Document:

SECURITY
AGREEMENT

     

    This
SECURITY AGREEMENT (this
“Agreement”) is dated as
of June 23, 2009 and entered into by and among O2DIESEL CORPORATION, a
Delaware corporation (“O2Corp.”), O2DIESEL FUELS, INC., d/b/a
O2Diesel, Inc., a Delaware corporation (“O2Inc.” and together with
O2Corp., each a “Grantor” and collectively the
“Grantors”) and ENERGENICS HOLDINGS PTE LTD.
(“Secured
Party”).

     

    PRELIMINARY
STATEMENTS

     

    A.           Pursuant
to Secured Promissory Note dated as of June 23, 2009 issued by Makers (as
defined therein) in favor of Secured Party (said Secured Promissory Note, as it
may hereafter be amended, restated, supplemented or otherwise modified from time
to time, being the “Note”,
Secured Party has made certain commitments, subject to the terms and conditions
set forth in the Note, to make loans to Makers.

     

    B.           It
is a condition to the making or maintaining of loans by Secured Party under the
Note that Grantors shall have granted the security interests and undertaken the
obligations contemplated by this Agreement.

     

    NOW,
THEREFORE, in consideration of the agreements set forth herein and in
order to induce Secured Party to make and maintain loans under the Note, each
Grantor hereby agrees with Secured Party as follows:

     

    SECTION
1.  Grant of
Security.

     

    Each
Grantor hereby assigns to Secured Party, and hereby grants to Secured Party a
security interest in, all of such Grantor’s right, title and interest in and to
all of the personal property of such Grantor including the following, in each
case whether now or hereafter existing, whether tangible or intangible, whether
now owned or hereafter acquired and wherever the same may be located (the “Collateral”):

     

    (a)           all
Accounts;

     

    (b)           all
Chattel Paper;

     

    (c)           all
Money and all Deposit Accounts, together with all amounts on deposit from time
to time in such Deposit Accounts;

     

    (d)           all
Documents;

     

    (e)           all
General Intangibles (including contract rights and patents, trademarks, service
marks, copyrights, and other intellectual property), Payment Intangibles and
Software;

     

    (f)           all
Goods, including Inventory, Equipment, Farm Products and Fixtures;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (g)           all
Instruments;

     

    (h)           all
Investment Property, including the pledged equity set forth on Schedule 3
hereto;

     

    (i)           all
Letter-of-Credit Rights and other Supporting Obligations;

     

    (j)           all
Records;

     

    (k)           all
Commercial Tort Claims, including those set forth on Schedule 4 hereto;
and

     

    (l)           all
Proceeds and Accessions with respect to any of the foregoing
Collateral.

     

    Each
category of Collateral set forth above shall have the meaning set forth in the
UCC, it being the intention of the Grantors that the description of the
Collateral set forth above be construed to include the broadest possible range
of assets.

     

    SECTION 2.  Security for
Obligations.

     

    This
Agreement secures, and the Collateral is collateral security for, the prompt
payment in full when due, whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise, of all Secured Obligations of
each Grantor.  “Secured
Obligations” means all obligations and liabilities of every nature of
such Grantor now or hereafter existing under or arising out of or in connection
with the Note and the other Note Documents, together with all extensions or
renewals thereof, whether for principal, interest, reimbursement of amounts
drawn under letters of credit, fees, expenses, indemnities or otherwise, whether
voluntary or involuntary, direct or indirect, absolute or contingent, liquidated
or unliquidated, whether or not jointly owed with others, and whether or not
from time to time decreased or extinguished and later increased, created or
incurred, and all or any portion of such obligations or liabilities that are
paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from Secured Party as a preference, fraudulent transfer
or otherwise, and all obligations of every nature of Grantors now or hereafter
existing under this Agreement (including, without limitation, interest and other
amounts that, but for the filing of a petition in bankruptcy with respect to any
Grantor, would accrue on such obligations, whether or not a claim is allowed
against such Grantor for such amounts in the related bankruptcy
proceeding).

     

    SECTION
3.  Representations and Warranties.

     

    Each
Grantor represents and warrants as follows:

     

    (a)           Jurisdiction of
Organization.  Each Grantor’s name as it appears in official
filings in the state of its organization, type of organization (i.e.
corporation, limited partnership, etc.), jurisdiction of organization and
organization number provided by the applicable government authority of the
jurisdiction of organization are set forth on Schedule 1 annexed hereto.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           Names.  No Grantor (or
predecessor by merger or otherwise of such Grantor) has, within the five year
period preceding the date hereof had a different name from the name of such
Grantor listed on the signature pages hereof, except as set forth on Schedule 2 annexed
hereto.

     

    (c)           Due Authorization,
etc.  Each Grantor is duly formed, validly existing and in good
standing under the law of its jurisdiction of organization and has full entity
power and authority to execute, deliver and perform this
Agreement.  The execution, delivery and performance of this Agreement
have been duly authorized by all necessary entity action.  This
Agreement constitutes a legally valid and binding obligation of each Grantor,
enforceable against such Grantor in accordance with its terms, except as
enforcement hereof may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally or by general equitable principles.

     

    (d)           No Conflict.  The
execution, delivery and performance of this Agreement by each Grantor will not
violate the organizational documents of such Grantor, any provision of law
applicable to such Grantor or any order, judgment or decree of any court or
other governmental agency binding on such Grantor.

     

    (e)           Security
Interests.  The security interests in the Collateral granted
hereunder constitute valid security interests in the Collateral, securing
payment of the Secured Obligations.

     

    SECTION
4.   Further Assurances. 

     

    Each
Grantor agrees that from time to time, at the expense of Grantors, such Grantor
will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or desirable, or that Secured
Party may request, in order to perfect and protect any security interest granted
or purported to be granted hereby or to enable Secured Party to exercise and
enforce its rights and remedies hereunder with respect to any
Collateral.  Without limiting the generality of the foregoing, each
Grantor will:  (a) (i) execute (if necessary) and file such financing
or continuation statements, or amendments thereto, (ii) execute and deliver, and
cause to be executed and delivered, agreements establishing that Secured Party
has control of Deposit Accounts and Investment Property of such Grantor,
(iii) deliver to Secured Party all certificates or Instruments representing
or evidencing Investment Property, accompanied by duly executed endorsements or
instruments of transfer or assignment in blank, all in form and substance
satisfactory to Secured Party and (iv) deliver such other instruments or
notices, in each case, as may be necessary or desirable, or as Secured Party may
request, in order to perfect and preserve the security interests granted or
purported to be granted hereby; (b) furnish to Secured Party from time to
time statements and schedules further identifying and describing the Collateral
and such other reports in connection with the Collateral as Secured Party may
reasonably request, all in reasonable detail; (c) at any reasonable time,
upon request by Secured Party, exhibit the Collateral to and allow inspection of
the Collateral by Secured Party, or persons designated by Secured Party;
(d) at Secured Party’s request, appear in and defend any action or
proceeding that may affect such Grantor’s title to or Secured Party’s security
interest in all or any part of the Collateral; and (e) use commercially
reasonable efforts to obtain any necessary consents of third parties to the
creation and perfection of a security interest in favor of Secured Party with
respect to any Collateral. Each Grantor hereby authorizes Secured Party to file
one or more financing or continuation statements, and amendments thereto,
relative to all or any part of the Collateral (including any financing statement
indicating that it covers “all assets” or “all personal property” of such
Grantor).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION 5.  Certain Covenants of
Grantors.

     

    Each
Grantor shall:

     

    (a)           not
use or permit any Collateral to be used unlawfully or in violation of any
provision of this Agreement or any applicable statute, regulation or ordinance
or any policy of insurance covering the Collateral;

     

    (b)           give
Secured Party at least 30 days’ prior written notice of any change in such
Grantor’s name, identity or corporate structure;

     

    (c)           give
Secured Party at least 30 days’ prior written notice of any reincorporation,
reorganization or other action that results in a change of the jurisdiction of
organization of such Grantor;

     

    (d)           pay
promptly when due all property and other taxes, assessments and governmental
charges or levies imposed upon, and all claims (including claims for labor,
services, materials and supplies) against, the Collateral except to the extent
the validity thereof is being contested in good faith; provided that such
Grantor shall in any event pay such taxes, assessments, charges, levies or
claims not later than five days prior to the date of any proposed sale under any
judgment, writ or warrant of attachment entered or filed against such Grantor or
any of the Collateral as a result of the failure to make such payment;
and

     

    (e)           permit
representatives of Secured Party at any time during normal business hours to
inspect and make abstracts from Records of the Collateral, and each Grantor
agrees to render to Secured Party, at such Grantor’s cost and expense, such
clerical and other assistance as may be reasonably requested with regard
thereto.

     

    SECTION
6.  Special Covenants with respect to
Accounts. 

     

    Except as
otherwise provided in this section, each Grantor shall continue to collect, at
its own expense, all amounts due or to become due to such Grantor under the
Accounts.  In connection with such collections, each Grantor may take
(and, at Secured Party’s direction, shall take) such action as such Grantor or
Secured Party may deem necessary or advisable to enforce collection of amounts
due or to become due under the Accounts; provided, however, that Secured Party
shall have the right at any time, upon the occurrence and during the
continuation of an Event of Default and upon written notice to such Grantor of
its intention to do so, to (a) notify the account debtors or obligors under
any Accounts of the assignment of such Accounts to Secured Party and to direct
such account debtors or obligors to make payment of all amounts due or to become
due to such Grantor thereunder directly to Secured Party, (b) notify each Person
maintaining a lockbox or similar arrangement to which account debtors or
obligors under any Accounts have been directed to make payment to remit all
amounts representing collections on checks and other payment items from time to
time sent to or deposited in such lockbox or other arrangement directly to
Secured Party, (c) enforce collection of any such Accounts at the expense of
Grantors, and (d) adjust, settle or compromise the amount or payment thereof, in
the same manner and to the same extent as such Grantor might have
done.  After receipt by such Grantor of the notice from Secured Party
referred to in the proviso to the preceding sentence, (i) all amounts and
proceeds (including checks and other Instruments) received by such Grantor in
respect of the Accounts shall be received in trust for the benefit of Secured
Party hereunder, shall be segregated from other funds of such Grantor and shall
be forthwith paid over or delivered to Secured Party in the same form as so
received (with any necessary endorsement), and (ii) such Grantor shall not,
without the written consent of Secured Party, adjust, settle or compromise the
amount or payment of any Account, or release wholly or partly any account debtor
or obligor thereof, or allow any credit or discount thereon.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
7.  Secured Party Appointed
Attorney-in-Fact. 

     

    Each
Grantor hereby irrevocably appoints Secured Party as such Grantor’s
attorney-in-fact, with full authority in the place and stead of such Grantor and
in the name of such Grantor, Secured Party or otherwise, from time to time in
Secured Party’s discretion to take any action and to execute any instrument that
Secured Party may deem necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation:

     

    (a)           upon
the occurrence and during the continuance of an Event of Default, to obtain and
adjust insurance required to be maintained by such Grantor;

     

    (b)           upon
the occurrence and during the continuance of an Event of Default, to ask for,
demand, collect, sue for, recover, compound, receive and give acquittance and
receipts for moneys due and to become due under or in respect of any of the
Collateral;

     

    (c)           upon
the occurrence and during the continuance of an Event of Default, to receive,
endorse and collect any drafts or other Instruments, Documents, Chattel Paper
and other documents in connection with clauses (a) and (b) above;

     

    (d)           upon
the occurrence and during the continuance of an Event of Default, to file any
claims or take any action or institute any proceedings that Secured Party may
deem necessary or desirable for the collection of any of the Collateral or
otherwise to enforce or protect the rights of Secured Party with respect to any
of the Collateral;

     

    (e)           to
pay or discharge liens (other than liens permitted under this Agreement or the
Note) levied or placed upon or threatened against the Collateral, the legality
or validity thereof and the amounts necessary to discharge the same to be
determined by Secured Party in its sole discretion, any such payments made by
Secured Party to become obligations of such Grantor to Secured Party, due and
payable immediately without demand;

     

    (f)           upon
the occurrence and during the continuance of an Event of Default, to sign and
endorse any invoices, freight or express bills, bills of lading, storage or
warehouse receipts, drafts against debtors, assignments, verifications and
notices in connection with Accounts and other documents relating to the
Collateral; and

     

    (g)           upon
the occurrence and during the continuance of an Event of Default, generally to
sell, transfer, pledge, make any agreement with respect to or otherwise deal
with any of the Collateral as fully and completely as though Secured Party were
the absolute owner thereof for all purposes, and to do, at Secured Party’s
option and Grantors’ expense, at any time or from time to time, all acts and
things that Secured Party deems necessary to protect, preserve or realize upon
the Collateral and Secured Party’s security interest therein in order to effect
the intent of this Agreement, all as fully and effectively as such Grantor might
do.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
8.  Secured Party May Perform; Standard of
Care. 

     

    If any
Grantor fails to perform any agreement contained herein, Secured Party may
itself perform, or cause performance of, such agreement, and the expenses of
Secured Party incurred in connection therewith shall be payable by Grantors
under Section 11(b) hereof.  The powers conferred on Secured
Party hereunder are solely to protect its interest in the Collateral and shall
not impose any duty upon it to exercise any such powers.  Except for
the exercise of reasonable care in the custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder,
Secured Party shall have no duty as to any Collateral or as to the taking of any
necessary steps to preserve rights against prior parties or any other rights
pertaining to any Collateral.  Secured Party shall be deemed to have
exercised reasonable care in the custody and preservation of Collateral in its
possession if such Collateral is accorded treatment substantially equal to that
which Secured Party accords its own property.

     

    SECTION
9.  Remedies.

     

    (a)           Generally.  If any
Event of Default shall have occurred and be continuing, Secured Party may
exercise in respect of the Collateral, in addition to all other rights and
remedies provided for herein or otherwise available to it, all the rights and
remedies of a secured party on default under the UCC (whether or not the UCC
applies to the affected Collateral), and also may (i) require each Grantor
to, and each Grantor hereby agrees that it will at its expense and upon request
of Secured Party forthwith, assemble all or part of the Collateral as directed
by Secured Party and make it available to Secured Party at a place to be
designated by Secured Party that is reasonably convenient to both parties,
(ii) enter onto the property where any Collateral is located and take
possession thereof with or without judicial process, (iii) prior to the
disposition of the Collateral, store, process, repair or recondition the
Collateral or otherwise prepare the Collateral for disposition in any manner to
the extent Secured Party deems appropriate, (iv) take possession of any
Grantor’s premises or place custodians in exclusive control thereof, remain on
such premises and use the same and any of such Grantor’s equipment for the
purpose of completing any work in process, taking any actions described in the
preceding clause (iii) and collecting any Secured Obligation, (v) sell the
Collateral or any part thereof in one or more parcels at public or private sale,
at any of Secured Party’s offices or elsewhere, for cash, on credit or for
future delivery, at such time or times and at such price or prices and upon such
other terms as Secured Party may deem commercially reasonable, (vi) exercise
dominion and control over and refuse to permit further withdrawals from any
Deposit Account maintained with Secured Party and provide instructions directing
the disposition of funds in Deposit Accounts not maintained with Secured Party
and (vii) provide entitlement orders with respect to Security Entitlements and
other Investment Property constituting a part of the Collateral and, without
notice to any Grantor, transfer to or register in the name of Secured Party or
any of its nominees any or all of the Collateral constituting Investment
Property.  Secured Party or any affiliate of Secured Party may be the
purchaser of any or all of the Collateral at any such sale and Secured Party or
such affiliate, shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the
Collateral sold at any such public sale, to use and apply any of the Secured
Obligations as a credit on account of the purchase price for any Collateral
payable by Secured Party at such sale.  Each Grantor hereby waives any
claims against Secured Party arising by reason of the fact that the price at
which any Collateral may have been sold at such a private sale was less than the
price which might have been obtained at a public sale, even if Secured Party
accepts the first offer received and does not offer such Collateral to more than
one offeree; provided that such sale is conducted in a commercially reasonable
manner.  If the proceeds of any sale or other disposition of the
Collateral are insufficient to pay all the Secured Obligations, Grantors shall
be jointly and severally liable for the deficiency and the fees of any attorneys
employed by Secured Party to collect such deficiency.  Each Grantor
further agrees that a breach of any of the covenants contained in this
Section 9 will cause irreparable injury to Secured Party, that Secured
Party has no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section shall be
specifically enforceable against such Grantor (including but not limited to the
covenants to take such as acts as may be requested by Secured Party pursuant to
section 4 hereof and the covenant to take such action as such Grantor or Secured
Party may deem necessary or advisable to enforce collection of amounts due or to
become due under the Accounts), and each Grantor hereby waives and agrees not to
assert any defenses against an action for specific performance of such covenants
except for a defense that no default has occurred giving rise to the Secured
Obligations becoming due and payable prior to their stated
maturities.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           Intellectual
Property.  In addition to, and not by way of limitation of, the
granting of a security interest in the Collateral pursuant hereto, each Grantor,
effective upon the occurrence and during the continuation of an Event of
Default, hereby assigns, transfers and conveys to Secured Party the nonexclusive
right and license to use all trademarks, tradenames, copyrights, patents or
technical processes owned or used by such Grantor that relate to the Collateral,
together with any goodwill associated therewith, all to the extent necessary to
enable Secured Party to realize on the Collateral in accordance with this
Agreement and to enable any transferee or assignee of the Collateral to enjoy
the benefits of the Collateral.  This right shall inure to the benefit
of all successors, assigns and transferees of Secured Party and its successors,
assigns and transferees, whether by voluntary conveyance, operation of law,
assignment, transfer, foreclosure, deed in lieu of foreclosure or
otherwise.  Such right and license shall be granted free of charge,
without requirement that any monetary payment whatsoever be made to such
Grantor.

     

    SECTION
10.  Application of Proceeds. 

     

    Except as
expressly provided elsewhere in this Agreement, all proceeds received by Secured
Party in respect of any sale of, collection from, or other realization upon all
or any part of the Collateral shall be applied in the following order of
priority:

     

    FIRST:  To
the payment of all costs and expenses of such sale, collection or other
realization, including reasonable compensation to Secured Party and its agents
and counsel, and all other expenses, liabilities and advances made or incurred
by Secured Party in connection therewith, and all amounts for which Secured
Party is entitled to indemnification hereunder and all advances made by Secured
Party hereunder for the account of Grantors, and to the payment of all costs and
expenses paid or incurred by Secured Party in connection with the exercise of
any right or remedy hereunder;

     

    SECOND:  To
the payment of all other Secured Obligations (for the ratable benefit of the
holders thereof) and, as to obligations arising under the Note, as provided in
the Note; and

     

    THIRD:  To
the payment to or upon the order of Makers, or to whosoever may be lawfully
entitled to receive the same or as a court of competent jurisdiction may direct,
of any surplus then remaining from such proceeds.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
11.  Indemnity and Expenses. 

     

    (a)           Grantors
jointly and severally agree to indemnify Secured Party from and against any and
all claims, losses and liabilities in any way relating to, growing out of or
resulting from this Agreement and the transactions contemplated hereby
(including, without limitation, enforcement of this Agreement), except to the
extent such claims, losses or liabilities result solely from Secured Party’s
gross negligence or willful misconduct as finally determined by a court of
competent jurisdiction.

     

    (b)           Grantors
jointly and severally agree to pay to Secured Party upon demand the amount of
any and all costs and expenses, including the fees and expenses of counsel and
of any experts and agents, that Secured Party may incur in connection with the
custody or preservation of the Collateral, the exercise of rights or remedies
hereunder or the failure by any Grantor to perform or observe any of the
provisions hereof.

     

    (c)           The
obligations of Grantors in this Section 11 shall survive the termination of
this Agreement and the discharge of Grantors’ other obligations under this
Agreement, the Note and the other Note Documents.

     

    SECTION
12.  Amendments; Etc. 

     

    No
amendment, modification, termination or waiver of any provision of this
Agreement, and no consent to any departure by any Grantor therefrom, shall in
any event be effective unless the same shall be in writing and signed by Secured
Party and, in the case of any such amendment or modification, by
Grantors.  Any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which it was
given.

     

    SECTION
13.  Notices. 

     

    Any
notice or other communication herein required or permitted to be given shall be
in writing and may be personally served or sent by telefacsimile or United
States mail or courier service and shall be deemed to have been given when
delivered in person or by courier service, upon receipt of telefacsimile, or
three business days after depositing it in the United States mail with postage
prepaid and properly addressed; provided that notices
to Secured Party shall not be effective until received.  For the
purposes hereof, the address of each party hereto shall be set forth under such
party’s name on the signature pages hereof or such other address as shall be
designated by such party in a written notice delivered to the other parties
hereto.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
14.  Failure or Indulgence Not Waiver; Remedies
Cumulative; Severability. 

     

    (a)           No
failure or delay on the part of Secured Party in the exercise of any power,
right or privilege hereunder shall impair such power, right or privilege or be
construed to be a waiver of any default or acquiescence therein, nor shall any
single or partial exercise of any such power, right or privilege preclude any
other or further exercise thereof or of any other power, right or
privilege.  All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise
available.

     

    (b)           In
case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or
impaired thereby.

     

    SECTION
15.  Continuing Security Interest; Transfer of
Loans; Termination and Release. 

     

    (a)           This
Agreement shall create a continuing security interest in the Collateral and
shall (i) remain in full force and effect until the payment in full of the
Secured Obligations (other than Unasserted Obligations) and termination of all
commitments to extend credit under the Note, (ii) be binding upon each
Grantor and its successors and assigns, and (iii) inure, together with the
rights and remedies of Secured Party hereunder, to the benefit of Secured Party
and its successors, transferees and assigns.  Without limiting the
generality of the foregoing clause (iii), Secured Party may assign or otherwise
transfer any loans held by it to any other Person, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to
Secured Party herein or otherwise.

     

    (b)           Upon
the payment in full of all Secured Obligations (other than Unasserted
Obligations) and termination of all commitments to extend credit under the Note,
the security interest granted hereby shall terminate and all rights to the
Collateral shall revert to Grantors.  Upon any such termination
Secured Party will, at Grantors’ expense, execute and deliver to Grantors such
documents as Grantors shall reasonably request to evidence such
termination.

     

    SECTION
16.  Headings. 

     

    Section
and subsection headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.

     

    SECTION
17.  Governing Law; Rules of Construction.

     

    THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, EXCEPT TO THE EXTENT THAT THE UCC PROVIDES THAT THE
PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT
OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF DELAWARE, IN WHICH CASE THE LAWS OF SUCH JURISDICTION SHALL
GOVERN WITH RESPECT TO THE PERFECTION OF THE SECURITY INTEREST IN, OR THE
REMEDIES WITH RESPECT TO, SUCH PARTICULAR COLLATERAL.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
18.  Consent to Jurisdiction and Service of
Process.

     

    ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY GRANTOR ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, MAY BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF DELAWARE.

     

    SECTION
19.  Waiver of Jury Trial. 

     

    GRANTORS
AND SECURED PARTY HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT
RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW
AND STATUTORY CLAIMS.

     

    SECTION
20.  Counterparts.

     

    This
Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute
but one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature
pages are physically attached to the same document.

     

    SECTION
21.  Definitions.

     

    (a)           Each
capitalized term utilized in this Agreement that is not defined in this
Agreement, but that is defined in the UCC, including the categories of
Collateral listed in Section 1 hereof, shall have the meaning set forth in
Divisions 1, 8 or 9 of the UCC.

     

    (b)           In
addition, the following terms used in this Agreement shall have the following
meanings:

     

    “Collateral” has the meaning
set forth in Section 1 hereof.

     

    “Collateral Documents” means
this Agreement and all other instruments or documents delivered by any Grantor
pursuant to this Agreement or any of the other Note Documents in order to grant
to Secured Party, a Lien on any property of that Grantor as security for the
Secured Obligations.

     

    “Event of Default” means any
Event of Default as defined in the Note.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Note” has the meaning set forth in the
Preliminary Statements of this Agreement.

     

    “Note Documents”
means this Agreement, the Note, and the Collateral
Documents.

     

    “Secured Obligations” has the
meaning set forth in Section 2 hereof.

     

    “Subsidiary”
with respect to any person, means any corporation, partnership, trust,
limited liability company, association, joint venture or other business entity
of which more than 50% of the total voting power of shares of stock or other
ownership interests entitled (without regard to the occurrence of any
contingency) to vote in the election of the members of the governing body is at
the time owned or controlled, directly or indirectly, by that person or one or
more of the other Subsidiaries of that person or a combination
thereof.

     

    “UCC” means the Uniform
Commercial Code, as it exists on the date of this Agreement or as it may
hereafter be amended, in the State of Delaware.

     

    SECTION
22.  Additional Grantors. 

     

    The
initial Grantors hereunder shall be each Maker.  Each Grantor
expressly agrees that its obligations arising hereunder shall not be affected or
diminished by the addition or release of any other Grantor hereunder, nor by any
election of Secured Party not to cause any Subsidiary of each Maker to become an
additional Grantor hereunder.  This Agreement shall be fully effective
as to any Grantor that is or becomes a party hereto regardless of whether any
other Person becomes or fails to become or ceases to be a Grantor
hereunder.

     

    [Remainder
of page intentionally left blank]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS
WHEREOF, Grantors and Secured Party have caused this Agreement to be duly
executed and delivered by their respective officers thereunto duly authorized as
of the date first written above.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	 	O2DIESEL
      CORPORATION, as a
      Maker	 
	 	 	 	 	 
	
                                                       

                                                    	 	
                                                      By:
      

                                                    	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 
	 	 	Notice
      Address:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	 	      
                                                        O2DIESEL FUELS,
      INC., as a
      Maker

                                                        d/b/a O2DIESEL,
      INC.

                                                      	 
	 	 	 	 	 
	
                                                         

                                                      	 	
                                                        By:
      

                                                      	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 
	 	 	Notice
      Address:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	 	ENERGENICS HOLDINGS PTE
      LTD., as Secured
      Party	 
	 	 	 	 	 
	
                                                           

                                                        	 	
                                                          By:
      

                                                        	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 
	 	 	Notice
      Address:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

      

    

    SCHEDULE 1

    TO

    SECURITY AGREEMENT

     

    Type and
Jurisdiction of Organization

     

    
      
        
          	
                  Name of
    Grantor

                	
                  Type of

                  Organization

                	
                  Jurisdiction

                  of
    Organization

                	
                  Organization

                  Number

                
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

        

      

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    SCHEDULE 2

    TO

    SECURITY AGREEMENT

     

    Other
Names

     

    
      
        
          	
                  Name of
    Grantor

                	
                  Other
  Names

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

        

      

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE 3

    TO

    SECURITY AGREEMENT

     

    Pledged
Equity

     

    
      	
               

               

              Equity
      Issuer

            	
              Class

              of

              Equity

            	
               

              Equity

              Certificate
      Nos.

            	
               

              Par

              Value

            	
               

              Amount
      of

              Equity
      Interests

            	
              Percentage
      of

              Outstanding

              Equity
      Pledged

            
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE 4

    TO

    SECURITY AGREEMENT

     

    Commercial
Tort ClaimsUnassociated Document

    
      	
              LOAN,
      GUARANTEE FACILITY AND

            	 
      	
              /Ehlermann

            
	
              CREDIT
      FACILITY AGREEMENT

            	 
      	
              Rindfleisch

            
	 
      	 
      	
              Gadow
      Logo/

            

    

    DATED
   December
19  , 2008

    

    

    12
A.H.T.S. Vessels

    built
by Fincantieri Cantieri Navali S.p.A.

    

    

    

    

    

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    as
Lender, Mandated Lead Arranger and Agent

    

    THE
LENDERS

    AS
MORE CLOSELY DESCRIBED HEREIN

    as
lenders

    

    and

    

    THE
TWELVE LIMITED PARTNERSHIPS

    AS
MORE CLOSELY DESCRIBED HEREIN

    as
jointly and severally liable Borrowers

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
LOAN, GUARANTEE FACILITY AND CREDIT FACILITY AGREEMENT (THE “AGREEMENT”) IS MADE
THIS 19 DAY OF
December , 2008
between

     

    
      	
              (1)

            	
              NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, a banking institution organized and existing
      under the laws of the Federal Republic of Germany, having its registered
      offices at Friedrichswall 10, 30159 Hannover, Germany, (sometimes
      “NORD/LB” or the “Mandated Lead Arranger” or the “Agent”, as the case may
      be), and

            

    

     

    
      	
              (2)

            	
              The
      Lenders set forth in Schedule 1 attached hereto (the
      “Lenders”)

            

    

     

    on the one part,

     

    and

     

    
      	
              (3)

            	
              ATL
      OFFSHORE GMBH & CO. MS “JUIST” KG, (the “Borrower
  1”)

            

    

     

    
      	
              (4)

            	
              ATL
      OFFSHORE GMBH & CO. MS “NORDERNEY” KG, (the “Borrower
    2”)

            

    

     

    
      	
              (5)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF BALTRUM” KG, (the “Borrower
      3”)

            

    

     

    
      	
              (6)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF LANGEOOG” KG, (the “Borrower
      4”)

            

    

     

    
      	
              (7)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF AMRUM” KG, (the “Borrower
    5”)

            

    

     

    
      	
              (8)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF SYLT” KG, (the “Borrower
    6”)

            

    

     

    
      	
              (9)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF WANGEROOGE” KG, (the “Borrower
      7”)

            

    

     

    
      	
              (10)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF NEUWERK” KG, (the “Borrower
      8”)

            

    

     

    
      	
              (11)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF USEDOM” KG, (the “Borrower
      9”)

            

    

     

    
      	
              (12)

            	
              ATL
      OFFSHORE GMRH & CO. “ISLE OF FEHMARN” KG. (the “Borrower
      10”)

            

    

     

    
      	
              (13)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF MEMMERT” KG, (the “Borrower
      11”)

            

    

     

    
      	
              (14)

            	
              ATL
      OFFSHORE GMBH & CO. “ISLE OF MELLUM” KG, (the “Borrower
      12”)

            

    

     

    each of
them a limited partnership incorporated and existing under the laws of the
Federal Republic of Germany having its registered office at Neue Str. 24, 26789
Leer, Germany (collectively the “Borrowers”, and each one of them a “Borrower”),
as jointly and severally liable borrowers on the other part.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      PREAMBLE

       

      
        	
                I.

              	
                ATL
      OFFSHORE GMBH of Leer, Germany (the “General Partner”) has entered into
      ten (10) building contracts with FINCANTIERI CANTIERI NAVALI ITALIANI
      S.P.A. of Via Cipro, 11, 16129 Genoa, Italy (the “Builder”), pursuant to
      the terms of which it has ordered the construction and delivery of ten
      (10) A.H.T.S. newbuilding type Moss 424, 16,000 bhp, bearing the Builder’s
      hull nos. 6160, 6161, 6168, 6169, 6171, 6172, 6173, 6174, 6175 and 6176,
      respectively, as more closely described
herein.

              

      

       

      
        	
                II.

              	
                The
      Borrower 3 has entered into one (1) building contract with the Builder,
      pursuant to the terms of which it has ordered the construction and
      delivery of one (1) A.H.T.S. newbuilding type Moss 424, 16,000 bhp,
      bearing the Builder’s hull no. 6162, as more closely described
      herein.

              

      

       

      
        	
                III.

              	
                The
      Borrower 4 has entered into one (1) building contract with the Builder,
      pursuant to the terms of which it has ordered the construction and
      delivery of one (1) A.H.T.S. newbuilding type Moss 424, 16,000 bhp,
      bearing the Builder’s hull no. 6163, as more closely described
      herein.

              

      

       

      
        	
                IV.

              	
                Pursuant
      to the terms and conditions of ten (10) deeds of assignment made or to be
      made, as the case may be, between the General Partner, the Builder and the
      Borrowers (1), (2) and (5)-(12), respectively, the General Partner has
      transferred or will transfer, as the case may be, the Building Contracts
      to and in favour of the Borrowers.

              

      

       

      
        	
                V.

              	
                Upon
      request of the Borrowers, the Lenders are ready under the terms and
      conditions of this Agreement, to grant to the Borrowers the loans and
      tranches as more closely described herein and in Schedule 2 attached
      hereto for the purposes of (i) assisting them in financing the acquisition
      cost of the newbuildings described in Recital I, (ii) issuing certain
      payment guarantees to the Builder and (iii) enabling them to postpone part
      of the repayment of the post-delivery loan to be granted hereunder, all as
      more closely described herein.

              

      

       

      NOW
THEREFORE the parties hereto agree as follows:

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      CONTENTS

       

      
        
          
            
              
                	
                        1

                      	
                        DEFINITIONS

                      	
                        4

                      
	
                        2

                      	
                        PURPOSE
      OF THE LOANS

                      	
                        17

                      
	
                        3

                      	
                        DRAWDOWN
      OF THE TRANCHES

                      	
                        17

                      
	
                        4

                      	
                        LENDERS’
      PARTICIPATION AND LIABILITY, BORROWERS’ LIABILITY

                      	
                        18

                      
	
                        5

                      	
                        AVAILABILITY

                      	
                        18

                      
	
                        6

                      	
                        FEES
      AND COMMISSIONS

                      	
                        19

                      
	
                        7

                      	
                        INTEREST

                      	
                        20

                      
	
                        8

                      	
                        REPAYMENT

                      	
                        22

                      
	
                        9

                      	
                        VOLUNTARY
      AND MANDATORY PREPAYMENT

                      	
                        24

                      
	
                        10

                      	
                        PAYMENTS

                      	
                        25

                      
	
                        11

                      	
                        SUBSTITUTE
      RATE AND SUBSTITUTE BASIS

                      	
                        27

                      
	
                        12

                      	
                        SECURITY

                      	
                        29

                      
	
                        13

                      	
                        INSURANCES

                      	
                        30

                      
	
                        14

                      	
                        ENVIRONMENTAL
      MATTERS

                      	
                        33

                      
	
                        15

                      	
                        CHANGE
      OF CIRCUMSTANCES

                      	
                        35

                      
	
                        16

                      	
                        BASEL
      II

                      	
                        37

                      
	
                        17

                      	
                        REPRESENTATIONS
      AND WARRANTIES

                      	
                        37

                      
	
                        18

                      	
                        ASSET
      PROTECTION

                      	
                        41

                      
	
                        19

                      	
                        UNDERTAKINGS

                      	
                        42

                      
	
                        20

                      	
                        BAREBOAT
      REGISTRATION

                      	
                        48

                      
	
                        21

                      	
                        ACCOUNTS

                      	
                        48

                      
	
                        22

                      	
                        EVENTS
      OF DEFAULT

                      	
                        49

                      
	
                        23

                      	
                        ASSIGNMENT,
      TRANSFER AND SYNDICATION

                      	
                        51

                      
	
                        24

                      	
                        APPLICABLE
      LAW, JURISDICTION

                      	
                        53

                      
	
                        25

                      	
                        JUDGEMENT
      CURRENCY

                      	
                        53

                      
	
                        26

                      	
                        WAIVERS

                      	
                        53

                      
	
                        27

                      	
                        INVALIDITY

                      	
                        53

                      
	
                        28

                      	
                        SURVIVAL

                      	
                        54

                      
	
                        29

                      	
                        EFFECTUATION

                      	
                        54

                      
	
                        30

                      	
                        LANGUAGE

                      	
                        54

                      
	
                        31

                      	
                        COSTS
      AND EXPENSES

                      	
                        54

                      
	
                        32

                      	
                        NOTICES
      AND TIME

                      	
                        56

                      
	
                        33

                      	
                        GENERAL
      CONDITIONS

                      	
                        57

                      
	
                        34

                      	
                        EXHIBITS

                      	
                        57

                      
	
                        35

                      	
                        COUNTERPARTS

                      	
                        57

                      
	 	 	 
	
                        SCHEDULES
      AND EXHIBITS

                      	
                        60

                      

              

            

          

        

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                1

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                The
      terms used in this Agreement shall be defined as
  follows:

              

      

       

      
        	
                Acknowledgement
      and Submission

              	
                The
      abstract acknowledgement of debt, including the deed of granting of
      hypothec, and the submission to immediate enforcement by the Borrowers in
      the form of Exhibit 6 attached hereto, securing the Outstanding
      Indebtedness

              
	 	 
	
                Agency
      and Security Pooling Agreement

              	
                The
      agency and security pooling agreement made or to be made between the
      Lenders, as the case may be

              
	 	 
	
                Agent

              	
                NORD/LB,
      when acting as sole agent of the Lenders

              
	 	 
	
                Assignments
      of the Building Contracts

              	
                The
      assignment by each Relevant Borrower to the Lenders of the Relevant
      Building Contract in the form of Exhibit 3 attached
  hereto.

              
	 	 
	
                Assignments
      of the Refund Guarantees

              	
                The
      assignment by each of the Relevant Borrower of the Relevant Refund
      Guarantee to the Lenders in the form of Exhibit 4 attached
      hereto.

