable Guarantee Facility Limit will reduce by      $50,000,000 and the maximum amount of the Applicable RCF 2 Limit will      reduce by $41,750,000; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Percentage of The Royal Bank of Scotland plc will reduce to 40% and the      Percentage of HSH Nordbank AG will increase to 60% (and the Bank’s      Commitment to both RC Facilities and its Guarantee Facility Commitment      will be adjusted accordingly). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20 | Ancillary      Facility |
|------|-------------------------|

| 2.20.1 | The      Ancillary Facility will be by way of an overdraft facility in the maximum      amount of up to $15,000,000 made or (as the context may require) to be      made available by the Ancillary Bank to the Borrower. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.2 | If      the Borrower and the Ancillary Bank agree and except as otherwise provided      in this Agreement, the Ancillary Bank may provide the Ancillary Facility      on a bilateral basis in place of (a) a part of the Ancillary Bank's      unutilised and available Guarantee Facility Commitment and (b) an equal      part of that Bank’s unutilised and available Commitment in respect of RCF      2 (each of which shall be reduced by the amount of the Ancillary      Commitment). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.3 | The      Ancillary Facility shall not be made available unless, not later than      three (3) Banking Days prior to the Ancillary Commencement Date, the Agent      has received from the Borrower and the Ancillary  Bank: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      notice in writing of the establishment of the Ancillary      Facility: |
|--------|-----|-------------------------------------------------------------------------------|

|   | (i) | specifying      the proposed Ancillary Commencement Date and expiry date of the Ancillary      Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | confirming      in writing that the Ancillary Facility shall be on the following terms and      conditions: |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (A) | the      proposed type of Ancillary Facility is an overdraft facility for a maximum      amount of $15,000,000 and will only be made available in Dollars and by      debits to the Overdraft Account; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | it      will be made available by the Ancillary Bank as lender, to the Borrower as      borrower; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (C) | interest      on the amounts outstanding under the Ancillary Facility will accrue at a      rate per annum equal to (1) Overnight LIBOR (as defined in the Ancillary      Documents) for Dollars plus (2) a spread of 2.90% per annum plus      (3) any mandatory cost similar to the Mandatory Cost, for interest periods      of no longer than one (1) month; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (D) | its      purpose shall be the same as that of RCF 2 as described in clause 1.1,      and |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | any      other information which the Agent may reasonably request in connection      with the Ancillary Facility. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

| 2.20.4 | Subject      to compliance with clause 2.20.3 above, the Ancillary Facility will be      available with effect from the date agreed by the Borrower and the      Ancillary Bank. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.5 | Except      as provided below and subject to clause 2.20.3, the terms of the Ancillary      Facility will be those agreed by the Ancillary Bank and the      Borrower. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.6 | However,      those terms: |
|--------|----------------------------|

|   | (a) | must      be in compliance with clause 2.20.3 and, as regards any other terms, based      upon normal commercial terms at that time (except as varied by this      Agreement); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | may      allow only the Borrower to use the Ancillary  Facility; |
|--------|-----|------------------------------------------------------------------|

|   | (c) | may      not allow the Ancillary Outstandings to exceed the Ancillary      Commitment; |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (d) | must      provide that the drawings and any debits to the Overdraft Account will be      subject to clause 2.2.8; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (e) | may      not allow the Ancillary Commitment of the Ancillary Bank to exceed the      unutilised and available Guarantee Facility Commitment of that Bank or the      unutilised and available Commitment of that Bank in respect of RCF 2;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | must      require that the Ancillary Commitment is reduced to nil and that all      Ancillary Outstandings are repaid not later than the Final Maturity Date      (or such earlier date as the Guarantee Facility Commitment of the      Ancillary Bank is reduced to nil or the Commitment of the Ancillary Bank      in respect of RCF 2 is reduced tonil). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.7 | If      there is any inconsistency between any term of the Ancillary Facility and      any term of this Agreement, this Agreement shall prevail except for (a)      clauses 6.3 and 6.4 which shall not prevail for the purposes of      calculating fees, interest or commission relating to the Ancillary      Facility and (b) where the relevant term of this Agreement would be      contrary to, or inconsistent with, the law governing the relevant      Ancillary Document, in which case that term of this Agreement shall not      prevail. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.8 | The      rate and time of payment of interest, commission, fees and any other      remuneration in respect of the Ancillary Facility shall be determined by      agreement between the Ancillary Bank and the Borrower based upon normal      market rates and terms but always subject to the terms of clause      2.20.3(ii). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.20.9 | The      Ancillary Facility shall cease to be available on the last day of the      Availability Period in relation to the Guarantee Facility and RCF 2, or      such earlier date on which its expiry date occurs or on which it is      cancelled in accordance with the terms of this  Agreement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.10 | If      the Ancillary Facility expires in accordance with its terms the Ancillary      Commitment of the Ancillary Bank shall be reduced to nil (and each of its      Guarantee Facility Commitment and its Commitment in relation to RCF 2      shall be increased accordingly). |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.11 | The      Ancillary Bank may not demand repayment or prepayment of any amounts made      available or incurred by it under the Ancillary Facility,      unless: |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all      Guarantee Facility Commitments and all the Commitments in respect of RCF 2      have been cancelled in full, or all outstanding Advances under RCF 2 have      become due and payable in accordance with the terms of this Agreement, or      the Agent has declared all outstanding Advances under RCF 2 immediately      due and payable, or the expiry date of the Ancillary Facility occurs;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it      becomes unlawful in any applicable jurisdiction for the Ancillary Bank to      perform any of its obligations as contemplated by this Agreement or to      fund, issue or maintain its participation in the Ancillary Facility;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Ancillary Outstandings (if any) can be refinanced by an Advance under RCF      2 advanced exclusively by the Ancillary Bank by utilising its then      unutilised and available Commitment in respect of RCF  2. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.12 | For      the purposes of determining whether or not the Ancillary Outstandings      under the Ancillary Facility mentioned in clause 2.20.11(c) above can be      refinanced by an Advance of RCF 2: |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each      of the Guarantee Facility Commitment of the Ancillary Bank and the      Commitment of the Ancillary Bank in respect of RCF 2 will each be      increased by the amount of the Ancillary Commitment;  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      relevant Advance may (so long as clause 2.20.11(a) above does not apply)      be made irrespective of whether a Default is outstanding or any other      applicable condition precedent is not satisfied (but only to the extent      that the proceeds are applied in refinancing those Ancillary Outstandings)      and irrespective of whether clauses 2.2.3(c), 2.3.4(g) or 2.2.1      apply. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.13 | On      the making of an Advance under RCF 2 to refinance Ancillary      Outstandings: |
|---------|----------------------------------------------------------------------------------------|

|   | (a) | the      Ancillary Bank will be the only Bank to participate in that Advance by      utilising a part of its then available and unutilised Commitment in      respect of RCF 2 which is equal to the Ancillary Outstandings;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Ancillary Facility shall becancelled. |
|--------|-----|------------------------------------------------|

| 2.20.14 | The      making of such Advance under RCF 2 for the purpose of refinancing      Ancillary Outstandings may be made by the Ancillary Bank by mere notice by      it to the Borrower and the Agent, on or prior to the same day that it      intends to make such drawdown, advising them of its proposed action, the      Ancillary Bank shall make such drawdown by applying such Advance      immediately after its drawdown in full repayment of all Ancillary      Outstandings.  The Ancillary Bank shall be entitled (but not      bound), and the Borrower hereby irrevocably and unconditionally authorises      the Ancillary Bank, to draw down such Advancein |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | accordance      with this clause, without the submission of a Drawdown Notice by the      Borrower to the Agent or the Ancillary Bank and without any prior written      consent by the Borrower or any otherCreditor. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.15 | None      of the provisions of clause 2.2 shall apply to the drawdown of an Advance      under RCF 2 made available by the Ancillary Bank in accordance with      clauses 2.20.11-2.20.14 for the purpose of refinancing Ancillary      Outstandings. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.16 | Each      of the Borrower and the Banks and the other Creditors hereby consent to      the drawdown mechanism set out in clauses 2.20.11-2.20.15 for the purpose      stated therein and hereby agree and acknowledge that, once an Advance is      advanced pursuant to clauses 2.20.11-2.20.15, it shall form part of the      Loan and RCF 2 as if it were drawn down pursuant to clause      2.2. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.17 | The      Borrower and the Ancillary Bank agree with and for the benefit of each      Bank that the Ancillary Outstandings shall not exceed the Ancillary      Commitment at any time. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.18 | Notwithstanding      any other term of this Agreement, the Ancillary Bank shall ensure that at      all times (a) its available and unutilised Guarantee Facility Commitment      is not less than the Ancillary Commitment and (b) its available and      unutilised Commitment in respect of RCF 2 is not less than the Ancillary      Commitment. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.20.19 | The      Borrower and the Ancillary Bank shall, promptly upon request by the Agent,      supply the Agent with any information relating to the operation of the      Ancillary Facility (including the Ancillary Outstandings) as the Agent may      reasonably request from time to time but, in the case of the Ancillary      Outstandings, the Ancillary Bank shall in any event (and without the      Agent’s request) notify the Agent thereof at the time of each      drawing.  Each Borrower consents to all such information being      released to the Agent and the otherCreditors. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

