----

| Clause                                                             | Page                                                |
|--------------------------------------------------------------------|-----------------------------------------------------|
|                                                               |                                                |   |
|                                                               |                                                |   |
| 1                                                                  | Purpose and definitions                             |  1 |
|                                                               |                                                |   |
| 2                                                                  | The Facilities                                      |  12 |
|                                                               |                                                |   |
| 3                                                                  | Interest and Interest Periods                       |  19 |
|                                                               |                                                |   |
| 4                                                                  | Indemnities; repayments; cancellations; prepayments | 22 |
|                                                               |                                                |   |
| 5                                                                  | Fees, commissions and expenses                      | 24 |
|                                                               |                                                |   |
| 6                                                                  | Payments and taxes; accounts and calculations       | 26 |
|                                                               |                                                |   |
| 7                                                                  | Representations and warranties                      | 29 |
|                                                               |                                                |   |
| 8                                                                  | Undertakings                                        | 34 |
|                                                               |                                                |   |
| 9                                                                  | Conditions                                          |  39 |
|                                                               |                                                |   |
| 10                                                                 | Events of Default                                   | 40 |
|                                                               |                                                |   |
| 11                                                                 | Indemnities                                         | 44 |
|                                                               |                                                |   |
| 12                                                                 | Unlawfulness and increased costs                    | 45 |
|                                                               |                                                |   |
| 13                                                                 | Security, set-off and pro-rata payments             | 47 |
|                                                               |                                                |   |
| 14                                                                 | Accounts                                            | 49 |
|                                                               |                                                |   |
| 15                                                                 | Assignment, transfer and lending office             | 51 |
|                                                               |                                                |   |
| 16                                                                 | Arranger, Agent, Security Agent and Reference Banks | 53 |
|                                                               |                                                |   |
| 17                                                                 | Notices and other matters                           | 62 |
|                                                               |                                                |   |
| 18                                                                 | Governing law and jurisdiction                      | 64 |
|                                                               |                                                |
| Schedule 1 The Banks and their Percentages                         | 65                                                  |
|                                                               |                                                |
| Schedule 2 Documents and evidence required as conditions precedent | 66                                                  |
|                                                               |                                                |
| Schedule 3 Form of Trust Deed                                      | 69                                                  |
|                                                               |                                                |
| Schedule 4 Transfer Certificate                                    | 70                                                  |
|                                                               |                                                |
| The Schedule                                                       | 73                                                  |
|                                                               |                                                |
| Schedule 5 Form of Drawdown Notice and Issue Request               | 74                                                  |
|                                                               |                                                |
| Schedule 6 Mandatory Cost formula                                  | 76                                                  |
|                                                               |                                                |
| Schedule 7 Form of Borrowing Base Report                           | 78                                                  |

----

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

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

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

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

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

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

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

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

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

|   | (a) | the Loan: |
|--------|-----|-----------|

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

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

----

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

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

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

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

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

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

----

|   | (a) | for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | under any loan stock, bond, note or other security issued by the debtor; |
|--------|-----|--------------------------------------------------------------------------|

|   | (c) | under any acceptance credit, guarantee or letter of credit facility made available to the debtor; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (d) | under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount (and when calculating the value of any such transaction, only the marked to market value as at any date shall be taken into account); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the other person; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

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

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

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

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

----

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

|   | (b) | the Available Amount under the RC Facility at the relevant time, as the same may be reduced by any of the terms of this Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

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

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

----

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

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

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

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

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

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

----

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

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

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

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

----

----

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|   | (B) | any amount then standing to the credit of the Cash Collateral Account and any Illegality Security Account (and any such amount in an Optional Currency shall be calculated by the Agent in its Dollar equivalent by using |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

| 2.3.2 | The Borrower undertakes with the Issuing Bank and each Bank to use each L/C only for the purpose stated in 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 are that: |
|-------|------------------------------------------------------|