              
	 	 
	
                Assured(s)

              	
                Any
      person or party other than the Borrowers which is from time to time shown
      in any insurance policy, insurance slip, cover note. certificate of entry
      or other insurance document whatsoever as an assured, co- assured or as a
      party that in whatever capacity may at any time have a right or claim in
      relation to the insurances of any of the Delivered
  Vessels

              
	 	 
	
                Banking
      Day

              	
                A
      day on which dealings in Euros are carried out in the relevant Interbank
      Market and on which banks are open for business in Frankfurt, Hannover,
      London and New York

              
	 	 
	
                Bareboat
      Charterer

              	
                The
      bareboat charterer of any of the Vessels, being in each single case a
      fully owned and controlled subsidiary of the Relevant
    Borrower

              
	 	 
	
                Borrower
      (1) - (12)

              	
                The
      limited partnerships as set out in Schedule 3 attached
    hereto

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Borrowers

              	
                Collectively
      Borrower (1) - (12) and in the singular form any of
them

              
	 	 
	
                Builder

              	
                FINCANTIERI
      CANTIERI NAVALI ITALIANI S.P.A. of Genoa, Italy

              
	 	 
	
                Building
      Contract (1) - (12)

              	
                The
      building contracts between the Builder and the General Partner, as set out
      in Schedule 3 attached hereto

              
	 	 
	
                Building
      Contracts

              	
                Collectively
      the Building Contract (1) - (12) and in the singular form any of
      them

              
	 	 
	
                Charter

              	
                A
      time charter contract concluded between any of the Borrowers as owner and
      the Charterer as charterer, providing (i) for a duration of not less than
      twelve (12) Months or an equivalent substitute as more closely described
      in Clause 19.3.1.3 and (ii) for a daily charter hire satisfactory to the
      Lenders, and furthermore being concluded on terms and conditions
      satisfactory to the Lenders

              
	 	 
	
                Charterer

              	
                Any
      well reputed charterer satisfactory to the Lenders

              
	 	 
	
                Classification
      Society

              	
                American
      Bureau of Shipping or any other first class classification society being a
      member to IACS and being accepted by the Agent

              
	 	 
	
                Commitment

              	
                The
      commitment of the Lenders to grant the Loans

              
	 	 
	
                Commitment

                Termination
      Date CF

              	
                The
      date falling on the fifteenth anniversary of the first Drawdown of any of
      the Tranches LT.

              
	 	 
	
                Commitment

                Termination
      Date CT

              	The date falling on the delivery
      of the last Vessel, or 30th September, 2010.
	 	 
	
                Commitment
      Termination Date LT

              	
                31st
      December, 2010.

              
	 	 
	
                Construction
      Price (1) - (12)

              	
                The
      construction price of the Relevant Vessel under the Relevant Building
      Contract as set out in Schedule 4 attached hereto

              
	 	 
	
                Construction
      Prices

              	
                Collectively
      Construction Price (1) - (12) and in the singular form any one of
      them

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                Construction
      Price Instalment

                1.1
      - 1.5 to 12.1 - 12.5

              	
                Any
      of the Construction Price Instalments as set out in Schedule 4 attached
      hereto as the same may be or have been amended and approved by the
      Agent

              
	 	 
	
                Construction
      Price Instalments

              	
                Collectively
      the Construction Price Instalments 1.1 - 1.5 to 12.1 - 12.5, or some of
      them, as the context may require, and in the singular form any one of
      them

              
	 	 
	
                Corporate
      Guarantee

              	
                The
      guarantee by the Corporate Guarantor in the form of a “Bürgschaft”, in the
      form of Exhibit 5 attached hereto

              
	 	 
	
                Corporate
      Guarantor

              	
                REEDEREI
      HARTMANN GMBH & CO. KG of Leer, Germany

              
	 	 
	
                Credit
      Facility

              	
                The
      post-delivery revolving credit facility of up to Euros eighty four million
      one hundred fourteen thousand (EUR 84,114, 000.00)

              
	 	 
	
                Deeds
      of Assignment

              	
                The
      deeds of assignment made or to be made, as the case may be, between the
      General Partner, the Builder and the Borrowers, pursuant to the terms of
      which the General Partner has transferred the Building Contracts to and in
      favour of the Borrowers

              
	 	 
	
                Default
      Rate

              	
                The
      rate of interest payable for overdue payments as stipulated in Clause
      10.4

              
	 	 
	
                Delivered
      Vessels

              	
                The
      Vessels which have been delivered by the Builder to the Relevant Borrower,
      and in the singular form any one of them

              
	 	 
	
                Delivery
      Date (1)-(12)

              	
                The
      date on which the Relevant Vessel is expected to be delivered by the
      Builder to and accepted by the relevant Borrower, as set out in Schedule 4
      attached hereto

              
	 	 
	
                Drawdown

              	
                The
      advance of any Loan or Tranche by the Lenders to the Borrowers
      hereunder

              
	 	 
	
                Drawdown
      Date

              	
                The
      date upon which any Drawdown is made hereunder

              
	 	 
	
                Earnings
      Accounts

              	
                The
      accounts opened and held with the Agent in the name of the Relevant
      Borrowers to which the Relevant Delivered Vessel’s Earnings shall be paid
      during the Security Period

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                Earnings

              	
                In
      relation to each of the Delivered Vessels, all moneys whatsoever due or to
      become due or for the account of the Borrowers at any time until the
      Outstanding Indebtedness has been repaid in full to Lenders arising out of
      the use of or operation of the Relevant Delivered Vessel including (but
      not limited to) all freight, hire and passage moneys resulting from the
      contracts, requisition compensation remuneration for salvage, towage
      services, demurrage and detention moneys and damages for breach (or
      payments for variation or termination) of the Charter and any other
      charter party or other contract for the employment of the Relevant
      Delivered Vessel, or any claims against an employment pool for payment of
      the relevant pool participation, and all sums recoverable under the
      insurances in respect of the loss of income out of any employment of the
      Relevant Delivered Vessel and includes, if and whenever the Relevant
      Delivered Vessel is employed on terms whereby any or all such moneys as
      aforesaid are pooled or shared with any other person or entity, that
      proportion of the net receipts of the relevant pooling or sharing
      arrangement which is attributable to the Relevant Delivered
      Vessel

              
	 	 
	
                Equity
      Provider 1

              	
                SURESH
      CAPITAL MARITIME PARTNERS GERMANY GMBH, Leer, Germany

              
	 	 
	
                Equity
      Provider 2

              	
                The
      Corporate Guarantor or affiliated company acceptable to the
      Agent

              
	 	 
	
                Equity
      Provider 3

              	
                SURESH
      CAPITAL MARITIME PARTNERS I-B GERMANY GMBH, Leer,
  Germany

              
	 	 
	
                EUR

              	
                Euro
      or such other currency as shall be at the relevant time the legal tender
      for the payment of private and public debts in the states participating in
      the European Monetary Union

              
	 	 
	
                EURIBOR

              	
                The
      Interbank Offered Rate for EUR in Frankfurt, i.e. the rate per annum
      determined by the Agent (rounded up to the nearest sixteenth (1/16) of one
      percent) at which deposits in EUR are offered on a Quotation Date at or
      about 11.00 hours a.m. (Frankfurt time) in the European interbank market
      in sums equal to and for periods of time similar to the Interest Period
      agreed upon for the Loans to be funded,

                 

                (a)
      as published in Reuters Monitor Money Service on page “EURIBOR01” (or
      another page replacing EURIBOR01), or

                 

                (b)
      in case no such rate as mentioned under (a) is published, the rate at
      which the Lender, in accordance with its normal practice, is offered such
      deposits by first class banks in the European interbank
    market

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                Event
      of Default

              	
                Any
      event listed in Clause 22

              
	 	 
	
                Fair
      Market Value

              	
                The
      fair market value of the Relevant Delivered Vessel as determined in
      accordance with Clause 18.1 and 18.2

              
	 	 
	
                Financial
      Statements

              	
                The
      annual audited financial statements including the annual reports, balance
      sheets and profit and loss statements including cash flow statements,
      presenting the relevant company’s financial condition, audited by
      chartered accountants acceptable to the Lenders in accordance with
      generally accepted international accounting standards or accounting
      standards according to the German Commercial Code (Handelsgesetzbuch),
      consistently applied

              
	 	 
	
                Fixed
      Funding Costs

              	
                The
      Lenders’ costs of funding the Loan or any portion thereof in excess of the
      relevant reference rate such as EURIBOR, to be determined as more closely
      described in Clause 7.2

              
	 	 
	
                General
      Conditions

              	
                NORD/LB’s
      General Business Conditions in their German Version (“Allgemeine
      Geschäftsbedingungen”) and its General Loan Conditions (“Allgemeine
      Darlehensbedingungen”), together with English translations thereof,
      in the form attached hereto as Exhibit 18

              
	 	 
	
                General
      Partner

              	
                ATL
      OFFSHORE GMBH of Leer, Germany

              
	 	 
	
                Guarantees

              	
                Together
      the Corporate Guarantee and the SACE Guarantee

              
	 	 
	
                Guarantors

              	
                Together
      the Corporate Guarantor and SACE

              
	 	 
	
                Hypothec

              	
                The
      ship hypothec over the Delivered Vessels in the form of a fleet hypothec
      (“Gesamtschiffshypothek”)
      under the laws of the Federal Republic of Germany registered over the
      Vessels in the Lenders’ favour securing the Acknowledgement and
      Submission

              

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                Illicit
      Origin

              	
                Any
      origin which is illicit or fraudulent, including without limitation, drug
      trafficking, corruption, organised criminal activities, terrorism, money
      laundering or fraud.

              
	 	 
	
                Insurances

              	
                The
      insurances to be taken out by the Relevant Borrowers for the Delivered
      Vessels

              
	 	 
	
                Insurance
      Value

              	
                The
      full market value of a Delivered Vessel as determined pursuant to Clause
      18.1, however, not less than one hundred and twenty (120) percent of the
      Tranche(s) to be granted hereunder in connection with the Relevant
      Delivered Vessel, increased by the nominal value of any other lien or
      encumbrance over the Relevant Delivered Vessel having priority over the
      Lenders’ rights under the Hypothec

              
	 	 
	
                Interest
      Payment

              	
                The
      amount payable for interest at an Interest Payment Date

              
	 	 
	
                Interest
      Payment Date

              	
                The
      last day of an Interest Period or in the case of an Interest Period of
      more than six (6) Months’ duration, the date falling six (6) Months after
      the commencement of such Interest Period and the last day of such Interest
      Period

              
	 	 
	
                Interest
      Period

              	
                Periods
      of three (3), six (6), nine (9) or twelve (12) Months, which the Borrowers
      may select pursuant to Clause 7 or such other period as the Borrowers may
      request and the Agent may approve in respect of a Tranche, however, with
      the proviso that no more than six Interest Periods shall occur within any
      (12) Months period, the first such Interest Period commencing on the
      Relevant Drawdown Date of the Relevant Tranche or Loan and any further
      Interest Period on the expiry of any immediately preceding relevant
      Interest Period in respect of such Tranche or Loan

              
	 	 
	
                Interest
      Rate CT.A

              	
                The
      annual rate of interest which is conclusively certified by the Agent to be
      the aggregate of the EURIBOR, the Fixed Funding Costs and the Margin 1, as
      further stipulated in Clause 7

              
	 	 
	
                Interest
      Rate LT

              	
                The
      annual rate of interest which is conclusively certified by the Agent to be
      the aggregate of the EURIBOR, the Fixed Funding Costs and the Margin 1, as
      further stipulated in Clause 7

              
	 	 
	
                Interest
      Rate CF

              	
                The
      annual rate of interest which is conclusively certified by the Agent to be
      the (i) the EURIBOR increased by the Margin 2 for Interest Periods of
      three (3), six (6), nine (9) or twelve (12) Months or (ii) the Lenders’
      funding costs as conclusively to be agreed and determined by the Lenders
      in each case and notified by the Agent increased by the Margin 2 in case
      of Interest Periods other than three (3), six (6), nine (9) or twelve (12)
      Months, as further stipulated in Clause
7

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                Interest
      Rates

              	
                Together
      the Interest Rate CT.A, the Interest Rate LT and the Interest Rate CF, and
      in the singular form any one of them

              
	 	 
	
                Internal
      Rating Class

              	
                NORD/LB’s
      internal rating of the financing transaction described in this Agreement
      as determined by the ‘Landesbanken Rating Tool for Ship Finance
      Transactions’ (as from time to time amended or
modified)

              
	 	 
	
                Investment
      Costs

              	
                The
      aggregate sum of the Construction Prices and building supervision,
      financing, initial equipment and other costs, however, not more than Euro
      560,824,000.00.

              
	 	 
	
                ISM
      Code

              	
                The
      International Management Code for the Safe Operation of Ships and for
      Pollution Prevention adopted by the International Maritime
      Organisation

              
	 	 
	
                Lenders

              	
                The
      Banks and Financial institutions set forth in Schedule 1 attached
      hereto

              
	 	 
	
                Letter
      of Undertaking

                and
      Indemnity

              	
                The
      letter of undertaking and indemnity to be provided by the Builder
      substantially in the form of Exhibit 19 hereto

              
	 	 
	
                Liability

              	
                Each
      of the Borrower’s liability as more closely defined in Clause
      4.4

              
	 	 
	
                Loan
      Amount

              	
                The
      aggregate maximum loan amount of Euros four hundred twenty million five
      hundred seventy thousand (EUR 420,570,000.00)

              
	 	 
	
                Loan
      CT

              	
                The
      pre-delivery loan of up to Euros three hundred sixty three million (EUR
      363,000,000.00), or any balance thereof outstanding from time to
      time

              
	 	 
	
                Loan
      CT.A

              	
                The
      portion of the Loan CT of up to Euros one hundred twenty three million
      (EUR 123,000,000.00) or any balance thereof outstanding from time to
      time

              
	 	 
	
                Loan
      CT.B

              	
                The
      portion of the Loan CT of up to Euros two hundred forty million (EUR
      240,000,000.00) or any balance thereof outstanding from time to
      time

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	
                Loan
      LT

              	
                The
      post-delivery loan of up to the lesser of (i) Euros four hundred twenty
      million five hundred seventy thousand (EUR 420,570,000.00) or (ii) seventy
      five (75) percent of the Investment Costs, or any balance thereof
      outstanding from time to time

              
	 	 
	
                Loans

              	
                Together
      the Loan CT.A, the Loan LT and the Credit Facility, and in the singular
      form any one of them

              
	 	 
	
                Loss
      of Hire

              	
                The
      insurance of deprived income (charter hire, earnings, freight, profits,
      passage money) as a consequence of an insured peril under the hull &
      machinery or war risks insurance subject to ABS 1/10/83 Wording -
      Including War, the Norwegian Marine Insurance Plan of 1996 - Chapter 16,
      or other equivalent conditions as any of the aforesaid is updated and/or
      amended from time to time.

              
	 	 
	
                Manager

              	
                HARTMANN
      OFFSHORE GMBH, Leer, Germany, or any other first class, internationally
      well reputed manager accepted by the Agent

              
	 	 
	
                Manager’s
      Undertaking

              	
                The
      undertaking substantially in the form of Exhibit 15 attached
      hereto

              
	 	 
	
                Mandated
      Lead Arranger

              	
                NORD/LB,
      when acting as arranger of the Loans, the issuance of the Payment
      Guarantees and this Agreement

              
	 	 
	
                Margin
      1

              	
                The
      margin of one point three seven five (1.375) per cent per annum, and upon
      new margins having been assessed and accepted as provided in Clause 16,
      such new margin

              
	 	 
	
                Margin
      2

              	
                The
      margin of one point six (1.6) per cent per annum, and upon new margins
      having been assessed and accepted as provided in Clause 16, such new
      margin

              
	 	 
	
                Margins

              	
                Together
      the Margin 1 and the Margin 2

              
	 	 
	
                Margin
      Day

              	
                The
      day falling on the fifth anniversary of date this Agreement is executed,
      or, in case such day is no Banking Day, the then next Banking
      Day

              
	 	 
	
                Master
      Agreements

              	
                The
      master agreements, either (i) based on the ISDA 2002 Master Agreements in
      the Swap Bank’s standard form or (ii) being an instrument entitled ‘Rahmenvertrag für
      Finanztermingeschäfte’, made from time to time between a Swap Bank
      and the Borrowers or any of them for financial derivatives transactions,
      as the case may be, attached hereto, including the Transactions from time
      to time entered into thereunder

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                Material
      Adverse Effect

              	
                An
      effect being materially harmful on the Borrowers’ ability to repay the
      Loan LT

              
	 	 
	
                Month(s)

              	
                Period
      calculated from any specified day to and including the day numerically
      corresponding to such specified day (or, if such specified day is the last
      day or if there shall be no day numerically corresponding to such
      specified day, the last day) in the relevant subsequent calendar
      month

              
	 	 
	
                New
      Interest Date

              	
                The
      first day of an Interest Period

              
	 	 
	
                NORD/LB

              	
                NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, a banking institution organized and existing
      under the laws of the Federal Republic of Germany, having its registered
      offices at Friedrichswall 10, 30159 Hannover, Germany

              
	 	 
	
                Obligor(s)

              	
                Collectively
      the Borrowers, the Corporate Guarantor and the Manager, and in the
      singular form any one of them, as the context may
  require

              
	 	 
	
                Ongoing
      Guarantee Fee

              	
                The
      ongoing guarantee fee as further described in the SACE
      Guarantee

              
	 	 
	
                Outstanding
      Indebtedness

              	
                The
      aggregate of all amounts that may from time to time become payable by the
      Borrowers to the Lenders, the Mandated Lead Arranger and/or the Agent and
      all other obligations of the Borrowers pursuant to the terms of this
      Agreement, the Master Agreements, the Security Documents and the claims of
      SACE pursuant to the Reimbursement Agreement

              
	 	 
	
                Payment

                Guarantees
      (5) - (12)

              	
                The
      payment guarantees to be issued by NORD/LB to and in favour of the Builder
      to secure the payment by the Relevant Borrower of the Construction Price
      Instalments (5.5), (6.5), (7.5), (8.5), (9.5), (10.5), (11.5) and
      (12.5)

              
	 	 
	
                Pool
      Agreement

              	
                The
      pool agreement made or to be made, as the case may be, between the
      Borrowers and the Pool Manager on terms and conditions acceptable to the
      Lenders

              
	 	 
	
                Pool
      Manager

              	
                United
      Offshore Support GmbH & Co. KG, Leer, Germany or any other pool
      manager of first class reputation being acceptable to the
      Lenders

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    Prohibited
      Payment

                  	
                    (a)
      any offer, gift, payment, promise to pay, commission, fee, loan or other
      consideration which would constitute bribery or an improper gift or
      payment under, or a breach of, any law of any Relevant Jurisdiction;
      or

                     

                    (b)
      any offer, gift, payment, promise to pay, commission, fee, loan or other
      consideration which would or might constitute bribery within the OECD
      Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions of 17 December 1997

                  
	 	 
	
                    Quotation
      Date

                  	
                    The
      date two (2) Banking Days prior to the Relevant Drawdown Date or to the
      beginning of any Interest Period

                  
	 	 
	
                    Refund
      Guarantees

                  	
                    The
      refund guarantees to be granted by the Refund Guarantor in favour of the
      Borrowers under and in connection with the Building Contracts, and in the
      singular form any one of them

                  
	 	 
	
                    Refund
      Guarantor

                  	
                    A
      bank satisfactory to and accepted by the Lenders

                  
	 	 
	
                    Reimbursement
      Agreement

                  	
                    The
      reimbursement agreement between SACE, the Borrowers, the Agent and the
      Lenders as attached hereto substantially in the form of Exhibit
      16

                  
	 	 
	
                    Relevant
      Borrower

                  	
                    Any
      of the Borrowers, as the context may require

                  
	 	 
	
                    Relevant
      Building Contract

                  	
                    Any
      of the Building Contracts, as the context may require

                  
	 	 
	
                    Relevant
      Commitment Termination Date

                  	
                    Any
      of the Commitment Termination Dates, as the context may
      require

                  
	 	 
	
                    Relevant
      Construction Price

                  	
                    Any
      of the Construction Prices, as the context may require

                  
	 	 
	
                    Relevant
      Construction

                    Price
      Instalment

                  	
                    Any
      of the Construction Price Instalments, as the context may
      require

                  
	 	 
	
                    Relevant
      Delivered Vessel

                  	
                    Any
      of the Delivered Vessels, as the context may require

                  
	 	 
	
                    Relevant
      Earnings Account

                  	
                    Any
      of the Earnings Accounts, as the context may require

                  
	 	 
	
                    Relevant
      Guarantee

                  	
                    Any
      of the Guarantees, as the context may require

                  
	 	 
	
                    Relevant
      Guarantor

                  	
                    Any
      of the Guarantors, as the context may
require

                  

          

        

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                Relevant
      Fair Market Value

              	
                The
      Fair Market Value of any of the Delivered Vessels, as the context may
      require

              
	 	 
	
                Relevant
      Margin

              	
                Any
      of the Margins, as the context may require

              
	 	 
	
                Relevant
      Obligor

              	
                Any
      of the Obligors, as the context may require

              
	 	 
	
                Relevant
      Refund Guarantee

              	
                Any
      of the Refund Guarantees, as the context may require

              
	 	 
	
                Relevant
      Tranche

              	
                Any
      of the Tranches, as the context may require

              
	 	 
	
                Relevant
      Tranche CT

              	
                Any
      of the Tranches CT, as the context may require

              
	 	 
	
                Relevant
      Tranche LT

              	
                Any
      of the Tranches LT, as the context may require

              
	 	 
	
                Relevant
      Lender

              	
                Any
      of the Lenders, as the context may require

              
	 	 
	
                Relevant
      Vessel

              	
                Any
      of the Vessels, as the context may require

              
	 	 
	
                Relevant
      Vessel’s

                Facility
      Ratio

              	
                In
      respect of any Delivered Vessel on any date the amount determined in
      accordance with the following formula:

              
	 	 
	 
      	
                Relevant Fair Market
      Value * 100

                Aggregate
      Fleet Value

                 

                where:
      ‘Aggregate Fleet Value’ being the aggregate of the Fair Market Values of
      all Vessels

              
	 	 
	
                Repayment
      Dates

              	
                The
      dates on which the Repayment Instalments shall be payable as more closely
      set forth in Clause 8

              
	 	 
	
                Repayment
      Instalment

              	
                Any
      of the instalments described in Clause 8 hereof

              
	 	 
	
                SACE

              	
                SACE
      S.P.A. of Roma, Italy

              
	 	 
	
                SACE
      Guarantee

              	
                The
      financial guarantee by SACE to and in favour of the Lenders up to seventy
      (70) percent of the Loan LT

              
	 	 
	
                Security
      Documents

              	
                The
      documents to be executed pursuant to Clause 12 together with any other
      document from time to time executed as security for the Loan or any part
      thereof

              
	 	 
	
                Security
      Period

              	
                The
      period commencing on the first Drawdown Date and ending on the day on
      which all obligations of the Borrowers arising pursuant to the terms of
      this Agreement, the Security Documents and the Master Agreements have been
      paid and performed in full

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      
        	
                Security
      Period CT

              	
                The
      period commencing on the first Drawdown Date of any of Tranches CT and
      ending on the day on which all obligations of the Borrowers arising
      pursuant to the terms of this Agreement and the Security Documents with
      respect to Tranches CT have been paid and performed in
  full

              
	 	 
	
                Security
      Period LT

              	
                The
      period commencing on the first Drawdown Date of any of Tranches LT and
      ending on the day on which all obligations of the Borrowers arising
      pursuant to the terms of this Agreement and the Security Documents with
      respect to Tranches LT have been paid and performed in
  full

              
	 	 
	
                Ships
      Registry

              	
                The
      register of sea-going vessels held with the lower court (Amtsgericht) of Emden,
      Germany

              
	 	 
	
                Swap
      Bank

              	
                Any
      Lender acting in its capacity as party to a Master Agreement and as party
      to any Transaction thereunder

              
	 	 
	
                Swap
      Exposure

              	
                Any
      and all claims of a Swap Bank arising in connection with a Master
      Agreement and any and all Transactions, including, but not limited to, the
      compensation claim of that Swap Bank, which would be payable by the
      Relevant Borrower(s) to that Swap Bank under Section 8 or Section 6, as
      applicable of the relevant Master Agreement, if an event of termination
      had occurred in relation to all Transactions

              
	 	 
	
                Taxes

              	
                Any
      tax, levies, duties, charges, fees, deductions and withholdings levied or
      imposed by any government or other taxing authority whatsoever other than
      taxes on the income of the Lenders

              
	 	 
	
                Total
      Loss

              	
                The
      actual or constructive or compromised or arranged or agreed total loss of
      any of the Vessels and the requisition for title or other compulsory
      acquisition of any of the Vessels other than requisition for hire; and the
      capture, seizure, arrest, restraint, detainment, detention or confiscation
      of any of the Vessels by any government or by a person acting or
      purporting to act on behalf of any government which is not released or
      discharged within ninety (90) days

              

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	
                Tranches

              	
                Collectively
      the Tranches CT and the Tranches LT

              
	 	 
	
                Tranches
      CF

              	
                Collectively
      the Tranches of the Credit Facility, as more closely set out in Schedule
      4b attached hereto

              
	 	 
	
                Tranches
      CT

              	
                Collectively
      the Tranches of the Loan CT, as more closely set out in Schedule 4
      attached hereto

              
	 	 
	
                Tranches
      LT

              	
                Collectively
      the Tranches of the Loan LT, as more closely set out in Schedule 4
      attached hereto

              
	 	 
	
                Transaction

              	
                Any
      kind of interest or currency swap transaction or any other kind of
      derivative transaction and entered into between a Swap Bank and the
      Relevant Borrower(s) under a Master Agreement and governed by the Master
      Agreement

              
	 	 
	
                Transfer
      Certificate

              	
                The
      transfer certificate substantially in the form attached hereto as Exhibit
      17

              
	 	 
	
                Vessel
      (1) - (12)

              	
                The
      vessels and the vessels under construction, respectively, as set out in
      Schedule 3 attached hereto

              
	 	 
	
                Vessels

              	
                Together
      the Vessels (1) - (12), and in the singular form any one of
      them.

              
	 	 

      

       

      
        	
                1.2

              	
                Clause
      headings are inserted for convenience only and shall not affect the
      construction of this Agreement and unless otherwise specified, all
      references to “Clauses” are to clauses of this
  Agreement.

              

      

       

      
        	
                1.3

              	
                Unless
      the context otherwise requires, words denoting the singular number shall
      include the plural and vice versa.

              

      

       

      
        	
                1.4

              	
                References
      to persons include corporate bodies and unincorporated
    bodies.

              

      

       

      
        	
                1.5

              	
                References
      to assets include property, rights and assets of every
      description.

              

      

       

      
        	
                1.6

              	
                References
      to any document are to be construed as references to such document as
      amended or supplemented from time to
time.

              

      

       

      
        	
                1.7

              	
                References
      to any enactment include re-enactments, amendments and extensions
      thereof.

              

      

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        	
                2

              	
                PURPOSE
      OF THE LOANS

              

      

       

      The Loans
and the Loan CT.B shall exclusively serve the following purposes hereunder and
the Borrowers hereby undertake to the Lenders to make use of the Loans only for
the purposes as stipulated following hereafter:

       

      
        	
                2.1

              	
                Loan
      CT.A.  The Loan CT.A shall be made available to the
      Borrowers to assist them in financing part of certain Construction Price
      Instalments as more closely set out in Schedule 4 attached
      hereto.

              

      

       

      
        	
                2.2

              	
                Loan
      CT.B.  The Loan CT.B shall be made available to the
      Borrowers to enable NORD/LB to issue the Payment
    Guarantees.

              

      

       

      
        	
                2.3

              	
                Loan
      LT.  The Loan LT shall be made available upon delivery of
      each Vessel in Tranches LT.1 to LT.12 to the Borrowers to enable
      them

              

      

       

      
        	
                2.3.1

              	
                to
      repay those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4,
      and

              

      

       

      
        	
                2.3.2

              	
                to
      pay to the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5,
      5.5, 6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and
12.5,

              

      

       

      all as
more closely set out in Schedule 4 attached hereto. However, in no event shall
the Loan LT be in an amount in excess of seventy five (75) percent of the
aggregate Investment Costs of all Vessels.

       

      
        	
                2.4

              	
                Credit
      Facility.  The Credit Facility shall be granted by the
      Lenders to the Borrowers to repay those amounts due in connection with the
      repayment of the Loan LT required to pay the balance between the twelve
      (12) years’ repayment profile compared to an fifteen (15) years’ repayment
      profile, as more closely set out in Schedule 4b attached
      hereto.

              

      

       

      
        	
                3

              	
                DRAWDOWN
      OF THE TRANCHES

              

      

       

      
        	
                3.1

              	
                Availability.  Upon
      satisfaction of the conditions set out in Clause 5, the Lenders shall make
      available to the Borrowers the Relevant Tranche during the period from the
      date hereof up to and including the Relevant Commitment Termination Date
      and at the times and in the manner herein set
  forth.

              

      

       

      
        	
                3.2

              	
                Loan
      CT.

              

      

       

      
        	
                3.2.1

              	
                The
      Loan CT.A shall be drawn in up to twenty four (24) Tranches CT.A, as more
      closely set out in Schedule 4 attached hereto during the period of time
      from the date hereof up to and including the Commitment Termination Date
      CT.

              

      

       

      
        	
                3.2.2

              	
                The
      Loan CT.B shall be made available in up to eight (8) Tranches
      CT.B.

              

      

       

      
        	
                3.3

              	
                Loan
      LT.  The Loan LT shall be drawn in up to twelve (12)
      Tranches LT, as more closely set out in Schedule 4 attached hereto during
      the period of time from the date hereof up to and including the Commitment
      Termination Date LT.

              

      

       

      
        	
                3.4

              	
                Credit
      Facility.  The Credit Facility shall be drawn in up to
      forty eight (48) quarterly tranches, as more closely set out in Schedule
      4b attached hereto during the period of time commencing three (3) Months
      after the delivery of the first Vessel up to and including the Commitment
      Termination Date CF. In case a Drawdown of any of Tranches CF is not made
      upon the relevant date upon which it is supposed to be made, the relevant
      Lenders’ commitment with regard to Tranche CF shall be cancelled
      accordingly.

              

      

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      
        	
                4

              	
                LENDERS’
      PARTICIPATION AND LIABILITY, BORROWERS’
  LIABILITY

              

      

       

      
        	
                4.1

              	
                Lenders
      Participation.  Each Lender shall participate in the
      Loans with the maximum amounts and the percentages as set out next to its
      name in the Schedule 1 attached
hereto.

              

      

       

      
        	
                4.2

              	
                Lenders’
      Liability.  The liability of each Lender hereunder to
      advance the amount being the equivalent of its participation in the Loans
      is several and no Lender shall be responsible for any failure by any other
      Lender(s) to meet its/their obligations hereunder nor shall any such
      failure relieve the Borrowers or any other Lender of all or any of its
      obligations hereunder. The Lenders shall be joint and several creditors
      (Gesamtgläubiger)
      hereunder and they shall not have any joint assets of capital (Gesamthandsvermögen)
      pursuant hereto.

              

      

       

      
        	
                4.3

              	
                Joint and several
      Liability.  The Borrowers shall be jointly and severally
      liable (gesamtschuldnerisch)
      for any and all amounts that may from time to time be owed actually or
      contingently to the Lenders pursuant to or in connection with this
      Agreement, the Security Documents and the Master
    Agreements.

              

      

       

      
        	
                5

              	
                AVAILABILITY

              

      

       

      
        	
                5.1

              	
                Availability of Loans
      and Tranches.  Any of the Loans shall be made available
      and the Payment Guarantees shall be issued in accordance with Clauses 2, 3
      and 4 and upon the Borrowers’ compliance with the terms and conditions as
      set out in this Clause 5.

              

      

       

      
        	
                5.2

              	
                Drawdown Notice,
      Guarantee Request.  Not less than (3) Banking Days prior
      to any Drawdown of any of Tranches CT.A, Tranches LT or Tranches CF, the
      Borrowers shall execute and deliver to the Agent a drawdown notice in the
      form of Exhibit 1 attached hereto. Not less than (3) Banking Days prior to
      the required issuance of a Payment Guarantee by NORD/LB, the Borrowers
      shall execute and deliver to the Agent a guarantee request notice in the
      form of Exhibit 2 attached hereto.

              

      

       

      
        	
                5.3

              	
                Conditions
      Precedent.  It is a condition precedent to any Drawdown
      or the issuance of any Payment Guarantee that prior to or at least
      simultaneously with the relevant Drawdown and the issuance of a Payment
      Guarantee

              

      

       

      
        	
                5.3.1

              	
                the
      representation and warranties contained in Clause 17 shall be true and
      correct;

              

      

       

      
        	
                5.3.2

              	
                none
      of the circumstances specified in Clause 11 is
  subsisting;

              

      

       

      
        	
                5.3.3

              	
                no
      Event of Default has occurred;

              

      

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      
        	
                5.3.4

              	
                the
      following conditions shall be met to the satisfaction of the
      Agent:

              

      

       

      
        	
                5.3.4.1

              	
                the
      Agent has received payment of the fees and expenses specified in Clause 6
      to the extent due and payable;

              

      

       

      
        	
                5.3.4.2

              	
                the
      Agent has received the documents and evidence as more closely stipulated
      in the list of conditions precedent attached hereto as
      Schedule 5.

              

      

       

      
        	
                6

              	
                FEES
      AND COMMISSIONS

              

      

       

      
        	
                6.1

              	
                Arrangement
      Fee.  An arrangement fee of Euros three million (EUR
      3,000,000.00) was due on 21st
      April, 2008 and is payable by the Borrowers to the Mandated Lead
      Arranger.

              

      

       

      
        	
                6.2

              	
                Commitment
      Fee.  The Borrowers shall pay to the Lenders a commitment
      fee being dependant on their Internal Rating Class and calculated on the
      Loan LT less amounts drawn from time to time hereunder or cancelled, with
      the following grid applying:

              

      

       

      
        	
                Internal Rating Class

              	
                Commitment Fee

              
	
                1
      or 2

              	
                0.20%
      p.a.

              
	
                3
      or 4

              	
                0.25%
      p.a.

              
	
                5

              	
                0.30%
      p.a.

              
	
                6

              	
                0.35%
      p.a.

              
	
                7

              	
                0.40%
      p.a.

              
	
                8

              	
                0.45%
      p.a.

              

      

       

      The Agent
shall notify the Borrowers in writing about the Internal Rating Class applying
from time to time. Since the Internal Rating Class is generated automatically by
the Agent’s computerized rating tool, it shall not be subject to any
negotiation.

       

       

      The
commitment fee shall be payable semi-annually in arrears calculated on the
undrawn amount of the Loan LT and on the actual number of days elapsed in a year
on a 360-day basis and for the last time on the earlier of (i) the date of the
final Drawdown, (ii) the Commitment Termination Date LT or (iii) the date on
which the Commitment ceases for any other reason, and for the period of time
commencing on 21st April,
2008 and ending on the earlier of (i) the date of the final Drawdown, (ii) the
Commitment Termination Date LT or (iii) the date on which the Commitment ceases
for any other reason.

       

      
        	
                6.3

              	
                Agency
      Fee.  The Borrowers shall pay to the Agent an agency fee
      as follows:

              

      

       

      
        	
                6.3.1

              	
                During
      the Security Period CT: Euros ten thousand (EUR 10,000.00) per Vessel per
      annum, being due and payable quarter-annually at the end of each quarter,
      for the first time on 31st
      December, 2008, and for the last time on the Relevant Vessel’s delivery
      proportionally, and

              

      

       

      
        	
                6.3.2

              	
                During
      the Security Period LT: Euros five thousand (EUR 5,000.00) per Vessel per
      annum, being due and payable quarter-annually at the end of each quarter,
      for the first time at the end of the quarter following the Relevant
      Vessel’s delivery and for the last time proportionally upon the full
      repayment of all amounts due hereunder with regard to the Relevant
      Vessel.

              

      

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      
        	
                6.4

              	
                Guarantee
      Commission.  The Borrowers shall pay to NORD/LB a
      guarantee commission of one point three seven five (1.375) percent per
      annum on all amounts made available under the Loan CT.B in the form of
      Payment Guarantees being issued, such guarantee commission being due and
      payable with regard to each Payment Guarantee quarter-annually in arrears
      and on the date the Payment Guarantee expires and no contingent liability
      of NORD/LB is occurred thereunder any
longer.

              

      

       

      
        	
                7

              	
                INTEREST

              

      

       

      
        	
                7.1

              	
                Obligation to pay
      Interest.  The Borrowers hereby undertake to pay to the
      Lenders from the day the first Drawdown is made interest on the principal
      amount of the Loans outstanding from time to time and on any accrued and
      unpaid interest (both before and after judgement) (provided such interest
      on accrued and unpaid interest is allowed under applicable law) on the
      Loans at any time outstanding.

              

      

       

      
        	
                7.2

              	
                Fixed Funding
      Costs.  The amount of the Fixed Funding Costs will be
      notified by the Agent to the Borrowers latest within two (2) Banking Days
      prior to the first drawdown under this Loan Agreement. Following the
      Agent’s notification, the Borrowers shall advise the Agent in writing
      latest on the first Drawdown Date whether they agree to the amount of the
      Fixed Funding Costs. The Fixed Funding Costs shall be binding on the
      parties until the Margin Day. If the Borrowers notify the Agent that they
      do not agree to the amount of the Fixed Funding Costs, or do not notify
      the Agent within the time limit referred to above, this Loan Agreement
      shall be deemed terminated as of receipt by the Lender of the Borrowers’
      notice or the expiry of the aforesaid time limit, as the case may be. As
      of the date of such termination, all respective rights and obligations of
      the parties shall be extinct.