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

|   | Every      Interest Period shall be of the duration specified by the Borrower      pursuant to clause 3.2 but so that: |
|--------|------------------------------------------------------------------------------------------------------------------------|

|   | 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 of a RC Facility would      otherwise overrun the Final Maturity Date, such Interest Period shall end      on the Final Maturity Date; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.3 | if      any Interest Period in respect of an Advance of RCF 1 would otherwise      overrun a RCF 1 Reduction Date (other than the Final Maturity Date) on      which the Borrower will be required to make a prepayment pursuant to      clause 4.3.1(c), the relevant Advance shall be divided into parts so that      there is one part in the amount of the prepayment amount due on each such      RCF 1 Reduction Date falling during that Interest Period and having an      Interest Period ending on the relevant RCF 1 Reduction Date and another      part in the amount of the balance of such Advance having an Interest      Period ascertained in accordance with clause 3.2 and the other provisions      of this clause 3.3; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.4 | 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 |
|-----|--------------------------------------------------------|

----

|   | 3.6.1 | 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, only one or none of the Reference Banks supplies 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 two or more Banks, that      deposits in Dollars are not available to such 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 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 (but if LIBOR is available, any such alternative rate of interest      (exclusive of such margin) shall not exceed the aggregate of (a) LIBOR and      (b) 0.15% per annum).  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. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | Reference      Bank quotations |
|-----|--------------------------------|

|   | 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 relevant Bank) upon demand by the      Agent an amount equal to each amount and in the same currency as demanded      from or paid by |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | the      relevant Bank under any L/C issued by it and not otherwise fully paid or      repaid by the Borrower under this Agreement;and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      indemnify 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 any Bank may incur, suffer or      sustain in connection with or arising in any way whatsoever out of this      Agreement or the issuing of theL/Cs. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.2 | 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 issued by it without any      reference to or further authority from the Borrower and neither the Agent,      nor any Bank shall be under any duty to investigate or enquire whether any      claim or demand 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 any      Bank was or might have been justified in refusing payment of any amount      claimed or demanded. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Prepayments      on RBS Reduction Dates |
|-----|-----------------------------------------|

|   | (a) | the      Borrower is in compliance with the new reduced limits of the RC Facilities      referred to in clause 2.19.3; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Percentages of the Banks following such prepayments are in compliance with      the terms of 2.19.3 and the Percentages described therein;    and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | following      such prepayments, the Borrower remains in compliance with clause 2.18 and      the other terms and provisions of this Agreement including those coming      into effect on the RBS ReductionDate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Repayment,      reductions and voluntary prepayments of RC Facilities, extension of Final      Maturity Date |
|-----|--------------------------------------------------------------------------------------------------------------|

|   | 4.3.1 | Repayment      and reductions |
|--------|-------|-------------------------------|

|   | (a) | The      Borrower shall repay each Advance of each RC Facility in full on the Final      Maturity Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (b) | The      Applicable RCF 1 Limit shall be reduced on each of the RCF 1 Reduction      Dates.  Subject to the provisions of this Agreement, the amount      of each such reduction shall be (a) $4,750,000 on each RCF 1 Reduction      Date (other than the final RCF 1 Reduction Date) and (b) $83,500,000 on      the final RCF 1 Reduction Date.  For the avoidance of doubt, on      the final RCF 1 Reduction Date, the Applicable RCF 1 Limit shall be      reduced to zero. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower shall prepay on each RCF 1 Reduction Date such part of RCF 1 as      shall ensure that: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

----

|   | (i) | the      outstanding amount of the Advances (taking into account such prepayment)      under RCF 1, |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (ii) | the      amount of the Applicable RCF 1 Limit (taking into account the relevant      reduction thereof on such RCF 1 Reduction Date in accordance with clause      4.3.1(b)). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 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 Arranger      and the Agent a request in writing to that effect not later than ninety      (90) days prior to the then current Final Maturity  Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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, 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, not      later than seven (7) days prior to the then current Final Maturity      Date.  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 anextension. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 (including,      without limitation, an amendment to this Agreement and amendments of the      Mortgages and documents and evidence of the type referred to in schedule 2      in connection with any suchamendments). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      and when the Final Maturity Date 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 to extend the then current Final      Maturity Date 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 | Prepayments,      reductions and cash-collateralisations on Total  Loss |
|-----|-------------------------------------------------------------------------|

|   | 4.4.1 | Before      utilisation |
|--------|-------|-------------------------|

|   | 4.4.2 | After      utilisation |
|--------|-------|------------------------|

|   | (a) | forthwith      after the occurrence of such Total Loss, the RC Facilities, the Guarantee      Facility and the relevant Applicable Limits shall be reduced by such      amounts as the Agent (acting on the instructions of the Majority Banks in      their absolute discretion) may require;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | forthwith      following the Agent’s request, the Borrower shall prepay such part of the      Advances in Dollars, and shall place funds to the credit of the Cash      Collateral Account in respect of the outstanding L/Cs, in such amount and      in such currency, as the Agent (acting on the instructions of the Majority      Banks in their absolute discretion) mayrequire. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.4.3 | Interpretation |
|--------|-------|----------------|

|   | (a) | in      the case of an actual total loss of a Ship, on the actual date and at the      time such Ship was lost or, if such date is not known, on the date on      which such Ship was last reported; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of a constructive total loss of a Ship, upon the date and at the      time notice of abandonment of such Ship is given to the insurers of such      Ship for the time being; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of a compromised or arranged total loss of a Ship, on the date      upon which a binding agreement as to such compromised or arranged total      loss has been entered into by the insurers of such  Ship; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in      the case of Compulsory Acquisition of such Ship, on the date upon which      the relevant requisition of title or other compulsory acquisition occurs;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | in      the case of hijacking, theft, condemnation, capture, seizure, arrest,      detention or confiscation of a Ship (other than where the same amounts to      Compulsory Acquisition of such Ship) by any Government Entity, or by      persons purporting to act on behalf of any Government Entity, which      deprives the relevant Owner of the use of such Ship for more than thirty      (30) days, upon the expiry of the period of thirty (30) days after the      date upon which the relevant hijacking, theft, condemnation, capture,      seizure, arrest, detention or confiscation  occurred. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Amounts      payable on prepayment |
|-----|------------------------------------|