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

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

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

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

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

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

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

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

| 2.3.6 | Subject to the provisions of this Agreement, the Issuing Bank shall, on the Issue Date for a 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%. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

| 2.8.1 | In this clause 2.8, the "Issuing Bank's spot rate of exchange" means the Issuing Bank's rate of exchange for the purchase in the London Foreign Exchange Market of the appropriate amount of the relevant Optional Currency with Dollars at or about 11.00 a.m. on, as the case may be, each Issue Date on which an Optional Currency 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 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 is tested by the Agent, the Outstanding Amount of each Optional Currency L/C then outstanding, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2.9 | Reduction of L/Cs |
|-----|-------------------|

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

| 2.9.2 | the Issuing Bank has notified the Agent and the Agent has notified the Borrower in writing that (notwithstanding the absence of a written confirmation from the Beneficiary of such 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 Issuing Bank has notified the Agent and the Agent has notified the Borrower in writing that it is satisfied that no claim or demand has been made, or may thereafter be made, under the L/C. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

| 3.5 | Notification of Interest Periods and interest rate |
|-----|----------------------------------------------------|

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

| 4.2.3 | The Banks shall not be liable to indemnify the Issuing Bank in respect of any losses, damages, costs or expenses suffered or incurred by the Issuing Bank by reason of the Issuing Bank failing to examine documents presented under a L/C with reasonable care to |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| 4.3 | Repayment and voluntary prepayments of RC Facility |
|-----|----------------------------------------------------|

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| 5.1.2 | for the account of the Banks pro rata in accordance with their Percentages, on each of the dates falling at three (3) monthly intervals after the date of this Agreement until the last day of the Availability Period, and on such day, commitment commission computed from the date |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1.3 | for the account of the Banks pro rata in accordance with their Percentages, in respect of each L/C, on the last day of each calendar month up to the Expiry Date of such L/C and on the Expiry Date of such L/C, letter of credit commission on the daily Outstanding Amount of such 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, zero point five zero per cent (0.50%) per annum; |
|--------|-----|----------------------------------------------------------------------------------|

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

----

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

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

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

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

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

| 8.1.4 | Pari passu and subordination of intra-Group loans |
|-------|---------------------------------------------------|

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

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

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

----

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

|   | (a) | agree to enter into any transactions under which it incurs or might or agrees to incur Borrowed Money and it creates or might or agrees to create Encumbrances over or in relation to Receivables, if the advance level extended to it by the lender under any such transaction in relation to Receivables is: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | lower than 90%, unless the same lower level is made available to the Banks under this Agreement at the same time; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | higher than 90%; or |
|--------|------|---------------------|

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

| 10.1.5 | Cross-default:  any Indebtedness of any Relevant Party is not paid when due or any Indebtedness of any Relevant Party becomes (whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) due and payable prior to the date when it would otherwise have become due (unless as a result of the |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 allor any part of the assets of any Relevant Party; or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

| 11.2.1 | making or filing a claim or proof against the Borrower; |
|--------|---------------------------------------------------------|

----

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

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

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

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

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

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

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

| 12.1.1 | renders it unlawful for the Issuing Bank to issue any or any further L/Cs, or for a Bank to perform its obligations under clauses 2.14 or 4.2.1 in respect of any further L/Cs to be issued by the Issuing Bank, the Issuing Bank or (as the case may be) the relevant Bank shall promptly inform the Agent and the Agent shall notify the Borrower, and the obligations of the Issuing Bank to issue any or any further L/Cs under this Agreement shall forthwith terminate and the Borrower shall within ten (10) Banking Days after such notice pay to the Account Bank for credit to the Illegality Security Account for each issued and outstanding L/C, 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 a Bank to perform its obligations under clauses 2.14 or 4.2.1 in respect of any L/C which has previously been opened, then that Bank shall promptly inform the Agent and the Agent shall notify the Borrower, and the Borrower shall within ten (10) |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

| 12.2.4 | reduce a Bank's or the Issuing Bank's or their respective holding company's rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to such Bank's or the Issuing Bank's obligations under any of the Security Documents; and/or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

| 15.4.2 | The Agent shall at all times during the continuation of this Agreement maintain a register in which it shall record the name, Commitments, Contributions, Percentages and administrative details (including the lending office) from time to time of the Banks holding a Transfer Certificate and the date at which the transfer referred to in such Transfer Certificate held by each Bank was transferred to such Bank, and the Agent shall make the said register |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