              

      

       

      
        	
                7.3

              	
                Interest
      Rates.  The Borrowers shall pay to the Lenders interest
      as follows:

              

      

       

      
        	
                7.3.1

              	
                with
      regard to Tranches CT.A: at the Interest Rate
  CT.A,

              

      

       

      
        	
                7.3.2

              	
                with
      regard to Tranches LT:

              

      

       

      
        	
                7.3.2.1

              	
                on
      the portion of the Tranche LT being secured by the SACE Guarantee at the
      interest rate being the aggregate of the EURIBOR and the Margin 1,
      and

              

      

       

      
        	
                7.3.2.2

              	
                on
      the portion of the Tranche LT being not secured by the SACE Guarantee at
      the Interest Rate LT;

              

      

       

      
        	
                7.3.3

              	
                with
      regard to Tranches CF: at the Interest Rate
CF,

              

      

       

      under the
proviso, however, that the Interest Rates shall be re-negotiated and agreed on
in good faith between the Agent and the Borrowers on the Margin Day. The Agent
shall notify the Borrower in writing not later than fifteen (15) Banking Days in
advance of the Margin Day about its intention to re-negotiate the Interest Rates
for and on behalf of the Lenders.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      Should
the parties agree on new Interest Rates, these new interest rates shall apply as
from the Margin Day. Should the parties fail to agree on an increase or decrease
of the Interest Rates until two (2) Banking Days prior to the Margin Day, the
Interest Rate shall continue to apply and the Lenders shall be entitled to
terminate this Agreement and to demand from the Borrowers the repayment of the
Outstanding Indebtedness within a period of two (2) Months as from the Margin
Day.

       

      
        	
                7.4

              	
                Capitalization of
      Interest.  The interest accrued on Tranches CT.A shall be
      capitalized by utilization of Tranche CT.A and B up to the maximum amount
      of Euros one million (EUR 1,000,000.00) and such amounts shall be re-paid
      on the Drawdown of the corresponding Tranche LT or on the Delivery of the
      Relevant Vessel or on the final maturity dates as more closely set forth
      in the Schedule 4 attached hereto, whichever is the earlier. In case the
      amounts needed for the capitalization of interest as set forth herein
      exceed the amount of Euros one million (EUR 1,000,000.00) the Borrowers
      shall effectively pay the interest due on each Interest Payment Date to
      the Agent.

              

      

       

      
        	
                7.5

              	
                Notice of Interest
      Rates by Agent.  As soon as practicable the Agent shall
      give the Borrowers notice of the Interest Rates being applicable from time
      to time.

              

      

       

      
        	
                7.6

              	
                Method of
      Calculating.  Interest on the Relevant Tranche shall be
      calculated on the basis of the actual number of days elapsed and a three
      hundred sixty (360) days year.

              

      

       

      
        	
                7.7

              	
                Payment
      intervals.  Interest shall always be due and payable in
      arrears on the Interest Payment Date, provided, however,
    that

              

      

       

      
        	
                7.7.1

              	
                in
      relation to any Repayment Instalment falling due during any Interest
      Period interest shall be paid on such Repayment Date or Repayment Dates
      occurring during such Interest
Period;

              

      

       

      
        	
                7.7.2

              	
                if
      an Interest Period would otherwise end on a day which is not a Banking
      Day, that Interest Period shall be extended to the next succeeding day
      which is a Banking Day, unless the result of such extension would be to
      carry such Interest Period over into another calendar Month, in which
      event such Interest Period shall end on the preceding Banking
      Day;

              

      

       

      
        	
                7.7.3

              	
                in
      the event the Borrowers shall fail to select the duration of any Interest
      Period, or the Lenders do not agree to a selection, in each case in
      accordance with Clause 7.7, the Borrowers shall be deemed to have selected
      a period of three (3) Months in respect
thereof.

              

      

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      
        	
                7.8

              	
                Duration of Interest
      Periods.  At least three (3) Banking Days prior to the
      commencement of each Interest Period the Borrowers shall notify the Agent
      in writing whether it requires the ensuing Interest Period to be of a
      duration of three (3), six (6), nine (9) or twelve (12) Months, with the
      proviso that no more than six (6) Interest Periods shall occur within any
      twelve (12) Month period.

              

      

       

      If the
Borrowers wish to have fixed an Interest Period other than three (3), six (6),
nine (9) or twelve (12) Months they shall request so in writing at least six (6)
Banking Days prior to the commencement of such Interest Period. The requested
Interest Period shall be applicable if all the Lenders have expressly agreed to
such Interest Period. It is in the Lenders’ sole discretion to agree to such
requested Interest Period. The Agent shall inform the Borrowers of the Lenders’
decision without undue delay. In case the Lenders have not agreed to an Interest
Period other than three (3), six (6), nine (9) or twelve (12) Months, the
ensuing Interest Period shall have a duration of twelve (12) Months unless
otherwise agreed upon.

       

      Whenever
pursuant to the provisions of Clause 8 hereof a Repayment Instalment will become
due for payment during an Interest Period but otherwise than at the expiry
thereof the Borrowers shall in respect of such instalment payment be deemed to
have nominated an Interest Period of such duration so as to ensure that the same
shall expire on the due date for payment by the Borrowers of such Repayment
Instalment.

       

      No
Interest Period shall exceed the Margin Day by more than ninety (90)
days.

       

      
        	
                7.9

              	
                Synchronization of
      Interest Periods.  The Agent shall have the right to
      synchronize Interest Periods and the Borrowers shall fully co-operate with
      the Agent and the Lenders to this
effect.

              

      

       

      
        	
                8

              	
                REPAYMENT

              

      

       

      
        	
                8.1

              	
                Tranches
      CT.A.  The Borrowers shall repay the Tranches CT.A to the
      Lenders upon the Drawdown of the corresponding Tranches LT, however not
      later than on the following final maturity
  dates:

              

      

       

      
        	
                Tranche

              	
                Final Maturity Date

              
	
                CT.A.1.1
      + CT.A.1.2

              	
                30th
      December, 2008

              
	
                CT.A.2.1
      + CT.A.2.2

              	
                28th
      February, 2009

              
	
                CT.A.3.1
      + CT.A.3.2

              	
                30th
      September, 2009

              
	
                CT.A.4.1
      + CT.A.4.2

              	
                30th
      November, 2009

              
	
                CT.A.5.1
      + CT.A.5.2

              	
                30th
      December, 2009

              
	
                CT.A.6.1
      + CT.A.6.2

              	
                30th
      December, 2009

              
	
                CT.A.7.1
      + CT.A.7.2

              	
                31st
      October, 2009

              
	
                CT.A.8.1
      + CT.A.8.2

              	
                30th
      November, 2009

              
	
                CT.A.9.1
      + CT.A.9.2

              	
                28th
      February, 2010

              
	
                CT.A.10.1
      + CT.A.10.2

              	
                31st
      May, 2010

              
	
                CT.A.11.1
      + CT.A.11.2

              	
                31st
      March, 2010

              
	
                CT.A.12.1
      + CT.A.12.2

              	
                30th
      June, 2010

              

      

       

      irrespective
whether any of the Tranches LT have been drawn down on such final maturity
dates, provided, however, that upon Borrowers written request the Agent may
agree, such approval not to be unreasonably withheld, to an extension of the
relevant final maturity date by up to one hundred twenty (120)
days.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      
        	
                8.2

              	
                Tranches
      LT.  The Borrowers shall repay each of the Tranches LT to
      the Lenders by amortising each of the Tranches LT with quarterly
      repayments over a twelve (12) years repayment profile. The first quarterly
      repayment of each Tranche LT shall be made three (3) Months after the
      Drawdown thereof, provided, however, that in any event the repayment of
      the Tranches LT shall be fully amortised on the following final maturity
      dates:

              

      

       

      
        	
                Tranche

              	
                Final Maturity Date

              
	
                LT.1

              	
                30th
      December, 2020

              
	
                LT.2

              	
                28th
      February, 2021

              
	
                LT.3

              	
                30th
      September, 2021

              
	
                LT.4

              	
                30th
      November, 2021

              
	
                LT.5

              	
                30th
      December, 2021

              
	
                LT.6

              	
                30th
      December, 2021

              
	
                LT.7

              	
                31st
      October, 2021

              
	
                LT.8

              	
                30th
      November, 2021

              
	
                LT.9

              	
                28th
      February, 2022

              
	
                LT.10

              	
                31st
      May, 2022

              
	
                LT.11

              	
                31st
      March, 2022

              
	
                LT.12

              	
                30th
      June, 2022

              

      

       

      provided,
however, that upon Borrowers written request the Agent may agree, such approval
not to be unreasonably withheld, to an extension of the relevant final maturity
date by up to one hundred twenty (120) days, provided that in case of a
requested extension beyond 30th June,
2022 the prior written consent of SACE is required.

       

      
        	
                8.3

              	
                Credit
      Facility.  The Borrowers shall repay the Credit Facility
      to the Lenders by amortising the Credit Facility with quarterly repayments
      over a three (3) years repayment profile. The first quarterly repayment
      shall be made three (3) Months after the final repayment on relevant
      Tranche LT, provided, however, that in any event the repayment of the
      Credit Facility shall be fully amortised on the following final maturity
      dates:

              

      

       

      
        	
                Tranche

              	
                Final Maturity Date

              
	
                CF.1

              	
                30th
      December, 2023

              
	
                CF.2

              	
                28th
      February, 2024

              
	
                CF.3

              	
                30th
      September, 2024

              
	
                CF.4

              	
                30th
      November, 2024

              
	
                CF.5

              	
                30th
      December, 2024

              
	
                CF.6

              	
                30th
      December, 2024

              
	
                CF.7

              	
                31st
      October, 2024

              
	
                CF.8

              	
                30th
      November, 2024

              
	
                CF.9

              	
                28th
      February, 2025

              
	
                CF.10

              	
                31st
      May, 2025

              
	
                CF.11

              	
                31st
      March, 2025

              
	
                CF.12

              	
                30th
      June, 2025

              

      

       

      provided,
however, that upon Borrowers written request the Agent may agree, such approval
not to be unreasonably withheld, to an extension of the relevant final maturity
date by up to one hundred twenty (120) days.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      
        	
                9

              	
                VOLUNTARY
      AND MANDATORY PREPAYMENT

              

      

       

      
        	
                9.1

              	
                Prepayment.  The
      Borrowers may prepay any of the Tranches in whole or in whole multiples of
      Euros two hundred fifty thousand (EUR 250,000.00). Any such prepayment
      shall only be permitted provided the Agent shall have received not less
      than ten (10) Banking Days prior to such date irrevocable written notice
      of the amount to be prepaid and of the Tranche to which such prepayment
      shall be applied.

              

      

       

      
        	
                9.2

              	
                No
      Re-Borrowing.  Any sum prepaid may not be redrawn by the
      Borrowers. Any partial prepayment shall be applied in reduction of the
      Repayment Instalments in the inverse order of their
    maturity.

              

      

       

      
        	
                9.3

              	
                Prepayment
      Notice.  Any notice of prepayment given by the Borrowers
      shall be irrevocable and the Borrowers shall be bound to prepay in
      accordance with such notice.

              

      

       

      
        	
                9.4

              	
                Mandatory Prepayment
      in case of Sale or Total Loss.  If any of the Vessels is
      sold or declared a Total Loss the Borrowers shall provide the Agent with
      an evaluation of the Fair Market Values of all Delivered Vessels and of
      the actual value of the Vessels under Construction, such evaluation being
      not older than three (3) Months and being prepared by a broker or expert
      accepted by the Agent, unless the Agent has evaluated the Vessels’ Fair
      Market Value and such evaluation is not older than three (3)
      Months.

              

      

       

      In case
of a sale or Total Loss of any of the Vessels the Borrowers shall make a
mandatory prepayment in accordance with this Clause.

       

      
        	
                9.4.1

              	
                In
      case the sale or Total Loss of a Vessel occurs before all Vessels are
      delivered by the Builder to the Borrowers, the Borrowers shall prepay an
      amount equalling the amount outstanding under the Relevant Tranche(s)
      drawn in respect of such Vessel. Until the Borrowers have not prepaid such
      amount, the Lenders shall have the right to cancel the remaining
      Commitment in an amount equivalent to the prepayment
  due.

              

      

       

      
        	
                9.4.2

              	
                In
      case the sale or Total Loss of a Vessel occurs after the delivery of the
      last Vessel by the Builder, the Borrowers shall prepay an amount equalling
      the Relevant Vessel’s Facility Ratio of the Loan
  Amount.

              

      

       

      
        	
                9.4.3

              	
                In
      case of a Total Loss the prepayment shall be made upon receipt of the
      insurance proceeds in respect of the Total Loss, however not later than
      forty-five (45) days after the occurrence of the Total Loss, unless either
      an Event of Default has occurred or the Loans to Fair Market Values ratio
      requirements as set out in Clause 18.2 are not met in which case the
      prepayment shall be made within thirty (30) days after the Total Loss has
      been declared or upon receipt of the insurance proceeds in respect of the
      Total Loss, whichever is the
earlier.

              

      

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      
        	
                9.4.4

              	
                In
      the case of a sale of a Vessel the prepayment shall be made on or before
      the delivery of the Relevant Vessel to the
  purchasers.

              

      

       

      
        	
                9.5

              	
                Non Delivery of
      Vessel(s).  In case it becomes evident that a Vessel will
      not be delivered by the Builder to the Relevant Borrower, the Borrowers
      shall prepay to the Lenders the Relevant Tranche(s) granted with respect
      to that Vessel on the earlier of (i) the repayment of the proceeds by the
      Builder to the Relevant Borrower under the Relevant Building Contract and
      (ii) the payment by the Relevant Refund Guarantor under the Refund
      Guarantee, unless either an Event of Default has occurred or the Loans to
      Fair Market Values ratio requirements as set out in Clause 18.2 are not
      met in which case such prepayment shall take place at the next Interest
      Payment Date.

              

      

       

      
        	
                9.6

              	
                Breakage Costs.
      In case the Lenders receive an obligatory or voluntary prepayment for any
      reason whatsoever on a day other than the last day of the then current
      Interest Period relating to such amount, the Borrowers shall pay to the
      Lenders on request the amount required to compensate the Lenders in full
      for any loss, premium or penalty incurred by them in respect of the
      liquidation or re-employment of funds borrowed for the purpose of
      maintaining the amount prepaid.

              

      

       

      
        	
                9.7

              	
                Cancellation of Credit
      Facility.  Each of the parties hereto may cancel the
      Credit Facility in whole or in part with four (4) weeks prior written
      notice, provided however that the Lenders shall only be entitled to cancel
      the Credit Facility in good faith and after information of SACE. The Agent
      will refrain from a cancellation of the Credit Facility if a cancellation
      would have, in the Agent’s sole and absolute discretion, a Material
      Adverse Effect.

              

      

       

      
        	
                10

              	
                PAYMENTS

              

      

       

      
        	
                10.1

              	
                Payment to the
      Borrowers.  The Borrowers shall specify to the Agent at
      least three (3) Banking Days prior to each date on which a payment is to
      be made to the Borrowers hereunder the account to which such payment shall
      be made.

              

      

       

      
        	
                10.2

              	
                Payments by the
      Borrowers.  All payments to be made by the Borrowers
      under this Agreement or any of the Exhibits shall be made in freely
      transferable and convertible funds in the relevant currency in which the
      relevant Tranche is denominated by that time not later than 11.00 a.m.
      Hannover time on the date upon which the relevant payment is due to any of
      the Lenders, the Mandated Lead Arranger and/or the Agent to the account
      the Agent nominates by written notice to the
  Borrowers.

              

      

       

      
        	
                10.3

              	
                Payments on non
      Banking Days.  In the event that the date on which a
      payment is due to be made hereunder is not a Banking Day, such date of
      payment shall be the next following Banking Day unless it would thereby
      fall in a new calendar Month in which event it shall be the immediately
      preceding Banking Day unless the Borrowers and the Lenders shall agree
      otherwise.

              

      

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      
        	
                10.4

              	
                Default
      Interest.  In the event that any payment to be made
      hereunder by the Borrowers to the Agent is not received on the due date
      therefore, interest will be charged by the Agent from the due date until
      the date that payment is received at a rate which is equal to the
      aggregate of

              

      

       

      
        	
                10.4.1

              	
                One-week
      EURIBOR applying on the due date for payment and on each succeeding
      Banking Day until payment in full of the amount due is received by the
      Agent, provided that if the Agent determines that such default may be
      reasonably expected to continue unremedied for a period exceeding one (1)
      week then the Agent may require by notice to the Borrowers that the
      funding cost shall be determined by reference to the EURIBIR for periods
      of such duration (not exceeding three (3) Months) as the Agent may
      designate,

              

      

       

      
        	
                10.4.2

              	
                the
      Relevant Margin and

              

      

       

      
        	
                10.4.3

              	
                a
      default funding charge of two (2) per cent per
  annum.

              

      

       

      Interest
charged under this sub-clause shall be payable on demand and unless so paid
shall be added to the defaulted amount at the end of each Month following the
due date for payment of such amount. Nothing herein shall limit the right of the
Lenders to claim from the Borrowers further compensation for damages suffered
(Schadenersatz) as a
result of the Borrowers having failed to pay any amount in respect of interest
payable by them under this Agreement or any of the Security Documents on the due
date for such payment. However, the Borrowers shall retain the right to prove
that the damages suffered by the Lenders were less or that the Lenders have not
suffered any damage.

       

      
        	
                10.5

              	
                No Set-Off by
      Borrowers.  All payments to be made by the Borrowers
      hereunder shall be made without set-off or
  counterclaim.

              

      

       

      
        	
                10.6

              	
                Clear of
      Taxes.  All payments to be made by the Borrowers
      hereunder shall be made free and clear of and without deduction for or on
      account of any present or future Taxes of any nature now or hereafter
      imposed unless the Borrowers are compelled by law to make payment subject
      to any such Taxes. In that event the Borrowers shall (i) pay to the
      Lenders such additional amounts as may be necessary to ensure that the
      Lenders receive a net amount equal to that which they would have received
      had such payment not been made subject to any Taxes, and (ii) deliver to
      the Agent within ten (10) days of any request by it an official receipt in
      respect of the payment of any Taxes so
deducted.

              

      

       

      
        	
                10.7

              	
                Compensation of
      Lenders.  If any amount of principal is, for any reason
      whatsoever prepaid on a day other than the last day of the then current
      Interest Period relating to such amount the Borrowers shall pay to the
      Lenders on request such amount as may be necessary to compensate the
      Lenders for any loss or premium or penalty incurred by them in respect of
      the liquidation or re-employment of funds borrowed for the purpose of
      maintaining the amount prepaid.

              

      

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      
        	
                10.8

              	
                Interest Calculation
      Method.  Interest and any other payments under this
      Clause of an annual nature shall accrue from day to day and be calculated
      on the basis of the actual number of days elapsed and a year of three
      hundred sixty (360) days.

              

      

       

      
        	
                10.9

              	
                Priority of Payments,
      Waterfall.  All moneys (unless otherwise stipulated by
      this Agreement) received by the Lenders under this Agreement and the
      Security Documents shall be applied in the following
  order:

              

      

       

      
        	
                10.9.1

              	
                in
      satisfaction of all costs and expenses of the Mandated Lead Arranger then
      accrued hereunder and unpaid,

              

      

       

      
        	
                10.9.2

              	
                in
      satisfaction of all costs and expenses of the Agent then accrued hereunder
      and unpaid,

              

      

       

      
        	
                10.9.3

              	
                in
      satisfaction of all costs and expenses of the Lenders then accrued and
      unpaid, and all other amounts (other than specified under Sub-Articles
      11.9.5 and 11.9.6) due and payable to them hereunder or under any of the
      Security Documents;

              

      

       

      
        	
                10.9.4

              	
                in
      satisfaction of any accrued interest then due on the Loans except for the
      Credit Facility;

              

      

       

      
        	
                10.9.5

              	
                in
      satisfaction of any principal of the Loans except for the Credit Facility
      then outstanding;

              

      

       

      
        	
                10.9.6

              	
                in
      satisfaction of any amounts outstanding under the Master
      Agreements;

              

      

       

      
        	
                10.9.7

              	
                in
      satisfaction of any accrued interest then due on the Credit
      Facility;

              

      

       

      
        	
                10.9.8

              	
                in
      satisfaction of any principal of the Credit Facility then
      outstanding;

              

      

       

      
        	
                10.9.9

              	
                in
      satisfaction of the Ongoing Guarantee
Fee;

              

      

       

      
        	
                10.9.10

              	
                the
      balance (if any) will be released to the
  Borrowers.

              

      

       

      
        	
                10.10

              	
                Pro rata
      Application.  If several of the claims mentioned above
      have the same ranking, the monies received shall be applied pro
      rata.

              

      

       

      
        	
                11

              	
                SUBSTITUTE
      RATE AND SUBSTITUTE BASIS

              

      

       

      
        	
                11.1

              	
                Change in
      Circumstances.  If at any time prior to the commencement
      of any Interest Period the Lenders shall have determined (which
      determination shall save in case of manifest error be conclusive and
      binding on the Borrowers) that:

              

      

       

      
        	
                11.1.1

              	
                by
      reason of circumstances affecting the Interbank Markets adequate and fair
      means do not exist for ascertaining the interbank rate applicable to the
      Loans or any part thereof during such Interest Period,
  or

              

      

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      
        	
                11.1.2

              	
                deposits
      in an amount or amounts required for the Loans or the relevant part
      thereof for the duration of such Interest Period are not available to the
      Lenders in the Interbank Markets in sufficient amounts in the ordinary
      course of business, or

              

      

       

      
        	
                11.1.3

              	
                the
      cost of the Lenders for funding the Loans or any part thereof in the
      Interbank Markets would be higher than the aggregate of EURIBOR, and
      twenty five (25) percent of the Relevant Margin for the relevant Interest
      Period,

              

      

       

      the Agent
in each case shall as soon as practicable give notice of such determination to
the Borrowers and the provisions of the following paragraphs shall
apply.

       

      
        	
                11.2

              	
                Substitute
      Rate.  In case no means exist for ascertaining the
      interbank rate as per Clause 11.1.1, the Agent, during a period of ten
      (10) Banking Days from the date of any such notice given pursuant to
      Clause 11.1, shall certify to the Borrowers (a) an alternative method of
      fixing the rate of interest (the “Substitute Rate”) which shall reflect
      (i) the cost to the Lenders of funding the Loans or any part thereof from
      the Interbank Markets or other sources, as the case may be, and (ii) the
      Relevant Margin, and (b) the cost of establishing alternative Interest
      Periods, if applicable. In establishing the Substitute Rate the Lenders
      shall have regard to reasonable wishes of the Borrowers and shall use to
      the extent it is reasonably possible its best efforts to reduce its costs
      of funding the Loans.

              

      

       

      The
Borrowers shall notify the Agent in writing within five (5) Banking Days of the
receipt of such certificate from the Agent whether or not they accept such
Substitute Rate. If the Borrowers so accept in writing, or do not notify the
Agent whether or not they accept as aforesaid, such Substitute Rate shall apply
in accordance with its terms. In case the Borrowers notify the Agent in writing
that they do not accept such Substitute Rate, then the Borrowers and the Agent
shall enter into negotiations (for a period of not more than thirty days) with a
view to agreeing on the Substitute Rate for determining the rate of interest.
Should the Borrowers and the Agent not agree an the Substitute Rate, then the
Borrowers shall prepay to the Lenders the Loans or any part thereof to which
this Article applies on the next Interest Payment Date in the currency the Loans
or any part thereof was funded together with interest thereon at the Interest
Rate applicable to the immediately preceding Interest Period.

       

      
        	
                11.3

              	
                Review of
      Circumstances (Substitute Rate).  As long as the
      Substitute Rate applies, the Lenders, in consultation of the Agent with
      the Borrowers, shall in sufficient time prior to the end of any Interest
      Period review whether the circumstances are such that a interbank rate may
      again be determined.

              

      

       

      
        	
                11.4

              	
                Substitute
      Basis.  In case deposits in EUR are not available to the
      Lenders or any of them as per Clause 11.1.2 above, the Agent, during a
      period of ten (10) Banking Days from the date of any such notice pursuant
      to Clause 11.1, shall certify to the Borrowers an alternative basis (the
      “Substitute Basis”) for maintaining the Loans or any part thereof. Such
      Substitute Basis may include an alternative method of fixing the rate of
      interest (which shall reflect the cost to the Lenders of funding the Loans
      or any part thereof from other sources plus the Relevant Margin),
      alternative currencies for the Loans or any part thereof, and in
      establishing such Substitute Basis the Lenders shall have regard to the
      reasonable wishes of the Borrowers and shall use to the extent it is
      reasonably possible their best efforts to reduce its costs of funding the
      Loans.

              

      

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      The
Borrowers shall notify the Agent in writing within five (5) Banking Days of
receipt of such certificate from the Agent whether or not they accept such
Substitute Basis. In case the Borrowers so accept, such Substitute Basis shall
apply in accordance with its terms. In case the Borrowers do not accept or do
not notify whether or not they accept as aforesaid, then the Borrowers and the
Agent shall enter into negotiations (for a period of not more than thirty days)
with a view to agreeing on the Substitute Basis. Should the Borrowers and the
Agent not agree on the Substitute Basis, then the Borrowers shall prepay to the
Lenders the Loans or any part thereof to which this Clause applies on the next
Interest Payment Date together with interest thereon at the Interest Rate
applicable to the immediately preceding Interest Period.

       

      
        	
                11.5

              	
                Review of
      Circumstances (Substitute Basis).  As long as the Loans
      or any part thereof is maintained on the Substitute Basis, the Lenders, in
      consultation between the Agent with the Borrowers, shall in sufficient
      time prior to the end of any Interest Period review whether the
      circumstances are such that the Loans or the respective part thereof may
      be funded again in the London Interbank
Market.

              

      

       

      
        	
                11.6

              	
                Necessary Amendments
      to Security Documents.  If a Substitute Rate or a
      Substitute Basis comes into effect or if the interbank rate as per Clause
      11.1.1 or the Interbank Market again governs the Loans or any part
      thereof, both pursuant to the terms of this Clause, the Borrowers agree to
      execute, deliver, record and endorse at their own expense amendments to
      the Security Documents reflecting the same and such other documents as the
      Lenders shall reasonably request in order to maintain the validity of any
      of the Security Documents.

              

      

       

      
        	
                12

              	
                SECURITY

              

      

       

      The
Outstanding Indebtedness (including the Swap Exposure) shall be secured in
accordance with this Clause.

       

      
        	
                12.1

              	
                General Rules
      applicable to this Clause and Security mentioned
      herein.  It is hereby expressly agreed
    that:

              

      

       

      
        	
                12.1.1

              	
                the
      collateral listed herein shall serve as security for the Outstanding
      Indebtedness,

              

      

       

      
        	
                12.1.2

              	
                whenever
      reference is made in this Clause to an assignment of rights, this shall
      include, unless otherwise expressly stipulated, the execution of the
      notices related to such assignment and the Agent’s right to make use of
      such notices and to notify the debtor about the assignment at any
      time.

              

      

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      
        	
                12.2

              	
                The Loan
      CT.  The Loan CT shall be secured
  by:

              

      

       

      
        	
                12.2.1

              	
                the
      Assignments of the Building
Contracts,

              

      

       

      
        	
                12.2.2

              	
                the
      Assignments of the Refund
Guarantees,

              

      

       

      
        	
                12.2.3

              	
                the
      Corporate Guarantee.

              

      

       

      
        	
                12.3

              	
                The Loan
      LT.  The Loan LT shall be secured with regard to each
      Delivered Vessel by:

              

      

       

      
        	
                12.3.1

              	
                the
      Acknowledgement and Submission and the
Hypothec;

              

      

       

      
        	
                12.3.2

              	
                an
      assignment of the Relevant Vessel’s Insurances by the Relevant Borrower
      and the Bareboat Charterer, such assignment to be substantially in the
      form of Exhibit 7 attached hereto;

              

      

       

      
        	
                12.3.3

              	
                an
      assignment of the Relevant Vessel’s Insurances by the Assured(s) (if any),
      such assignment to be substantially in the form of Exhibit 8 attached
      hereto;

              

      

       

      
        	
                12.3.4

              	
                an
      assignment of the Relevant Vessel’s Earnings by the Relevant Borrower and
      the Bareboat Charterer, such assignment to be substantially in the form of
      Exhibit 9 attached hereto;

              

      

       

      
        	
                12.3.5

              	
                pledges
      of the Earnings Accounts, such pledges to be in the form of Exhibit 10
      attached hereto;

              

      

       

      
        	
                12.3.6

              	
                the
      SACE Guarantee.

              

      

       

      
        	
                12.4

              	
                Credit
      Facility.  The Credit Facility shall be secured with
      regard to each Delivered Vessel by the collateral set forth in Clause
      12.3.1 through to Clause 12.3.5, provided, however, that all moneys
      received by the Lenders under this Agreement and the Security Documents
      set forth in Clause 12.3.2 through to Clause 12.3.5 shall be applied only
      junior in rank to the indebtedness outstanding with regard to the Credit
      Facility, as set forth in Clause
10.9.

              

      

       

      
        	
                12.5

              	
                Swap
      Exposure.  During the entire Security Period the Swap
      Exposure shall be secured by the security listed in Clause 12 hereof,
      provided, however, that all moneys received by the Lenders under this
      Agreement and the Security Documents set forth in this Clause 12 shall be
      applied in accordance with Clause
10.9.

              

      

       

      
        	
                13

              	
                INSURANCES

              

      

       

      
        	
                13.1

              	
                Insurance
      Conditions.  The Borrowers (without prejudice to the
      terms of the assignments of insurances referred to in Clause 12) hereby
      agree that all the Insurances regarding the Delivered Vessels shall be
      taken out by first class international underwriters of recognized standing
      and assigned to the Lenders and further
agree:

              

      

       

      
        	
                13.1.1

              	
                to
      insure and keep insured the Delivered Vessels in United States Dollar or
      such other currency as may be approved in writing by the Agent at the
      Borrowers’ own expense in the full Insurance Value but in no event for
      less than one hundred and twenty (120) percent of the total amount
      outstanding of the Relevant Tranche regarding the Relevant Vessel against
      fire, marine and other risks (including Excess Risks) and War
      Risks;

              

      

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

      
        	
                13.1.2

              	
                to
      enter the relevant Delivered Vessel in the name of the Relevant Borrower
      for its full value and tonnage in a protection and indemnity association
      approved by the Agent against all protection and indemnity risks with
      highest available limit of liability (except for the case of oil pollution
      which shall be covered to the highest limit for the type of the Delivered
      Vessel accepted by first class protection and indemnity
      associations);

              

      

       

      
        	
                13.1.3

              	
                to
      effect war risk insurance (hull and P&I), including cover in respect
      of vandalism, sabotage and malicious mischief as well as the London
      Blocking and Trapping Addendum, the war P&I cover having a separate
      limit for the same amounts insured under the war hull cover, and such
      additional Insurances and at such terms and such conditions as shall in
      the reasonable opinion of the Agent be necessary or
    advisable;

              

      

       

      
        	
                13.1.4

              	
                Loss
      of Hire to be taken out for a period of 14/180/180 days or another period
      approved by the Agent subject to ABS 1/10/83 Wording - including war, NMIP
      1996 - Chapter 16, or equivalent conditions. Loss of Hire war can be taken
      out under separate basic war risks insurance. The Loss of Hire insurance
      shall contain an automatic renewal
clause.

              

      

       

      
        	
                13.1.5

              	
                to
      effect the Insurances upon such terms as shall from time to time be
      approved in writing by the Agent and through such brokers (the “Approved
      Brokers”) and with such insurance companies, underwriters, war risks and
      protection and indemnity associations as shall from time to time be
      approved in writing by the Agent;

              

      

       

      
        	
                13.1.6

              	
                to
      procure that a Loss Payable Clause in the form attached as Exhibit 12 and
      being attached to the assignment of Insurances as per Exhibits 7 and 8 are
      included in all policies relative to the Insurances referred to in this
      Clause;

              

      

       

      
        	
                13.1.7

              	
                to
      renew the Insurances at least fourteen (14) days before the relevant
      policies or contracts expire and to procure that the Approved Brokers
      shall promptly confirm in writing to the Agent as and when each such
      renewal is effected;

              

      

       

      
        	
                13.1.8

              	
                punctually
      to pay all premiums, calls contributions or other sums payable in respect
      of the Insurances and to produce to the Agent all relevant receipts when
      so required by the Agent;

              

      

       

      
        	
                13.1.9

              	
                to
      arrange for the execution of such guarantees as may from time to time be
      required by any protection and indemnity or War Risks
      association;

              

      

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      
        	
                13.1.10

              	
                to
      procure that the interest of the Agent or of the Lenders (as determined by
      the Agent) shall be duly endorsed upon all slips, cover notes, policies,
      certificates of entry or other instruments of insurance issued or to be
      issued in connection with the Insurances aforesaid and to procure that the
      said slips, cover notes, policies, certificates of entry or other
      instruments of insurance issued or to be issued shall provide for fourteen
      (14) days prior written notice to be given to the Agent by the Approved
      Brokers in the event of cancellation of
  Insurances;

              

      

       

      
        	
                13.1.11

              	
                to
      procure that all such instruments of insurance as are referred to in
      Clause 13.1.10 hereinabove shall be deposited with the Agent or with the
      Approved Brokers and that such brokers shall provide the Agent with
      certified copies thereof and a letter or letters of undertaking in the
      form of Exhibit 13 or in another form acceptable to the
    Agent;

              

      

       

      
        	
                13.1.12

              	
                to
      procure that the protection and indemnity and/or war risks association
      wherein the Delivered Vessels are entered shall provide the Agent with a
      copy of the Certificate of Entry and a letter or letters of undertaking in
      such form as may be required by the Agent and in the case of the
      protection and indemnity association such letter of undertaking shall be
      in the form of Exhibit 14 or in another form acceptable to the
      Agent;

              

      

       

      
        	
                13.1.13

              	
                to
      promptly provide the Agent with full information regarding any casualty or
      other accident or damage to any of the Delivered Vessels involving an
      amount in excess of the lesser of (i) five (5) percent of the amount
      insured and (ii) Euros one million (EUR 1,000,000.00), or in consequence
      whereof any of the Delivered Vessels has become or may become a Total
      Loss;

              

      

       

      
        	
                13.1.14

              	
                not
      to do any act nor voluntarily suffer nor permit any act to be done whereby
      any Insurance shall or may be suspended or avoided and not to suffer nor
      permit any of the Delivered Vessels to engage in any voyage nor to carry
      any cargo not permitted under the Insurances in effect without first
      covering the relevant Delivered Vessel to the amount herein provided for
      with insurance satisfactory to the Agent for such voyage or the carriage
      of such cargo and (without limitation to the generality of the foregoing)
      in particular not to permit any of the Delivered Vessels to enter or trade
      to any zone which is declared a war zone by any Government or by the
      relevant Delivered Vessel’s War Risks Insurers unless the Borrowers have
      effected at their expense such special insurance as the Agent may require
      and the Agent has received sufficient evidence from the underwriters of
      the existence of such insurance
cover;

              

      

       

      
        	
                13.1.15

              	
                to
      apply all amounts available in respect of the Insurances as are paid to
      the Borrowers to the repair of the damage and the reparation of the loss
      in respect of which the said amounts shall have been received or to the
      reimbursement of the Borrowers or operators for monies expended by it/them
      for repair of the damage or loss;

              

      

       

      
        	
                13.1.16

              	
                that
      according to general principles of insurance law the Lenders shall be
      entitled to inform the Approved Broker through which the Insurances
      referred to in Clause 13.1 are effected about facts and/or circumstances
      which could be material for the decision to accept the risk of such
      Insurances and for the rate of
premium;

              

      

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      
        	
                13.1.17

              	
                ensure
      that, if any of the Delivered Vessels shall be insured under any form of
      fleet cover, there shall (unless otherwise agreed by the Agent) be
      contained in such letters of undertaking, inter alia, undertakings that
      the brokers, underwriters, association or club (as the case may be) will
      not set off claims relating to the relevant Delivered Vessel against
      premiums, calls or contributions in respect of any other vessel or other
      insurance, and that the insurance cover of the relevant Delivered Vessel
      will not be cancelled by reason of non-payment of premiums, calls or
      contributions relating to any other vessel or other insurance; failing
      receipt of such undertaking, the Borrowers will instruct the brokers,
      underwriters, association or club concerned to issue a separate policy or
      certificate of entry for the Relevant Vessel in the sole name of the
      Relevant Borrower or its brokers as agents for the Relevant
      Borrower.

              

      

       

      
        	
                13.2

              	
                MII/MAP.  The
      Agent for and on behalf of the Lenders shall be entitled to take out in
      its own name or in the name of the
Lenders

              

      

       

      
        	
                13.2.1

              	
                a
      Mortgagee’s Interest insurance covering an amount at least equal to one
      hundred twenty percent (120%) of the Loan being outstanding at that time,
      and

              

      

       

      
        	
                13.2.2

              	
                an
      Additional Perils (Oil Pollution) insurance covering an amount at least
      equal to one hundred ten percent (110%) of the Loan being outstanding at
      that time.

              

      

       

      Any cost
arising from such insurances as mentioned in Sub-Clauses 13.2.1 and 14.2.2 shall
be conclusively notified by the Agent to the Borrowers and shall be borne by the
Borrowers.

       

      
        	
                13.3

              	
                US
      Waters.  Should the Delivered Vessels or any of them be
      operated by any of the Borrowers, any operator or charterer within US
      territory waters (200 miles zone) or should it be intended to enter any US
      harbour then the Borrowers are obliged to insure such Delivered Vessel
      against all risks as the Agent deems necessary by first class underwriters
      (e.g. maximum available additional oil pollution cover in excess of the
      oil pollution cover provided by the P&I Club, drug seizure
      etc.).