----

|   | 4.5.2 | any      additional amount payable under clauses 6.6 or 12.2;    and |
|--------|-------|---------------------------------------------------------------------------|

|   | 4.5.3 | 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. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | Notice      of prepayment; reduction of repayment instalments;      re-borrowing |
|-----|----------------------------------------------------------------------------------|

|   | 4.6.1 | 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. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.2 | 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, the RC Facility and the amount thereof to be prepaid and shall      oblige the Borrower to make such prepayment on the date      specified. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.3 | Any      amount to be prepaid pursuant to clause 4.3.3 in respect of a RC Facility      shall be applied in prepayment of that RC Facility and in prepayment of      such Advance or Advances thereof, and in such manner as between them, as      specified by the Borrower. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.4 | Any      part of the Loan to be prepaid pursuant to clauses 4.4.2(b) or 8.2.1 and      any part of the Applicable Limits of the RC Facilities to be reduced      pursuant to clause 4.4.2(a) shall be applied in such proportions between      the RC Facilities, and in such manner, as the Agent may notify the      Borrower that the Majority Banks require in their absolute discretion (but      subject to clause 4.6.5). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.5 | Any      reduction or cancellation of the Applicable RCF 1 Limit pursuant to clause      4.4 shall reduce in inverse chronological order the amounts of the      Applicable RCF 1 Limit still required to be reduced on each RCF 1      Reduction Date pursuant to clause4.3.1. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.6 | Any      reduction of the Applicable Limit in respect of a RC Facility pursuant to      this Agreement, shall reduce the Commitments of all Banks in respect of      that Facility pro rata in accordance with their Percentage.  Any      reduction of the Applicable Guarantee Facility Limit pursuant to this      Agreement, shall reduce the Guarantee Facility Commitments of all Banks      pro rata in accordance with theirPercentage. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.7 | Unless      and to the extent that the Applicable Limit in respect of the relevant RC      Facility has been reduced on or prior to the date of any such prepayment      and subject to the other terms of this Agreement, amounts of a RC Facility      or part thereof prepaid under this Agreement may be      re-borrowed. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.8 | Any      prepayment of a RC Facility under clause 4.2 shall be applied in      prepayment of the Contributions of The Royal Bank of Scotland plc to all      the Advances of that RC Facility prorata. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.9 | 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 | on      the date of the Supplemental Agreement, a participation fee in the amount      of : |
|--------|-------|---------------------------------------------------------------------------------------------|

|   | (a) | $300,000      for the account of HSH Nordbank AG;and |
|--------|-----|------------------------------------------------------|

|   | (b) | $216,112      for the account of The Royal Bank of Scotland  plc; |
|--------|-----|-------------------------------------------------------------------|

|   | 5.1.2 | for      the account of the Agent, on the date of the Supplemental Agreement and at      twelve (12) monthly intervals thereafter until all moneys owing under the      Security Documents have been repaid in full, an annual agency and      administration fee in the amount of $75,000 per  annum; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.3 | for      the account of each Bank, 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 0.30% per annum      (but, with effect from 1 February 2009, 0.45% per annum) on (a) the daily      undrawn and available amount of such Bank’s Commitment relating to RCF 1      and (b) such Bank’s daily balance of its unutilised Guarantee Facility      Commitment (which, for the avoidance of doubt, shall exclude any      commitment commission accruing on or in relation to the Ancillary      Commitment which shall be payable and calculated under the provisions of      the Ancillary Documents); |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.4 | for      the account of each Bank in respect of each L/C issued by it, on the last      day of each calendar month up to the Expiry Date (or its cancelling date,      if earlier) of such L/C and on the Expiry Date of such L/C (or its      cancelling date, if earlier) issued by it, letter of credit commission on      the daily Outstanding Amount of such L/C, computed in respect of that L/C      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 of L/C: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      respect of Documentary L/Cs, 0.35% per annum (but, with effect from 1      February 2009, 0.50% per annum); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      respect of Transaction Related Standby L/Cs, 0.75% per annum (but, with      effect from 1 February 2009, 1.50% per annum);  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      respect of Direct Credit Substitutes, 1.50% per annum (but, with effect      from 1 February 2009, 2.50% per annum);and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.5 | for      the account of the relevant Bank that is to issue or has issued a L/C (as      the case may be): |
|--------|-------|-----------------------------------------------------------------------------------------------------------|

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

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

----

| 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 |
|-----|---------------------------------|

----

|   | (a) | by      not later than 11.00 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 the Agent at American Express Bank Limited, 23rd Floor,      American Express Tower, 200 Vesey Street, New York, NY 10285-2300, U.S.A.      (Account No 000261123), or to such other account with such other bank 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. (Greek 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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | there      are sufficient credit balances or sufficient overdraft limit under the      Ancillary Facility in the Overdraft Account, for the purposes of such      debit; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower notifies the Agent in advance of its intention to make such      payment by way of debiting the Overdraft Account and of the actual payment      made, and the Agent has given its prior consent to such direct payment and      debiting of the Overdraft Account;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      such payments are subject in all respects to the provisions of clauses      13.3 and 13.4, and the other terms of this  Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 6.2.1 | All      sums to be advanced by the Banks to the Borrower under the RC Facilities      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 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. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (b) | in      the case of payments denominated in Sterling or Hong Kong Dollars, on the      basis of a three hundred and sixty five (365) day  year. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, 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 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 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 suchpayment. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 (and, as between Banks, pro      rata in accordance with their Participations), 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 (and, as between Banks, pro      rata in accordance with their Participations), of any fees payable to the      Arranger, the Agent, the Banks or any other Creditor under, or in relation      to, the Security Documents which remainunpaid; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 6.9.4 | fourthly,      in or towards payment to the Banks, on a pro rata basis in accordance with      their Participations, of any accrued interest which shall have become due      under any of the Security Documents but remains  unpaid; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.9.5 | fifthly,      in or towards payment to the Banks, on a pro rata basis in accordance with      their Participations, 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). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| 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 |
|--------|-------|--------------------|

----

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

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

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

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

|   | (a) | each      of the Borrower, each Owner and each Manager are wholly-owned direct or      indirect Subsidiaries 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 | Oil      Products - Borrowing Base Report |
|--------|-------------------------------------------|

|   | (a) | except      as otherwise disclosed by the Borrower in writing to the Agent and agreed      to by the Agent in writing, no member of the Group (other than the      Borrower) owns legally or beneficially or otherwise has title of ownership      to any Oil Products; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower owns legally and beneficially in its own name and has title of      ownership to the total volume of Oil Products disclosed by it in each      Borrowing Base Report at the time the relevant report is submitted to the      Agent, and all of the information contained in each such report is true,      complete, accurate and not misleading in all material respects at the time      when the relevant report is submitted to the Agent;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      data, values, statements, facts and other information contained in each      Borrowing Base Report are true and accurate in all material respects and      not misleading, do not omit material facts or other information and all      reasonable enquiries have been made to verify the data, values, facts,      statements and other information contained therein; there are no other      data, information or facts the omission of which would make any data,      values, facts, information or statement therein  misleading. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

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

|   | 7.2.6 | The      Ships |
|--------|-------|----------------|

|   | (a) | each      Additional Ship will be on the Additional Mortgage Date for that Ship;      and |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (b) | each      Ship (other than the Additional Ships) will be on the date of this      Agreement: |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (i) | in      the absolute ownership of the relevant Owner who will, on and after such      date, be the sole, legal and beneficial owner of such  Ship; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | registered      in the name of the relevant Owner through the relevant Registry as a ship      under the laws and flag of the relevant Flag  State; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | operationally      seaworthy and in every way fit for service;and |
|--------|-------|-------------------------------------------------------------------|

|   | (iv) | classed      with the relevant Classification free of all requirements and      recommendations of the relevant Classification  Society; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.7 | Ships’      employment |
|--------|-------|------------------------------|

|   | (a) | in      the case of an Additional Ship, on the Additional Mortgage Date for that      Ship; or |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of each Ship (other than an Additional Ship), on the date of this      Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | 7.2.8 | Freedom      from Encumbrances |
|--------|-------|--------------------------------|

|   | 7.2.9 | Compliance      with Environmental Laws andApprovals |
|--------|-------|------------------------------------------------------|

----

|   | (a) | the      Borrower and the other Relevant Parties and, to the best of the Borrower’s      knowledge and belief (having made due enquiry), their respective      Environmental Affiliates have complied with the provisions of all      Environmental Laws; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower and the other Relevant Parties and, to the best of the Borrower’s      knowledge and belief (having made due enquiry), their respective      Environmental Affiliates have obtained all Environmental Approvals and are      in compliance with all such Environmental Approvals;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | neither      the Borrower nor any other Relevant Party nor, to the best of the      Borrower’s knowledge and belief (having made due enquiry), any of their      respective Environmental Affiliates has received notice of any      Environmental Claim that the Borrower or any other Relevant Party or any      such Environmental Affiliate is not in compliance with any Environmental      Law or any Environmental Approval; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.10 | No      Environmental Claims |
|--------|------------------------------|

| 7.2.11 | No      potential Environmental Claims |
|--------|----------------------------------------|

| 7.2.12 | No      material adverse change |
|--------|---------------------------------|

| 7.2.13 | ISPS      Code |
|--------|----------------|

| 7.2.14 | Copies      true and complete - commissions |
|--------|---------------------------------------------|