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

| 16 | Arranger, Agent, Security Agent and Reference Banks |
|----|-----------------------------------------------------|

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

----

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

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

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

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

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

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

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

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

| 16.4.2 | unless and until it shall have received directions from the Majority Banks, take such action or, as the case may be, refrain from taking such action (or authorise the Security Agent to take or refrain from taking such action) in respect of a Default of which the Agent has actual knowledge as it shall deem advisable in the best interests of the Banks and the Issuing Bank (but shall not be obliged to 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 and/or the Issuing Bank to institute any legal proceedings arising out of or in connection with this Agreement or any of the other Security Documents until it and/or the Security Agent has been indemnified and/or secured to its satisfaction against any and all costs, expenses or liabilities (including legal fees) which it would or might incur as 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 clause 4.1.1 for all purposes of this Agreement unless and until a notice shall have been filed with the Agent pursuant to clause 15.3 and shall have become effective, and (ii) the office set opposite the name of each of the Banks in schedule 1 as such Bank's lending office under this Agreement unless and until a |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 any jurisdiction. |
|--------|----------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

| 16.8 | Reliance on documents and professional advice |
|------|-----------------------------------------------|

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

| 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 this clause. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.5 | None of the Banks nor the Agent nor the Issuing Bank shall have any independent power to enforce any of the Security Documents referred to in clause 16.15.1 or to exercise any |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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, the Issuing Bank and the Banks (whether directly or through the Agent) shall provide the Security Agent with such written information as it may reasonably require for the purpose of carrying out its duties and obligations under the Security Documents referred to in 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 of nominees. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

| 16.19 | Co-operation to achieve agreed priorities of application |
|-------|----------------------------------------------------------|

| 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 written form; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

|   |   | c/o Aegean Marine Petroleum S.A. |
|--------|--------|----------------------------------|
|   |   | 42 Hatzikiriakou Street          |
|   |   | 185 38 Piraeus                   |
|   |   | Greece                           |
|   |   |                             |
|   |   | Fax no: +30 210 458 6243         |
|   |   | Attention: Theodora Papadogianni |

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

|   |   | National Bank of Greece S.A., London Branch |
|--------|--------|---------------------------------------------|
|   |   | 75 King William Street                      |
|   |   | London EC4N 7BE                             |
|   |   | England                                     |
|   |   |                                        |
|   |   | Fax No: + 44 207 105 3834                   |
|   |   | Attention: Credit Administration Department |

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

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

| 17.3 | No implied waivers, remedies cumulative |
|------|-----------------------------------------|

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

----

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

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

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

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

----

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

----

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

| 11 | Schedule of Receivables and Borrowing Base Report |
|----|---------------------------------------------------|

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

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

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

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

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

----

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

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

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

----

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

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

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

----

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

----

----

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

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

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

|                         |   |   |
|------------------------------|--------|--------|
| For and on behalf of         |   |   |
| AEGEAN MARINE PETROLEUM S.A. |   |   |

----

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

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

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

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

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

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

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

|                         |   |   |
|------------------------------|--------|--------|
| For and on behalf of         |   |   |
| AEGEAN MARINE PETROLEUM S.A. |   |   |

----

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

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

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

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

| E x 0.01 |     per cent per annum. |
|----------|----------------------------------------|
| 300      |