              

      

       

      
        	
                14

              	
                ENVIRONMENTAL
      MATTERS

              

      

       

      
        	
                14.1

              	
                Definitions.  In
      this Clause

              

      

       

      
        	
                14.1.1

              	
                “Environmental
      Approval” means any approval, license, permit, exemption or authorisation
      required under any applicable Environmental Law;
  and

              

      

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      
        	
                14.1.2

              	
                “Environmental
      Claim” means:

              

      

       

      
        	
                14.1.2.1

              	
                any
      claim by any governmental, juridical or regulatory authority which arises
      out of an Environmental Incident or an alleged Environmental Incident or
      which relates to any Environmental Law;
and

              

      

       

      
        	
                14.1.2.2

              	
                any
      claim by any other person which relates to an Environmental Incident or to
      an alleged Environmental Incident; whereby “claim” means a claim for
      damages, compensation or any other payment of any kind; an order or
      direction to take certain action or to desist from or suspend certain
      action, and any form of enforcement or regulatory action, including the
      arrest or attachment of any asset;
and

              

      

       

      
        	
                14.1.3

              	
                “Environmental
      Incident” means:

              

      

       

      
        	
                14.1.3.1

              	
                any
      release or potential release of Environmentally Sensitive Material from
      any of the Delivered Vessels; and

              

      

       

      
        	
                14.1.3.2

              	
                any
      incident in which Environmentally Sensitive Material is released or
      threatened to be released from any of the Delivered Vessels and which
      involves a collision between any of the Delivered Vessels and another
      vessel or some incident of navigation or operation, in either case, in
      connection with which that Delivered Vessel is actually or potentially
      liable to be arrested and/or that Delivered Vessel or any of the Borrowers
      and/or any operator or the Manager is at fault or allegedly at fault or
      otherwise liable to any legal or administrative action;
  and

              

      

       

      
        	
                14.1.3.3

              	
                any
      other incident in which Environmentally Sensitive Material is released or
      threatened to be released otherwise than from any of the Delivered Vessels
      and in connection with which any of the Delivered Vessels is actually or
      potentially liable to be arrested and/or where any of the Borrowers and/or
      any operator or the Manager of that Delivered Vessel is at fault or
      allegedly at fault or otherwise liable to any legal or administrative
      action; and

              

      

       

      
        	
                14.1.4

              	
                “Environmental
      Law” means any law relating to pollution or protection of the environment,
      to the carriage of Environmentally Sensitive Material or to actual or
      threatened releases of Environmentally Sensitive Material;
    and

              

      

       

      
        	
                14.1.5

              	
                “Environmentally
      Sensitive Material” means oil, oil products and any other substance
      (including any gas) which is (or is capable of being or becoming)
      polluting, toxic or hazardous, except for those materials for whose
      transport the vessels are dedicated and used for in the ordinary course of
      their business.

              

      

       

      
        	
                14.2

              	
                Borrowers’
      Undertakings.  The Borrowers
  will:

              

      

       

      
        	
                14.2.1

              	
                comply
      with all applicable Environmental Laws and will maintain in force and
      promptly obtain or renew all Environmental Approvals required to operate
      its business as from time to time conducted or reasonably anticipated to
      be conducted;

              

      

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

       

      
        	
                14.2.2

              	
                notify
      the Agent forthwith in writing
upon:

              

      

       

      
        	
                14.2.2.1

              	
                any
      Environmental Claim being made against them and/or any operator or the
      Manager for the time being of any of the Delivered Vessels, or otherwise
      in connection with any of the Delivered Vessels;
  and

              

      

       

      
        	
                14.2.2.2

              	
                any
      Environmental Incident occurring;

              

      

       

      
        	
                14.2.3

              	
                keep
      the Agent advised in writing on such regular basis and in such detail(s)
      as the Agent shall require, of their response to any Environmental Claim
      made in connection with any of the Delivered Vessels or Environmental
      Incident;

              

      

       

      
        	
                14.2.4

              	
                to
      indemnify the Lenders against any losses and/or costs and/or taxes of
      whatsoever nature they might incur deriving from an Environmental Claim or
      an Environmental Incident.

              

      

       

      
        	
                15

              	
                CHANGE
      OF CIRCUMSTANCES

              

      

       

      
        	
                15.1

              	
                Compensation of
      Lenders.  If

              

      

       

      
        	
                15.1.1

              	
                any
      law, regulation, treaty or official directive (whether or not having the
      force of law) or the interpretation thereof by any authority charged with
      the administration thereof:

              

      

       

      
        	
                15.1.1.1

              	
                subjects
      the Lenders to any Taxes with respect to payments of principal or of
      interest on the Loans or any other amount payable hereunder (other than
      Tax assessed, levied or collected on the overall net income of the
      Lenders); or

              

      

       

      
        	
                15.1.1.2

              	
                changes
      the basis of taxation of payments to any of the Lenders of principal or of
      interest on the Loans or of any other amount payable hereunder (other than
      a change in the basis of taxation on the overall net income of the
      Relevant Lender); or

              

      

       

      
        	
                15.1.1.3

              	
                imposes,
      modifies or deems applicable any reserve and/or special deposit
      requirements against or in respect of assets or liabilities of, or
      deposits with or for the account of, or loans or credits extended by any
      office of any of the Lenders, provided, however, that these occur or have
      consequences not earlier than (5) years after the first Drawdown;
      or

              

      

       

      
        	
                15.1.1.4

              	
                imposes
      on any of the Lenders any other condition affecting this Agreement, other
      than interest, the Commitment or the Loans or its funding provided,
      however, that these occur or have consequences not earlier than (5) years
      after the first Drawdown; or

              

      

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

      
        	
                15.1.1.5

              	
                any
      of the Lenders complies with any request, law, regulation or directive
      from any competent fiscal or monetary authority (whether or not having the
      force of law);

              

      

       

      
        	
                15.1.2

              	
                and
      as a result of any of the foregoing either directly or
      indirectly

              

      

       

      
        	
                15.1.2.1

              	
                the
      costs to the Lenders or any of them of making, funding or maintaining the
      Loans or of maintaining the Commitment are increased;
  or

              

      

       

      
        	
                15.1.2.2

              	
                the
      amount of principal or any other amount payable to the Lenders or any of
      them hereunder is reduced, other than interest;
  or

              

      

       

      
        	
                15.1.2.3

              	
                the
      Lenders or any of them make any payment or foregoes any interest or other
      return on or calculated by reference to the gross amount of any sum
      receivable by it from the Borrowers
hereunder;

              

      

       

      then and
in each case upon demand from time to time the Borrowers shall pay to the
Lenders such amount as shall compensate the Lenders for such increased costs,
reduction, payment or foregone interest or other return. If the Lenders are
entitled to make a claim pursuant to this Clause, the Agent shall notify the
Borrowers of the event by reason of which they are so entitled. The Agent shall
submit to the Borrowers a letter setting out details of the event giving rise to
such compensation, the amount thereof and the manner in which it has been
calculated, in the absence of manifest error such letter shall be
conclusive.

       

      In such a
case the Borrowers may prepay the Loans in accordance with Clause 9 together
with all interest accrued thereon and all fees and other amounts (including
amounts payable referred to above) owing to the Lenders hereunder, but without
penalty.

       

      
        	
                15.2

              	
                Tax.  If
      any amount payable by the Borrowers hereunder whether in respect of
      principal, interest or otherwise is or becomes subject at any time to
      taxation in the Federal Republic of Germany or any other country, except
      for taxes on the overall income of the Lenders, the Borrowers will
      indemnify the Lenders of such amount in respect of such tax liability so
      that the Lenders receive or retain a net sum equal to the amount they
      would have received or retained had there been no such tax liability but
      if the Lenders shall be or become entitled to any tax credit or relief in
      respect of any such tax liability or deduction and if the Lenders in their
      sole determination actually receive a benefit from such tax credit or
      relief in their relevant country of domicile, incorporation or residence,
      the Lenders shall, subject to any laws or regulations applicable thereto,
      pay to the Borrowers after such benefit is effectively received by the
      Lenders such amount (which shall be conclusively certified by the Lenders)
      as shall ensure that the net amount actually retained by that recipient is
      equal to the amount which would have been retained if there had been no
      such liability or deduction. In addition the Borrowers shall indemnify the
      Lenders of any sum payable by the Borrowers under this Agreement against
      any liability for taxes in the Federal Republic of Germany or any other
      country, imposed on the Lenders by virtue of the negotiation, preparation
      or execution of this Agreement, and/or the Security Documents the
      performance of any duty or discharge of any liability hereunder and/or
      under the Security Documents or the receipt of any payment hereunder
      and/or under the Security
Documents.

              

      

       

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

       

      
        	
                15.3

              	
                Change of
      Law.  Notwithstanding anything to the contrary herein
      contained, if any change in law, regulation or treaty or in the
      interpretation or application thereof by any authority charged with the
      administration thereof shall make it unlawful for the Lenders to make,
      fund or maintain the Loans, the Lenders may by written notice of the Agent
      to the Borrowers declare that the Lenders obligations hereunder shall be
      terminated forthwith whereupon the Borrowers will prepay forthwith (or if
      permitted by law on the next following Interest Payment Date) the Loans
      together with all interest accrued thereon and all fees and other amounts
      payable to the Lenders hereunder, provided, however, that no penalty shall
      be payable. The Lenders’ obligations and liabilities hereunder and its
      Commitment shall be cancelled on the giving of such Agent’s notice. In any
      such event, but without prejudice to the aforesaid liability of the
      Borrowers to prepay the Loans the Borrowers and the Lenders shall
      negotiate in good faith with a view to agreeing terms for making the Loans
      available from another jurisdiction, or funding the Loans from alternative
      sources, or otherwise restructuring the Loans on a basis which is
      lawful.

              

      

       

      
        	
                16

              	
                BASEL
      II

              

      

       

      If the
Lenders’ basis of calculation of the Loans under applicable Basel II
regulations changes due to a change in any of the Obligors’ general financial
position and/or rating, the Lenders may reassess the Margins in order to adopt
the Margins to the new calculation basis and thus determine new margins (the
“New Margins”), provided, however, that such adoption shall take effect not
earlier than the Margin Day. The Agent shall notify the Borrowers about the New
Margins in writing. The New Margins shall apply from the day the next Interest
Period commences however not earlier than one (1) Month after the Borrowers
having received the Agent’s notice to this effect.

       

      Upon
receipt of the Agent’s notice of New Margins representing an increase towards
the then current Margins the Borrowers may prepay the Loans on the last Interest
Payment Date immediately preceding the date on which the New Margin shall
commence, provided that the Agent has received not less than fourteen (14)
Business Days prior to such last Interest Payment Date the Borrowers’ written
notice to this effect.

       

      The
Borrowers may make such prepayment without paying the Lenders any penalty but,
as provided in Clause 9.6, the Borrowers shall reimburse the Lenders on demand
for any breakage cost, proven out-of-pocket expenses and legal fees the Lenders
incur due to such prepayment.

       

      
        	
                17

              	
                REPRESENTATIONS
      AND WARRANTIES

              

      

       

      
        	
                17.1

              	
                Borrowers
      Representation and Warranties.  The Borrowers hereby
      represent and warrant to and for the benefit of the Lenders that, as on
      the date hereof and on each Drawdown Date and on each Interest Payment
      Date and on each Repayment Date:

              

      

       

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

       

      
        	
                17.1.1

              	
                the
      Borrowers are limited partnerships duly organized and validly existing
      under the laws of the Federal Republic of
  Germany;

              

      

       

      
        	
                17.1.2

              	
                the
      Borrowers have the perpetual corporate existence and power to enter into
      this Agreement and each of the documents to which they are a party and to
      borrow and perform their obligations hereunder and thereunder and have
      taken all necessary corporate or other actions required to authorize the
      execution, delivery and performance of this Agreement and those of the
      documents to which they are a
party;

              

      

       

      
        	
                17.1.3

              	
                the
      execution, delivery and performance of this Agreement and each of the
      documents to which any of the Borrowers is a party will not violate or
      exceed the powers granted to it by, or any provisions of (a) any law or
      regulation in any jurisdiction to which it is subject, (b) any order or
      decree of any governmental agency or court of or in any jurisdiction to
      which it is subject, (c) the constitutional documents, or (d) any
      mortgage, deed, contract or agreement to which it is a party or which is
      binding upon it or any of its
assets;

              

      

       

      
        	
                17.1.4

              	
                no
      approval or consent from any governmental and quasi-governmental
      authorities is necessary under applicable law for the execution and
      delivery of this Agreement and any document and instrument delivered or to
      be delivered pursuant hereto and the mortgaging of the Vessels to the
      Lenders;

              

      

       

      
        	
                17.1.5

              	
                there
      are no actions, suits or proceedings pending or threatened against or
      affecting any of the Borrowers, its property at law or before any
      governmental authority which may affect the Borrowers’ solvency or ability
      to pay their debts or their ability to own the Delivered Vessels or affect
      a substantial part of any of the Borrowers property and none of the
      Borrowers is in default with respect to any order, writ, injunction, claim
      or demand of any court or any governmental
  authority;

              

      

       

      
        	
                17.1.6

              	
                this
      Agreement, the consummation of the transactions herein contemplated and
      the fulfillment of the terms hereof and the compliance by the Borrowers
      with all of the terms and conditions of this Agreement and all documents
      and instruments referred to herein and/or delivered pursuant hereto will
      not result in any breach by them of the terms, conditions or provisions
      of, or constitute a default under any indenture, bank loan or credit
      agreement or instrument to which any of the Borrowers is bound and will
      not result in the creation of any lien, charge or encumbrance (other than
      the Hypothec) upon any of the Borrower’s property or
    assets;

              

      

       

      
        	
                17.1.7

              	
                there
      are no material facts or circumstances which have not been disclosed to
      the Agent in writing which, if disclosed, might reasonably be expected to
      adversely affect the decision of a person considering whether to provide
      finance to the Borrowers;

              

      

       

      
        	
                17.1.8

              	
                in
      relation to the borrowing by the Borrowers of the Loan, the performance
      and discharge of their obligations and liabilities hereunder and/or under
      the Security Documents to which any of the Borrowers is a party, the
      Borrowers are acting for their own account and the foregoing will not
      involve or lead to a contravention of any law, official requirement or
      other regulatory measure or procedure which has been implemented to combat
      “money laundering” (as defined in Article 1 of the Directive (91/308/EEC)
      of the Council of the European Communities, as from time to time
      amended);

              

      

       

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

       

      
        	
                17.1.9

              	
                this
      Agreement and each of the Security Documents constitute, or will
      constitute, when executed and delivered, and, in case of the Hypothec,
      when registered in the Ships Registry, legal, valid and binding
      obligations of the Borrowers, enforceable against them in accordance with
      their respective terms, subject to laws of bankruptcy, insolvency,
      liquidation or other laws affecting generally creditors’
      rights;

              

      

       

      
        	
                17.1.10

              	
                the
      Borrowers have not failed to pay any material sum when due or to perform
      any material monetary obligation under the provisions of any agreement to
      which any of them is a party or by which any of them may be bound and no
      event has occurred and is continuing which entitles, or which with the
      giving of notice, lapse of time or other condition would entitle, the
      other party or parties to any such agreement to declare such indebtedness
      to be due and payable by the Borrowers or any of
  them;

              

      

       

      
        	
                17.1.11

              	
                the
      Borrowers are not in default in the performance of any material
      non-monetary obligation under the provisions of this Agreement or any
      other agreement to which any of them is a party or by which any of them
      may be bound and no event has occurred and is continuing which entitles,
      or which with the giving of notice, lapse of time or other condition would
      entitle, the other party or parties to terminate any such agreement;
      and

              

      

       

      
        	
                17.1.12

              	
                save
      as provided by applicable laws of bankruptcy, insolvency, liquidation or
      similar laws of general application, the obligations of the Borrowers
      under this Agreement rank and will rank at least pari passu in priority of
      payment, security and in all other respects with all non-preferred
      indebtedness of the Borrowers except with respect to maritime liens which
      according to applicable law rank prior to the Hypothec,
  and

              

      

       

      
        	
                17.1.13

              	
                the
      Borrowers have not incurred any financial indebtedness other than
      financial indebtedness disclosed to the Agent in writing,
    and

              

      

       

      
        	
                17.1.14

              	
                each
      of the Relevant Borrower’s sole business is the owning and operation of
      the Relevant Vessel and other than the Relevant Vessel it does not own
      other substantial assets, and

              

      

       

      
        	
                17.1.15

              	
                the
      financial information provided pursuant to Clause 19 hereof is complete,
      accurate and not misleading in all material respects,
  and

              

      

       

      
        	
                17.1.16

              	
                the
      Corporate Guarantor shall be and remain a limited partner (Kommanditist) of each
      of the Borrowers, such Corporate Guarantor or an affiliated company of the
      Corporate Guarantor, accepted by the Agent, holding at least twenty five
      (25) percent of each of the Borrower’s share capital,
  and

              

      

       

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

       

      
        	
                17.1.17

              	
                to
      the best of their knowledge, no Prohibited Payment has been made or
      provided, directly or indirectly, by (or on behalf of) any of it, any of
      their subsidiaries, their officers, directors or any other person acting
      on their behalf to, or for the benefit of, any authority (or any official,
      officer, director, agent or key employee of, or other person with
      management responsibilities in, any authority) in connection with this
      Loan Agreement or any Security Document,
and

              

      

       

      
        	
                17.1.18

              	
                none
      of the sources of funds to be used by the Borrowers in connection with any
      payments to be made by the Borrowers or any of them under the Loan
      Agreement or any Security Document or its business are of Illicit Origin,
      and

              

      

       

      
        	
                17.1.19

              	
                the
      Loans will not be used to finance equipment or sectors under embargo
      decisions of the United Nations, the World Bank, the European Union or
      Italy.

              

      

       

      
        	
                17.2

              	
                Additional
      Representation and Warranties regarding Loan CT.  The
      Borrowers furthermore hereby represent and warrant to and for the benefit
      of the Lenders that, as on the date hereof and on each Drawdown Date and
      on each Interest Payment Date and on each Repayment Date until the full
      repayment of Loan CT:

              

      

       

      
        	
                17.2.1

              	
                the
      Corporate Guarantor is a company or corporation duly organized and validly
      existing and in good standing under the laws of its
      incorporation;

              

      

       

      
        	
                17.2.2

              	
                the
      Corporate Guarantor has the perpetual corporate existence and power to
      enter into the Corporate Guarantee and to perform its obligations
      thereunder and has taken all necessary corporate or other actions required
      to authorize the execution, delivery and performance of the Corporate
      Guarantee;

              

      

       

      
        	
                17.2.3

              	
                the
      execution, delivery and performance of the Corporate Guarantee will not
      violate or exceed the powers granted to the Corporate Guarantor by, or any
      provisions of (a) any law or regulation in any jurisdiction to which
      it is subject, (b) any order or decree of any governmental agency or
      court of or in any jurisdiction to which it is subject, (c) the
      constitutional documents, or (d) any mortgage, deed, contract or
      agreement to which it is a party or which is binding upon it or any of its
      assets and except as contemplated hereby and by the documents it is a
      party to will not cause any encumbrance to arise over or to attach to all
      or any part of its revenues or assets nor oblige it to create any such
      encumbrance;

              

      

       

      
        	
                17.2.4

              	
                no
      approval or consent from any governmental and quasi-governmental
      authorities is necessary under applicable law for the execution and
      delivery of the Corporate
Guarantee;

              

      

       

      
        	
                17.2.5

              	
                according
      to the Borrowers’ records and best knowledge there are no actions, suits
      or proceedings pending or threatened against or affecting the Corporate
      Guarantor, its property at law or before any governmental authority which
      may affect the Corporate Guarantor’s solvency or ability to pay its debts
      or affect a substantial part of the Corporate Guarantor’s and according to
      the Borrowers’ records and best knowledge the Corporate Guarantor is not
      in default with respect to any order, writ, injunction, claim or demand of
      any court or any governmental
authority;

              

      

       

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

       

      
        	
                17.2.6

              	
                the
      Corporate Guarantee, the consummation of the transactions therein
      contemplated and the fulfillment of the terms thereof and the compliance
      by the Corporate Guarantor with all of the terms and conditions of the
      Corporate Guarantee will not result in any breach by it of the terms,
      conditions or provisions of, or constitute a default under any indenture,
      bank loan or credit agreement or instrument to which the Corporate
      Guarantor is bound and will not result in the creation of any lien, charge
      or encumbrance upon any of the Corporate Guarantor’s property or
      assets;

              

      

       

      
        	
                17.2.7

              	
                there
      are no material facts or circumstances which have not been disclosed to
      the Agent in writing which, if disclosed, might reasonably be expected to
      adversely affect the decision of a person considering whether to provide
      finance to the Corporate Guarantor;

              

      

       

      
        	
                17.2.8

              	
                the
      Corporate Guarantee constitutes, or will constitute, when executed and
      delivered, legal, valid and binding obligations of the Corporate
      Guarantor, enforceable against it in accordance with its terms, subject to
      laws of bankruptcy, insolvency, liquidation or other laws affecting
      generally creditors’ rights.

              

      

       

      
        	
                18

              	
                ASSET
      PROTECTION

              

      

       

      
        	
                18.1

              	
                Evaluation.  The
      Borrowers covenant and undertake with the Lenders that they will from time
      to time annually upon request by the Agent, in any event not more than
      twice per year, cause the Fair Market Value of the Delivered Vessels to be
      valued in United States Dollars, Euros or British Pounds, such Fair Market
      Value being the arithmetic average of the valuations provided by one (1)
      internationally well reputed ship sale and purchase broker approved by the
      Agent, each such valuation to be made, unless the Agent requests
      otherwise, without physical inspection and on the basis of an arms-length
      transaction between willing buyer and willing seller without taking into
      account any charter party of the Delivered Vessels in force at the time of
      any such valuation and such broker being instructed to deliver to the
      Agent the aforesaid valuation in writing. All costs arising in connection
      with the obtaining of these valuations (including, but not limited to, the
      fees of the relevant broker and surveyor) shall be borne by the
      Borrowers.

              

      

       

      
        	
                18.2

              	
                Shortfall.  If
      the aggregate of the Fair Market Values assessed in accordance with Clause
      18.1 at any time after the delivery of any or all Delivered Vessels shall
      be less than one hundred twenty (120) percent of the then outstanding
      balance of the Tranches LT, then and in such case within a period of
      thirty (30) days following receipt by the Borrowers of written notice from
      the Agent notifying the Borrowers of such shortfall and specifying the
      amount thereof (which amount shall in the absence of manifest error be
      conclusive and binding upon the Borrowers) either furnish the Lenders with
      such additional security as shall be acceptable to the Lenders in their
      sole discretion for the purpose of remedying such deficiency in security
      or prepay to the Lenders (together with interest accrued thereon and any
      costs arising through such prepayment being made otherwise than at the end
      of an Interest Period) such part of the Tranches LT as shall be necessary
      to ensure compliance with the provisions of this Clause. Any additional
      security required as a result of the operation of this Clause is separate
      from and additional to any other security provided or to be provided under
      the other provisions of this Agreement and the Security
      Documents.

              

      

       

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

       

       

      
        	
                19

              	
                UNDERTAKINGS

              

      

       

      
        	
                19.1

              	
                Financial
      Covenants

              

      

       

      
        	
                19.1.1

              	
                Each
      of the Borrowers undertakes to the Lenders that during the Security Period
      it will

              

      

       

      
        	
                19.1.1.1

              	
                maintain
      the Relevant Earnings Account with the
Agent;

              

      

       

      
        	
                19.1.1.2

              	
                have
      all Earnings of the Relevant Delivered Vessel paid into the Relevant
      Earnings Account.

              

      

       

      
        	
                19.1.2

              	
                The
      Borrowers undertake to the Lenders that during the Security Period they
      will:

              

      

       

      
        	
                19.1.2.1

              	
                not
      without the Agent’s prior written consent assume, guarantee or endorse or
      otherwise become or remain liable in connection with any obligation of any
      person, firm, company or other
entity;

              

      

       

      
        	
                19.1.2.2

              	
                not
      without the Agent’s prior written consent authorize or accept any capital
      commitments exceeding Euros one million (EUR 1,000,000.00), in the single
      or in the aggregate, per Borrower;

              

      

       

      
        	
                19.1.2.3

              	
                not
      enter into any shareholder loans, inter company borrowings unless these
      are fully subordinated to the Borrowers’ obligations hereunder and under
      the Security Documents and on terms and conditions acceptable to the
      Lenders;

              

      

       

      
        	
                19.1.2.4

              	
                not
      create or permit to subsist any collateral over any of its assets with the
      exception of (i) suppliers’ collateral as common in trade or industry,
      such as reservation of title or subsequent assignment by way of security,
      and (ii) banking collateral as required by banks’ general business
      conditions, and (iii) the collateral created by the Security Documents;
      provided, however, that in case of the exceptions described in (i) and
      (ii) above the Borrowers shall secure that the Lenders participate before
      or at the same time and in the same rank in this collateral or providing
      the Lenders with equal collateral (Pari
      Passu),

              

      

       

      
        	
                19.1.2.5

              	
                pay
      dividends only in case

              

      

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

       

      
        	
                19.1.2.5.1

              	
                the
      payment of the Delivered Vessels’ running cost and of all amounts due and
      payable under this Agreement over the next twelve (12) Months is secured,
      and

              

      

       

      
        	
                19.1.2.5.2

              	
                no
      Event of Default has occurred and is
continuing,

              

      

       

      
        	
                19.1.2.6

              	
                immediately
      pay the entire Ongoing Guarantee Fee to the Agent not being allowed to
      have such a fee divided in subsequent instalments) as soon as a
      cancellation of the Loan LT and/or the declaration of the Loan LT to be
      immediately due and payable as per Clause 22
  occurs.

              

      

       

      
        	
                19.2

              	
                Covenants related to
      the Vessels under
Construction

              

      

       

      The
Borrowers undertake to the Lenders that during the construction process of the
Vessels they will

       

      
        	
                19.2.1

              	
                deliver
      to the Agent upon request copies of the reports of the construction
      supervision team of the Borrowers informing about the construction
      progress and the technical condition of each of the Vessels under
      construction;

              

      

       

      
        	
                19.2.2

              	
                ensure
      that the Agent and/or its agents are permitted to inspect the Vessels
      under construction at all reasonable times, whereby the costs of these
      inspections shall be borne by the
Borrowers.

              

      

       

      
        	
                19.3

              	
                Covenants related to
      the Delivered Vessels

              

      

       

      
        	
                19.3.1

              	
                The
      Borrowers undertake to the Lenders that during the Security Period they
      will

              

      

       

      
        	
                19.3.1.1

              	
                have
      the Delivered Vessels registered in the Ships Registry and fly the German
      flag or any other flag acceptable to the
Agent;

              

      

       

      
        	
                19.3.1.2

              	
                procure
      that at least two (2) of the first four (4) Delivered Vessels be employed
      under a time charter of a minimum duration of twelve (12) Months (or
      equivalent substitute satisfactory to the Lenders, such as a cash deposit
      to be opened and maintained by the Borrowers with the Agent and to be
      pledged to the Lenders, with an amount to cover operating expenses and
      financing cost under this Agreement for 12 months), at a charter hire in a
      sufficient amount to cover operating expenses and financing costs under
      this Agreement and furthermore on terms and conditions acceptable to the
      Lenders;

              

      

       

      
        	
                19.3.1.3

              	
                present
      a pool concept for the Vessels’ employment to the full satisfaction of the
      Lenders;

              

      

       

      
        	
                19.3.1.4

              	
                cause
      at least four (4) of the Delivered Vessels after the delivery of the last
      Vessel to be employed under the Charters or any other contract of
      employment on terms and conditions acceptable to the Agent (or equivalent
      substitute, as described in clause 19.3.1.2 above), provided that this
      covenant shall only be applicable until 31st
      December, 2014 in case the Borrowers have made all payments due hereunder
      from time to time and under any Security Documents and no Event of Default
      has occurred;

              

      

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

       

      
        	
                19.3.1.5

              	
                cause
      the Delivered Vessels to be managed by the
  Manager;

              

      

       

      
        	
                19.3.1.6

              	
                ensure
      that the Delivered Vessels are insured in accordance with the requirements
      of this Agreement and at all times comply with all terms and conditions of
      such Insurances;

              

      

       

      
        	
                19.3.1.7

              	
                maintain
      the Delivered Vessels with, or procure that the Delivered Vessel maintain
      the following class:

              

      

       

      ABS: +A1
(E), Offshore Support Vessel AH, +AMS, *ACCU, Oil Recovery Capability Class 1,
DPS-1, FiFi-II, TCM, UWILD,

       

      and
furthermore to be classed in the highest class for vessels of its kind with the
Classification Society or with such other classification society as shall
previously have been agreed to in writing by the Agent without any overdue
recommendations or qualifications;

       

      
        	
                19.3.1.8

              	
                without
      prejudice to the aforesaid,

              

      

       

      
        
          	
                  19.3.1.8.1

                	
                  maintain
      the Delivered Vessels or procure that the Delivered Vessels be maintained
      in accordance with the highest standards of ship maintenance and operation
      for vessels of its kind;

                

        

        
           

          
            	
                    19.3.1.8.2

                  	
                    ensure
      that the Agent and/or its agents are permitted to inspect the Delivered
      Vessel at all reasonable times, whereby the costs of one (1) inspection
      per year per Delivered Vessel shall be at the Borrowers cost, unless a
      Delivered Vessel has been repaired in a shipyard or there has occurred and
      is continuing an Event of Default: in these cases also the costs of
      further inspections shall be borne by the
  Borrowers;

                  

          

          
             

            
              	
                      19.3.1.8.3

                    	
                      promptly
      effect or cause to be effected at its expense all repairs and replacements
      as and when the Agent or the Classification Society may from time to time
      require the same;

                    

            

            
               

              
                	
                        19.3.1.8.4

                      	
                        not
      to remove material parts or material equipment from any of the Delivered
      Vessels unless replaced with equipment of the same or higher value and not
      to make material alterations, which would affect any of the Delivered
      Vessels’ class.

                      

              

               

            

          

        

      

      
        	
                19.3.1.9

              	
                comply
      with all applicable  national and international laws, rules,
      regulations and orders of any governmental entity or administrative agency
      including, without limitation, constitutional provisions, statutes,
      decrees, treaties, laws, conventions and regulations having the force of
      law, applicable to the Borrowers or any of its businesses, properties or
      assets or the Delivered Vessels, including, but not limited to, the ISPS
      Code;

              

      

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

       

      
        	
                19.3.1.10

              	
                obtain
      promptly at any time or from time to time (as the case may be) and will at
      any time comply with the terms of and do all that is necessary to maintain
      in full force and effect all registrations, licenses, consents, approvals,
      authorizations and/or declarations required under any applicable law or
      regulation of any applicable jurisdiction to enable the Borrowers to
      lawfully enter into and perform its obligations hereunder and under the
      Security Documents to which they are a party and to ensure the legality,
      validity, enforceability or admissibility in evidence in all applicable
      jurisdictions of this Agreement and the Security Documents and furnish the
      Agent with a copies of the documents obtained in complying with this
      Clause;

              

      

       

      
        	
                19.3.1.11

              	
                if
      an Event of Default has occurred and the Lenders have accelerated the
      Loans, direct or cause to direct any of the Delivered Vessels or all of
      them to any destination or port as the Agent may
  request.

              

      

       

      
        	
                19.3.2

              	
                The
      Borrowers furthermore undertake to the Lenders that during the Security
      Period to comply or to procure that the Manager will comply within the
      requisite applicable time limits for vessels of same type, size, age and
      flag of the Delivered Vessels with the International Management Code for
      Safe Operation of Ships and for Pollution Prevention (as the same may be
      amended from time to time, the “ISM Code”) adopted by the International
      Maritime Organisation or any replacement of the ISM Code and in
      particular, without prejudice to the generality of the foregoing, as and
      when required to do so by the ISM Code and at all times
      thereafter,

              

      

       

      
        	
                19.3.2.1

              	
                to
      hold or to procure that the Manager holds, a valid Document of Compliance
      (being a document issued to a vessel operator as evidence of its
      compliance with the requirements of the ISM Code) duly issued to the
      Borrowers or the Manager (as the case may be) pursuant to the ISM Code and
      a valid Safety Management Certificate (being a document issued to a vessel
      as evidence that the vessel operator and its shipboard management operate
      in accordance with an approved structured and documented system enabling
      the personnel of that vessel operator to implement effectively the safety
      and environmental protection policy of that vessel operator) duly issued
      to the Delivered Vessels pursuant to the ISM
  Code,

              

      

       

      
        	
                19.3.2.2

              	
                upon
      the Agent’s request, to provide the Agent with copies of any such Document
      of Compliance and Safety Management Certificate as soon as the same are
      issued and after every renewal and

              

      

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

      
        	
                19.3.2.3

              	
                to
      keep or to procure that there is kept, on board of each Delivered Vessel a
      copy of any such Document of Compliance and the original of any such
      Safety Management Certificate.

              

      

       

      
        	
                19.3.3

              	
                The
      Borrowers undertake to the Lenders that during the Security Period they
      will not

              

      

       

      
        	
                19.3.3.1

              	
                without
      the Agent’s prior written consent cancel, change, amend or modify any
      Charter;

              

      

       

      
        	
                19.3.3.2

              	
                enter
      into any bareboat charter contract regarding any of the Delivered Vessels
      other than those referred to in Clause
20;

              

      

       

      
        	
                19.3.3.3

              	
                create,
      incur or allow to exist over any of the Delivered Vessels any further
      hypothec, mortgage, charge, lien or pledge other than (a) the Hypothec,
      (b) liens for Taxes not delinquent or being contested in good faith, (c)
      liens for current crew’s wages and salvage, (d) liens covered by valid
      policies of insurance held by the Lenders and meeting the requirements of
      Clause 13, and (e) liens not covered by insurance, incurred in the
      ordinary course of business and not more than thirty (30) days past
      due;

              

      

       

      
        	
                19.3.3.4

              	
                without
      the Agent’s prior written consent permit any change of register, flag,
      Classification Society, ownership or management of any of the Delivered
      Vessels;

              

      

       

      
        	
                19.3.3.5

              	
                own,
      charter or manage any vessel other than the
  Vessels;

              

      

       

      
        	
                19.3.3.6

              	
                permit
      any of the Delivered Vessels to be operated in any way contrary to
      applicable law;

              

      

       

      
        	
                19.3.3.7

              	
                permit
      any of the Delivered Vessels to carry nuclear fuels or radioactive
      products or waste;

              

      

       

      
        	
                19.3.3.8

              	
                permit
      any of the Delivered Vessels to carry toxic
  waste;

              

      

       

      
        	
                19.3.3.9

              	
                permit
      any of the Delivered Vessels to carry arms or
  ammunition.

              

      

       

      
        	
                19.4

              	
                Reporting
      Covenants

              

      

       

      The
Borrowers undertake to the Lenders that during the Security Period they
will

       

      
        	
                19.4.1

              	
                deliver
      to the Agent copies of the Borrowers’ Financial Statements, not later than
      30th
      April of each year, for the first time until 30th
      April, 2009 for the business year 2008, and such other information
      (including financial information) as the Agent may from time to time
      reasonably require;

              

      

       

      
        	
                19.4.2

              	
                deliver
      to the Agent copies of the Borrowers’ unaudited semi annual financial
      results and cash flow projections, not later than ninety (90) days after
      the end of each half-year, for the first time until 30th
      March, 2009;

              

      

       

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

       

      
        	
                19.4.3

              	
                deliver
      to the Agent copies of each of the Corporate Guarantor’s Financial
      Statements, on a consolidated basis, not later than 30th
      September of each year, for the first time until 30th
      September, 2008 for the business year 2007, and such other information
      (including financial information) as the Agent may from time to time
      reasonably require regarding the Corporate
  Guarantor;

              

      

       

      
        	
                19.4.4

              	
                deliver
      to the Agent upon the Agent’s request, class certificates for hull and
      machinery and the Agent shall be permitted access to all reports, files
      and records of the Classification
Society;

              

      

       

      
        	
                19.4.5

              	
                deliver
      to the Agent upon the Agent’s request, information as to the employment of
      the Delivered Vessels, such as charter contracts, operating expenses
      etc;

              

      

       

      
        	
                19.4.6

              	
                deliver
      to the Agent such financial information on the Borrowers and on the
      Corporate Guarantor, the Manager and such further information on the
      Delivered Vessels as the Agent may from time to time
    require;

              

      

       

      
        	
                19.4.7

              	
                promptly
      inform the Agent of any occurrence of which they become aware which in
      their reasonable opinion might adversely affect their ability to perform
      their obligations hereunder or under any Security Document to which they
      are a party or constitute an Event of
Default;

              

      

       

      
        	
                19.4.8

              	
                promptly
      inform the Agent of any damage to or alteration of any of the Delivered
      Vessels exceeding the value of an amount in excess of the lesser of (i)
      five (5) percent of the amount for which the relevant Delivered Vessel is
      insured or (ii) Euros one million (EUR
  1,000,000.00).