----

| 7.2.15 | Application      for DOC and SMC |
|--------|----------------------------------|

|   | the      Operator of each Ship has applied for a DOC for itself and an SMC in      respect of each Ship and neither the Borrower nor the Operator of any Ship      is aware of any reason why any such application may be refused;      and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.16 | Borrower’s      own account |
|--------|-----------------------------------|

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

|   | On      and as of the date of this Agreement, on each Drawdown Date and on each      Issue Date of a L/C and (except in relation to the representations and      warranties in clause 7.2) on each Interest Payment Date, the Borrower      shall (a) be deemed to repeat the representations and warranties in      clauses 7.1 and 7.2 as if made with reference to the facts and      circumstances existing on such day and (b) be deemed to further      represent and warrant to each Creditor that the then latest audited      consolidated financial statements of the Group delivered to the Agent or      the Security Agent (if any) have been prepared in accordance with the      Applicable Accounting Principles which have been consistently applied and      present fairly and accurately the consolidated financial position of the      Group as at the end of the financial period to which the same relate and      the consolidated results of the operations of the Group for the financial      period to which the same relate, respectively, and, as at the end of such      financial period, neither the Corporate Guarantor nor any other member of      the Group had any significant liabilities (contingent or otherwise) or any      unrealised or anticipated losses which are not disclosed by, or reserved      against or provided for in, such financial  statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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, each Owner and the Corporate      Guarantor under this Agreement, each Owner’s Guarantee 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 a RC Facility are on-lent by the      Borrower to the Corporate Guarantor or any Owner or any other member of      the Group in accordance with the specified purpose of the relevant RC      Facility pursuant to clauses 1.1 and2.1: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 |
|--------|-------|--------------------------|

----

|   | (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      Ships 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 Arranger and the Agent in writing before 11:00am (Greek time) on      the first working day (in Greece) 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 | Compliance      with Code |
|--------|-------|---------------------------|

| 8.1.10 | Withdrawal      of DOC and SMC |
|--------|--------------------------------|

| 8.1.11 | Issuance      of DOC and SMC |
|--------|------------------------------|

| 8.1.12 | ISPS      Code compliance |
|--------|---------------------------|

|   | (a) | from      the date of this Agreement and at all times thereafter, maintain a valid      and current ISSC in respect of eachShip; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | immediately      notify the Agent in writing of any actual or threatened withdrawal,      suspension, cancellation or modification of the ISSC in respect of any      Ship; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | procure      that each Ship will comply at all times with the ISPS  Code; |
|--------|-----|---------------------------------------------------------------------------|

| 8.1.13 | “KYC”      requirements |
|--------|-------------------------------------|

| 8.1.14 | Collateral      Ships |
|--------|-----------------------|

| 8.1.15 | Oil      Products |
|--------|-------------------|

| 8.1.16 | Oil      Products insurance |
|--------|-----------------------------|

|   | (a) | effect      and maintain at all times such insurances (including a marine cargo      insurance policy) on and in relation to its Oil Products, against those      risks and matters, to such extent, for such amounts and values and on such      other terms and conditions, as is required by and is acceptable to the      Agent (acting on the instructions of the Majority Banks in their absolute      discretion) and ensure that such insurances are placed with reputable      independent insurance companies or underwriters, and through reputable      insurance brokers, in each case acceptable to the Agent (acting on the      instructions of the Majority Banks in their absolute discretion) in all      respects; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | comply      at all times with the terms and conditions of such    insurances; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (c) | deliver      to the Agent forthwith upon request copies of the policies of such      insurances and any such information in connection with such insurances and      the relevant insurers, underwriters and any insurance brokers involved in      the placing of such insurances and, in the case of expiry of any such      insurances, any such information and documents shall be sent to the Agent      no later than 14 days prior to the expiry of such    insurances; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | ensure      that at least 7 days prior to the expiry of any such insurances,      instructions are sent to underwriters, insurers or brokers for the renewal      of such insurances on terms which comply with this clause      8.1.16; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | ensure      that (i) no other person is named as assured or joint assured in such      insurances except the Borrower and, if the Agent so requires, the Security      Agent and (ii) the interest of the Security Agent as assignee of such      insurances is at all times endorsed on such insurance policies and other      relevant insurance documents and (iii) the Security Agent is at all times      named sole loss payee under such insurances;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | ensure      that any notice of assignment required by the Oil Products Security Deed      in respect of such insurances is served upon the relevant insurers,      underwriters or brokers and acknowledged by them in the form specified in      the Oil Products Security Deed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (a) | If      at any time X      shall be higher than Y,      the Agent (acting on the instructions of the Majority Banks) shall give      notice to the Borrower requiring that such deficiency be remedied and then      the Borrower shall either: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | 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 Facilities in Dollars as will      result in X      after such prepayment being at least equal to or lower than Y;      and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (A) | provide      in accordance with clause 2.4 further Receivables which are Qualifying      Receivables by delivering to the 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 |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | place      further funds to the credit of the Cash Collateral Account in respect of      the outstanding L/Cs (without taking into account any other amounts then      standing to the credit of such account for other purposes under this      Agreement); and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | If      at any time A      shall be higher than B,      the Agent (acting on the instructions of the Majority Banks) shall give      notice to the Borrower requiring that such deficiency be remedied and then      the Borrower shall either: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | 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 RCF 1 in Dollars as will result in      A      after such prepayment of the RCF 1 being at least equal to or lower than      B;      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | within      two (2) days of the date of receipt by the Borrower of the Agent's said      notice constitute to the satisfaction of the Agent such further security      for amounts owing under RCF 1 as shall be acceptable to the Banks, in each      case having a value for security purposes (as determined by the Agent in      its absolute discretion) at the date upon which such further security      shall be constituted |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | which,      when added to B,      shall be at least equal to or higher than A as      at such date, or which would remedy the deficiency referred to      above. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Agent shall test the Borrower’s compliance with paragraphs (a) and (b) of      this clause 8.2.1 on each date when a Borrowing Base Report is available      to the Agent and at any other times as and when the Agent (acting on the      instructions of the Majority Banks) shall require and, in any event, on      each Reset Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      provisions of clause 4.5 and any relevant provision of clause 4.6      shall apply to prepayments made under this clause  8.2.1. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | For      the purposes of this clause 8.2.1: |
|--------|-----|---------------------------------------------|

|   | (ii) | the      market value of any additional security for the time being actually      provided to the Banks pursuant to  clause 8.2.1(b), |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (ii) | 75%      of the market value of the total volume of Oil Products which are then      owned by the Borrower and subject to the Oil Products Security Deed (as      such total volume is shown in the then most recent Borrowing Base Report      available to the Agent); plus |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | 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      relevant spot rate of exchange referred to in clause 2.8 as of the date of      any relevant calculation); plus |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | 83%      of the market value of the Mortgaged Ships;plus |
|--------|------|----------------------------------------------------------|

----

|   | (v) | 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);      minus |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any      amounts on account of trade payables then owing by the Borrower to      suppliers of Oil Products but excluding any part of such amounts which are      financed or secured by the utilization of L/Cs under the Guarantee      Facility and while the relevant L/Cs remain  outstanding, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.2 | Valuation      of Mortgaged Ships and Oil Products |
|--------|-------|----------------------------------------------------|