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

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

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

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

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

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

----

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

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

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

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

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

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

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

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

----

| Collateral                                          |   | 100%Value |   |   | Discount |   |   | TotalDiscountedValue |   |
|-----------------------------------------------------|--------|-----------|--------|--------|----------|--------|--------|----------------------|--------|
|                                                |   |      |   |   |     |   |   |                 |   |
| CASH                                                |   |      |   |   |     |   |   |                 |   |
| BANKS                                               |   |      | 0      |   |     |   | 0      | %                    |   |   | 0 |   |
|                                                |   |      |   |   |     |   |   |                 |   |   |   |   |
| RECEIVABLES**                                       |   |      |   |   |     |   |   |                 |   |   |   |   |
| THIRD PARTIES                                       |   |      |   |   |     |   |   |                 |   |   |   |   |
| TRADE RECEIVABLES FROM THIRD PARTIES (<=60 DAYS) |   |      | 0      |   |     |   | 10     | %                    |   |   | 0 |   |
| TRADE RECEIVABLES FROM THIRD PARTIES (> 60 DAYS) |   |      | 0      |   |     |   | 100    | %                    |   |   | 0 |   |
|                                                |   |      |   |   |     |   |   |                 |   |   |   |   |
|                                                |   |      |   |   |     |   |   |                 |   |   |   |   |
| BORROWING BASE AVAILABLITY (A)                      |   |      | 0      |   |     |   |   |                 |   |   | 0 |   |
|                                                |   |      |   |   |     |   |   |                 |   |   |   |   |

|   |  Facility A |      | Facility B |   |       |      |   |   | TOTAL  |
|--------|------------------|-----------|------------|--------|------------|-----------|--------|--------|--------|
|   | LOANS            | SUB-TOTAL |       | L/Cs   | GUARANTEES | SUB-TOTAL |   |   |   |   |   |   |
| NBG    | 0                | 0         |       | 0      | 0          | 0         |   |   |   |   |   | 0 |

| max USD 50,000                                                       |   | max USD 25,000 |   |   |   |   |
|----------------------------------------------------------------------|--------|----------------|--------|--------|--------|--------|
|                                                                 |   |           |   |
| BORROWING BASE AVAILABITY (A)                                        |   |           | 0      |
|                                                                 |   |           |   |
| TOTAL BANK OUTSTANDINGS (B) – (EXPRESSED AS A NEGATIVE FIGURE) |   |           | 0      |
|                                                                 |   |           |   |
| BORROWING BASE SURPLUS (DEFICIT) (C=A+B)                             |   |           | 0      |

| Aegean Marine Petroleum S.A. | Piraeus, |
|------------------------------|----------|

|   | *  | all figures in USD (currencies other than USD are converted to USD at month-end rates)                                                                         |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ** | Receivables must be acceptable to the lender in alt aspects and no more than 5% shall be due from anyone customer (other than US Navy and Exxon Mobile Marine) |

----

----

| SIGNED by Y. Koumbiadou                     | )      |                   |
|---------------------------------------------|--------|------------------------|
| for and on behalf of                        | )      | /s/ Y. Koumbiadou      |
| AEGEAN MARINE PETROLEUM S.A.                | )      | Attorney-in-fact       |
| as Borrower                                 | )      |                   |
|                                        | )      |                   |
|                                        |   |                   |
|                                        |   |                   |
| SIGNED                                      | )      |                   |
| and by                                 | )      |                   |
| for and on behalf of                        | )      | /s/ S. Charalambous    |
| NATIONAL BANK OF GREECE S.A., LONDON BRANCH | )      | Authorised Signatories |
| as Agent, Security Agent                    | )      |                   |
| Issuing Bank and Account Bank               | )      | /s/ P. Koliousis       |
|                                        |   | Authorised Signatories |
|                                        |   |                   |
| SIGNED by S. Charalambous                   | )      |                   |
| and by P. Koliousis                         | )      |                   |
| for and on behalf of                        | )      | /s/ S. Charalambous    |
| NATIONAL BANK OF GREECE S.A.,               | )      | Authorised Signatories |
| as Arranger                                 | )      |                   |
|                                        | )      | /s/ P. Koliousis       |
|                                        |   | Authorised Signatories |
|                                        |   |                   |
| SIGNED by S. Charalambous                   | )      |                   |
| and by P. Koliousis                         | )      |                   |
| for and on behalf of                        | )      | /s/ S. Charalambous    |
| NATIONAL BANK OF GREECE S.A., LONDON BRANCH | )      | Authorised Signatories |
| as Bank                                     | )      |                   |
|                                        | )      | /s/ P. Koliousis       |
|                                        |   | Authorised Signatories |

----