              

      

       

      
        	
                19.5

              	
                Covenants regarding
      Corporate Structure

              

      

       

      The
Borrowers further undertake to the Lenders that during the Security Period they
will not without the prior written consent of the Agent:

       

      
        	
                19.5.1

              	
                allow
      any change in any of the Borrower’s corporate or shareholder structure to
      the effect that the Relevant Borrower ceases to be either partly owned by
      the Corporate Guarantor by a share of 25% directly or through an
      affiliated company accepted by the Agent or ceases to be a limited
      partnership;

              

      

       

      
        	
                19.5.2

              	
                allow
      any change of the General Partner, any change in the General Partner’s
      corporate or shareholder structure;

              

      

       

      
        	
                19.5.3

              	
                change
      the nature of any of the Borrowers’ business or commence any business
      other than the ownership and operation of the Delivered
      Vessels;

              

      

       

      
        	
                19.5.4

              	
                consolidate
      with or merge into any other corporation or merge any other corporation
      into any of the Borrowers.

              

      

       

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

       

      
        	
                20

              	
                BAREBOAT
      REGISTRATION

              

      

       

      
        	
                20.1

              	
                Approval to Bareboat
      Registration.  At the Borrowers’ request the Lenders are
      ready to consent to the Delivered Vessels being temporarily registered in
      the name of a Bareboat Charterer as a chartered bareboat in a ships
      registry under a flag acceptable to the Agent
  provided

              

      

       

      
        	
                20.1.1

              	
                the
      relevant Bareboat Charterer is a wholly owned and controlled subsidiary of
      the Relevant Borrower,

              

      

       

      
        	
                20.1.2

              	
                all
      necessary or advisable approvals, consents, permits, certificates of
      registry, etc. have been granted by the German and the relevant
      authorities of the flag state and have been produced to the Agent in
      original or certified true and complete copy and the following documents
      have been produced to the Agent:

              

      

       

      
        	
                20.1.2.1

              	
                evidence
      in writing that the relevant Bareboat Charterer is a wholly owned and
      controlled subsidiary of the Relevant
Borrower,

              

      

       

      
        	
                20.1.2.2

              	
                with
      respect to each Delivered Vessel to be registered under the flag accepted
      by the Agent the documentation set out in Exhibit 11 attached
      hereto.

              

      

       

      
        	
                20.2

              	
                Lenders’
      Reservation.  The Lenders reserve the right to grant
      their consent under additional conditions and to revoke such consent
      whenever they deem necessary or
advisable.

              

      

       

      
        	
                21

              	
                ACCOUNTS

              

      

       

      
        	
                21.1

              	
                Earnings
      Accounts.  The Borrowers shall establish and maintain in
      their relevant names throughout the Security Period the Earnings Accounts
      with the Agent.

              

      

       

      
        	
                21.2

              	
                Costs of
      Operations.  The Relevant Borrower shall be entitled to
      debit its Earnings Account with the Delivered Vessel’s current costs of
      operation.

              

      

       

      
        	
                21.3

              	
                Agent’s
      Authorisation.  The Borrowers hereby instruct and
      authorize the Agent, and the Agent is entitled to make use of this
      instruction upon its sole discretion, to debit the Earnings Account with
      the Repayment Instalments, the Interest Payments, and the payments of any
      cost or expenses to be borne by the Borrowers pursuant to this Agreement
      on their respective due dates.

              

      

       

      
        	
                21.4

              	
                Interest.  Interest
      (at the rate applicable from time to time for the period the relevant
      deposit has been made) accruing on the Earnings Accounts shall be for the
      Borrowers’ credit.

              

      

       

      
        	
                21.5

              	
                Keeping
      Accounts.  The Agent shall maintain and keep accounts
      showing all sums due to the Lenders from the Borrowers and the amounts in
      such accounts and in the books of the Agent and/or the Lenders shall be
      conclusive, save for manifest
error.

              

      

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

       

      
        	
                22

              	
                EVENTS
      OF DEFAULT

              

      

       

      
        	
                22.1

              	
                Single events of
      Default.  Without prejudice to no. 26 paragraph 2 of the
      Agent’s general business conditions (Allgemeine
      Geschäftsbedingungen), in
case:

              

      

       

      
        	
                22.1.1

              	
                any
      of the Borrowers fails to pay when due any instalment of principal or
      interest or other sum payable hereunder or under or pursuant to any of the
      Security Documents or other document relating to this Agreement;
      or

              

      

       

      
        	
                22.1.2

              	
                any
      of the Borrowers defaults in the performance or observance of any other
      obligation or term contained herein, in any of the Security Documents or
      other document relating to this Agreement;
or

              

      

       

      
        	
                22.1.3

              	
                this
      Agreement or any of the Security Documents ceases in whole or in part to
      be valid, binding and enforceable;
or

              

      

       

      
        	
                22.1.4

              	
                any
      representation, warranty or undertaking made in this Agreement or in any
      certificate, statement or other document delivered in connection with the
      execution and delivery hereof shall prove to have been incorrect,
      inaccurate or misleading in any material respect;
  or

              

      

       

      
        	
                22.1.5

              	
                there
      is any material adverse change in the financial situation of any of the
      Obligors and such occurrence in the opinion of the Agent makes it unlikely
      that the Obligors will be able to perform their obligations hereunder
      and/or under the Security Documents in the manner provided herein and for
      therein; or

              

      

       

      
        	
                22.1.6

              	
                any
      of the Borrowers ceases or threatens to cease to carry on its business or
      disposes or threatens to dispose of any substantial part of its assets or
      the same are seized or appropriated for any reason;
  or

              

      

       

      
        	
                22.1.7

              	
                any
      of the Obligors (other than the Manager) becomes insolvent or bankrupt or
      becomes unable to pay its debts as they mature or makes any composition
      with or assignment for the benefit of its creditors or applies for or
      consents to or sustains the appointment of a trustee or receiver in
      respect of its assets or a substantial part thereof or ceases or threatens
      to cease to carry on business; or

              

      

       

      
        	
                22.1.8

              	
                any
      consent required for the performance by any of the Borrowers of its
      obligations hereunder or under any Security Document is revoked or is
      otherwise modified in a manner unacceptable to the Agent;
    or

              

      

       

      
        	
                22.1.9

              	
                the
      Loan or any portion thereof has not been utilized for its intended
      purpose; or

              

      

       

      
        	
                22.1.10

              	
                pursuant
      to a legal opinion given to the Agent and/or the Lenders by any of their
      counsels the validity and/or enforceability of this Agreement and or any
      Security Document may be subject to material doubt and if the Borrowers
      fail to comply within fourteen (14) days from receipt of the Agent’s
      written demand to remedy such material doubt to the Lenders satisfaction;
      or

              

      

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

      
        	
                22.1.11

              	
                any
      of the Borrowers is in default under any other agreement with the Lenders
      or any of them, or under any financing agreement to which the Borrowers,
      or any of them, is/are a party in which the Lenders or any of them is
      participating on the lenders’ side;
or

              

      

       

      
        	
                22.1.12

              	
                any
      of the Borrowers is in default under any other financial agreement and the
      lender thereunder has cancelled such agreement and demanded early
      repayment; or

              

      

       

      
        	
                22.1.13

              	
                any
      of the Vessels is not delivered to the Relevant Borrower in due time in
      accordance with the terms of the Relevant Building
    Contract;

              

      

       

      
        	
                22.1.14

              	
                any
      Charter, the Pool Agreement, any Building Contract or Refund Guarantee is
      terminated, rescinded, invalid or
unenforceable;

              

      

       

      
        	
                22.1.15

              	
                the
      performance by any of the Borrowers of its obligations under this
      Agreement, any of the Security Documents or any of the Master Agreement
      becomes illegal;

              

      

       

      
        	
                22.1.16

              	
                the
      Equity Provider 1 ceases to be a limited partner (Kommanditist) of each
      of the Borrowers (except for Borrowers 10, 11, and 12) holding at least
      seventy five (75) percent of each of the Borrower’s (except for Borrowers
      10, 11 and 12) share capital;

              

      

       

      
        	
                22.1.17

              	
                the
      Equity Provider 2 ceases to be a limited partner (Kommanditist) of each
      of the Borrowers holding at least twenty five (25) percent of each of the
      Borrower’s share capital, unless the Equity Provider 2 transfers its
      shares in the Borrowers to an affiliated company accepted by the
      Agent;

              

      

       

      
        	
                22.1.18

              	
                the
      Equity Provider 3 ceases to be a limited partner (Kommanditist) of each
      of the Borrowers 10, 11 and 12 holding at least seventy five (75) percent
      of each of the Borrower’s 10, 11 and 12 share
  capital;

              

      

       

      then, and
in any such event and at any time thereafter, if any such event shall be
continuing, the Lenders shall be entitled:

       

      
        	
                 
      

              	
                (i)

              	
                by
      written notice from the Agent to the Borrowers to declare the Loans
      immediately due and payable, whereupon the same shall become so payable in
      accordance together with interest accrued thereon and all other amounts
      payable hereunder and under the Security Documents;
  and/or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                by
      written notice from the Agent to the Borrowers to declare that the
      Commitment be cancelled, whereupon the same shall be cancelled and all
      amounts payable hereunder shall become immediately due and
      payable,

              

      

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

      provided,
however, that in case of an event as set out in this Clause resulting from a
breach of obligations arising from this Agreement, the Lenders shall be entitled
to the rights set out in Subclause 22.1 (i) and Subclause 22.1 (ii) only after
expiry, without result, of a reasonable period fixed for corrective action by
the Borrowers or after a warning to the Borrowers has proved unsuccessful,
unless this proviso can be dispensed due to the specific features of the
particular case pursuant to Section 323 (2) and (3) of the German Civil Code
(BGB), in particular, if the Borrowers definitely refuse performance or fail to
render performance on a contractually fixed date or within a specified
time-period.

       

      
        	
                23

              	
                ASSIGNMENT,
      TRANSFER AND SYNDICATION

              

      

       

      
        	
                23.1

              	
                Assignment by
      Borrowers.  The Borrowers shall not without the Lenders’
      prior written consent assign all or part of their rights or transfer all
      or part of their obligations hereunder to any third
  party.

              

      

       

      
        	
                23.2

              	
                Assignment by Lenders
      to Branches.  The Lenders are entitled to assign,
      transfer (by way of Vertragsübernahme)
      pledge, and/or sub-participate their rights and obligations and the credit
      risk hereunder and under the Security Documents, in part or in full to any
      branch, wholly owned subsidiary or affiliate of such
    Lender.

              

      

       

      
        	
                23.3

              	
                Syndication.  The
      Lenders are entitled to assign, transfer (by way of Vertragsübernahme)
      pledge, and/or sub-participate their rights and obligations and the credit
      risk hereunder and under the Security Documents, in part or in full to any
      Lender or to any other third party (the “Syndicate Members” or, in case of
      an assignment and transfer (by way of Vertragsübernahme) the
      “New Lender”), provided, however, the Borrowers and SACE have given their
      prior written consent thereto in case such Syndicate Member or New Lender
      is not a Lender, such consent not to be unreasonably
    withheld.

              

      

       

      
        	
                23.4

              	
                Syndication
      Procedure.  The procedure for the assignment and transfer
      (by way of Vertragsübernahme)
      shall be as described below.

              

      

       

      
        	
                23.4.1

              	
                In
      this Clause “Transfer Date” in a Transfer Certificate has the following
      meaning:

              

      

       

      
        	
                23.4.1.1

              	
                the
      Transfer Date which is specified in detail in the Transfer Certificate,
      or, if later,

              

      

       

      
        	
                23.4.1.2

              	
                the
      date on which the Agent signs the Transfer
  Certificate.

              

      

       

      
        	
                23.4.2

              	
                A
      transfer is effected if:

              

      

       

      
        	
                23.4.2.1

              	
                the
      transferring Lender and the New Lender furnish the Agent with a duly
      signed Transfer Certificate;

              

      

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

       

      
        	
                23.4.2.2

              	
                the
      Agent signs the Transfer Certificate;
and

              

      

       

      
        	
                23.4.2.3

              	
                the
      New Lender has acceded to the Agency and Security Pooling
      Agreement.

              

      

       

      
        	
                23.4.3

              	
                Each
      party, including, but not limited to, the Borrowers, hereby grants the
      Agent an irrevocable power of attorney for the acceptance of the Transfer
      Certificate in its name and subject to release from the restrictions
      imposed by § 181 of the German Civil
Code.

              

      

       

      
        	
                23.4.4

              	
                On
      the Transfer Date:

              

      

       

      
        	
                23.4.4.1

              	
                The
      New Lender assumes the rights and obligations of the transferring Lender,
      which, pursuant to the Transfer Certificate are the subject of the
      transfer; and

              

      

       

      
        	
                23.4.4.2

              	
                the
      transferring Lender is released from its relevant
  duties.

              

      

       

      
        	
                23.5

              	
                Assignment of rights
      to SACE.  With the implementation (Inanspruchnahme) of the
      SACE Guarantee, the rights to payment hereunder shall be directly and/or
      indirectly assigned to SACE either by operation of law or by will of the
      Lenders to the extent of any payments made by SACE under the SACE
      Guarantee as more closely described in the SACE Guarantee. It is hereby
      agreed that such assignment of rights is accepted by the Borrowers and
      will not require any other consent from
them.

              

      

       

      
        	
                23.6

              	
                Disclosure.  The
      Lenders shall be entitled to disclose to any potential Syndicate Member,
      New Lender as well as — where relevant — to rating agencies, trustees, and
      accountants, such financial and other information regarding the Borrowers,
      the Loans, the collateral, the financial circumstances and other
      information, as the Lenders may deem reasonably necessary or appropriate
      in connection with the (potential) syndication, the assessment of the risk
      and the ongoing monitoring of the loan by any (potential) Syndicate Member
      or New Lender. Insofar the Lenders shall be released from any obligation
      of secrecy and from banking confidentiality. Where Syndicate Members, New
      Lenders, rating agencies, trustees and accountants are not already by law
      subject to rules of confidentiality, the Lenders shall require such
      Syndicate Members, New Lenders, rating agencies, trustees and accountants
      to sign a confidentiality agreement. The Lenders shall be entitled to
      release deal tables containing standard information for marketing
      purposes. Furthermore, the Lenders shall be entitled to inform each other
      and the Agent of any events or information of which they become aware
      affecting any of the Loans or the Security Documents. The Lenders shall be
      released from any obligation of secrecy and from banking confidentiality
      in this respect as well.

              

      

       

      
        	
                23.7

              	
                Borrowers
      Cooperation.  The Borrowers herewith irrevocably agree to
      the above-mentioned measures. To the extent the cooperation of the
      Borrowers shall be required in the course of syndication, the Borrowers
      will take all necessary steps, provided that this shall not result in any
      additional costs to them. The Borrowers undertake to and procure that each
      of third party sureties will, upon request of the Agent, participate and
      assist in a transfer of the security created by the Security
      Documents.

              

      

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

       

      
        	
                23.8

              	
                Binding
      Documents.  The Security Documents shall be binding upon,
      and shall inure to the benefit of, the Lenders and their relevant
      successors and assigns and their respective successors (in each case
      whether by merger, amalgamation, consolidation, take over or otherwise,
      and each such case a “Succession”), and each party hereby agrees that from
      the completion of the Succession the Agreement and the Security Documents
      shall be read and construed as if all references to the Lenders were
      references to the relevant successor. For the avoidance of doubt, the
      relevant successor shall not be a transferee or assignee for the purpose
      of the Security Documents but shall be (or shall be treated as) the same
      legal entity as the Lenders (or the relevant preceding successor, as the
      case may be).

              

      

       

      
        	
                24

              	
                APPLICABLE
      LAW, JURISDICTION

              

      

       

      The terms
and conditions set out in this Agreement shall unless otherwise specifically
provided be governed by and construed in accordance with the laws of the Federal
Republic of Germany and by the Borrowers’ acceptance hereof the Borrowers submit
to the jurisdiction of the courts in Hannover, Federal Republic of
Germany.

       

      Nothing
in this Clause shall affect the right of the Lenders to serve process in any
manner permitted by law or limit the right of the enders to proceed against the
Borrowers or any of them in any other jurisdiction.

       

      
        	
                25

              	
                JUDGEMENT
      CURRENCY

              

      

       

      If in
obtaining judgement in any court it becomes necessary or advisable for the
Lenders to convert any amount owed pursuant hereto into another currency then
such conversion shall be deemed to be made at the rate of exchange prevailing
the day before the Lenders’ action is brought into court with prime banks in the
country of such court. If in such case due to alterations of the exchange rate
the amount finally received by the Lenders or any of them shall be insufficient
to cover the amount owed in Euros then the Borrowers shall pay to the Lenders
the amount required to compensate for such loss.

       

      
        	
                26

              	
                WAIVERS

              

      

       

      Time is
of the essence of this Agreement. No failure or delay on the part of the
Lenders, the Mandated Lead Arranger and/or the Agent to exercise any power or
right under this Agreement shall operate as a waiver thereof or of any other
power or right. The remedies provided herein are cumulative and are not
exclusive of any remedies provided by law.

       

      
        	
                27

              	
                INVALIDITY

              

      

       

      In the
event that this Agreement or any provision hereof or any of the documents or
instruments which may from time to time be delivered hereunder or any provision
thereof shall be deemed invalid by present or future law of any nation or by
decision of any court this shall not affect the validity of this Agreement, such
documents and instruments as a whole and in such case the parties hereto shall
execute and deliver such other and further agreements and/or documents and/or
instruments and such things as the Lenders in their reasonable discretion, may
deem to be necessary to carry out the original intent of the parties to this
Agreement.

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

       

      
        	
                28

              	
                SURVIVAL

              

      

       

      All of
the covenants, representations and warranties made herein or in any of the
documents or instruments delivered pursuant hereto shall survive the making of
the Loan and shall be binding upon the Borrowers until all obligations of the
Borrowers arising pursuant to the terms of this Agreement and/or such documents
or instruments delivered pursuant hereto have been paid and performed in
full.

       

      
        	
                29

              	
                EFFECTUATION

              

      

       

      The
Borrowers undertake to take all such steps and actions that are within their
power in order to execute and deliver all such further documents and instruments
as may be necessary in the sole discretion of the Lenders to effectuate the
intent of this Agreement.

       

      The
Lenders reserve the right to obtain legal opinions from their counsel in any
relevant country as to the validity and enforceability of this Agreement and all
documents and instruments delivered pursuant thereto and the Borrowers agree and
undertake to take all such steps and actions including but not limited to any
alterations thereto as may be deemed necessary by such opinion or
opinions.

       

      
        	
                30

              	
                LANGUAGE

              

      

       

      Any
document to be delivered by the Borrowers to the Agent, the Mandated Lead
Arranger and/or the Lenders pursuant to this Agreement shall be in German or
English or accompanied by a German or an English translation. The Agent may
request the Borrowers to have any such translation certified by an authorized
translator.

       

      
        	
                31

              	
                COSTS
      AND EXPENSES

              

      

       

      
        	
                31.1

              	
                Costs and
      Expenses.  Unless otherwise stipulated herein, all costs
      and expenses and claims for damages of the Lenders, SACE, the Agent and/or
      the Mandated Lead Arranger which occur during the legal relations between
      these parties on the one side and the Borrowers on the other side and
      which are in relation to the Loans shall be borne by the Borrowers whether
      or not any Drawdown ultimately takes place and all costs and expenses and
      claims for damages incurred in the maintenance of the security created by
      this Agreement and the Security Documents or the actual or attempted
      enforcement at any time of the rights of the Lenders, SACE, the Agent
      and/or the Mandated Lead Arranger hereunder and thereunder shall be borne
      by the Borrowers. This refers especially to expenses for maintenance,
      safeguarding and insurance of the Vessels or for upkeep and security of
      the Hypothec, costs for lifting a seizure of the Vessels, costs incident
      to guarding and custody of the Vessels, costs for every evaluation
      requested by the Agent with regard to value and condition of the Vessels
      in case of an Event of Default of the Borrowers and the fees for outside
      attorneys or other persons commissioned by the Lenders, SACE, the Agent
      and/or the Mandated Lead Arranger. This also includes expenses incurred by
      the Lenders, SACE, the Agent and/or the Mandated Lead Arranger in
      connection with the drafting, preparation, execution, carrying out,
      enforcement or attempted enforcement of this Agreement and/or the Security
      Documents as well as costs for translations and for legal
      opinions.

              

      

       

      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

       

      All such
costs and expenses have to be paid when due and payable according to the
respective invoice, which will be notified by the Agent to the Borrowers. All
amounts so disbursed or expended by the Lenders, SACE, the Agent and/or the
Mandated Lead Arranger shall be subject to (a) the Default Rate from the day
five (5) Banking Days after the Agent has requested refunding or repayment
thereof from the Borrowers until the time of refunding or repayment or (b) the
Default Rate from the day of disbursement until the time of refunding or
repayment thereof, if the Agent has given notice of default
hereunder.

       

      
        	
                31.2

              	
                Taxes. The
      Borrowers shall bear all Taxes which are levied in Germany and other
      countries on the capital, the repayment rates, the interest and other
      payments, today or in future related to the Loans except for Taxes charged
      in the Federal Republic of Germany on the income of the Lenders, the Agent
      and/or the Mandated Lead Arranger. This provision concerns all Taxes and
      dues of any kind, whether they have direct or indirect, personal or real
      character (as e.g. income tax, capital tax, trade tax and turnover tax),
      whether these Taxes be levied on the total income or the aggregate
      property of the Lenders as mortgagees or on the extraordinary income or
      property or on any portion of the income and property or for reason of any
      legal or real events. This Agreement must be understood in its broadest
      sense as to entitle the Lenders (who fix the rate of interest without
      regard to any Taxes in Germany or other countries and who has entered into
      this Agreement on the basis - inter alia - of receiving payments in full
      and free of any such Taxes), the Agent and/or the Mandated Lead Arranger
      to pass on the Taxes. The Taxes will be charged to, and promptly paid by
      the Borrowers also if for reason of any legal or authoritative regulations
      they are to be collected from the Lenders, the Agent and/or the Mandated
      Lead Arranger.

              

      

       

      Such
Taxes collected from the Lenders, the Agent and/or the Mandated Lead Arranger
and must be reimbursed by the Borrowers immediately when the Borrowers are
informed to this effect by the Agent. Any failure of the Borrowers as a result
of the foregoing to remit to the Lenders, the Agent and/or the Mandated Lead
Arranger full payments required hereunder shall not waive default for
non-payments as defined under Clause 22 of this Agreement.

       

      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

       

      
        	
                32

              	
                NOTICES
      AND TIME

              

      

       

      
        	
                32.1

              	
                Addresses.  Any
      notice or other communication to be given pursuant hereto shall be by
      letter or registered letter or telefax and
  addressed

              

      

       

      
        	
                 
      

              	
                -

              	
                if
      to the Borrowers, to

              

      

       

      
        	
                 
      

              	
                the
      Borrowers

              

      

      
        	
                 
      

              	
                c/o
      HARTMANN OFFSHORE GMBH

              

      

      
        	
                 
      

              	
                Neue
      Straße 24

              

      

      
        	
                 
      

              	
                26789
      Leer

              

      

      
        	
                 
      

              	
                Germany

              

      

      
        	
                 
      

              	
                Fax:
      +49-491-9995020

              

      

       

      
        	
                 
      

              	
                -

              	
                if
      to the Lenders, to the Agent:

              

      

       

      NORDDEUTSCHE
LANDESBANK GIROZENTRALE

      Shipping
and Aircraft Finance Department

      Friedrichswall
10

      30159
Hannover

      Federal
Republic of Germany

      Fax:  +49-511-3614785,

       

      or to
such other address as either party may notify to the other in
writing.

       

      
        	
                32.2

              	
                Form of
      Communicating.  Communications sent by telefax shall be
      effective when sent and if sent by letter shall be effective on receipt.
      Any communication by telefax from a party to the relevant other party/ies
      shall be confirmed by letter if so requested by the relevant party and the
      relevant party may (in its absolute discretion) refuse to act on any such
      communication pending receipt of such
letter.

              

      

       

      
        	
                32.3

              	
                Receipt.  A
      notice or other communication received on a day which is not a Banking Day
      or after business hours in the place of receipt on a Banking Day shall be
      deemed to be served on the next following Banking Day in such
      place.

              

      

       

      
        	
                32.4

              	
                Authorisation.  Each
      Borrower irrevocably authorises each of the other Borrowers and the
      Manager (the “Representative”) to act on its behalf as its agent in
      relation to this Agreement and the Security Documents and irrevocably
      authorises:

              

      

       

      
        	
                32.4.1

              	
                the
      Representative on its behalf to supply all information concerning itself,
      its financial condition and otherwise to the relevant persons contemplated
      under this Agreement and to give all notices and instructions and to make
      any agreement capable of being made by it on its behalf under this
      Agreement and the Security Documents;
and

              

      

       

      
        	
                32.4.2

              	
                each
      Lender to make any communication or deliver any document to be made or
      delivered to such Borrower pursuant to this Agreement and/or the Security
      Documents to the Representative on its behalf in accordance with this
      Clause,

              

      

       

      and in
each such case, irrespective if such Representative has given express or implied
statement to act as representative on behalf of such Borrower, such Borrower
will be bound thereby as though such Borrower had itself supplied such
information, given such notice and instructions or made such agreement or, as
the case may be, as if such communication or document had been made or delivered
to it in accordance with this Clause.

       

      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

       

      
        	
                33

              	
                GENERAL
      CONDITIONS

              

      

       

      
        	
                33.1

              	
                Part of this
      Agreement.  The General Conditions are deemed to be part
      of this Agreement. By signing this Agreement, the Borrowers acknowledge
      that they received a copy of the General Conditions and agree that they
      shall be part of this Agreement.

              

      

       

      
        	
                33.2

              	
                Language.  The
      German wording of the General Conditions is binding in all respects and in
      the case of any conflict or divergence between the English translation and
      the German wording in any respect whatsoever, the German wording shall
      prevail and govern this Agreement.

              

      

       

      
        	
                33.3

              	
                Conflict.  In
      case of conflict between this Agreement and the General Conditions the
      terms and conditions of this Agreement shall prevail over those of the
      General Conditions.

              

      

       

      
        	
                34

              	
                EXHIBITS

              

      

       

      The
Exhibits to this Agreement form an integral part of this Agreement and their
terms shall accordingly be deemed to have been set out herein in
full.

       

      
        	
                35

              	
                COUNTERPARTS

              

      

       

      This
Agreement may be executed in several counterparts and by each party hereto on a
separate counterpart, each of which shall be deemed to be an original and all of
which when taken together shall constitute one and the same
instrument.

       

      (Remainder
of page left blank intentionally)

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

      

      IN WITNESS WHEREOF the parties
hereto have caused this Agreement to be signed by their duly authorized
attorneys the day and year first above written.

       

      THE
LENDERS:

       

      
        
          	
                  SIGNED
      by

                	 
      	
                  )

                	 
      
	 
      	
                  and

                	
                  )

                	 
      
	 
      	 
      	 
      
	
                  for
      and on behalf of

                	 
      	
                  )

                	 
      
	
                  NORDDEUTSCHE
      LANDESBANK

                	
                   

                	
                  )

                	 
      
	
                  GIROZENTRALE

                	
                   

                	
                  
                    )

                  

                	
                  /s/

                
	 	 	 	 
	
                  THE
      BORROWERS

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  SIGNED
      by

                	 
      	
                  )

                	 
      
	 
      	 
      	
                  )

                	 
      
	
                  for
      and on behalf of

                	 
      	
                  )

                	
                  /s/

                

        
                                          

      

      ATL
OFFSHORE GMBH & CO. MS “JUIST” KG

       

      ATL
OFFSHORE GMBH & CO. MS “NORDERNEY” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF BALTRUM” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF LANGEOOG” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF AMRUM” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF SYLT” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF WANGEROOGE” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF NEUWERK” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF USEDUM” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF FEHMARN “ KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF MEMMERT” KG

       

      ATL
OFFSHORE GMBH & CO. “ISLE OF MELLUM” KG

       

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

       

      ACKNOWLEDGED
BY:

       

      THE CORPORATE
GUARANTOR

       

       

      
        
          	
                  Signed
      by    

                	 
      	
                  )

                	 
      
	 	 	)	 
	 
      	 	
                  )

                	 
      
	
                  REEDEREI
      HARTMANN

                	
                   

                	
                  )

                	 
      
	
                  GMBH
      & CO. KG     

                	
                   

                	
                  
                    )

                  

                	
                  /s/

                
	
                   

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	THE
      MANAGER	 	 	 
	 	 	 	 
	
                  Signed
      by     

                	 
      	
                  )

                	 
      
	 
      	 
      	
                  )

                	 
      
	
                  HARTMANN
      OFFSHORE GMBH   

                	 
      	
                  )

                	
                  /s/

                

        

         

      

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

       

    

    
      SCHEDULES
AND EXHIBITS

      
        
          
            
              
                
                  
                    	 	 
	
                            Schedule
      1

                          	
                            List
      of Lenders and Participation

                          
	 
      	 
      
	
                            Schedule
      2

                          	
                            List
      of Loans

                          
	 
      	 
      
	
                            Schedule
      3

                          	
                            List
      of Borrowers, Building Contracts and Vessels

                          
	 
      	 
      
	
                            Schedule
      4

                            And
      4b

                          	
                            Synopsis
      of Construction Price Instalments and Trenches

                          
	 	 
	
                            Schedule 5

                          	
                            List
      of Conditions Precedent

                          
	 
      	 
      
	
                            Exhibit
      1

                          	
                            Form
      of Drawdown Notice

                          
	 
      	 
      
	
                            Exhibit
      2

                          	
                            Form
      of Guarantee Request

                          
	 
      	 
      
	
                            Exhibit
      3

                          	
                            Form
      of Assignment of Building Contract

                          
	 
      	 
      
	
                            Exhibit
      4

                          	
                            Form
      of Assignment of Refund Guarantee

                          
	 
      	 
      
	
                            Exhibit
      5

                          	
                            Form
      of Corporate Guarantee

                          
	 
      	 
      
	
                            Exhibit
      6

                          	
                            Form
      of Acknowledgement and Submission

                          
	 
      	 
      
	
                            Exhibit
      7

                          	
                            Form
      of Assignment of Insurances by the Borrower

                          
	 
      	 
      
	
                            Exhibit
      8

                          	
                            Form
      of Assignment of Insurances by the Assured(s)

                          
	 
      	 
      
	
                            Exhibit
      9

                          	
                            Form
      of Assignment of Charter and other Earnings by the Borrower and the
      Bareboat Charterer

                          
	 
      	 
      
	
                            Exhibit
      10

                          	
                            Form
      of Pledge of Earnings Account

                          
	 
      	 
      
	
                            Exhibit
      11

                          	
                            Form
      of Bareboat Documentation

                          
	 
      	 
      
	
                            Exhibit
      12

                          	
                            Form
      of Loss Payable Clause

                          
	 
      	 
      
	
                            Exhibit
      13

                          	
                            Form
      of Broker’s Letter of Undertaking H+M

                          
	 
      	 
      
	
                            Exhibit
      14

                          	
                            Form
      of Protection and Indemnity Association’s Letter of
      Undertaking

                          
	 
      	 
      
	
                            Exhibit
      15

                          	
                            Manager’s
      Undertaking

                          
	 
      	 
      
	
                            Exhibit
      16

                          	
                            Reimbursement
      Agreement

                          

                  

                

              

            

          

           

          	
                  Exhibit
      17

                	
                  Form
      of Transfer Certificate

                
	 
      	 
      
	
                  Exhibit
      18

                	
                  General
      Conditions of NORD/LB

                
	 
      	 
      
	
                  Exhibit
      19

                	
                  Form
      of Letter of Undertaking and
Indemnity

                

        

      

      

      
        
          
             

          

          
            60

            
              

            

          

          
             

          

        

      

      

      SCHEDULE
1

      

      LIST
OF LENDERS AND PARTICIPATION

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  No.

                                                	 	
                                                  Lender

                                                	 	
                                                  Participation 

                                                  Amount

                                                	 	
                                                  Participation 

                                                  Percentage of Loan Amount

                                                	 
	 
      	 	 
      	 	
                                                  Loan
      CT.A

                                                	 	
                                                  Loan
      CT.B

                                                	 	
                                                  Loan
      LT

                                                	 	
                                                  Credit
      

                                                  Facility

                                                	 	
                                                  Loan
      

                                                  CT.A

                                                	 	 	
                                                  Loan
      

                                                  CT.B

                                                	 	 	
                                                  Loan
      LT

                                                	 	 	
                                                  Credit
      

                                                  Facility

                                                	 
	
                                                  1

                                                	 	
                                                  NORDDEUTSCHE
      LANDESBANK GIROZENTRALE

                                                	 	
                                                  EUR
      123,000,000.00

                                                	 	
                                                  EUR
      24,000,000.00

                                                	 	
                                                  EUR
      420,570,000.00

                                                	 	
                                                  EUR
      84,114,000.00

                                                	 	 	100	%	 	 	100	%	 	 	100	%	 	 	100	%

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      SCHEDULE
2

       

      LIST
OF LOANS

       

      
        
          
            
              
                	
                        Loan

                      	 
      	
                        Amount

                      	 
      	
                        Purpose

                      
	
                        Loan

                        CT.A

                      	 
      	
                        up
      to EUR 123,000,000.00

                      	 
      	
                        financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3, 9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                      
	 	 	 	 	 
	
                        Loan

                        CT.B

                      	 
      	
                        up
      to EUR 240,000,000.00

                      	 
      	
                        enabling
      NORD/LB to issue the Payment Guarantees

                      
	 	 	 	 	 
	
                        Loan
      LT

                      	 
      	
                        up
      to EUR 420,570,000.00

                      	 
      	
                        repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the
      payment of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4,
      and

                        to
      pay to the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5,
      5.5, 6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                      
	 	 	 	 	 
	
                        Credit
      Facility

                      	 
      	
                        up
      to EUR 84,114,000.00

                      	 
      	
                        Repayment
      of those amounts due in connection with the repayment of the Loan LT
      required to pay the balance between the twelve (12) years’ repayment
      profile compared to an fifteen (15) years’ repayment
    profile

                      

              

            

          

        

      

       

      N.B.: Capitalized terms used
in this Annex shall have the same meaning as given to them in the Loan
Agreement

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

      SCHEDULE
3

      

      LIST
OF BORROWERS, BUILDING CONTRACTS,

      DEED
OF ASSIGNMENTS AND VESSELS

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

       

      SCHEDULE
3

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              	
                                                                                                      Vessel

                                                                                                    	 
      	
                                                                                                      Name of Borrower

                                                                                                    	 
      	
                                                                                                      ...ion Price1

                                                                                                      ...ts

                                                                                                    	 
      	
                                                                                                      Delivery Date 

                                                                                                      As per 

                                                                                                      Building Contract

                                                                                                    
	
                                                                                                      1

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. MS “JUST” KG, Leer, Germany

                                                                                                    	 
      	
                                                                                                      ...UR
      1,793,200.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      1,793,200.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,586,400.00

                                                                                                    	 
      	
                                                                                                      31st
      December, 2008

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,586,400.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      25,104,800.00

                                                                                                    	 
      	 
      
	
                                                                                                      2

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. MS “NORDERNEY” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      1,793,200.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany	 
      	
                                                                                                      ...UR
      1,793,200.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,566,400.00

                                                                                                    	 
      	
                                                                                                      28th
      February, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,566,400.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      24,964,800.00

                                                                                                    	 
      	 
      
	
                                                                                                      3

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF BALTRUM” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      1,828,650.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      1,828,650.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,657,300.00

                                                                                                    	 
      	
                                                                                                      30th
      September, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,657,300.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      25,601,100.00

                                                                                                    	 
      	 
      
	
                                                                                                      4

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE of LANGEOOG” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      1,828,650.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      1,828,650.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,657,300.00

                                                                                                    	 
      	
                                                                                                      30th
      November, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      3,657,300.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      25,601,100.00

                                                                                                    	 
      	 
      
	
                                                                                                      5

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF AMRUM” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,013,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,013,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,026,000.00

                                                                                                    	 
      	
                                                                                                      31st
      December, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,026,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      28,182,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      6

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF SYLT” KG, Leer, Germany

                                                                                                    	 
      	
                                                                                                      ...UR
      2,013,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      2,013,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,026,000.00

                                                                                                    	 
      	
                                                                                                      31st
      December, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,026,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      28,182,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      7

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF WANGEROOGE KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	
                                                                                                      31st
      October, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,395,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      8

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF NEUWERK” KG 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	
                                                                                                      30th
      November, 2009

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,395,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      9

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF USEDOM” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	
                                                                                                      28th
      February, 2010

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,395,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      10

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF FEHMARN” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,100,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	
                                                                                                      31st
      May, 2010

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,200,000.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,395,000.00

                                                                                                    	 
      	 
      
	
                                                                                                      11

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF MEMMERT” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,089,750.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,089,750.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,179,500.00

                                                                                                    	 
      	
                                                                                                      31st
      March, 2010

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,179,500.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,256,500.00

                                                                                                    	 
      	 
      
	
                                                                                                      12

                                                                                                    	 
      	
                                                                                                      ATL
      Offshore GmbH & Co. “ISLE OF MELLUM” KG, 

                                                                                                    	 
      	
                                                                                                      ...UR
      2,089,750.00

                                                                                                    	 
      	 
      
	 
      	 
      	Leer,
      Germany  	 
      	
                                                                                                      ...UR
      2,089,750.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,179,500.00

                                                                                                    	 
      	
                                                                                                      30th
      June, 2010

                                                                                                    
	 
      	 
      	 
      	 
      	
                                                                                                      ...UR
      4,179,500.00

                                                                                                    	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                                                      ..UR
      29,256,500.00

                                                                                                    	 
      	 
      

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

               

            

          

        

      

      
        
          

        