|   | (a) | Each      Mortgaged Ship shall, for the purposes of this clause 8.2, be valued      in Dollars at the end of every financial quarter and at any other times as      and when the Agent (acting on the instructions of the Majority Banks in      their absolute discretion) shall require.  Subject to paragraph      (b) below, each such valuation shall be made by an independent firm of      shipbrokers nominated by the Borrower and approved by the Agent (acting on      the instructions of the Majority Banks in their sole discretion) or,      failing such nomination or approval, appointed by the Agent (acting on the      instructions of the Majority Banks in their sole      discretion).  Each such valuation of a Mortgaged Ship shall be      addressed to the Agent and made without, unless required by the Agent,      physical inspection and on the basis of a sale for prompt delivery for      cash at arm’s length on normal commercial terms, as between a willing      buyer and a willing seller and without taking into account the benefit of      any charterparty or other engagement concerning the relevant Mortgaged      Ship.  Such valuation shall constitute the value of such      Mortgaged Ship for the purposes of this clause 8.2 unless the Agent      (acting on the instructions of the Majority Banks in their sole      discretion) objects to the valuation of the relevant Mortgaged Ship      provided by the shipbroker nominated by the Borrower within seven (7) days      of receipt of such valuation, in which event the value of such Mortgaged      Ship shall be the arithmetic mean of the value specified in such valuation      and the value specified in a further valuation issued by an independent      firm of shipbrokers appointed by the Agent (acting on the instructions of      the Majority Banks in their sole discretion) and made on the same basis as      specified above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In      the case of a Ship which is a single hull vessel, its market value for the      purposes of this clause 8.2 shall be the then prevailing scrap value of      such Ship as determined by the Agent in its sole    discretion. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      value of each Mortgaged Ship last determined in accordance with the      provisions of this clause 8.2.2 shall be the value inserted in each      Borrowing Base Report for that Mortgaged Ship and shall be binding upon      the parties hereto, until such further date when the market value of such      Mortgaged Ship is determined by the Agent pursuant to this clause      8.2.2. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      market value of the total volume of the Borrower’s Oil Products at any      relevant time shall be determined by reference to (i) the total volume of      Oil Products last reported by the Borrower to the Agent in the then latest      Borrowing Base Report available to the Agent and (ii) the then prevailing      market price for such Oil Products as at the date of that report as      indicated in appropriate indexes for such Oil  Products |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The      prevailing market price for such of Oil Products referred to in paragraph      (d) above shall be the market value thereof inserted in each Borrowing      Base Report for such Oil Products. The market value of the total volume of      the Borrower’s Oil Products shown in a Borrowing Base Report and      determined in accordance with the provisions of this clause 8.2.2      shall be binding upon the parties hereto until such further date when      another Borrowing Base Report is made available to the Agent which      contains a determination pursuant to this clause  8.2.2. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | In      the event that the Borrower does not deliver to the Agent a Borrowing Base      Report at the time, in accordance with, and in the manner prescribed in,      the provisions of this Agreement or the Majority Banks (acting through the      Agent) do not agree with the contents of a Borrowing Base Report prepared      by the Borrower, the Agent (acting on the instructions of the Majority      Banks) shall be entitled, based on information and data available to it      from any source whatsoever at the relevant time to either (i) prepare a      substitute Borrowing Base Report itself or (ii) to amend the contents of      the Borrowing Base Report so that it complies with the requirements and      the provisions of this Agreement. In that case, the Agent shall send the      substitute or amended Borrowing Base Report to the Borrower and the other      Banks and such report shall be considered to be the then latest Borrowing      Base Report binding upon the parties hereto for the purposes of this      clause 8.2.2 and the other provisions of this  Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.3 | Information |
|--------|-------|-------------|

|   | 8.2.4 | Costs |
|--------|-------|-------|

|   | 8.2.5 | Valuation      of additional security |
|--------|-------|---------------------------------------|

|   | 8.2.6 | Documents      and evidence |
|--------|-------|-----------------------------|

----

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

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

|   | 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 |
|--------|-------|-------------------|

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

----

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

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

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

| 8.3.13 | Manager |
|--------|---------|

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

| 8.5 | Additional      tonnage |
|-----|-------------------------|

|   | 8.5.1 | If      any member of the Group (excluding the Security Parties) acquires a vessel      (other than the Ships), the relevant member of the Group shall be entitled      to arrange for the financing of the acquisition of such vessel by bank      debt and to agree that such vessel shall be mortgaged in favour of the      relevant lender or lenders, subject to no Event of Default having occurred      and be continuing at such time and the Borrower and the other Security      Parties being in compliance with all of their undertakings and obligations      under this Agreement and the other Security  Documents. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.5.2 | The      Borrower shall be entitled however to procure that any such vessel is      mortgaged (at the expense of the Borrower) in favour of the Security Agent      as security for the Borrower’s obligations under this Agreement, subject      to satisfactory documentation being received by the Agent in respect of      such security at the cost and expense of the Borrower pursuant to clause      8.5.3 below, so that such vessel becomes an “Additional Ship” for the      purpose of this Agreement. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.5.3 | The      Borrower shall be entitled by written notice to the Agent at any time to      request that a vessel owned by a member of the Group (and which is not      then already a Ship under this Agreement) becomes an “Additional Ship” for the      purposes of this Agreement.  The Agent (acting on the      instructions of the Majority Banks in their absolute discretion) shall be      entitled to accept or decline such request (without any need to assign any      reason to such decision) and shall notify the Borrower of the Banks’      decision within twenty (20) days of the Borrower’s relevant request in      respect of a vessel.  If the Agent notifies the Borrower that      the Banks accept its request in respect of a vessel, the Borrower shall      deliver to the Agent, not later than (ten) 10 days after the Agent’s      notice of acceptance to the Borrower in respect of a vessel, the documents      and evidence set out in schedule 9, Part 2 in respect of the relevant      vessel, in form and substance satisfactory to the Agent and at the cost      and expense of the Borrower. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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), (ii) clause 4 of the      Corporate Guarantee and (iii) clause 4 of each Owner’s 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 |
|-----|-----------------------------------|

----

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

| 10.1.1 | Non-payment: any      Security Party fails to pay any sum payable by it under any of the      Security Documents or the Underlying Documents at the time, in the      currency and in the manner stipulated in the Security Documents or the      Underlying 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: any of the Owners or a Manager fails to      obtain and/or maintain the Insurances (in accordance with the requirements      of the Security Documents) for any of the Mortgaged Ships or if any      insurer in respect of such Insurances cancels any of such Insurances or      disclaims liability by reason, in either case, of mis-statement in any      proposal for any of such Insurances or for any other failure or default on      the part of the Owners or any of them or any other person or the Borrower      or the Corporate Guarantor or any of the Owners commit any breach of or      omit to observe any of the obligations or undertakings expressed to be      assumed by them under clauses 2.17, 2.19, 8.1.3, 8.1.7(b), 8.1.14, 8.1.16,      8.2, 8.3 or 8.4 of this Agreement or clauses 5.2 or 5.3 of the Corporate      Guarantee or clause 5 of any Owner’s 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 or any of the Underlying 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 (other than Permitted Liens) 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 | Arrest: any Mortgaged      Ship is arrested, confiscated, seized, taken in execution, impounded,      forfeited, detained in exercise or purported exercise of any possessory      lien or other claim or otherwise taken from the possession of the relevant      Owner and such Owner shall fail to procure the release of such Mortgaged      Ship within a period of two (2) days thereafter;  or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.22 | Registration: the      registration of any Mortgaged Ship under the laws and flag of the relevant      Flag State is cancelled or terminated without the prior written consent of      the Agent (acting on the instructions of the Majority Banks) or if such      registration of any Mortgaged Ship is not renewed at least forty five (45)      days prior to the expiry of such registration;  or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.23 | Unrest: the Flag State in respect of a      Mortgaged Ship becomes involved in hostilities or civil war or there is a      seizure of power in any Flag State in respect of a Mortgaged Ship      by unconstitutional means if, in any such case, such event could in      the opinion of the Agent (acting on the instructions of the Majority      Banks) reasonably be expected to have a material adverse effect on the      security constituted by any of the Security Documents;  or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.24 | Environment: the      Borrower and/or any other Relevant Party and/or any of their respective      Environmental Affiliates fails to comply with any Environmental Law or any      Environmental Approval or the Borrower and/or any other Relevant Party      and/or any of their respective Environmental Affiliates or any Ship or any      other Relevant Ship is involved in any incident which gives rise or may      give rise to an Environmental Claim if, in any such case, such      non-compliance or incident or the consequences thereof could, in the      opinion of the Agent reasonably be expected to have a material adverse      effect on the business, assets, operations, property or financial      condition of the Borrower or the Corporate Guarantor or any other Security      Party or the Group or on the security constituted by any of the Security      Documents; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.25 | P&I: any Owner or a      Manager or any other person fails or omits to comply with any requirements      of the protection and indemnity association or other insurer with which a      Ship is entered for insurance or insured against protection and indemnity      risks (including oil pollution risks) to the effect that any cover      (including, without limitation, any cover in respect of liability for      Environmental Claims arising in jurisdictions where such Ship operates or      trades) is or may be liable to cancellation, qualification or exclusion at      any time; or |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.26 | 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 or any Owner or a Manager which results in any such      Security Party ceasing to be a wholly-owned direct or indirect Subsidiary      of the Corporate Guarantor; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.27 | Accounts: moneys are      withdrawn from any of the Accounts other than in accordance with      clause 14; or |
|---------|--------------------------------------------------------------------------------------------------------------------|