        1 EXHIBIT
COLUMN TRUNCATED

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

      SCHEDULE
4 AND 4B

      

      SYNOPSIS
OF CONSTRUCTION PRICE INSTALMENTS

      AND
TRANCHES

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                Vessel
      1

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (1)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 1.1

                        	 	
                          EUR
      1,793,200.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 1.2

                        	 	
                          EUR
      1,793,200.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 1.3

                        	 	
                          EUR
      3,586,400.00

                        	 	 	CT.A
      1.1	 	 	
                          EUR
      3,586,400.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 1.4

                        	 	
                          EUR
      3,586,400.00

                        	 	 	CT.A
      1.2	 	 	
                          EUR
      3,586,400.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 1.5

                        	 	
                          EUR
      25,104,800.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	
                          EUR
      25,104,800.00

                        	 	 	
                          LT1

                        	 	 	
                          EUR
      35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 	
                          EUR
      35,864,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

       

      
        Vessel
2

      

      
        
          
            
              
                
                  
                    
                      
                        	
                                Building
      Contract (2)

                              	 	
                                Loan
      CT.A

                              	 	 	
                                Loan
      CT.B

                              	 	 	
                                Loan
      LT

                              	 
	
                                Instalment

                              	 	
                                Amount

                              	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 
	
                                Construction
      Price Instalment 2.1

                              	 	
                                EUR
      1,793,200.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 2.2

                              	 	
                                EUR
      1,793,200.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 2.3

                              	 	
                                EUR
      3,586,400.00

                              	 	 	CT.A
      2.1	 	 	
                                EUR
      3,566,400.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 2.4

                              	 	
                                EUR
      3,586,400.00

                              	 	 	CT.A
      2.2	 	 	
                                EUR
      3,566,400.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 2.5

                              	 	
                                EUR
      24,964,800.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	
                                EUR
      24,964,800.00

                              	 	 	
                                LT2

                              	 	 	
                                EUR
      35,047,500.00

                              	 
	
                                Construction
      Price Total

                              	 	
                                EUR
      35,664,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                      

                    

                  

                

              

            

          

          

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

        

      

      
        	
                Vessel
      3

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (3)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 3.1

                        	 	
                          EUR
      1,828,650.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 3.2

                        	 	
                          EUR
      1,828,650.00

                        	 	 	—	 	 	 	
                          —

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 3.3

                        	 	
                          EUR
      3,657,300.00

                        	 	 	CT.A
      3.1	 	 	
                          EUR
      3,657,300.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 3.4

                        	 	
                          EUR
      3,657,300.00

                        	 	 	CT.A
      3.2	 	 	
                          EUR
      3,657,300.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 3.5

                        	 
      	
                          EUR
      25,601,100.00

                        	
                           

                        	 
      	—	 
      	 
      	 
      	—	 
      	 
      	 
      	—	 
      	 
      	
                          EUR 25,601,100.00

                        	 
      	 
      	
                          LT3

                        	 
      	 	
                          EUR 35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 
      	
                          EUR
      36,573,000.00

                        	
                           

                        	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

       

      
        	
                Vessel
      4

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (4)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 4.1

                        	 	
                          EUR
      1,828,650.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 4.2

                        	 	
                          EUR
      1,828,650.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 4.3

                        	 	
                          EUR
      3,657,300.00

                        	 	 	CT.A
      4.1	 	 	
                          EUR
      3,657,300.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 4.4

                        	 	
                          EUR
      3,657,300.00

                        	
                           

                        	 	CT.A
      4.2	 	 	
                          EUR
      3,657,300.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 4.5

                        	 	
                          EUR 25,601,100.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	
                          EUR 25,601,100.00

                        	 	 	
                          LT4

                        	 	 	
                          EUR 35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 	
                          EUR 36,573,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      
         

        
          Vessel
5

        

        
          
            
              
                
                  
                    	
                            Building
      Contract (5)

                          	 	
                            Loan
      CT.A

                          	 	 	
                            Loan
      CT.B

                          	 	 	
                            Loan
      LT

                          	 
	
                            Instalment

                          	 	
                            Amount

                          	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 
	
                            Construction
      Price Instalment 5.1

                          	 	
                            EUR
      2,013,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 5.2

                          	 	
                            EUR
      2,013,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 5.3

                          	 	
                            EUR
      4,026,000.00

                          	 	 	CT.A
      3.1	 	 	
                            EUR
      3,657,300.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 5.4

                          	 	
                            EUR
      4,026,000.00

                          	 	 	CT.A
      3.2	 	 	
                            EUR
      3,657,300.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 5.5

                          	 	
                            EUR
      28,182,000.00

                          	 	 	—	 	 	 	—	 	 	 	CT.B
      1	 	 	
                            EUR
      28,182,000.00

                          	 	 	
                            LT5

                          	 	 	
                            EUR 35,047,500.00

                          	 
	
                            Construction
      Price Total

                          	 	
                            EUR
      40,260,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                  

                

              

            

          

        

         

        
          	
                  Vessel
      6

                

        

        
          
            
              
                
                  
                    	
                            Building
      Contract (5)

                          	 	
                            Loan
      CT.A

                          	 	 	
                            Loan
      CT.B

                          	 	 	
                            Loan
      LT

                          	 
	
                            Instalment

                          	 	
                            Amount

                          	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 
	
                            Construction
      Price Instalment 6.1

                          	 	
                            EUR
      2,013,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 6.2

                          	 	
                            EUR
      2,013,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 6.3

                          	 	
                            EUR
      4,026,000.00

                          	 	 	CT.A
      6.1	 	 	
                            EUR
      4,026,000.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 6.4

                          	 	
                            EUR
      4,026,000.00

                          	 	 	CT.A
      6.2	 	 	
                            EUR
      4,026,000.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 6.5

                          	 	
                            EUR
      28,182,000.00

                          	 	 	—	 	 	 	—	 	 	 	CT.B
      2	 	 	
                            EUR
      28,182,000.00

                          	 	 	
                            LT6

                          	 	 	
                            EUR
      35,047,500.00

                          	 
	
                            Construction
      Price Total

                          	 	
                            EUR
      40,260,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                  

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                Vessel
      7

              

      

      
        
          
            
              
                
                  
                    
                      
                        	
                                Building
      Contract (7)

                              	 	
                                Loan
      CT.A

                              	 	 	
                                Loan
      CT.B

                              	 	 	
                                Loan
      LT

                              	 
	
                                Instalment

                              	 	
                                Amount

                              	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 
	
                                Construction
      Price Instalment 7.1

                              	 	
                                EUR
      2,100,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 7.2

                              	 	
                                EUR
      2,100,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 7.3

                              	 	
                                EUR
      4,200,000.00

                              	 	 	CT.A
      7.1	 	 	
                                EUR
      4,200,000.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 7.4

                              	 	
                                EUR
      4,200,000.00

                              	 	 	CT.A
      7.2	 	 	
                                EUR
      4,200,000.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 7.5

                              	 	
                                EUR
      29,395,000.00

                              	 	 	—	 	 	 	—	 	 	 	
                                CT.B
      3

                              	 	 	
                                EUR
      29,395,000.00

                              	 	 	
                                LT7

                              	 	 	
                                EUR
      35,047,500.00

                              	 
	
                                Construction
      Price Total

                              	 	
                                EUR
      41,995,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                      

                    

                  

                

              

            

          

        

      

       

      
        	
                Vessel
      8

              

      

      
        
          
            
              
                
                  
                    	
                            Building
      Contract (8)

                          	 	
                            Loan
      CT.A

                          	 	 	
                            Loan
      CT.B

                          	 	 	
                            Loan
      LT

                          	 
	
                            Instalment

                          	 	
                            Amount

                          	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 	 	
                            Tranche

                          	 	 	
                            Amount

                          	 
	
                            Construction
      Price Instalment 8.1

                          	 	
                            EUR
      2,100,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 8.2

                          	 	
                            EUR
      2,100,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 8.3

                          	 	
                            EUR
      4,200,000.00

                          	 	 	CT.A
      8.1	 	 	
                            EUR
      4,200,000.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 8.4

                          	 	
                            EUR
      4,200,000.00

                          	 	 	CT.A
      8.2	 	 	
                            EUR
      4,200,000.00

                          	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                            Construction
      Price Instalment 8.5

                          	 	
                            EUR
      29,395,000.00

                          	 	 	—	 	 	 	—	 	 	 	CT.B
      4	 	 	
                            EUR
      29,395,000.00

                          	 	 	
                            LT8

                          	 	 	
                            EUR
      35,047,500.00

                          	 
	
                            Construction
      Price Total

                          	 	
                            EUR
      41,995,000.00

                          	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                  

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                Vessel
      9

              

      

      
        
          
            
              
                
                  
                    
                      
                        	
                                Building
      Contract (9)

                              	 	
                                Loan
      CT.A

                              	 	 	
                                Loan
      CT.B

                              	 	 	
                                Loan
      LT

                              	 
	
                                Instalment

                              	 	
                                Amount

                              	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 	 	
                                Tranche

                              	 	 	
                                Amount

                              	 
	
                                Construction
      Price Instalment 9.1

                              	 	
                                EUR
      2,100,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 9.2

                              	 	
                                EUR
      2,100,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 9.3

                              	 	
                                EUR
      4,200,000.00

                              	 	 	CT.A
      9.1	 	 	
                                EUR
      4,200,000.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 9.4

                              	 	
                                EUR
      4,200,000.00

                              	 	 	CT.A
      9.2	 	 	
                                EUR
      4,200,00.00

                              	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                                Construction
      Price Instalment 9.5

                              	 	
                                EUR
      29,395,000.00

                              	 	 	—	 	 	 	—	 	 	 	CT.B
      5	 	 	
                                EUR
      29,395,000.00

                              	 	 	
                                LT9

                              	 	 	
                                EUR
      35,047,500.00

                              	 
	
                                Construction
      Price Total

                              	 	
                                EUR
      41,995,000.00

                              	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                      

                    

                  

                

              

            

          

        

      

       

      
        	
                Vessel
      10

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (10)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 10.1

                        	 	
                          EUR
      2,100,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 10.2

                        	 	
                          EUR
      2,100,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 10.3

                        	 	
                          EUR
      4,200,000.00

                        	 	 	CT.A
      10.1	 	 	
                          EUR
      4,026,000.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 10.4

                        	 	
                          EUR
      4,200,000.00

                        	 	 	CT.A
      10.2	 	 	
                          EUR
      4,026,000.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 10.5

                        	 	
                          EUR
      29,395,000.00

                        	 	 	—	 	 	 	—	 	 	 	CT.B
      6	 	 	
                          EUR
      29,395,000.00

                        	 	 	
                          LT10

                        	 	 	
                          EUR
      35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 	
                          EUR
      41,995,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                Vessel
      11

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (11)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 11.1

                        	 	
                          EUR
      2,089,750.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 11.2

                        	 	
                          EUR
      2,089,750.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 11.3

                        	 	
                          EUR
      4,179,500.00

                        	 	 	CT.A
      11.1	 	 	
                          EUR
      4,179,500.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 11.4

                        	 	
                          EUR
      4,179,500.00

                        	 	 	CT.A
      11.2	 	 	
                          EUR
      4,179,500.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 11.5

                        	 	
                          EUR
      29,256,500.00

                        	 	 	—	 	 	 	—	 	 	 	CT.B
      7	 	 	
                          EUR
      29,256,500.00

                        	 	 	
                          LT11

                        	 	 	
                          EUR
      35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 	
                          EUR
      41,795,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

       

      
        	
                Vessel
      12

              

      

      
        
          
            
              
                
                  	
                          Building
      Contract (12)

                        	 	
                          Loan
      CT.A

                        	 	 	
                          Loan
      CT.B

                        	 	 	
                          Loan
      LT

                        	 
	
                          Instalment

                        	 	
                          Amount

                        	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 	 	
                          Tranche

                        	 	 	
                          Amount

                        	 
	
                          Construction
      Price Instalment 12.1

                        	 	
                          EUR
      2,089,750.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 12.2

                        	 	
                          EUR
      2,089,750.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 12.3

                        	 	
                          EUR
      4,179,500.00

                        	 	 	CT.A
      12.1	 	 	
                          EUR
      4,179,500.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 12.4

                        	 	
                          EUR
      4,179,500.00

                        	 	 	CT.A
      12.2	 	 	
                          EUR
      4,179,500.00

                        	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 
	
                          Construction
      Price Instalment 12.5

                        	 	
                          EUR
      29,256,000.00

                        	 	 	—	 	 	 	—	 	 	 	CT.B
      8	 	 	
                          EUR 29,256,000.00

                        	 	 	
                          LT12

                        	 	 	
                          EUR 35,047,500.00

                        	 
	
                          Construction
      Price Total

                        	 	
                          EUR
      41,795,000.00

                        	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 

                

              

            

          

        

      

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

    

    
      SCHEDULE
4B

       

      SYNOPSIS
OF CONSTRUCTION PRICE INSTALMENTS

      AND
TRANCHES

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        Repayment
Schedule

      

      
        
          
            
              	
                      Hull No. 6160

                       

                      Date

                    	
                      Credit
      Facility

                      Optional
      Drawdown

                    	
                       

                      Balance

                       

                    
	
                      31.03.2009

                    	
                      -146.031,25
      €

                    	
                      -146.031,25€

                    
	
                      30.06.2009

                    	
                      -146.031,25€

                    	
                      -292.062,50€

                    
	
                      30.09.2009

                    	
                      -146.031,25€

                    	
                      -438.093,75€

                    
	
                      31.12.2009

                    	
                      -146.031,25€

                    	
                      -584.125,00€

                    
	
                      31.03.2010

                    	
                      -146.031,25€

                    	
                      -730.156,25€

                    
	
                      30.06.2010

                    	
                      -146.031,25€

                    	
                      -876.187,50€

                    
	
                      30.09.2010

                    	
                      -146.031,25€

                    	
                      -1.022.218,75€

                    
	
                      31.12.2010

                    	
                      -146.031,25€

                    	
                      -1.168.250,00€

                    
	
                      31.03.2011

                    	
                      -146.031,25€

                    	
                      -1.314.281,25€

                    
	
                      30.06.2011

                    	
                      -146.031,25€

                    	
                      -1.460.312,50€

                    
	
                      30.09.2011

                    	
                      -146.031,25€

                    	
                      -1.606.343,75
      €

                    
	
                      31.12.2011

                    	
                      -146.031,25€

                    	
                      -1.752.375,00€

                    
	
                      31.03.2012

                    	
                      -146.031,25€

                    	
                      -1.898.406,25€

                    
	
                      30.06.2012

                    	
                      -146.031.25€

                    	
                      -2.044.437,50
      €

                    
	
                      30.09.2012

                    	
                      -146.031,25€

                    	
                      -2.190.468,75€

                    
	
                      31.12.2012

                    	
                      -146.031,25€

                    	
                      -2.336.500,00€

                    
	
                      31.03.2013

                    	
                      -146.031,25€

                    	
                      -2.462.531,25€

                    
	
                      30.06.2013

                    	
                      -146.031,25€

                    	
                      -2.628.562,50€

                    
	
                      30.09.2013

                    	
                      -146.031,25€

                    	
                      -2.774.593,75€

                    
	
                      31.12.2013

                    	
                      -146.031,25€

                    	
                      -2.920.625,00€

                    
	
                      31.03.2014

                    	
                      -146.031,25€

                    	
                      -3.066.656,25€

                    
	
                      30.06.2014

                    	
                      -146.031,25€

                    	
                      -3.212.687,50€

                    
	
                      30.09.2014

                    	
                      -146.031,25€

                    	
                      -3.358.718,75€

                    
	
                      31.12.2014

                    	
                      -146.031,25€

                    	
                      -3.504.750,00€

                    
	
                      31.03.2015

                    	
                      -146.031,25€

                    	
                      -3.650.781,25€

                    
	
                      30.06,2015

                    	
                      -146.031,25€

                    	
                      -3.796.812,50€

                    
	
                      30.09.2015

                    	
                      -146.031,25€

                    	
                      -3.942.843,75€

                    
	
                      31.12.2015

                    	
                      -146.031,25€

                    	
                      -4.088.875,00€

                    
	
                      31.03.2016

                    	
                      -146.031,25€

                    	
                      -4.234.906,25€

                    
	
                      30.06.2016

                    	
                      -146.031,25€

                    	
                      -4.380.937,50€

                    
	
                      30.09.2016

                    	
                      -146.031,25€

                    	
                      -4.526.968,75€

                    
	
                      31.12.2016

                    	
                      -146.031,25€

                    	
                      -4.673.000,00€

                    
	
                      31.03.2017

                    	
                      -146.031,25€

                    	
                      -4.819.031,25€

                    
	
                      30.06.2017

                    	
                      -146.031,25€

                    	
                      -4.965.062,50€

                    
	
                      30.09.2017

                    	
                      -146.031,25€

                    	
                      -5.111.093,75€

                    
	
                      31.12.2017

                    	
                      -146.031,25€

                    	
                      -5,257,125.00€

                    
	
                      31.03.2018

                    	
                      -146.031,25€

                    	
                      -5.403.156,25€

                    
	
                      30.06.2018

                    	
                      -146.031,25€

                    	
                      -5.549.187,50€

                    
	
                      30.09.2018

                    	
                      -146.031,25€

                    	
                      -5.695.218,75€

                    
	
                      31.12.2018

                    	
                      -146.031,25€

                    	
                      -5.841.250,00€

                    
	
                      31.03.2019

                    	
                      -146.031,25€

                    	
                      -5.987.281,25€

                    
	
                      30.06.2019

                    	
                      -146.031,25€

                    	
                      -6.133.312,50€

                    
	
                      30.09.2019

                    	
                      -146.031,25€

                    	
                      -6.279.343,75€

                    
	
                      31.12.2019

                    	
                      -146.031,25€

                    	
                      -6.425.375,00€

                    
	
                      31.03.2020

                    	
                      -146.031,25€

                    	
                      -6.571.406,25€

                    
	
                      30.05.2020

                    	
                      -146.031,25€

                    	
                      -6.717.437,50€

                    
	
                      30.09.2020

                    	
                      -146.031,25€

                    	
                      -6.863.468,75€

                    
	
                      31.12.2020

                    	
                      -146.031,25€

                    	
                      -7.009.500,00€

                    
	
                      31.03.2021

                    	
                      584.125,00€

                    	
                      -6.425.375.00€

                    
	
                      30.06.2021

                    	
                      584.125,00€

                    	
                      -5,841,250,00€

                    
	
                      30.09.2021

                    	
                      584.125,00€

                    	
                      -5,257,125,00€

                    
	
                      31.12.2021

                    	
                      584.125,00€

                    	
                      -4,673,000,00€

                    
	
                      31.03.2022

                    	
                      584.125,00€

                    	
                      -4,088.875,00€

                    
	
                      30.06.2022

                    	
                      584.125,00€

                    	
                      -3,504.750,00€

                    
	
                      30.09.2022

                    	
                      584.125,00€

                    	
                      -2.920.625,00€

                    
	
                      31.12.2022

                    	
                      584.125,00€

                    	
                      -2,336.500,00€

                    
	
                      31.03.2023

                    	
                      584.125,00€

                    	
                      -1.752.375,00€

                    
	
                      30.06.2023

                    	
                      584.125,00€

                    	
                      -1.168.250,00€

                    
	
                      30.09.2023

                    	
                      584.125,00€

                    	
                      -584.125,00€

                    
	
                      31.12.2023

                    	
                      584.125,00€

                    	
                      0,00€

                    

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        Repayment
Schedule

         

      

      
        
          
            
              	
                      Hull No. 6161

                       

                      Date

                    	
                      Credit
      Facility

                      Optional
      Drawdown

                    	
                       

                      Balance

                       

                    
	
                      31.05.2009

                    	
                      -146.031,25€

                    	
                      -146.031,25€

                    
	
                      31.08.2009

                    	
                      -146.031,25€

                    	
                      -292062.50€

                    
	
                      30.11.2009

                    	
                      -146.031,25€

                    	
                      -438.093,75€

                    
	
                      28.02.2010

                    	
                      -146.031,25€

                    	
                      -584.125,00€

                    
	
                      31.05.2010

                    	
                      -146.031,25€

                    	
                      -730.156,25€

                    
	
                      31.08.2010

                    	
                      -146.031,25€

                    	
                      -876.187,50€

                    
	
                      30.11.2010

                    	
                      -146.031,25€

                    	
                      -1.022.218,75€

                    
	
                      28.02.2011

                    	
                      -146.031,25€

                    	
                      -1.168.250,00€

                    
	
                      31.05.2011

                    	
                      -146.031,25€

                    	
                      -1.314.281,25€

                    
	
                      31.08.2011

                    	
                      -146.031,25€

                    	
                      -1.460.312,50€

                    
	
                      30.11.2011

                    	
                      -146.031,25€

                    	
                      -1.606.343,75€

                    
	
                      29.02.2012

                    	
                      -146.031,25€

                    	
                      -1.752.375,00€

                    
	
                      31.05.2012

                    	
                      -146.031,25€

                    	
                      -1.898.406,25€

                    
	
                      31.08.2012

                    	
                      -146.031,25€

                    	
                      -2.044.437,50€

                    
	
                      30.11.2012

                    	
                      -146.031,25€

                    	
                      -2.190.468,75€

                    
	
                      28.02.2013

                    	
                      -146.031,25€

                    	
                      -2.336.500,00€

                    
	
                      31.05.2013

                    	
                      -146.031,25€

                    	
                      -2.482.531,25€

                    
	
                      31.08.2013

                    	
                      -146.031,25€

                    	
                      -2.628.562,50€

                    
	
                      30.11.2013

                    	
                      -146.031,25€

                    	
                      -2.774.593,75€

                    
	
                      28.02.2014

                    	
                      -146.031,25€

                    	
                      -2.920.625,00€

                    
	
                      31.05.2014

                    	
                      -146.031,25€

                    	
                      -3.066.656,25€

                    
	
                      31.08.2014

                    	
                      -146.031.25€

                    	
                      -3.212.687,50€

                    
	
                      30.11.2014

                    	
                      -146.031,25€

                    	
                      -3,358.718,75€

                    
	
                      28.02.2015

                    	
                      -146.031,25€

                    	
                      -3.504.750,00€

                    
	
                      31.05.2015

                    	
                      -146.031,25€

                    	
                      -3.650.781,25€

                    
	
                      31.08.2015

                    	
                      -146.031,25€

                    	
                      -3.796.812,50€

                    
	
                      30.11.2015

                    	
                      -146.031,25€

                    	
                      -3.942.843,75€

                    
	
                      29.02.2016

                    	
                      -146.031,25€

                    	
                      -4.088.875,00€

                    
	
                      31.05.2016

                    	
                      -146.031,25€

                    	
                      -4.234,906,25€

                    
	
                      31.08.2016

                    	
                      -146.031.25€

                    	
                      -4.380.937,50€

                    
	
                      30.11.2016

                    	
                      -146.031,25€

                    	
                      -4.526.968,75€

                    
	
                      28.02,2017

                    	
                      -146.031,25€

                    	
                      -4,673.000,00€

                    
	
                      31.05.2017

                    	
                      -146.031,25€

                    	
                      -4.819.031,25€

                    
	
                      31.08.2017

                    	
                      -146.031,25€

                    	
                      -4.965.062,50€

                    
	
                      30.11.2017

                    	
                      -146.031,25€

                    	
                      -5.111.093,75€

                    
	
                      28.02,2018

                    	
                      -146.031,25€

                    	
                      -5.257.125,00€

                    
	
                      31.05.2018

                    	
                      -146.031,25€

                    	
                      -5.403.156,25€

                    
	
                      31.08.2018

                    	
                      -146.031,25€

                    	
                      -5.549.187,50€

                    
	
                      30.11.2018

                    	
                      -146.031,25€

                    	
                      -5.695.216,75€

                    
	
                      28.02.2019

                    	
                      -146.031,25€

                    	
                      -5.841.250,00€

                    
	
                      31.05.2019

                    	
                      -146.031,25€

                    	
                      -5.987.281,25€

                    
	
                      31.08.2019

                    	
                      -146.031,25€

                    	
                      -6.133.312,50€

                    
	
                      30.11.2019

                    	
                      -146.031,25€

                    	
                      -5.279.343,75€

                    
	
                      29.02.2020

                    	
                      -146.031,25€

                    	
                      -6.425.375,00€

                    
	
                      31.05.2020

                    	
                      -146.031,25€

                    	
                      -6.571.406,25€

                    
	
                      31.08.2020

                    	
                      -146.031,25€

                    	
                      -6.717.437,50€

                    
	
                      30.11.2020

                    	
                      -146.031,25€

                    	
                      -6.863.468,75€

                    
	
                      28.02.2021

                    	
                      -146.031,25€

                    	
                      -7,009.500,00€

                    
	
                      31.05.2021

                    	
                      584.125,00€

                    	
                      -6,425.375,00€

                    
	
                      31.08.2021

                    	
                      584.125,00€

                    	
                      -5.841.250,00€

                    
	
                      30.11.2021

                    	
                      584.125,00€

                    	
                      -5.257.125,00€

                    
	
                      28.02.2022

                    	
                      584.125,00€

                    	
                      -4.637.000,00€

                    
	
                      31.05.2022

                    	
                      584.125,00€

                    	
                      -4.088.875,00€

                    
	
                      31.08.2022

                    	
                      584.125,00€

                    	
                      -3.504.750,00€

                    
	
                      30.11.2022

                    	
                      584.125,00€

                    	
                      -2.920.625,00€

                    
	
                      28.02.2023

                    	
                      584.125,00€

                    	
                      -2,336.500,00€

                    
	
                      31.05.2023

                    	
                      584.125,00€

                    	
                      -1,752.375,00€

                    
	
                      31.08.2023

                    	
                      584.125,00€

                    	
                      -1,168.250,00€

                    
	
                      30.11.2023

                    	
                      584.125,00€

                    	
                      -584.125,00€

                    
	
                      29.02.2024

                    	
                      584.125,00€

                    	
                      0,00€

                    

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        Repayment
Schedule

      
        
          
            
              	
                      Hull No. 6162

                       

                      Date

                    	
                      Credit
      Facility

                      Optional
      Drawdown

                    	
                       

                      Balance

                       

                    
	
                      31.12.2009

                    	
                      -146.031,25€

                    	
                      -146.031,25€

                    
	
                      31.03.2010

                    	
                      -146.031,25€

                    	
                      -292.062,50€

                    
	
                      30.06.2010

                    	
                      -146.031,25€

                    	
                      -438.093,75€

                    
	
                      30.09.2010

                    	
                      -146.031,25€

                    	
                      -584.125,00€

                    
	
                      31.12.2010

                    	
                      -146.031,25€

                    	
                      -730.156,25€

                    
	
                      31.03.2011

                    	
                      -146.031,25€

                    	
                      -876.187,50€

                    
	
                      30.06.2011

                    	
                      -146.031,25€

                    	
                      -1.022.218,75€

                    
	
                      30.09.2011

                    	
                      -146.031,25€

                    	
                      -1.168.250,00€

                    
	
                      31.12.2011

                    	
                      -146.031,25€

                    	
                      -1.314.281,25€

                    
	
                      31.03.2012

                    	
                      -146.031,25€

                    	
                      -1.460.312,50€

                    
	
                      30.06.2012

                    	
                      -146.031,25€

                    	
                      -1.606.343,75€

                    
	
                      30.09.2012

                    	
                      -146.031,25€

                    	
                      -1.752.375,00€

                    
	
                      31.12.2012

                    	
                      -146.031,25€

                    	
                      -1.898.406,25€

                    
	
                      31.03.2013

                    	
                      -146.031,25€

                    	
                      -2.044.437,50€

                    
	
                      30.06.2013

                    	
                      -146.031,25€

                    	
                      -2.190.468,75€

                    
	
                      30.09.2013

                    	
                      -146.031,25€

                    	
                      -2.336.500,00€

                    
	
                      30.12.2013

                    	
                      -146.031,25€

                    	
                      -2.482.531,25€

                    
	
                      31.03.2014

                    	
                      -146.031,25€

                    	
                      -2.628.562,50€

                    
	
                      30.06.2014

                    	
                      -146.031,25€

                    	
                      -2.774.593,75€

                    
	
                      30.09.2014

                    	
                      -146.031,25€

                    	
                      -2.920.625,00€

                    
	
                      31.12.2014

                    	
                      -146.031,25€

                    	
                      -3.066.656,25€

                    
	
                      31.03.2015

                    	
                      -146.031,25€

                    	
                      -3.212.687,50€

                    
	
                      30.06.2015

                    	
                      -146.031,25€

                    	
                      -3.358.718,75€

                    
	
                      30.09.2015

                    	
                      -146.031,25€

                    	
                      -3.504.750,00€

                    
	
                      31.12.2015

                    	
                      -146.031,25€

                    	
                      -3.650.781,25€

                    
	
                      31.03.2016

                    	
                      -146.031,25€

                    	
                      -3.796.812,50€

                    
	
                      30.06.2016

                    	
                      -146.031,25€

                    	
                      -3.942.843,75€

                    
	
                      30.09.2016

                    	
                      -146.031,25€

                    	
                      -4.088.875,00€

                    
	
                      31.12.2016

                    	
                      -146.031,25€

                    	
                      -4.234.906,25€

                    
	
                      31.03.2017

                    	
                      -146.031,25€

                    	
                      -4.380.937,50€

                    
	
                      30.06.2017

                    	
                      -146.031,25€

                    	
                      -4.526.968,75€

                    
	
                      30.09.2017

                    	
                      -146.031.25€

                    	
                      -4.673.000,00€

                    
	
                      31.12.2017

                    	
                      -146.031,25€

                    	
                      -4.819.031,25€

                    
	
                      31.03.2018

                    	
                      -146.031,25€

                    	
                      -4.965.062,50€

                    
	
                      30.06.2018

                    	
                      -146.031,25€

                    	
                      -5.111.093,75€

                    
	
                      30.09.2018

                    	
                      -146.031,25€

                    	
                      -5.257.125,00€

                    
	
                      31.12.2018

                    	
                      -146.031,25€

                    	
                      -5.403.156,25€

                    
	
                      31.03.2019

                    	
                      -146.031,25€

                    	
                      -5.549.187,50€

                    
	
                      30.06.2019

                    	
                      -146.031,25€

                    	
                      -5.695.218,75€

                    
	
                      30.09.2019

                    	
                      -146.031,25€

                    	
                      -5.841.250,00€

                    
	
                      31.12.2019

                    	
                      -146.031,25€

                    	
                      -5.987.281,25€

                    
	
                      31.03.2020

                    	
                      -146.031,25€

                    	
                      -6.133.312,50€

                    
	
                      30.06.2020

                    	
                      -146.031,25€

                    	
                      -6.279.343,75€

                    
	
                      30.09.2020

                    	
                      -146.031,25€

                    	
                      -6.425.375,00€

                    
	
                      31.12.2020

                    	
                      -146.031,25€

                    	
                      -6.571.406,25€

                    
	
                      31.03.2021

                    	
                      -146.031,25€

                    	
                      -6.717.437,50€

                    
	
                      30.06.2021

                    	
                      -146.031,25€

                    	
                      -6.863.468,75€

                    
	
                      30.09.2021

                    	
                      -146.031,25€

                    	
                      -7.009.500,00€

                    
	
                      31.12.2021

                    	
                      584.125,00€

                    	
                      -6.425.375,00€

                    
	
                      31.03.2022

                    	
                      584.125,00€

                    	
                      -5.841.250,00€

                    
	
                      30.06.2022

                    	
                      584.125,00€

                    	
                      -5.257.125,00€

                    
	
                      30.09.2022

                    	
                      584.125,00€

                    	
                      -4.673.000,00€

                    
	
                      31.12.2022

                    	
                      584.125,00€

                    	
                      -4.088.875,00€

                    
	
                      31.03.2023

                    	
                      584.125,00€

                    	
                      -3.504.750,00€

                    
	
                      30.06.2023

                    	
                      584.125,00€

                    	
                      -2.920.625,00€

                    
	
                      30.09.2023

                    	
                      584.125,00€

                    	
                      -2.336.500,00€

                    
	
                      31.12.2023

                    	
                      584.125,00€

                    	
                      -1.752.375,00€

                    
	
                      31.03.2024

                    	
                      584.125,00€

                    	
                      -1.168.250,00€

                    
	
                      30.06.2024

                    	
                      584.125,00€

                    	
                      -584.125,00€

                    
	
                      30.09.2024

                    	
                      584.125,00€

                    	
                      0,00€

                    

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        Repayment
Schedule

      

      

      
        
          
            
              	
                      Hull No. 6163

                       

                      Date

                    	
                      Credit
      Facility

                      Optional
      Drawdown

                    	
                       

                      Balance

                       

                    
	
                      28.02.2010

                    	
                      -146.031,25€

                    	
                      -146.031,25€

                    
	
                      31.05.2010

                    	
                      -146.031,25€

                    	
                      -292.062,50€

                    
	
                      31.08.2010

                    	
                      -146.031,25€

                    	
                      -438.093,75€

                    
	
                      30.11.2010

                    	
                      -146.031,25€

                    	
                      -584.125,00€

                    
	
                      28.02.2011

                    	
                      -146.031,25€

                    	
                      -730.156,25€

                    
	
                      31.05.2011

                    	
                      -146.031,25€

                    	
                      -876.187,50€

                    
	
                      31.08.2011

                    	
                      -146.031,25€

                    	
                      -1.022.218,75€

                    
	
                      30.11.2011

                    	
                      -146.031,25€

                    	
                      1.168.250,00€

                    
	
                      28.02.2012

                    	
                      -146.031,25€

                    	
                      -1.314.281,25€

                    
	
                      31.05.2012

                    	
                      -146.031,25€

                    	
                      -1.460.312,50€

                    
	
                      31.08.2012

                    	
                      -146.031,25€

                    	
                      -1.606.343,75€

                    
	
                      30.11.2012

                    	
                      -146.031,25€

                    	
                      -1.752.375,00€

                    
	
                      28.02.2013

                    	
                      -146.031,25€

                    	
                      -1.898.406,25€

                    
	
                      31.05.2013

                    	
                      -146.031,25€

                    	
                      -2.044.437,50€

                    
	
                      31.08.2013

                    	
                      -146.031,25€

                    	
                      -2.190.468,75€

                    
	
                      30.11.2013

                    	
                      -146.031,25€

                    	
                      -2.336.500,00€

                    
	
                      28.02.2014

                    	
                      -146.031,25€

                    	
                      -2.482.531,25€

                    
	
                      31.05.2014

                    	
                      -146.031,25€

                    	
                      -2.628.562,50€

                    
	
                      31.08.2014

                    	
                      -146.031,25€

                    	
                      -2.774.593,75€

                    
	
                      30.11.2014

                    	
                      -146.031,25€

                    	
                      -2.920.625,00€

                    
	
                      28.02.2015

                    	
                      -146.031,25€

                    	
                      -3.066.656,25€

                    
	
                      31.05.2015

                    	
                      -146.031,25€

                    	
                      -3.212.687,50€

                    
	
                      31.08.2015

                    	
                      -146.031,25€

                    	
                      -3.358.718,75€

                    
	
                      30.11.2015

                    	
                      -146.031,25€

                    	
                      -3.504.750,00€

                    
	
                      29.02.2016

                    	
                      -146.031,25€

                    	
                      -3.650.781,25€

                    
	
                      31.05.2016

                    	
                      -146.031,25€

                    	
                      -3.796.812,50€

                    
	
                      31.08.2016

                    	
                      -146.031,25€

                    	
                      -3.942.843,75€

                    
	
                      30.11.2016

                    	
                      -146.031,25€

                    	
                      -4.088.875,00€

                    
	
                      28.02.2017

                    	
                      -146.031,25€

                    	
                      -4.234.906,25€

                    
	
                      31.05.2017

                    	
                      -146.031,25€

                    	
                      -4.380.937,50€

                    
	
                      31.08.2017

                    	
                      -146.031,25€

                    	
                      -4.526.968,75€

                    
	
                      30.11.2017

                    	
                      -146.031,25€

                    	
                      -4.673.000,00€

                    
	
                      28.02.2018

                    	
                      -146.031,25€

                    	
                      -4.819.031,25€

                    
	
                      31.05.2018

                    	
                      -146.031,25€

                    	
                      -4.965.062,50€

                    
	
                      31.08.2018

                    	
                      -146.031,25€

                    	
                      -5.111.093,75€

                    
	
                      31.11.2018

                    	
                      -146.031,25€

                    	
                      -5.257.125,00€

                    
	
                      28.02.2019

                    	
                      -146.031,25€

                    	
                      -5.403.156,25€

                    
	
                      31.05.2019

                    	
                      -146.031,25€

                    	
                      -5.549.187,50€

                    
	
                      31.08.2019

                    	
                      -146.031,25€

                    	
                      -5.695.218,75€

                    
	
                      30.11.2019

                    	
                      -146.031,25€

                    	
                      -5.841.250,00€

                    
	
                      29.02.2020

                    	
                      -146.031,25€

                    	
                      -5.987.281,25€

                    
	
                      31.05.2020

                    	
                      -146.031,25€

                    	
                      -6.133.312,50€

                    
	
                      31.08.2020

                    	
                      -146.031,25€

                    	
                      -6.279.343,75€

                    
	
                      30.11.2020

                    	
                      -146.031,25€

                    	
                      -6.425.975,00€

                    
	
                      28.02.2021

                    	
                      -146.031,25€

                    	
                      -6.571.406,25€

                    
	
                      31.05.2021

                    	
                      -146.031,25€

                    	
                      -6.717.437,50€

                    
	