| 10.1.28 | 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 |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.29 | 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 or the Underlying 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 transaction under the Security      Documents or the Underlying Documents or the continuation thereof,      unlawful or would prevent the performance by any Security Party of any      term of any of the Security Documents or the Underlying Documents;      or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.30 | 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 and the      obligation of the Ancillary Bank to make the Ancillary Facility available,      shall be terminated, whereupon the Applicable RCF 1 Limit, the Applicable      RCF 2 Limit, the Applicable Guarantee Facility Limit and the Ancillary      Commitment 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 and all Ancillary Outstandings 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      in respect of all the then outstanding L/Cs 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 earliernotices). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 10.3.1 | call      for repayment of the Loan and any Ancillary Outstandings on such date as      may be specified whereupon the Loan and all Ancillary Outstandings 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) to      negotiate with any Beneficiary at any time after the occurrence of any      Default with a view to arranging for the prepayment by a Bank, for the      account of the Borrower, of any moneys outstanding under any L/C issued by      that Bank; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4.2 | agrees      that at any time after the occurrence of any Default each 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 upon such terms as that      Bank and the Beneficiary shall agree, any moneys outstanding under any L/C      issued by that Bank. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Banks and the      Borrower.  In making such conversion the Agent shall use the      relevant spot rate(s) of exchange referred to in clause 2.8 as of the date      of such conversion (as advised to it by the relevant Banks(s)), 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 and the Banks 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 |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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,       4.4, 8.2.1 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 or  repaid; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.6 | any      transfer being made by a Creditor of any part of its Contribution for the      purpose of complying with clauses 2.16.4(c) and/or (d) and/or clause      2.16.5 and/or clause 2.19 otherwise than on an Interest Payment Date      relating to the part of the Loan being transferred;  or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.7 | 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 a Bank to issue any or any further L/Cs, the relevant Bank      shall promptly inform the Agent and the Agent shall notify the Borrower,      and the obligations of that 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 L/C issued      by that Bank, an amount (in the currency of the relevant L/C) equal to the      difference between (a) the Outstanding Amount of such L/C and (b) the      amount then standing to the credit of the Illegality Security Account for      that L/C (less any amount already standing to the credit of such account      as a result of a previous payment in respect of a Bank pursuant to this      clause 12.1); or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1.2 | renders      it unlawful for any Bank to contribute to an Advance or to maintain its      Commitment (or part thereof) or fund its Contribution, such Bank shall      promptly, through the Agent, give |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| 12.2.1 | subject      any Bank to Taxes or change the basis of Taxation of such 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      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 (b) a 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; and/or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 12.2.4 | reduce      a Bank’s or its 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      capital resources to such Bank’s obligations under any of the Security      Documents; and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.5 | require      a 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 under any of the Security Documents;  and/or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.6 | require      a 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 or 4.1.1, all or part of the amount that will      be guaranteed by a L/C when it is issued or the Outstanding Amount, from      its capital for regulatorypurposes, |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such      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,      the amount which such Bank specifies (in a certificate setting forth the      basis of the computation of such amount but not including any matters      which such Bank or its holding company regards as confidential) is      required to compensate such Bank and/or (as the case may be) its holding      company for such liability to Taxes, cost, reduction, payment , forgone      return or loss. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

| 13.1.1 | first,      in or towards payments on a pro rata basis (and, as between Banks, pro      rata in accordance with their Participations), 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 (and, as between Banks, pro      rata in accordance their Participations), 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 in accordance with each Bank’s      Participation, of any arrears of interest owing in respect of the Loan or      any part thereof or in respect of the Guarantee Facility (including under      clauses 2.10.2 or 4.1.1); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.4 | fourthly,      in or towards repayment, on a pro rata basis in accordance with each      Bank’s Participation, of any amounts of principal in respect of the Loan      or in respect of the Guarantee Facility (including under clauses 2.10.2 or      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, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | amounts      standing to the credit of an Illegality Security Account shall be applied      first, in accordance with clause 14.8 and, if there is a surplus following      such application, secondly, and as to such surplus, in accordance with the      order specified in this clause 13.1 above;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | amounts      standing to the credit of the Cash Collateral Account and which were paid      into such account in connection with a L/C, shall be maintained in the      Cash Collateral Account first for the benefit of the Bank that has issued      such L/C and shall be applied first, in discharge of any amounts owing to      such Bank under clauses 2.10.2 or 4.1.1 or otherwise in connection with      such L/C and, secondly, if there is any surplus following the later of (i)      such application, (ii) such L/C’s Expiry Date or (iii) that Bank's      confirmation in writing that it no longer has any liabilities under such      L/C and no amounts are or may be owing to it under clauses 2.10.2 or 4.1.1      in respect of such L/C, then in accordance with the order specified in      this clause 13.1. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Set-off |
|------|---------|

| 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). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.5 | This      clause shall not apply to any receipt or recovery by HSH Nordbank AG which      in accordance with the last paragraph of clause 6.1 took place at any time      prior to the service of notice under clause  10.2. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 on or before the date of the      Supplemental Agreement, open the Overdraft  Account; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.1.2 | on      or before the date of this Agreement, it will procure that the Aegean      Bunkering will open the Manager’s Operating  Account; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.1.3 | it      will procure that all moneys payable to each Owner in respect of the      Earnings of such Owner’s Ship shall, unless and until the Security Agent      directs to the contrary pursuant to the provisions of the relevant General      Assignment, be paid at all times to the Manager’s Operating Account;      and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.1.4 | it      will procure that all Receivables 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 thisAgreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      make payments to the Overdraft Account for the purpose of making payments      due to the Ancillary Bank under the Ancillary Facility or otherwise with      the prior written consent of the Agent;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 14.2.3 | the      Borrower may withdraw moneys from the Overdraft  Account: |
|--------|--------------------------------------------------------------------|

|   | (a) | to      make any payments owing to HSH Nordbank AG under this Agreement and the      other Security Documents and in accordance with, and subject to, the terms      of this Agreement and the other Security Documents;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | 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 |
|------|-------------------------------------------------|

----

| 15.1 | 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      respect of both RC Facilities and the same proportion of participation in      all Facilities (save to the extent necessary to give effect to the      provisions of clauses 2.16.4(c) and/or (d) and clause    2.16.5); |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, Guarantee      Facility 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 Ancillary 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 have been presented or signed, and shall      not be liable to any of the parties to this Agreement and the Security      Documents for the consequences of suchreliance. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, Guarantee Facility Commitments, 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 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,      Guarantee Facility Commitments, 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 |
|------|--------------------------------|

----

| 16.1 | 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 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 |
|------|---------------------------|

The Agent shall:

| 16.3.1 | promptly      notify each 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 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 (but shall not be      obliged to do so); |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.3 | refrain      from acting (or authorise the Security Agent to refrain from acting) in      accordance with any instructions of the Banks to institute any legal      proceedings arising out of or in connection with this Agreement or any of      the other Security Documents until it and/orthe |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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 a result; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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      clauses 2.10.2 and 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, in which case the Agent shall promptly notify the Banks 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 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 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 wilfulmisconduct. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | For      the purposes of this clause 16, neither the Arranger nor the Agent      shall be treated as having actual knowledge of any matter of which the      corporate finance or any other division outside the agency or loan      administration department of the Arranger or the person for the time being      acting as the Agent may become aware in the context of corporate finance,      advisory or lending activities from time to time undertaken by the      Arranger or, as the case may be, the Agent for any Security Party or any      other person which may be a trade competitor of any Security Party or may      otherwise have commercial interests similar to those of any Security      Party. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 the Ships or any other 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. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Any such action so authorised and effected by the Agent shall bedocumented in such manner as the Agent shall (with the approval of the MajorityBanks) determine, shall be promptly notified to the Banks by the Agent and(without prejudice to the generality of clause 16.2

| 16.11.2 | Except      with the prior written consent of all the Banks, the Agent shall have no      authority on behalf of the Banks 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 beto: |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | reduce      the Margin or the commission payable under clause  5.1.4; |
|--------|-----|-----------------------------------------------------------------------|

|   | (b) | postpone      the due date or reduce the amount of any payment of principal or interest      (including amounts owing under clauses 2.10.2 or 4.1.1),      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 Guarantee Facility Commitment or Percentage or      the Applicable Guarantee Facility Limit, the Applicable RCF 1 Limit, the      Applicable RCF 2 Limit, the GF Relevant Amount, the RCF 1 Relevant Amount,      the Maximum Guarantee Facility Limit, the Maximum RCF 1 Limit or the      Maximum RCF 2 Limit; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | extend      the Final Maturity Date or the RBS Reduction  Date; |
|--------|-----|-----------------------------------------------------------------|

|   | (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      any of clauses 10.2, 2.18, 2.19 or2.20; |
|--------|-----|-----------------------------------------------------|

|   | (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”, “Tolerance Level”, “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. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.11.3 | An      amendment or waiver which relates to the rights or obligations of the      Agent, the Arranger, the Security Agent or the Ancillary Bank (each in      their capacity as such) may not be effected without the consent of the      Agent, the Arranger, the Security Agent or, as the case may be, the      Ancillary Bank. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 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      as a successor agent: |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      Related Company of the Agent nominated by the Agent which the Banks 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 |
|---------|-------------|

----

|   | (a) | a      Related Company of the Security Agent nominated by the Security Agent      which the Banks 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 or the Agent beyond those expressly stated in any of the      Security Documents.  Each of the Banks and the Agent hereby      authorise 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. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Any such action so authorised and effected by the Security Agent shallbe promptly notified to the Banks and the Agent by the Security Agent and shallbe binding on the other Creditors.

| 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 best interests of the Creditors provided      that (for the avoidance of doubt), to the extent that this      clause might otherwise be construed as authorising the Security Agent      to take, or refrain from taking, any action of the nature referred to in      clause 16.15.2 - and for which the prior consent of all the Banks is      expressly required under clause 16.15.3 - clauses 16.15.2 and 16.15.3      shall apply to the exclusion of thisclause. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.5 | None      of the Banks nor the Agent 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 or      incorrect. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.7 | Without      prejudice to the foregoing each of the Agent 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 clause 16.15.1. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 a like nature and      shall not be responsible for any loss due to depreciation in value or      otherwise of such property or investments. Any investment of any part or      all of the security may, at the discretion of the Security Agent, be made      or retained in the names ofnominees. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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      at: |
|--------|-----|---------------------------------------------------------------------------------|

|   | (c) | if      to the Arranger at: |
|--------|-----|-----------------------------|

|   | (d) | if      to a Bank (including, where applicable, in its capacity as Ancillary      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 |
|------|-----------------------|

|   | All      certificates, instruments and other documents to be delivered under or      supplied in connection with any of the Security Documents shall be in the      English language or shall be accompanied by a certified English      translation upon which the Creditors shall be entitled to      rely. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

|   |   | (1)Owner | (2)Country      of Incorporation     | (3)Registered      office |
|--------|--------|----------|--------------------------------------|---------------------------|
|   |   |     |                                 |                      |
|   | 16     |     | Aegean      Daisy Maritime Company   | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   |   |     |                                 |                      |   |
|   | 17     |     | Aegean      Rose Maritime Company    | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   |   |     |                                 |                      |   |
|   | 18     |     | Baltic      Navigation Company       | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   |   |     |                                 |                      |   |
|   | 19     |     | Carnaby      Navigation Inc.         | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia |
|   |   |     |                                 |                      |   |
|   | 20     |     | Mare      Vision S.A.                | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   |   |     |                                 |                      |   |
|   | 21     |     | Aegean      Tanking S.A.             | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia |
|   |   |     |                                 |                      |   |
|   | 22     |     | Ouranos      Tanking S.A.            | Liberia                   | 80      Broad Street, Monrovia, Liberia |
|   |   |     |                                 |                      |   |
|   | 23     |     | Sea      Breezer Marine S.A.         | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   |   |     |                                 |                      |   |
|   | 24     |     | Aegean      Breeze Maritime Company  | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   |   |     |                                 |                      |   |
|   | 25     |     | Aegean      Tiffany Maritime Company | Greece                    | 44      Hatzikiriakou Street, 185 38 Piraeus, Greece |
|   |   |     |                                 |                      |   |
|   | 26     |     | Aegean      X Maritime Inc.          | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
|   |   |     |                                 |                      |   |
|   | 27     |     | Pontos      Navigation Inc.          | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |

----

|        |   | (1)Owner | (2)Country      of Incorporation | (3)Registered      office |
|--------|--------|----------|----------------------------------|---------------------------|
|   |   |     |                             |                      |   |

|   | 28     |   | Aegean      Marine Petroleum LLC(Collateral      Owner A) | United      Arab Emirates | P.O.      Box 2688, Khorfakkan, Emirate of Sharjah, United Arab    Emirates                       |
|--------|--------|--------|-----------------------------------------------------------|---------------------------|---------------------------------------------------------------------------------------------------|
|   |   |   |                                                      |                      |                                                                                              |
|   | 29     |   | Aegean      Seven Maritime Inc. (Collateral Owner B)      | Liberia                   | 80      Broad Street, Monrovia, Republic of Liberia                                               |
|   |   |   |                                                      |                      |                                                                                              |
|   | 30     |   | Venus      Holding Company (Collateral Owner C)           | Marshall      Islands     | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |

----

|   |     | (1)Name/Hull      Number | (2)Flag      State                         |                      | (3)IMO      No. |   | (4)Owning      Company |
|--------|----------|--------------------------|--------------------------------------------|---------------------------|-----------------|--------|------------------------|
|   | 16       |                     | Aegean      Daisy                          | Hellenic      Republic    |            |   | 7729007                |   | Aegean      Daisy Maritime Company |
|   | 17       |                     | Aegean      Rose                           | Hellenic      Republic    |            |   | 7729019                |   | Aegean      Rose Maritime Company |
|   | 18       |                     | Aegean      Force                          | Liberia                   |            |   | 8007080                |   | Baltic      Navigation Company |
|   | 19       |                     | Aegean      Pride I                        | Liberia                   |            |   | 8027195                |   | Carnaby      Navigation Inc. |
|   | 20       |                     | Aegean      XI                             | Gibraltar                 |            |   | 8411255                |   | Mare      Vision S.A. |
|   | 21       |                     | Fos                                        | Liberia                   |            |   | 8033314                |   | Aegean      Tanking S.A. |
|   | 22       |                     | Ouranos                                    | Liberia                   |            |   | 8138683                |   | Ouranos      Tanking S.A. |
|   | 23       |                     | Aegean      Princess                       | Liberia                   |            |   | 8821759                |   | Sea      Breezer Marine S.A. |
|   | 24       |                     | Aegean      Breeze I                       | Hellenic      Republic    |            |   | 9314466                |   | Aegean      Breeze Maritime Company |
|   | 25       |                     | Aegean      Tiffany                        | Hellenic      Republic    |            |   | 9314478                |   | Aegean      Tiffany Maritime Company |
|   | 26       |                     | Aegean      X                              | Panama                    |            |   | 8209664                |   | Aegean      X Maritime Inc. |
|   | 27       |                     | Leader                                     | Panama                    |            |   | 8400000                |   | Pontos      Navigation Inc. |
|   | 28       |                     | Aegean      Flower(Collateral      Ship A) | United      Arab Emirates |            |   | 8978394                |   | Aegean      Marine Petroleum LLC |
|   | 29  |                     | Aegean VII(Collateral      Ship B)         |        Liberia       |            |   | 8313544           |   |        Aegean      Seven Maritime Inc. |
|   | 30  |                     | Aegean IX (Collateral      Ship C)         |  Panama              |            |   | 7402623           |   |        Venus      HoldingCompany |

----

| EXECUTED as a DEED                        | )      |   |             |
|-------------------------------------------|--------|--------|------------------|
| by                                        | )      |   |             |
| for      and on behalf of                 | )      |   |             |
| AEGEAN      MARINE PETROLEUM NETWORK INC. | )      |   |             |
| in      the presence of:                  | )      |   | Attorney-in-Fact |
|                                      |   |   |             |
|                                      |   |   |             |
|                                      |   |   |             |   |
| Witness                                   |   |   |             |
| Name:                                     |   |   |             |
| Address:                                  |   |   |             |
| Occupation:                               |   |   |             |
|                                      |   |   |             |
|                                      |   |   |             |

| EXECUTED as a DEED                  | )      |   |             |
|-------------------------------------|--------|--------|------------------|
| by                                  | )      |   |             |
| for      and on behalf of           | )      |   |             |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   |             |
| in      the presence of:            | )      |   | Attorney-in-Fact |
|                                |   |   |             |
|                                |   |   |             |
|                                |   |   |             |   |
| Witness                             |   |   |             |
| Name:                               |   |   |             |
| Address:                            |   |   |             |
| Occupation:                         |   |   |             |
|                                |   |   |             |
|                                |   |   |             |