                      31.08.2021

                    	
                      -146.031,25€

                    	
                      -6.863.468,75€

                    
	
                      30.11.2021

                    	
                      -146.031,25€

                    	
                      -7.009.500,00€

                    
	
                      28.02.2022

                    	
                      584.125,00€

                    	
                      -6.425.375,00€

                    
	
                      31.05.2022

                    	
                      584.125,00€

                    	
                      -5.841.250,00€

                    
	
                      31.08.2022

                    	
                      584.125,00€

                    	
                      -5.257.125,00€

                    
	
                      30.11.2022

                    	
                      584.125,00€

                    	
                      -4.673.000,00€

                    
	
                      28.02.2023

                    	
                      584.125,00€

                    	
                      -4.088.875,00€

                    
	
                      31.05.2023

                    	
                      584.125,00€

                    	
                      -3.504.750,00
      €

                    
	
                      31.08.2023

                    	
                      584.125,00€

                    	
                      -2.920.625,00€

                    
	
                      30.11.2023

                    	
                      584.125,00€

                    	
                      -2.336.500,00€

                    
	
                      29.02.2024

                    	
                      584.125,00€

                    	
                      -1.752.375,00€

                    
	
                      31.05.2024

                    	
                      584.125,00€

                    	
                      -1.168.250,00€

                    
	
                      31.08.2024

                    	
                      584.125,00€

                    	
                      -584.125,00€

                    
	
                      30.11.2024

                    	
                      584.125,00€

                    	
                      0,00€

                    

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6168

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    31.03.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    30.06.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    30.09.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    31.12.2010

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    31.03.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    30.06.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    30.09.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    31.12.2011

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    31.03.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    30.06.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    30.09.2012

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    31.12.2012

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    31.03.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    30.06.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    30.09.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    31.12.2013

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    31.03.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    30.06.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    30.09.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    31.12.2014

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    31.03.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    30.06.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    30.09.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    31.12.2015

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    31.03.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    30.06.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    30.09.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    31.12.2016

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    31.03.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    30.06.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    30.09.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    31.12.2017

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    31.03.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    30.06.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    30.09.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    31.12.2018

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    31.03.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    30.06.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    30.09.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    31.12.2019

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    31.03.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    30.06.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    30.09.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    31.12.2020

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    31.03.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    30.06.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    30.09.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    31.12.2021

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    31.03.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    30.06.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    30.09.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    31.12.2022

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    31.03.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    30.06.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    30.09.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    31.12.2023

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    31.03.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    30.06.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    30.09.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    31.12.2024

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6169

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    31.03.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    30.06.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    30.09.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    31.12.2010

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    31.03.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    30.06.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    30.09.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    31.12.2011

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    31.03.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    30.06.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    30.09.2012

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    31.12.2012

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    31.03.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    30.06.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    30.09.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    31.12.2013

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    31.03.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    30.06.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    30.09.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    31.12.2014

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    31.03.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    30.06.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    30.09.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    31.12.2015

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    31.03.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    30.06.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    30.09.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    31.12.2016

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    31.03.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    30.06.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    30.09.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    31.12.2017

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    31.03.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    30.06.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    30.09.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    31.12.2018

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    31.03.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    30.06.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    30.09.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    31.12.2019

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    31.03.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    30.06.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    30.09.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    31.12.2020

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    31.03.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    30.06.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    30.09.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    31.12.2021

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    31.03.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    30.06.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    30.09.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    31.12.2022

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    31.03.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    30.06.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    30.09.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    31.12.2023

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    31.03.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    30.06.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    30.09.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    31.12.2024

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Repayment
Schedule

      

      
        
          
            	
                    Hull No. 6171

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    31.01.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    30.04.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    31.07.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    31.10.2010

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    31.01.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    30.04.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    31.07.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    31.10.2011

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    31.01.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    30.04.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    31.07.2012

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    31.10.2012

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    31.01.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    30.04.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    31.07.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    31.10.2013

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    31.01.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    30.04.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    31.07.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    31.10.2014

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    31.01.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    30.04.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    31.07.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    31.10.2015

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    31.01.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    30.04.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    31.07.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    31.10.2016

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    31.01.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    30.04.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    31.07.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    31.10.2017

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    31.01.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    30.04.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    31.07.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    31.10.2018

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    31.01.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    30.04.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    31.07.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    31.10.2019

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    31.01.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    30.04.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    31.07.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    31.10.2020

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    31.01.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    30.04.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    31.07.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    31.10.2021

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    31.01.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    30.04.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    31.07.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    31.10.2022

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    31.01.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    30.04.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    31.07.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    31.10.2023

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    31.01.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    30.04.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    31.07.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    31.10.2024

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6172

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    28.02.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    31.05.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    31.08.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    30.11.2010

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    28.02.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    31.05.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    31.08.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    30.11.2011

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    29.02.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    31.05.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    31.08.2012

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    30.11.2012

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    28.02.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    31.05.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    31.08.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    30.11.2013

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    28.02.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    31.05.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    31.08.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    30.11.2014

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    28.02.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    31.05.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    31.08.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    30.11.2015

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    29.02.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    31.05.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    31.08.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    30.11.2016

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    28.02.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    31.05.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    31.08.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    30.11.2017

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    28.02.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    31.05.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    31.08.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    30.11.2018

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    28.02.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    31.05.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    31.08.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    30.11.2019

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    29.02.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    31.05.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    31.08.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    30.11.2020

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    28.02.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    31.05.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    31.08.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    30.11.2021

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    28.02.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    31.05.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    31.08.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    30.11.2022

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    28.02.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    31.05.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    31.08.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    30.11.2023

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    29.02.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    31.05.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    31.08.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    30.11.2024

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6173

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    30.05.2010

                  	
                    -146.031.25€

                  	
                    -146.031,25€

                  
	
                    30.08.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    31.11.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    28.02.2011

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    31.05.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    31.08.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    30.11.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    29.02.2012

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    31.05.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    31.08.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    30.11.2012

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    28.02.2013

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    31.05.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    31.08.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    30.11.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    28.02.2014

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    31.05.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    31.08.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    30.11.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    28.02.2015

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    31.05.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    31.08.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    30.11.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    29.02.2016

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    31.05.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    31.08.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    30.11.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    28.02.2017

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    31.05.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    31.08.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    30.11.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    28.02.2018

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    31.05.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    31.08.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    30.11.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    28.02.2019

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    31.05.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    31.08.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    30.11.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    28.02.2020

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    31.05.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    31.08.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    30.11.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    28.02.2021

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    31.05.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    31.08.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    30.11.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    28.02.2022

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    31.05.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    31.08.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    30.11.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    28.02.2023

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    31.05.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    31.08.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    30.11.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    29.02.2024

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    31.05.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    31.08.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    30.11.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    28.02.2025

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6174

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    31.08.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    30.11.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    28.02.2011

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    31.05.2011

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    31.08.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    30.11.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    29.02.2012

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    31.05.2012

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    31.08.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    30.11.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    28.02.2013

                  	
                    -146.031,25€

                  	
                    -1.606..343,75€

                  
	
                    31.05.2013

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    31.08.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    30.11.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    28.02.2014

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    31.05.2014

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    31.08.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    30.11.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    28.02.2015

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    31.05.2015

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    31.08.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    30.11.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    29.02.2016

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    31.05.2016

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    31.08.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    30.11.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    28.02.2017

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    31.05.2017

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    31.08.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    30.11.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    28.02.2018

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    31.05.2018

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    31.08.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    30.11.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    28.02.2019

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    31.05.2019

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    31.08.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    30.11.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    28.02.2020

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    31.05.2020

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    31.08.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    30.11.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    28.02.2021

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    31.05.2021

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    31.08.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    30.11.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    28.02.2022

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    31.05.2022

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    31.08.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    30.11.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    28.02.2023

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    31.05.2023

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    31.08.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    30.11.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    29.02.2024

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    31.05.2024

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    31.08.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    30.11.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    28.02.2025

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    31.05.2025

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Repayment
Schedule

      

      
        
          
            	
                    Hull No. 6175

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    30.06.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    30.09.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    31.12.2010

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    31.03.2011

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    30.06.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    30.09.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    31.12.2011

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    31.03.2012

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    30.06.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    30.09.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    31.12.2012

                  	
                    -146.031,25€

                  	
                    -1.606..343,75€

                  
	
                    31.03.2013

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    30.06.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    30.09.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    31.12.2013

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    31.03.2014

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    30.06.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    30.09.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    31.12.2014

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    31.03.2015

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    30.06.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    30.09.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    31.12.2015

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    31.03.2016

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    30.06.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    30.09.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    31.12.2016

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    31.03.2017

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    30.06.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    30.09.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    31.12.2017

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    31.03.2018

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    30.06.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    30.09.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    31.12.2018

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    31.03.2019

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    30.06.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    30.09.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    31.12.2019

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    31.03.2020

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    30.06.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    30.09.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    31.12.2020

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    31.03.2021

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    30.06.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    30.09.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    31.12.2021

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    31.03.2022

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    30.06.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    30.09.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    31.12.2022

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    31.03.2023

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    30.06.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    30.09.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00
      €

                  
	
                    31.12.2023

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    31.03.2024

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    30.06.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    30.09.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    31.12.2024

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    31.03.2025

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        Repayment
Schedule

      

      

      
        
          
            	
                    Hull No. 6176

                     

                    Date

                  	
                    Credit
      Facility

                    Optional
      Drawdown

                  	
                     

                    Balance

                     

                  
	
                    30.09.2010

                  	
                    -146.031,25€

                  	
                    -146.031,25€

                  
	
                    31.12.2010

                  	
                    -146.031,25€

                  	
                    -292.062,50€

                  
	
                    31.03.2011

                  	
                    -146.031,25€

                  	
                    -438.093,75€

                  
	
                    30.06.2011

                  	
                    -146.031,25€

                  	
                    -584.125,00€

                  
	
                    30.09.2011

                  	
                    -146.031,25€

                  	
                    -730.156,25€

                  
	
                    31.12.2011

                  	
                    -146.031,25€

                  	
                    -876.187,50€

                  
	
                    31.03.2012

                  	
                    -146.031,25€

                  	
                    -1.022.218,75€

                  
	
                    30.06.2012

                  	
                    -146.031,25€

                  	
                    1.168.250,00€

                  
	
                    30.09.2012

                  	
                    -146.031,25€

                  	
                    -1.314.281,25€

                  
	
                    31.12.2012

                  	
                    -146.031,25€

                  	
                    -1.460.312,50€

                  
	
                    31.03.2013

                  	
                    -146.031,25€

                  	
                    -1.606.343,75€

                  
	
                    30.06.2013

                  	
                    -146.031,25€

                  	
                    -1.752.375,00€

                  
	
                    30.09.2013

                  	
                    -146.031,25€

                  	
                    -1.898.406,25€

                  
	
                    31.12.2013

                  	
                    -146.031,25€

                  	
                    -2.044.437,50€

                  
	
                    31.03.2014

                  	
                    -146.031,25€

                  	
                    -2.190.468,75€

                  
	
                    30.06.2014

                  	
                    -146.031,25€

                  	
                    -2.336.500,00€

                  
	
                    30.09.2014

                  	
                    -146.031,25€

                  	
                    -2.482.531,25€

                  
	
                    31.12.2014

                  	
                    -146.031,25€

                  	
                    -2.628.562,50€

                  
	
                    31.03.2015

                  	
                    -146.031,25€

                  	
                    -2.774.593,75€

                  
	
                    30.06.2015

                  	
                    -146.031,25€

                  	
                    -2.920.625,00€

                  
	
                    30.09.2015

                  	
                    -146.031,25€

                  	
                    -3.066.656,25€

                  
	
                    31.12.2015

                  	
                    -146.031,25€

                  	
                    -3.212.687,50€

                  
	
                    31.03.2016

                  	
                    -146.031,25€

                  	
                    -3.358.718,75€

                  
	
                    30.06.2016

                  	
                    -146.031,25€

                  	
                    -3.504.750,00€

                  
	
                    30.09.2016

                  	
                    -146.031,25€

                  	
                    -3.650.781,25€

                  
	
                    31.12.2016

                  	
                    -146.031,25€

                  	
                    -3.796.812,50€

                  
	
                    31.03.2017

                  	
                    -146.031,25€

                  	
                    -3.942.843,75€

                  
	
                    30.06.2017

                  	
                    -146.031,25€

                  	
                    -4.088.875,00€

                  
	
                    30.09.2017

                  	
                    -146.031,25€

                  	
                    -4.234.906,25€

                  
	
                    31.12.2017

                  	
                    -146.031,25€

                  	
                    -4.380.937,50€

                  
	
                    31.03.2018

                  	
                    -146.031,25€

                  	
                    -4.526.968,75€

                  
	
                    30.06.2018

                  	
                    -146.031,25€

                  	
                    -4.673.000,00€

                  
	
                    30.09.2018

                  	
                    -146.031,25€

                  	
                    -4.819.031,25€

                  
	
                    31.12.2018

                  	
                    -146.031,25€

                  	
                    -4.965.062,50€

                  
	
                    31.03.2019

                  	
                    -146.031,25€

                  	
                    -5.111.093,75€

                  
	
                    30.06.2019

                  	
                    -146.031,25€

                  	
                    -5.257.125,00€

                  
	
                    30.09.2019

                  	
                    -146.031,25€

                  	
                    -5.403.156,25€

                  
	
                    31.12.2019

                  	
                    -146.031,25€

                  	
                    -5.549.187,50€

                  
	
                    31.03.2020

                  	
                    -146.031,25€

                  	
                    -5.695.218,75€

                  
	
                    30.06.2020

                  	
                    -146.031,25€

                  	
                    -5.841.250,00€

                  
	
                    30.09.2020

                  	
                    -146.031,25€

                  	
                    -5.987.281,25€

                  
	
                    31.12.2020

                  	
                    -146.031,25€

                  	
                    -6.133.312,50€

                  
	
                    31.03.2021

                  	
                    -146.031,25€

                  	
                    -6.279.343,75€

                  
	
                    30.06.2021

                  	
                    -146.031,25€

                  	
                    -6.425.975,00€

                  
	
                    30.09.2021

                  	
                    -146.031,25€

                  	
                    -6.571.406,25€

                  
	
                    31.12.2021

                  	
                    -146.031,25€

                  	
                    -6.717.437,50€

                  
	
                    31.03.2022

                  	
                    -146.031,25€

                  	
                    -6.863.468,75€

                  
	
                    30.06.2022

                  	
                    -146.031,25€

                  	
                    -7.009.500,00€

                  
	
                    30.09.2022

                  	
                    584.125,00€

                  	
                    -6.425.375,00€

                  
	
                    31.12.2022

                  	
                    584.125,00€

                  	
                    -5.841.250,00€

                  
	
                    31.03.2023

                  	
                    584.125,00€

                  	
                    -5.257.125,00€

                  
	
                    30.06.2023

                  	
                    584.125,00€

                  	
                    -4.673.000,00€

                  
	
                    30.09.2023

                  	
                    584.125,00€

                  	
                    -4.088.875,00€

                  
	
                    31.12.2023

                  	
                    584.125,00€

                  	
                    -3.504.750,00€

                  
	
                    31.03.2024

                  	
                    584.125,00€

                  	
                    -2.920.625,00€

                  
	
                    30.06.2024

                  	
                    584.125,00€

                  	
                    -2.336.500,00€

                  
	
                    30.09.2024

                  	
                    584.125,00€

                  	
                    -1.752.375,00€

                  
	
                    31.12.2024

                  	
                    584.125,00€

                  	
                    -1.168.250,00€

                  
	
                    31.03.2025

                  	
                    584.125,00€

                  	
                    -584.125,00€

                  
	
                    30.06.2025

                  	
                    584.125,00€

                  	
                    0,00€

                  

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
5

       

      LIST
OF CONDITIONS PRECEDENT

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
5

       

      Loan
Agreement dated _______________, 2008

       

      STATUS
OF CONDITIONS PRECEDENT

       

      Terms and
expressions used in this schedule and not defined otherwise shall have the same
meaning as in the loan agreement and references to clauses are references to
clauses of the loan agreement.

       

      
        
          	
                  NO.

                	 
      	
                  CONDITIONS PRECEDENT

                	 
      	
                  COMMENTS/STATUS

                
	
                  1.

                	 
      	
                  First
      Drawdown

                  It
      is a condition precendent to the first Drawdown that the Agent shall have
      received not less than three (3) Banking Day prior to the proposed first
      Drawdown Date the following in form and content satisfactory to
      it.

                	 
      	 
      
	
                  1.1

                	 
      	
                  a
      counterpart of the Loan Agreement, duly signed on behalf of the
      Borrowers

                	 
      	 
      
	
                  1.2

                	 
      	
                  counterparts
      of the Master Agreements, duly signed on behalf of the
      Borrowers

                	 
      	 
      
	
                  1.3

                	 
      	
                  transcripts
      from the commercial register in Aurich not older than one (1) week
      evidencing that each of the Borrowers is a limited partnership duly
      organized and existingunder the laws of the Federal Republic of Germany
      and that the General Partner is the sole general partner of the each of
      the Borrowers

                	 
      	 
      
	
                  1.4

                	 
      	
                  true
      copies of the partnership agreements (Gesellschaftsvertiäge)
      of each of the Borrowers

                	 
      	 
      
	
                  1.5

                	 
      	
                  transcripts
      from the commercial register in Aurich not older than one (1) week
      evidencing that the Borrowers’ general partner is duly organized and
      existing under the laws of the Federal Republic of Germany and evidencing,
      furthermore, the names and dates of birth of the individuals authorized to
      represent the General Partner

                	 
      	 
      
	
                  1.6

                	 
      	
                  true
      copies of the articles of association (Satzung) of the
      Borrower’s general partner

                	 
      	 
      
	
                  1.7

                	 
      	
                  true
      and complete copies of all Building Contracts and any and all amendments,
      supplements, side letters and additional agreements whatsoever in relation
      thereto such as (i) the Deeds of Assignment

                	 
      	 
      
	
                  1.8

                	 
      	
                  true
      and complete copies of all Refund Guarantees and any and all amendments,
      supplements, side letters and additional agreements whatsoever in relation
      thereto

                	 
      	 
      

        

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        
          	
                  1.10

                	 
      	
                  if
      required under the Building Contracts:  evidence that the
      Builder has granted its prior consent to the assignment of each of the
      Building Contracts

                	 
      	 
      
	
                  1.11

                	 
      	
                  the
      assignments of the Building Contracts (1) - (12) and the notices thereof
      in the form of Exhibit 13

                	 
      	 
      
	
                  1.12

                	 
      	
                  evidence
      that the Builder has been notified about the assignments of the Building
      Contracts (1) - (12) by submitting the acknowledgements attached to the
      these assignments, duly executed by Builder

                	 
      	 
      
	
                  1.13

                	 
      	
                  evidence
      that the Refund Guarantor has granted its prior consent to the assignment
      of each of the Refund Guarantees and the right to demand
      thereunder

                	 
      	 
      
	
                  1.14

                	 
      	
                  the
      assignments of the Refund Guarantees and the notices thereof in the form
      of Exhibit 14

                	 
      	 
      
	
                  1.15

                	 
      	
                  evidence
      that the Refund Guarantor has been notified about the assignments of the
      Refund Guarantees by submitting the acknowledgements attached to these
      assignments, duly executed by the Refund Guarantor

                	 
      	 
      
	
                  1.16

                	 
      	
                  A
      transcript from the commercial register in Aurich not older than one (1)
      week evidencing that the Corporate Guarantor is a limited partnership duly
      organized and existing under the laws of the Federal Republic of
      German

                	 
      	 
      
	
                  1.17

                	 
      	
                  transcripts
      from the commercial register in Aurich not older than one (1) week
      evidencing that the Corporate Guarantor’s general partner is duly
      organized and existing under the laws of the Federal Republic of Germany
      and evidencing, furthermore, the names and dates of birth of the
      individuals authorized to represent the Corporate Guarantor’s general
      partner

                	 
      	 
      
	
                  1.18

                	 
      	
                  evidence
      about the signing authority of the person(s) signing the documents and
      instruments referred to in this clause 1 for and on behalf of the relevant
      party

                	 
      	 
      
	
                  1.19

                	 
      	
                  all
      documents required by the Lenders to comply with “know your customer”
      regulations

                	 
      	 
      
	
                  1.20

                	 
      	
                  evidence
      that Borrowers are beneficiary as per meaning of section 8 of the German
      Anti Money Laundering Act (§ 8 GWG)

                	 
      	 
      
	
                  1.21

                	 
      	
                  a
      legal opinion from Swiss counsel about the validity, legality and
      enforceability of the Building Contracts and the “deeds of assignment”
      relating thereto

                	 
      	 
      
	
                  1.22

                	 
      	
                  a
      legal opinion from Italian counsel about the validity legality and
      enforceability of the Refund Guarantees

                	 
      	 
      

        

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      
        
          	
                  1.23

                	 
      	
                  1.23.1
      evidence that

                  1.23.1.1
      the Equity Provider 1 has paid EUR 37,950,000.00 as equity in total to the
      Borrowers directly or indirectly through a trustee and

                  1.23.1.2
      the full amount of such equity is at the free and undisturbed disposal of
      the Relevant Borrower and

                   

                  1.23.2
      evidence that the Equity Provider 1 has provided the Agent with a
      guarantee in the amount of at least EUR 40,970,000.00 securing the payment
      of additional equity, such guarantee in form and content and the issuer of
      the guarantee satisfactory to the Agent

                	 
      	 
      
	
                  1.24

                	 
      	
                  1.24.1
      evidence that

                  1.24.1.1
      the Equity Provider 2 has paid EUR 14,750,000.00 as equity in total to the
      Borrowers directly or indirectly through a trustee and

                  1.24.1.2
      the full amount of such equity is at the free and undisturbed disposal of
      the Relevant Borrower and

                   

                  1.24.2  
      evidence that the Equity Provider 2 has provided the Agent with the
      Corporate Guarantee in the amount of at least EUR 20,300,000.00, securing
      the payment of additional equity, such guarantee in form and content and
      the issuer of the guarantee satisfactory to the Agent

                	 
      	 
      
	
                  1.25

                	 
      	
                  evidence
      that

                  1.25.1.1
      the Equity Provider 3 has paid EUR 26,300,000.00 as equity in total to the
      Borrower directly or indirectly through a trustee and

                  1.25.1.2
      the full amount of such equity is at the free and undisturbed disposal of
      the Relevant Borrower

                	 
      	 
      
	 
      	 
      	
                   
      

                	 
      	 
      
	
                  2.

                	 
      	
                  Drawdown
      of Tranches CT

                   

                  It
      is furthermore a condition precedent to each Drawdown of the Tranches CT
      that the Agent shall have received with regard to the first Drawdown not
      less than three (3) Banking Day and with regard to each subsequent
      Drawdown not less than three (3) Banking Days prior to the proposed
      Drawdown Date the following in form and content satisfactory to
      it

                	 
      	 
      
	
                  2.1

                	 
      	
                  the
      relevant Drawdown Notice;

                	 
      	 
      
	
                  2.2

                	 
      	
                  evidence
      about the signing authority of the person(s) signing the documents and
      instruments referred to in this clause 2 for an on behalf of the relevant
      party

                	 
      	 
      

        

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      
        
          	
                  2.3

                	 
      	
                  evidence
      that the relevant Construction Price Instalment is due and payable to the
      Builder by submitting a copy of the Builder’s invoice

                	 
      	 
      
	
                  2.4

                	 
      	
                  evidence
      that the relevant milestone during the construction process of the
      Relevant Vessel has been reached by submitting to the Agent a confirmation
      from the Classification Society (not applicable for the relevant first
      pre-delivery tranche)

                	 
      	 
      
	
                  2.5

                	 
      	
                  evidence
      that the balance between the Relevant Tranche and the relevant
      corresponding Construction Price Instalment, if any, will be paid to the
      Builder prior to or at the latest simultaneously with the
      Drawdown

                	 
      	 
      
	
                  2.6

                	 
      	
                  evidence
      that no event of default has occurred under the Relevant Building Contract
      by submitting to the Agent a written confirmation duly signed by the
      Relevant Borrower

                	 
      	 
      
	 
      	 
      	
                  It
      is furthermore a condition precedent to the Drawdown of any of the
      Tranches CT B that the Agent shall have received not later than either on
      the proposed date of issuance of a Payment Guarantee prior to or at least
      simultaneously with such issuance the following in form and content
      satisfactory to it

                	 
      	 
      
	
                  2.7

                	 
      	
                  the
      relevant guarantee request notice in the form of Exhibit 2 of the Loan
      Agreement

                	 
      	 
      
	
                  2.8

                	 
      	
                  evidence
      that the Relevant Borrower has to provide a payment guarantee in favour of
      the Builder

                	 
      	 
      
	
                  3.

                	 
      	
                  Drawdown
      of Tranches LT

                   

                  It
      is a condition precedent to each Drawdown of any of the Tranches LT that
      the Agent shall have received not less than three (3) Banking Days prior
      to the proposed Drawdown Date the following in form and content
      satisfactory to it

                	 
      	 
      
	
                  3.1

                	 
      	
                  the
      relevant Drawdown Notice;

                	 
      	 
      
	
                  3.2

                	 
      	
                  evidence
      that the Fair Market Value of the Relevant Vessel is not less than one
      hundred twenty (120) percent of the Relevant Tranche LT by submitting an
      evaluation report by an internationally well reputed ship sale and
      purchase broker accepted by the Agent

                	 
      	 
      
	
                  3.3

                	 
      	
                  evidence
      that the Relevant Vessel is fully insured as set out in Clause 13 of the
      Loan Agreement

                	 
      	 
      
	
                  3.4

                	 
      	
                  a
      list showing the names and address details of all Assureds of the Relevant
      Vessel

                	 
      	 
      
	
                  3.5

                	 
      	
                  the
      Acknowledgement and Submission, duly executed by the
    Borrowers

                	 
      	 
      
	
                  3.6

                	 
      	
                  evidence
      that the balance between the Relevant Tranche and the relevant
      corresponding Construction Price Instalment, if any, will be paid to the
      Builder prior to or at the latest simultaneously with the
      Drawdown

                	 
      	 
      
	
                  3.7

                	 
      	
                  the
      Builder’s invoice regarding the Relevant Vessel

                	 
      	 
      

        

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      
        
          	
                  3.8

                	 
      	
                  all
      applications, forms and other documents necessary to open the Earnings
      Account in the name of the Relevant Borrower with the
Agent

                	 
      	 
      
	
                  3.9

                	 
      	
                  the
      pledge of the Relevant Earnings Account

                	 
      	 
      
	
                  3.10

                	 
      	
                  the
      Manager’s Undertaking

                	 
      	 
      
	
                  3.11

                	 
      	
                  In
      case the Relevant Borrower wishes to register the Relevant Vessel as a
      bareboat in another registry:

                  -   evidence
      that the relevant Bareboat Charterer is a company organized and existing
      under the laws of its incorporation

                  -   evidence
      that the relevant Bareboat Charterer is owned and controlled by the
      Relevant Borrower

                  -   the
      documentation to be executed and delivered by the Relevant Borrower and
      the Bareboat Charterer in accordance with Clause 20 of the Loan
      Agreement

                	 
      	 
      
	
                  3.12

                	 
      	
                  the
      SACE Guarantee

                	 
      	 
      
	
                  3.13

                	 
      	
                  evidence
      of a concept for the pool employment of the Vessels acceptable to the
      Agent

                	 
      	 
      
	
                  3.14

                	 
      	
                  evidence
      that at least two (2) of the first four (4) Delivered Vessels be employed
      under a time charter of a minimum duration of twelve (12) Months (or
      equivalend substitute satisfactory to the Lenders, such as a cash deposit
      to be opened and maintained by the Borrowers with the Agent and to be
      pledged to the Lenders, with an amount corresponding to the balance of
      twelve (12) Months charter), at a charter hire in a sufficient amount to
      cover operating expenses and financing costs under this Agreement and
      furthermore on terms and conditions acceptable to the
    Lenders

                	 
      	 
      
	
                  3.15

                	 
      	
                  true
      and complete copies of all management agreements regarding all Vessels
      made between the Manager and the Relevant Borrower, and any and all
      amendments, supplements, side letters and additional agreements whatsoever
      in relation thereto

                	 
      	 
      
	
                  3.16

                	 
      	
                  the
      Reimbursement Agreement duly signed by all parties to it

                   

                	 
      	 
      
	
                  3.17

                	 
      	
                  the
      Letter of Undertaking and indemnity duly executed by the
      Builder

                	 
      	 
      
	
                  3.18

                	 
      	
                  a
      legal opinion from German counsel about the validity legality and
      enforceability of the Loan Agreement and the Security Documents governed
      by German law

                	 
      	 
      
	 
      	 
      	
                  It
      is furthermore a condition precedent to the Drawdown of any of the
      Tranches LT that the Agent shall have received not later than either on
      the proposed Drawdown Date prior to or at least simultaneously with the
      Drawdown or simultaneously with the release by the Agent of the funds from
      a blocked account to the Builder the following in form and content
      satisfactory to it

                	 
      	 
      

        

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      
        
          	
                  3.13

                	 
      	
                  evidence
      that the Relevant Borrower has acquired ownership title in the Relevant
      Vessel free and clear of liens, mortgages and other encumbrances by
      submitting – inter alia – true and complete copies of the Builder’s
      Certificate, the Bill of Sale, the Builder’s Warranty, a non-registration
      or deletion certificate (as may be applicable) of the competent Itanian
      authority and the Protocol of Delivery and Acceptance

                	 
      	 
      
	
                  3.14

                	 
      	
                  evidence
      that the Relevant Vessel has been duly registered in the ownership of the
      Relevant Borrower in the Ships Register;

                	 
      	 
      
	
                  3.15

                	 
      	
                  In
      case the Relevant Borrower wishes to register the Relevant Vessel as a
      bareboat in another registry:

                  evicence
      that the relevant Vessel is registered as a bareboat in the non-German
      registry as a bareboat only

                	 
      	 
      
	
                  3.16

                	 
      	
                  evidence
      that the Hypothec is registered with first priority over the Relevant
      Vessel;

                	 
      	 
      
	
                  3.17

                	 
      	
                  evidence
      that the balance between the Relevant Tranche and the relevant
      corresponding Construction Price Instalment, if any, is paid to the
      Builder

                	 
      	 
      
	
                  3.18

                	 
      	
                  the
      assignments of insurances in the form of Exhibits 8 and 9, duly executed
      and notified by the Relevant Borrower and the relevant Assured(s)
      respectively, to the relevant brokers and insurers

                	 
      	 
      
	
                  3.19

                	 
      	
                  the
      assignment of charter and other earnings in the form of Exhibit 10, duly
      executed by the Relevant Borrower and the Bareboad Charterer, if
      any,

                	 
      	 
      
	
                  3.20

                	 
      	
                  evidence
      that the Charterer has been notified about the assignment of Charter by
      submitting the acknowledgements attached to these assignments, duly
      executed by the Charterer

                	 
      	 
      
	
                  3.21

                	 
      	
                  copy
      of a confirmation of class for hull and machinery, not older than seventy
      two (72) hours, showing that the Relevant Vessel is in class free of
      recommendations and conditions

                	 
      	 
      
	
                  4.

                	 
      	
                  Drawdown
      of Tranches CF

                  It
      is a condition precedent to each Drawdown of any of the Tranches CF that
      the Agent shall have received no less than three (3) Banking Days prior to
      the proposed Drawdown Date the following in form and content satisfactory
      to it

                	 
      	 
      
	
                  4.1

                	 
      	
                  the
      relevant Drawdown Notice;

                	 
      	 
      
	
                  4.2

                	 
      	
                  evidence
      that the Relevant Tranche LT is due and payable

                	 
      	 
      
	
                  4.3

                	 
      	
                  all
      conditions precedent described in Clause 3 have been fulfilled to the
      satisfaction of the Agent

                	 
      	 
      

        

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
1

     

    FORM
OF DRAWDOWN NOTICE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              To: 

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE

            

    

    Friedrichswall
10

    30159
Hannover

    Germany

    Facsimile
No.: +49-511-3614785
 

     _________________,
200__

     

    Dear
Sirs,

     

    DRAWDOWN
NOTICE

     

    We refer
to the loan agreement dated _____________, 2008, (the “Loan Agreement”) made
between yourselves and certain lenders as lenders and ourselves as borrowers,
pursuant to which it has been agreed that the Lenders (as the term is defined in
the Loan Agreement) shall make available to us upon the terms and conditions
stipulated therein those loan facilities listed in Annex 1 hereto for the
purposes as stipulated therein.

     

    Expressions
defined in the Loan Agreement shall have the same meaning when used in this
letter.

     

    With
reference to Clause 5 in connection with Schedule 5 of the Loan Agreement we
hereby give you notice that we wish to draw as follows:

     

    
      	
              Tranche(s):

            	
              _______________________

            
	
              Amount:

            	
              _______________________

            
	
              Proposed
      Drawdown Date:

            	
              _______________________

            
	
              Duration
      of first Interest Period:

            	
              _______________________

            

    

     

    We hereby
further authorise and instruct you to pay the proceeds of the Relevant
Tranche(s) on the Drawdown Date as follows:

     

    
      	
              Account
      no.

            	
              ______________________________

            
	
              Bank:

            	
              ______________________________

            
	
              Bank
      Code:

            	
              ______________________________

            
	
              IBAN:

            	
              ______________________________

            
	
              Beneficiary:

            	
              ______________________________

            
	
              Reference:

            	
              ______________________________

            

    

     

    We hereby
confirm that at the date hereof the Representations and Warranties set out in
Clause 18 of the Loan Agreement are true and no Event of Default has occurred
under the Loan Agreement and under the Relevant Building Contract.

     

    We
undertake to indemnify you against any costs, damages, losses or expenses of
whatsoever nature which you may sustain or incur as a consequence of the Loan
not being drawn after this Drawdown Notice has been served, including but not
limited to any costs, damages, losses or expenses of whatsoever nature incurred
to fund the said Loan provided, however, you have submitted to us a conclusive
calculation about the compensation amount required.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    We hereby
further irrevocably and unconditionally undertake to pay all such costs, losses,
damages or other expenses of whatsoever nature incurred immediately upon receipt
by us of a written demand therefore from you.

     

    Yours
faithfully,

    

    THE
BORROWERS

    

    
      	
              SIGNED
      by

            	
              )

            	 
      
	
              _________________________________________

            	
              )

            	 
      
	
              for
      and on behalf of

            	
              )

            	
              ___________________________

            

    

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF JUIST” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF NOREERNEY” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF BALTRUM” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF LANGEOOG” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF AMRUM” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF SYLT” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF WANGEROOGE” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISEL OF NEUWERK” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF USEDUM” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF FEHMARN” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF MEMMERT” KG

     

    ATL
OFFSHORE GMBH & CO. MS “ISLE OF MELLUM” KG

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
2

     

    LIST
OF LOANS

     

    
      
        
          
            
              
                	
                        Loan

                      	 	
                        Amount

                      	 	
                        Purpose

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      CT.A

                      	 	
                        up
      to EUR 123,000,000.00

                      	 	
                        financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3, 9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      CT.B

                      	 	
                        up
      to EUR 240,000,000.00

                      	 	
                        enabling
      NORD/LB to issue the Payment Guarantees

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      LT

                      	 	
                        up
      to EUR 420,570,000.00

                      	 	
                        repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4, and to pay to
      the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5, 5.5,
      6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                      
	 
      	 	 
      	 	 
      
	
                        Credit
      Facility

                      	 	
                        up
      to EUR 84,114,000.00

                      	 	
                        Repayment
      of those amounts due in connection with the repayment  of the
      Loan LT required to pay the balance between the twelve (12) years’
      repayment profile compared to an fifteen (15) years’ repayment
      profile

                      

              

            

          

        

      

    

     

    N.B.:  Capitalized
terms used in this Annex shall have the same meaning as given to them in the
Loan Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
2

     

    FORM
OF GUARANTEE REQUEST

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    /Nord/LB
Logo/

     

    GUARANTEE APPLICATION
FORM

    

    To:           NORD/LB
Hannover (the “Bank”)

     

    Date:

    From:

     

    Full
Name:  _______________

     

    Full
registered address:  ______________

     

    Customer’s
account with the Bank:  ____________

     

    Hereby we
ask for issuance of the Bank’s   ___________________________
guarantee to secure

    (type
of the guarantee to be issued)

     

    compliance
with our liabilities:

     

      
        

      

    

    The
Beneficiary:

    Full
name:

    Full
registered address:

    

    Beneficiary’s
Bank:

     

    Full name
and
address  ____________________________________________________________________________

    _______________________________________________________________________________________________

    SWIFT  ________________________________________________________________________________________

    Guarantee
amount _______________________________________________________________________________

    Direct/Indirect
or advised Guarantee:  _____________________

    Maturity:  from
___________________ till __________________

    Description
of goods:  ____________________________________________________________________________

    Wording
of Guarantee text: (standard or individual, which has to be attached)
________________________________

    The
original copy to be handed out

    to our
authorised representative _____________________________________________________________________

    (Name,
surname                                Identification
code)

     

    We have
familiarised ourselves with the Bank’s rates and accept them.

    Hereby we
authorise the Bank to debit our account No. __________________ with the
guarantee issuance fee.