----

| EXECUTED as a DEED                        | )      |   |                         |
|-------------------------------------------|--------|--------|------------------------------|
| by      Y. KOUMBIADOU                     | )      |   |                         |
| for      and on behalf of                 | )      |   |                         |
| AEGEAN      MARINE PETROLEUM NETWORK INC. | )      |   | /s/      Y. KOUMBIADOU  |
| in      the presence of:                  | )      |   | Attorney-in-Fact             |
|                                      |   |   |                         |
|                                      |   |   |                         |
| /s/      Anthi Kekatou               |   |   |                         |   |
| Witness                                   |   |   |                         |
| Name:      Anthi Kekatou                  |   |   |                         |
| Address:      Norton Rose LLP             |   |   |                         |
| Occupation:                               |   |   |                         |
|                                      |   |   |                         |
|                                      |   |   |                         |

| SIGNED by F.      BRATIMOS          | )      |   |                       |
|-------------------------------------|--------|--------|----------------------------|
| for      and on behalf of           | )      |   |                       |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   | /s/      F. BRATIMOS  |
| as      Bank                        | )      |   | Attorney-in-Fact           |
|                                |   |   |                       |
|                                |   |   |                       |

| SIGNED by T.      ALMPANIDIS | )      |   |                         |
|------------------------------|--------|--------|------------------------------|
| for      and on behalf of    | )      |   |                         |
| HSH      NORDBANK AG         | )      |   | /s/      T. ALMPANIDIS  |
| as      Bank                 | )      |   | Attorney-in-Fact             |
|                         |   |   |                         |
|                         |   |   |                         |

| SIGNED by F.      BRATIMOS          | )      |   |                       |
|-------------------------------------|--------|--------|----------------------------|
| for      and on behalf of           | )      |   |                       |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   | /s/      F. BRATIMOS  |
| as      Agent                       | )      |   | Attorneys-in-Fact          |
|                                |   |   |                       |
|                                |   |   |                       |

| SIGNED by F.      BRATIMOS          | )      |   |                       |
|-------------------------------------|--------|--------|----------------------------|
| for      and on behalf of           | )      |   |                       |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   | /s/      F. BRATIMOS  |
| as      Security Agent              | )      |   | Attorneys-in-Fact          |
|                                |   |   |                       |
|                                |   |   |                       |

----

| SIGNED by F.      BRATIMOS          | )      |   |                       |
|-------------------------------------|--------|--------|----------------------------|
| for      and on behalf of           | )      |   |                       |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   | /s/      F. BRATIMOS  |
| as      Account Bank                | )      |   | Attorneys-in-Fact          |
|                                |   |   |                       |
|                                |   |   |                       |

| SIGNED by F.      BRATIMOS          | )      |   |                       |
|-------------------------------------|--------|--------|----------------------------|
| for      and on behalf of           | )      |   |                       |
| THE      ROYAL BANK OF SCOTLAND PLC | )      |   | /s/      F. BRATIMOS  |
| as      Issuing Bank                | )      |   | Attorneys-in-Fact          |
|                                |   |   |                       |
|                                |   |   |                       |

| SIGNED by T.      ALMPANIDIS | )      |   |                         |
|------------------------------|--------|--------|------------------------------|
| for      and on behalf of    | )      |   |                         |
| HSH      NORDBANK AG         | )      |   | /s/      T. ALMPANIDIS  |
| as      Arranger             | )      |   | Attorney-in-Fact             |
|                         |   |   |                         |
|                         |   |   |                         |

| EXECUTED as a DEED by A.      MANITSAS | )      |   |                       |
|----------------------------------------|--------|--------|----------------------------|
| for      and on behalf of              | )      |   |                       |
| AEGEAN      DAISY MARITIME COMPANY     | )      |   | /s/      A. MANITSAS  |
| as      Owner                          | )      |   | Attorney-in-Fact           |
| in      the presence of:               |   |   |                       |
|                                   |   |   |                       |
|                                   |   |   |                       |
| /s/      Anthi Kekatou            |   |   |                       |   |
| Witness                                |   |   |                       |
| Name:      Anthi Kekatou               |   |   |                       |
| Address:      Norton Rose LLP          |   |   |                       |
| Occupation:                            |   |   |                       |

----

| EXECUTED as a DEED by A.      MANITSAS | )      |   |                 |
|----------------------------------------|--------|--------|----------------------|
| for      and on behalf of              | )      |   |                 |
| AEGEAN      ROSE MARITIME COMPANY      | )      |   | /s/ A. MANITSAS |
| as      Owner                          | )      |   | Attorney-in-Fact     |
| in      the presence of:               |   |   |                 |
|                                   |   |   |                 |
|                                   |   |   |                 |
| /s/      Anthi Kekatou            |   |   |                 |   |
| Witness                                |   |   |                 |
| Name:      Anthi Kekatou               |   |   |                 |
| Address:      Norton Rose LLP          |   |   |                 |
| Occupation:                            |   |   |                 |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| BALTIC      NAVIGATION COMPANY           | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

----

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| CARNABY      NAVIGATION INC.             | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| MARE      VISION S.A.                    | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      TANKING S.A.                 | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

----

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| OURANOS      TANKING S.A.                | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| SEA      BREEZER MARINE S.A.             | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      BREEZE MARITIME COMPANY      | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      TIFFANY MARITIME COMPANY     | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose                |   |   |                         |
| Occupation:                              |   |   |                         |

----

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      X MARITIME INC.              | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| PONTOS      NAVIGATION INC.              | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      MARINE PETROLEUM LLC         | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      SEVEN MARITIME INC.          | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

----

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| VENUS      HOLDING COMPANY               | )      |   | /s/      Y. KOUMBIADOU  |
| as      Owner                            | )      |   | Attorney-in-Fact             |
| in      the presence of:                 |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by Y.      KOUMBIADOU | )      |   |                         |
|------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                | )      |   |                         |
| AEGEAN      BUNKERING SERVICES INC.      | )      |   | /s/      Y. KOUMBIADOU  |
| in      the presence of:                 | )      |   | Attorney-in-Fact             |
| as      Manager                          |   |   |                         |
|                                     |   |   |                         |
|                                     |   |   |                         |
| /s/      Anthi Kekatou              |   |   |                         |   |
| Witness                                  |   |   |                         |
| Name:      Anthi Kekatou                 |   |   |                         |
| Address:      Norton Rose LLP            |   |   |                         |
| Occupation:                              |   |   |                         |

| EXECUTED as a DEED by      K.KYRIAKOU | )      |   |                      |
|---------------------------------------|--------|--------|---------------------------|
| for      and on behalf of             | )      |   |                      |
| AEGEAN      MANAGEMENT SERVICES M.C.  | )      |   | /s/      K.KYRIAKOU  |
| in      the presence of:              | )      |   | Attorney-in-Fact          |
| as      New Manager                   |   |   |                      |
|                                  |   |   |                      |
|                                  |   |   |                      |
| /s/      Anthi Kekatou           |   |   |                      |   |
| Witness                               |   |   |                      |
| Name:      Anthi Kekatou              |   |   |                      |
| Address:      Norton Rose LLP         |   |   |                      |
| Occupation:                           |   |   |                      |

----

| EXECUTED as a DEED by Y.      KOUMBIADOU  | )      |   |                         |
|-------------------------------------------|--------|--------|------------------------------|
| for      and on behalf of                 | )      |   |                         |
| AEGEAN      MARINE PETROLEUM NETWORK INC. | )      |   | /s/      Y. KOUMBIADOU  |
| in      the presence of:                  | )      |   | Attorney-in-Fact             |
| as      Corporate Guarantor               |   |   |                         |
|                                      |   |   |                         |
|                                      |   |   |                         |
| /s/      Anthi Kekatou               |   |   |                         |   |
| Witness                                   |   |   |                         |
| Name:      Anthi Kekatou                  |   |   |                         |
| Address:      Norton Rose LLP             |   |   |                         |
| Occupation:                               |   |   |                         |

----