    Beneficiary’s
bank commissions:  ___________________________________________________________________

    Please
find enclosed terms and conditions of the tender or contract (copy)

    Signed
this ____ day of _______________, by ______________________, on behalf of
_____________________________.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
3

     

    FORM
OF ASSIGNMENT OF BUILDING CONTRACT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                ASSIGNMENT OF RIGHTS UNDER A BUILDING CONTRACT

              	
                /LOGO/

              

      

    

     

    HULL
NO. ____

     

    OF

     

    FINCANTIERI
CANTIERI NAVALI ITALIANI S.P.A.

    of
Genoa, Italy

     

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Hannover

     

    AND

     

    ATL
OFFSHORE GMBH & CO. ________________ KG

    Leer

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    THIS ASSIGNMENT is made the
____ day of _________________, 2008, between

     

    
      	
              (1)

            	
              ATL OFFSHORE GMBH & CO.
      __________________ KG, a limited partnership organized and existing
      under the laws of Germany, having its registered office at Garrelsstr. 14,
      26789 Leer; Germany (the “Assignor), and NORDDEUTSCHE

            

    

     

    
      	
              (2)

            	
              LANDESBANK GIROZENTRALE,
      a banking institution organized and existing under the laws of the Federal
      Republic of Germany, having its registered offices at Friedrichswall 10,
      30159 Hannover, Germany (the
“Assignee”).

            

    

     

    WHEREAS

     

    
      	
              I.

            	
              under
      the terms of a shipbuilding contract dated ___________, 200__ and made
      between the Assignor (the “Buyer”) as buyer and FINCANTIERI CANTIERI
      NAVALI ITALIANI S.P.A. of Genoa, Italy, (the “Builder”) as builder and
      seller (as from time to time amended, varied or supplemented the “Building
      Contract”), the Builder agreed to build a A.H.T.S vessel, type Moss 424,
      16,000 bhp under its hull no. _______________ (the “Vessel”) and deliver
      the Vessel to the Assignor in accordance with the terms of the Building
      Contract.

            

    

     

    
      	
              II.

            	
              Pursuant
      to the terms and conditions of a loan agreement dated _____________, 2008
      (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Assignee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Assignor and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders make
      available to the Assignor and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities (the “Loan”) as
      further described in the Loan Agreement for the purpose of - inter alia -
      financing part of the acquisition cost of the
  Vessel.

            

    

     

    
      	
              III.

            	
              The
      Assignee and/or any of the Lenders and the Assignor and, as the case may
      be, the Additional Borrowers have entered or may enter individually or
      jointly into one or more master agreements (either (i) based on the
      2002 (Multicurrency Crossborder) form published by International Swap
      Dealers Association, Inc. of NewYork, New York, United States of America
      or (ii) being an instrument entitled ‘Rahmenvertrag fur
      Finanztermingeschafte’) including designated transactions from time
      to time entered into and transaction confirmations from time to time
      exchanged under the master agreements for financial derivatives
      transactions (the “Master
Agreement”).

            

    

     

    
      	
              IV.

            	
              Under
      the terms of the Loan Agreement the disbursement by the Assignee of the
      Loan or any part thereof is, inter alia, conditional on the Assignor
      assigning to the Assignee all the Assignor’s rights, title, interest and
      benefit in, under and in connection with the Building
      Contract.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    NOW THEREFORE the parties
hereto agree as follows:

     

    
      	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            

    

     

    In this
Assignment:

     

    
      	
              1.1

            	
              Clause
      headings are inserted for convenience only and shall not affect the
      construction of this Assignment and, unless otherwise specified, all
      references to Clauses and to the Annex are references to Clauses of, and
      the Annex to, this Assignment; and

            

    

     

    
      	
              1.2

            	
              Unless
      the context otherwise requires, words denoting the singular number shall
      include the plural and vice versa;
and

            

    

     

    
      	
              1.3

            	
              References
      to persons include references to bodies corporate and uninmrporate;
      and

            

    

     

    
      	
              1.4

            	
              References
      to any document are to be construed as references to such document as from
      time to time amended and/or supplemented (subject, where relevant, to the
      provisions of this Assignment); and

            

    

     

    
      	
              1.5

            	
              Capitalized
      terms not otherwise defined herein shall have the same meanings assigned
      thereto in the Loan Agreement.

            

    

     

    
      	
              2.

            	
              ASSIGNMENT

            

    

     

    
      	
              2.1

            	
              To
      secure the repayment of the Loan and the performance of all and any of the
      Assignor’s and the Additional Borrowers’ obligations under and in
      connection with the Loan Agreement and the Master Agreements and the
      Security Documents and further in consideration of the premises and other
      good and valuable consideration (the receipt and sufficiency of which is
      hereby acknowledged by the Assignor), the Assignor hereby assigns and
      agrees to assign to the Assignee absolutely and with full title guarantee
      all the Assignor’s rights, titles and interest in and to all monies due
      and to become due to, all claims for damages arising in connection with
      the Building Contract and all liens now or hereafter belonging to the
      Assignor, its successors and/or assigns under the Building Contract and
      all the Assignor’s rights and benefits thereunder and particularly, but
      without limitation, all of the Assignor’s right, title and interest in and
      to the Vessel, its appurtenances and equipment, and the Assignee hereby
      accepts such assignment.  The Assignee hereby accepts the
      assignment.

            

    

     

    
      	
              2.2

            	
              If
      and as long as no Event of Default (as defined in the Loan Agreement
      and/or the Master Agreements) shall have occurred under the Loan Agreement
      and/or the Master Agreements, the Assignor shall have the right to
      continue its operations under the Building Contract (other than for the
      receiptof the monies hereby assigned and for the matters mentioned herein)
      but always in accordance with the Loan Agreement and the Master
      Agreements.

            

    

     

    
      	
              2.3

            	
              If
      an Event of Default (as defined in the Loan Agreement and/orthe Master
      Agreements) shall have occurred and is continuing under the Loan Agreement
      and/or the Master Agreements, the Assignee shall have the right (without
      being obliged) to realize and enforce the collateral granted by this
      Assignment.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    The
Assignee will, except where such prior notice is inappropriate and/or
incongruous, give the Assignor one week’s prior written notice if it intends to
realize the collateral granted by this Assignment, provided always that the
Assignee shall not be obliged to give such prior notice in circumstances where
(i) the Assignor hasseriously and finally repudiated its obligations under
the Loan Agreement, the Master Agreements and/or the Security Documents relating
thereto, (ii) the Assignor has suspended payments of its debts or is unable
or admits its inability to pay its debts as they fall due, or (iii) any
insolvency, administration, winding-up, bankruptcy or similar proceeding has
been applied for with respect to the Assignor.

     

    For the
purposes of realization and enforcement of the collateral granted by this
Assignment the Assignor hereby authorizes the Assignee to:

     

    
      	
              2.3.1

            	
              avail
      itself of all the rights and benefits of the Assignor under the Building
      Contract including, without limitation, the performance of the Building
      Contract;

            

    

     

    
      	
              2.3.2

            	
              make
      any demands and enforce any of the Assignor’s rights and powers under the
      Building Contract with the same force and effect as if it was made and
      enforced by the Assignor
thereunder;

            

    

     

    
      	
              2.3.3

            	
              assign
      the Building Contract and such rights and powers to a nominee with the
      written consent of the Builder;

            

    

     

    
      	
              2.3.4

            	
              demand
      and receive all sums payable or to become payable to the Assignor under
      the Building Contract and apply them in accordance with the applicable
      provisions of Clause 2.4; and

            

    

     

    
      	
              2.3.5

            	
              receive
      any expenses from the Assignor upon the Assignee’s first written demand
      incurred by the Assignee in connection with the exercise of its rights
      hereunder.

            

    

     

    In case
the Assignee makes use of its rights set forth in this Subclause 2.3 it shall
not be liable for any loss incurred due to the exercise of any of its rights
unless caused by its willful misconduct.

     

    
      	
              2.4

            	
              All
      monies received by the Assignee pursuant to this Assignment (including,
      but without limitation) in respect
of:

            

    

     

    
      	
              2.4.1

            	
              an
      assignment by the Assignee of its title and interest in all rights, powers
      and benefits in and under the Building Contract,
  or

            

    

     

    
      	
              2.4.2

            	
              such
      collections or recoveries as are referred to in Clause
  2.3,

            

    

     

    shall be
applied by the Assignee as stipulated in the Loan Agreement.

     

    
      	
              2.5

            	
              The
      Assignee shall not be obliged to make any enquiry as to the nature or
      sufficiency of any payment received by it hereunder or to make any claim
      or to take any other action to collect any monies orto enforce any rights
      and benefits hereby assigned to the Assignee or to which the Assignee may
      at any time be entitled hereunder.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              NO
      RELEASE FROM OBLIGATIONS

            

    

     

    Nothing
contained in this assignment shall relieve the Assignor of any obligation under
the Building Contract, and the Assignor shall remain liable to observe and
perform all the covenants and conditions thereof on its part to be observed or
performed under the Building Contract and the Assignee shall not by virtue of
entering into this Assignment be under any duty to observe and perform such
covenants or conditions or be liable for any failure to observe and perform the
same unless the Assignee shall by mailing written notice to the Assignor and tle
Builder avail itself of all the rights and benefits of the Assignor under the
Building Contract by taking over the Vessel, but the foregoing exemption from
duty and liability shall not extend to any person, firm or corporation which
shall acquire the benefits of the Building Contract from the Assignee or from
the Assignee’s assignees for the purpose of performing the samefor its own
benefit or for the benefit of the Assignee under the Loan Agreement and/or the
Master Agreements.

     

    
      	
              4.

            	
              COVENANTS
      AND UNDERTAKINGS

            

    

     

    The
Assignor covenants and agrees that it will:

     

    
      	
              4.1

            	
              duly
      perform all of the obligations required by it to be performed under the
      Building Contract; and

            

    

     

    
      	
              4.2

            	
              promptly
      furnish to the Assignee a copy of the counterpart of each and every other
      type of addendum or amendment made to the Building Contract not hereby
      forbidden; and

            

    

     

    
      	
              4.3

            	
              keep
      the Assignee informed about the progress of the Vessel’s construction and
      any further matter of interest in connection with the Vessel’s
      construction; and

            

    

     

    
      	
              4.4

            	
              promptly
      furnish the Assignee by letter or telefax with the particulars of each and
      every instance of damage to the Vessel in excess of Euro one million (EUR
      1,000,000.00) and/or breach or claim of breach by the Builder or the
      Assignor under the Building Contract;
and

            

    

     

    
      	
              4.5

            	
              not
      without the Assignee’s prior written consent, which shall not be
      unreasonably withheld, amend, terminate, cancel or rescind the Building
      Contract

            

    

     

    
      	
              5.

            	
              SUCCESSORS
      AND ASSIGNS

            

    

     

    Whenever
in this Assignment any of the parties hereto is referred to, such reference
shall be deemed to include the successors and permitted assigns of such parties,
and all covenants and agreements in this Assignment contained by and on behalf
of the parties hereto shall bind and iinure to the benefit of the respective
successors and permitted assigns of the respective party
hereto.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              6.

            	
              ATTORNEY
      IN FACT

            

    

     

    In
addition to the assignment as stipulated in Clause 2 hereof, the Assignor by way
of security hereby irrevocably appoints and constitutes the Assignee as the
Assignor’s true and lawful attorney with full Power (in the name of the Assignor
or otherwise) to ask, require, demand, receive, compound and give acquittance
for any and all monies and claims for monies due and to become due to the
Assignor under or arising out of the Building Contract and liens and rights and
benefits under the Building Contract, to endorse any cheques or other
instruments or orders instruments or orders in connection therewith and to take
any other action permitted under this Assignment which the Assignee may deem to
be necessary or advisable to exercise any other rights, power or benefits which
are given to the Assignee under this Assignment or under applicable law and
generally to do any and all such things as the Assignor itself could do in
relation to the property hereby assigned, provided however that the power hereby
constituted may be exercisable only after the occurrence of an Event of Default
(as defined in the Loan Agreement and/or the Master Agreements) under the Loan
Agreement and/or the Master Agreements (although any third party shall be
entitled to rely on the exercise of the power by the Assignee as conclusive
evidence that such Event of Default has occurred).

     

    
      	
              7.

            	
              NOTICE
      OF ASSIGNMENT

            

    

     

    The
Assignor shall execute and deliver to the Builder a notice of the assignment
made hereby and procure that the Builder acknowledges the same.  Such
notice and acknowledgment shall be in the form attached hereto as Annex
2.

     

    
      	
              8.

            	
              FURTHER
      ASSURANCE

            

    

     

    
      	
              8.1

            	
              The
      Assignor covenants that at any time and from time to time upon request and
      whenever the Assignee so require it will promptly and duly execute and
      deliver to the Assignee any and all such further instruments, documents
      and writings as the Assignee may deem desirable to assist the Assignee in
      obtaining the full benefit of the property hereby assigned and the rights,
      benefits and power herein granted.

            

    

     

    
      	
              8.2

            	
              The
      security created by this
Assignment:

            

    

     

    
      	
              8.2.1

            	
              shall
      be held by the Assignee as a continuing security for the payment of all
      sums payable under the Loan Agreement and the Master Agreements and the
      performance and observance of and compliance with all of the covenants,
      terms and conditions contained in the Loan Agreement and the Master
      Agreements; and

            

    

     

    
      	
              8.2.2

            	
              shall
      not be satisfied by any intermediate payment or satisfaction of any part
      of the amount hereby and thereby secured and the security so created shall
      be in addition to and shall not in any way be prejudiced or affected by
      any collateral or other security now or hereafter net by the Assignee for
      all or any part of the monies hereby and thereby
  secured.

            

    

     

    
      	
              9.

            	
              NO
      WAIVER

            

    

     

    Every
Power and remedy given to the Assignee hereunder shall be in addition to and not
a limitation of any and every other power or remedy vested in the Assignee under
or in connection with the Loan Agreement and the Master Agreements or at law and
all the powers so vested in the Assignee may be exercised from time to time and
as often as the Assignee may deem expedient and no delay or omission of the
Assignee to exercise any right or power shall be construed as a waiver of or an
acquiescence in default by the Assignor.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              10.

            	
              WARRANTY

            

    

     

    The
Assignor hereby warran that it has not heretofore assigned, charged or pledged,
and will not assign, charge or pledge while this Assignment is in effect, the
whole or any part of the monies property Assignee.

     

    The
Assignor warrants that the whole or any part of the monies, property, benefits
or things hereby assigned are aassignable and that no applicable laws, rules or
regulations or agreements by which the Assignor is bound exist which prohibit or
prevent the valid and enforceable assignment thereof.

     

    
      	
              11.

            	
              RE-ASSIGNMENT

            

    

     

    On
discharge in full by the Assignor of all the obligations hereby secured the
Assignee, on demand and at the Assignor’s expense, shall reassign to the
Assignor without recourse to the Assignee all of the subject matter of this
Assignment.

     

    
      	
              12.

            	
              TRANSFER
      OF RIGHTS AND OBLIGATIONS

            

    

     

    
      	
              12.1

            	
              The
      Assignor may not assign or otherwise transfer, pledge or encumber in any
      other way any of its rights under this
  Assignment.

            

    

     

    
      	
              12.2

            	
              The
      Assignee shall have the right at any time to transfer and/or assign all or
      part of its rights and obligations under this Assignment to any third
      party.

            

    

     

    
      	
              12.3

            	
              The
      Assignee shall have the right at any time and from time to time to
      transfer all or part of its rights and obligations under this Agreement in
      connection with a transfer of all or part of its participation in the Loan
      for refinancing purposes.

            

    

     

    
      	
              12.4

            	
              This
      Assignment shall be binding upon, and shall inure to be benefit of the
      Assignee, its successors and their respective successors (in each case
      whether by merger, amalgamation consolidation, take over or otherwise, and
      each such case being a “succession” in the sense of this Clause),
      transferees and/or assignees as the case may be and each party hereby
      agrees that from the completion of the succession this Assignment shall be
      read and construed as if all references to the Assignee were references to
      the relevant successor.

            

    

     

    
      	
              12.5

            	
              In
      connection with any assignation, transfer and/or sub-participation under
      this Clause the Assignee may disclose confidential
      information.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              13.

            	
              COMMUNICATION

            

    

     

    Any
notice or other communication to be given pursuant hereto shall be by letter or
registered er or by telefax arid addressed

     

    - if to
the Assignor, to:

    
 

    ATL
OFFSHORE GMBH & CO. ____________________ KG

    c/o
HARTMANN OFFSHORE GMBH

    Garrelsstr.
14

    26789
Leer

    Germany

    Fax:  +49-491-9995020

    

    - if to
the Assignee, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Germany

    Fax:  +49-511-3614785

     

    or to
such other address as either party may notify to the other in
writing.

     

    Communications
sent by telefax shall be effective on the date of despatch and five (5) days
after having been posted if sent by post.

     

    
      	
              14.

            	
              LAW
      AND JURISDICTION

            

    

     

    
      	
              14.1

            	
              This
      Assignment shall be construed in accordance with and be governed by the
      laws of the Federal Republic of Germany except in so far as the laws of
      another country compulsorily apply to the subject matter in
      question.

            

    

     

    
      	
              14.2

            	
              In
      relation to any dispute arising out of or in connection with this
      Assignment and for the exclusive benefit of the Assignee the Assignor and
      the Assignee hereby irrevocably and unconditionally submit to the
      jurisdiction of the courts of Hannover and waive any objection to
      proceedings with respect to this Assignment in such court on the grounds
      of venue or inconvenient forum, the Assignee being entitled to initiate
      legal proceedings or further legal proceedings in respect of any dispute
      arising out of or in connection with this Assignment before any other
      competent court.

            

    

     

    
      	
              15.

            	
              MISCELLANEOUS

            

    

     

    If any
Provision of this Assignment is or becomes invalid or unenforceable, such
invalidity or enforceability shall not affect the validity and enforceability of
the remaining provisions hereof.  In such event the parties shall
substitute the invalid and/or unenforceable provision(s) by valid and
enforceable provision(s) implementing the intentions of the
parties.

     

    (remainder
of page left blank intentionally)

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF the parties
hereto have executed this Assignment the day and year first above
written.

     

    
      
        
          
            
              	
                      SIGNED
      AND DELIVERED by:

                    	
                      )

                    	 
      
	
                      __________________________

                    	
                      )

                    	 
      
	
                      for
      and on behalf of

                    	
                      )

                    	 
      
	
                      ATL
      Offshore GmbH

                    	
                      )

                    	 
      
	
                      As
      sole general partner of

                    	
                      )

                    	 
      
	
                      ATL
      OFFSHORE GMBH &CO.

                    	
                      )

                    	 
      
	
                      _________________________
      KG

                    	
                      )

                    	
                      _____________________________________

                    
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                      SIGNED
      AND DELIVERED by:

                    	
                      )

                    	 
      
	
                      __________________________

                    	
                      )

                    	 
      
	
                      for
      and on behalf of

                    	
                      )

                    	 
      
	
                      NORDDEUTSCHE
      LANDESBANK

                    	
                      )

                    	 
      
	
                      GIROZENTRALE

                    	
                      )

                    	
                      _____________________________________

                    

            

          

        

      

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Annex 1

     

    List
of Additional Borrowers

     

    
      
        
          
            
              
                
                  	
                          Borr.

                          No.

                        	 	
                           

                          Name
      of Borrower

                        	 	
                           

                          Address

                        
	 
      	 	 
      	 	 
      
	
                          1

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Juist” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          2

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Norderney” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          3

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Baltrum” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          4

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Langeoog” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          5

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Amrum” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          6

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle of Sylt” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          7

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Wangerooge” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          8

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Neuwerk” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          9

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Usedom” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          10

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Fehmarn” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          11

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Memmert” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        
	 
      	 	 
      	 	 
      
	
                          12

                        	 	
                          ALT
      Offshore GmbH & Co. MS “Isle Of Mellum” KG

                        	 	
                          Neue
      Str. 24

                          26789
      Leer

                          Germany

                        

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Annex 2

     

    ATL
OFFSHORE GMBH & CO. _________________ KG

    Leer,
Germany

     

      
        

      

    

     

    FINCANTIERI
CANTIERI NAVALI ITALIANI S.P.A.

     

    Genoa,
Italy

    

    ____________________,
2008

    Dear
Sirs,

     

    Shipbuilding
contract dated _____________, 200_ made between ourselves (the “Buyer”) as buyer
and yourself (the “Builder”) as builder and seller (as from time to time
amended, varied or supplemented the “Building Contract”) regarding the
construction and delivery of a A.H.T.S. vessel under construction as hull no.
______ (the “Vessel”)

    

    Notice
of Assignment

    

    Please
take notice that by an instrument entitled “Assignment of Rights under a
Building Contract” dated the day hereof, the Buyer has assigned absolutely to
NORDDEUTSCHEE LANDESBANK
GIROZENTRALE of Hannover, Federal Republic of Germany, (the “Assignee”),
all its right, title and interest in and to all monies due and to become due to,
all claims for damages arising in connection with the Building Contract and all
liens now or hereafter belonging to the Buyer under the Building Contract and
all rights and benefits thereunder and particularly, but without limitation, of
all of the Buyer’s right, title and interest in and to the Vessel, its
appurtenances and equipment.

     

    Notwithstanding
the above, the Buyer remains fully responsible as buyer under the Building
Contract in every respect, in particular for the payment of the Vessel’s
purchase price under the Building Contract, including the payment of the
instalment payable at the Vessel’s delivery.

     

    You shall
be entitled to continue to deal with the Buyer notwithstanding the Assignment
referred to herein, unless and until you receive notice from the Assignee that
the Buyer is in default of its obligations to the Assignee.  Following
receipt of such notice you shall not be required to enquire about the validity
of such notice but shall be entitled to act upon it as if it were valid in all
respects.

     

    Although
the Assignee has agreed that, subject as aforesaid, the Buyer shall continue to
superintend the construction of the Vessel, this being subject to the
restriction that without the in the us written consent of the Assignee the Buyer
shall not agree with the Builder any change in the provisions of the Building
Contract.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    Please
acknowledge the receipt of this Notice by countersigning and returning to NORDDEUTSCHE LANDESBANK
GIROZENTRALE, Shipping and Aircraft Finance Department, Friedrichswall
10, 30159 Hannover, Federal Republic of Germany, the Acknowledgement being
attached to this letter.

     

    Yours
faithfully,

     

     

    
      
        

      

    

    ATL
OFFSHORE GMBH & CO. ________________ KG

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              From: 

            	
              FINCANTIERI CANTIERI
      NAVALIITALIANI S.P.A.

            

    

    Via
Cipro, 11

    16129
Genoa

    Italy

    

    
      	
              To: 

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE

            

    

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Germany

     

     _______________________
2008

     

    Dear
Sirs,

     

    Shipbuilding
contract dated __________, 200_ made between ATL OFFSHORE GMBH & CO.
________________ KG of Leer, Germany (the “Buyer”) as buyer and ourselves (the
“Builder”) as builder and seller (as from time to time amended. varied or
sunulemented the “Building Contract”) regarding the construction and delivery of
a A.H.T.S. vessel under construction as hull no. (the “Vessel”)

     

    We, the
undersigned FINCANTIERI CANTIERI NAVALI ITALIANI S.P.A. of Genoa, Italy, hereby
acknowledge receipt of the foregoing Notice of Assignment of Building
Contract.

     

    We
furthermore, acknowledge that, in case we become entitled to terminate, cancel,
or rescind the Building Contract by reason of default by the Buyer, we shall not
exercise that right without giving you prior written notice, and an opportunity
to remedy such situation within 14 days or such period to which we may
agree.

     

    We
confirm that we have not received any other notice of assignment, pledge or
other encumbrance.

     

    We hereby
undertake that we will act in accordance with the terms and condition of the
Notice of Assignment of the Building Contract received from the
Buyer.

     

    This
acknowledgement is given without prejudice to our rights under the Building
Contract.

     

    Yours
faithfully, 

     

       

    
      
        

      

    

    FINCANTIERI
CANTIERI NAVALIITALIANI S.P.A.

    (evidence
of legal authority of signatories to be attached)

    (company
seal to be attached)

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    EXHIBIT
4

     

    FORM
OF ASSIGNMENT OF REFUND GUARANTEE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT
OF                                                                                                                     /LOGO/

    REFUND
GUARANTEE

    

    HULL
NO. ____

    OF

    FINCANTIERI
CANTIERI NAVALI ITALINI S.P.A.

    of
Genoa, Italy

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Hannover

    

    AND

    

    ATL
OFFSHORE GMBH & CO. ______________________ KG

    Leer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS ASSIGNMENT is made the
____ day of _____________, 2008, between

     

    
      	
              (1)

            	
              ATL OFFSHORE GMBH & CO.
      ______________ KG, a limited partnership organized and existing
      under the laws of Germany, having its registered office at Garrelsstr. 14,
      26789 Leer, Germany (the “Assignor”),
and

            

    

     

    
      	
              (2)

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE, a banking institution organized and existing under
      the laws of the Federal Republic of Germany, having its registered offices
      at Friedrichswall 10, 30159 Hannover, Germany (the
      “Assignee”).

            

    

     

    WHEREAS

     

    
      	
              I.

            	
              Under
      the terms of a shipbuilding contract dated __________, 200_ and made
      between the Assignor (the “Buyer”) as buyer and FINCANTIERI CANTIERI
      NAVALI ITALIANI S.P.A. of Genoa, Italy, (the “Builder”) as builder and
      seller (as from time to time amended, varied or supplemented the “Building
      Contract”), the Builder agreed to build a A.H.T.S vessel, type Moss 424,
      16,000 bhp under its hull no. (the “Vessel”) and deliver the Vessel to the
      Assignor in accordance with the terms of the Building
      Contract.

            

    

     

    
      	
              II.

            	
              Under
      the terms of a refund guarantee no. _____________ dated ___________, 200_,
      (the “Refund Guarantee”) from _____________, of _____________, (the
      “Refund Guarantor”) to the Assignor, the Refund Guarantor has undertaken
      to pay to the Assignor an aggregate amount of Euro _________________ (EUR
      ________________) plus interest (as further specified in the Refund
      Guarantee) securing the Builder’s contingent obligation to repay to the
      Assignor the instalments of the Vessel’s contract price as specified in
      the Building Contract.

            

    

     

    
      	
              III.

            	
              Pursuant
      to the terms and conditions of a loan agreement dated _____________, 2008
      (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Assignee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Assignor and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders make
      available to the Assignor and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities (the “Loan”) as
      further described in the Loan Agreement for the purpose of - inter alia -
      financing part of the acquisition cost of the
  Vessel.

            

    

     

    
      	
              IV.

            	
              The
      Assignee and/or any of the Lenders and the Assignor and, as the case may
      be, the Additional Borrowers have entered or may enter individually or
      jointly into one or more master agreements (either (i) based on the
      2002 (Multicurrency Crossborder) form Published by International Swap
      Dealers Association, Inc. of New York, New York, United States of America
      or (ii) being an instrument entitled ‘Rahmenvertrag für
      Finanztermingeschäfté) including designated transactions from time to time
      entered into and transaction confirmations from time to time exchanged
      underthe master agreements for financial derivatives transactions (the
      “Master Agreement”).

            

    

     

    
      	
              V.

            	
              Under
      the terms of the Loan Agreement the disbursement by the Assignee of the
      Loan or any part thereof is, inter alia, conditional on the Assignor
      assigning to the Assignee all the Assignor’s rights, title, interest and
      benefit in, under and in connection with the Refund
    Guarantee.

            

    

     

    NOW
THEREFORE the parties hereto agree as follows:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            

    

     

    In this
Assignment:

     

    
      	
              1.1

            	
              Clause
      headings are inserted for convenience only and shall not affect the
      construction of this Assignment and, unless otherwise specified, all
      references to Clauses and to the Annex are references to Clauses of, and
      the Annex to, this Assignment;

            

    

     

    
      	
              1.2

            	
              unless
      the context otherwise requires, words denoting the singular number shall
      include the plural and vice versa;

            

    

     

    
      	
              1.3

            	
              references
      to persons include references to bodies corporate and unincorporate;
      and

            

    

     

    
      	
              1.4

            	
              references
      to any document are to be construed as references to such document as from
      time to time amended and/or supplemented (subject, where relevant, to the
      provisions of this Assignment); and

            

    

     

    
      	
              1.5

            	
              capitalized
      terms not otherwise defined herein shall have the same meanings assigned
      thereto in the Loan Agreement.

            

    

     

    
      	
              2.

            	
              ASSIGNMENT

            

    

     

    To secure
the repayment of the Loan and the erformance of all and any of the Assignor’s
and of the Additional Borrowers’ obligations under and in connection with the
Loan Agreement and MasterAgreements and the Security Documents and further in
consideration of the premises and other good and valuable consideration (the
receipt and sufficiency of which is hereby acknowledged by the Assignor), the
Assignor hereby assigns and agrees to assign to the Assignee absolutely and with
full title guarantee all the Assignor’s rights, title, interest and benefits in
and under the Refund Guarantee including without limitation the Assignor’s
rights to make a demand underthe Refund Guarantee and its rights in all monies
payable by the Refund Guarantor under the Refund Guarantee and including
(without prejudice to the generality of the foregoing) interest and cost payable
under the Refund Guarantee and all claims for damages in respect of any breach
by the Refund Guarantor of the Refund Guarantee and the Assignee hereby accepts
such assignment.

     

    
      	
              3.

            	
              WARRANTY

            

    

     

    The
Assignor hereby warrants that it has not heretofore assigned, charged or
pledged, and will not assign, charge or pledge, while this Assignment is in
effect, the whole or any part of the monies, property, benefits or things hereby
assigned, to anyone other than the Assignee.

     

    The
Assignor warrants that the whole or any part of the monies, property, benefits
or things hereby assigned are assignable ad that no applicable laws, rules or
regulations or agreements by which the Assignor is bound, exist which prohibit
or prevent the valid and enforceable assignment thereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              UNDERTAKINGS
      BY THE ASSIGNOR

            

    

     

    The
Assignor hereby undertakes and agrees with the Assignee:

     

    
      	
              4.1

            	
              to
      execute and deliver to the Refund Guarantor a notice of assignment with
      respect to the Refund Guarantee and to procure that the Refund Guarantor
      executes and delivers to the Assignee acting for and on behalf of the
      Assignee a duplicate of such notice together with an acknowledgement
      thereof (such notice and acknowledgment to be in such form as attached
      hereto as Annex 2); and

            

    

     

    
      	
              4.2

            	
              not
      without the prior written consent of the Assignee, delivered to the
      Assignor and the Refund Guarantor, to agree to or permit or suffer any
      amendment whatsoever of or variation whatsoever in the terms of, nor to
      consent or agree to any waiver or release or cancellation of any
      obligation of the Refund Guarantor under or in connection with the Refund
      Guarantee; and

            

    

     

    
      	
              4.3

            	
              to
      do or permitto be done each and every act or thing which the Assignee may
      from time to time require to be done for the purpose of enforcing the
      Assignee’s rights, or any of them, under this Assignment or under the
      Refund Guarantee, and the Assignor will allow its name to be used as and
      when required by the Assignee for such
purpose.

            

    

     

    
      	
              5.

            	
              ENFORCEMENT

            

    

     

    
      	
              5.1

            	
              Upon,
      or at any time after, the happening of any Event of Default as defined in
      the Loan Agreement and/or the Master Agreements, the Assignee shall be
      entitled to realize and enforce the collateral granted by this
      Assignment.

            

    

     

    
      	
              5.2

            	
              The
      Assignee will, except where such prior notice is inappropriate and/or
      incongruous, give the Assignor one week’s prior written notice if it
      intends to realize the collateral granted by this Assignment, provided
      always that the Assignee shall not be obliged to give such prior notice in
      circumstances where (i) the Assignor hasseriously and finally
      repudiated its obligations under the Loan Agreement, the Master Agreements
      and/orthe Security Documents relating thereto, (ii) the Assignor has
      suspended payments of its debts or is unable or admits its inability to
      pay its debts as they fall due, or (iii) any insolvency,
      administration, winding-up, bankruptcy or similar proceeding has been
      applied for with respect to the
Assignor.

            

    

     

    
      	
              5.3

            	
              For
      the purposes of realization and enforcement of the collateral granted by
      this Assignment the Assignor hereby authorizes the Assignee to put into
      force and exercise as and when it may seem fit any and every power
      possessed by it by virtue of this Assignment and more particularly (but
      without any limitation to the generality of the
  foregoing):

            

    

     

    
      	
              5.3.1

            	
              to
      assign its title and interest in all rights, powers and benefits in and
      under the Refund Guarantee upon such terms as the Assignee shall in its
      absolute discretion determine; and

            

    

     

    
      	
              5.3.2

            	
              to
      collect, recover or compromise and give a good discharge for any monies
      payable to the Assignor by the Refund Guarantor, or any damages
      recoverable by the Assignor from the Refund Guarantor, or in connection
      with the Refund Guarantee.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              5.4

            	
              In
      addition to the assignment as stipulated in Clause 2, the Assignor by way
      of security hereby irrevocably appoints and constitutes the Assignee as
      the Assignor’s true and lawful attorney with full power (in the name of
      the Assignor or otherwise) to ask, require, demand, receive, compound and
      give acquittance for any and all monies and claims for monies due and to
      become due under or arising out of the Refund Guarantee, to endorse any
      cheques or other instruments or orders instruments or orders in connection
      therewith and to take any other action permitted under this Assignment
      which the Assignee may deem to be necessary or advisable to exercise any
      other rights, power or benefits which are given to the Assignee under this
      Assignment or under applicable law and generally to do any and all such
      things as the Assignor itself could do in relation to the property hereby
      assigned, provided however that the power hereby constituted may be
      exercisable only after the occurrence of an Event of Default under the
      Loan Agreement and/or the Master Agreements which is continuing (although
      any third party shall be entitled to rely on the exercise of the power by
      the Assignee as conclusive evidence that such Event of Default has
      occurred).

            

    

     

     

    
      	
              5.5

            	
              All
      monies received by the Assignee pursuant to this Assignment (including,
      but without limitation) in respect
of:

            

    

     

    
      	
              5.5.1

            	
              an
      assignment by the Assignee of its title and interest in all rights, powers
      and benefits in and under the Refund Guarantee;
  or

            

    

     

    
      	
              5.5.2

            	
              such
      collections, recoveries or compromises as are referred to in Clause 5.3.2,
      shall be applied by the Assignee as stipulated in the the Loan
      Agreement.

            

    

     

    
      	
              5.6

            	
              Subject
      as aforesaid the Assignee shall be entitled to exercise its power of
      assignment in such manner and at such time as the Assignee in its absolute
      discretion may determine and the Assignee shall not in any circumstances
      be liable for any loss occasioned by any such assignment unless caused by
      its wilful misconduct.

            

    

     

    
      	
              5.7

            	
              Upon
      any assignment of the Refund Guarantee pursuant to Clauses 5.3.1 and 5.6
      the assignee or purchaser shall not be bound to see or inquire whether the
      Assignee’s power of assignment has arisen and the assignment shall be
      deemed to be within the power of the Assignee and the receipt of the
      Assignee for the consideration for such assignment shall effectively
      discharge the assignee or purchaser who shall not be concerned with the
      manner of application of the proceeds thereof or be in anyway responsible
      therefor.

            

    

     

    
      	
              5.8

            	
              The
      Assignee shall not be obliged to make any enquiry as to the nature or
      sufficiency of any payment received by it hereunder orto make any claim
      orto take any other action to collect any monies orto enforce any rights
      and benefits hereby assigned to the Assignee or to which the Assignee may
      at any time be entitled hereunder.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              5.9

            	
              No
      delay or omission of the Assignee to exercise any right or power vested in
      it hereunder shall impair such right or power or be construed as a waiver
      of or acquiescence in any default by the Assignor and, in the event of the
      Assignee at any time agreeing to waive such right or power, such waiver
      shall be revocable by the Assignee at any time and the right or power
      shall thenceforth be exercisable as though there had been no such
      waiver.

            

    

     

    
      	
              6.

            	
              FURTHER
      ASSURANCE

            

    

     

    
      	
              6.1

            	
              The
      Assignor agrees that, at any time and from time to time upon request and
      whenever the Assignee so requires, the Assignor will promptly and duly
      execute and deliver to the Assignee any and all such further instruments
      and documents as the Assignee may deem reasonably desirable in obtaining
      the full benefits of this Assignment and of the rights and powers herein
      granted.

            

    

     

    
      	
              6.2

            	
              The
      security created by this
Assignment:

            

    

     

    
      	
              6.2.1

            	
              shall
      be held by the Assignee as a continuing security for the payment of all
      sums payable under the Loan Agreement and the Master Agreements and the
      performance and observance of and compliance with all of the covenants
      terms and conditions contained in the Loan Agreement and the Master
      Agreements; and

            

    

     

    
      	
              6.2.2

            	
              shall
      not be satisfied by any intermediate payment or satisfaction of any part
      of the amount hereby and thereby secured and the security so created shall
      be in addition to and shall not in any way be prejudiced or affected by
      any collateral or other security now or hereafter held by the Assignee for
      all or any part of the monies hereby and thereby
  secured.

            

    

     

    
      	
              6.3

            	
              Every
      Power and remedy given to the Assignee hereunder shall be in addition to
      and not in limitation of any and every other power or remedy vested in the
      Assignee under the Loan Agreement or the Master Agreements or at law and
      all the powers so vested in the Assignee may be exercised from time to
      time and asoften as the Assignee may deem expedient and no delay or
      omission of the Assignee to exercise any right or power shall be construed
      as a waiver of or an acquiescence in any default by the
      Assignor.

            

    

     

    
      	
              6.4

            	
              The
      Assignor shall pay to the Assignee on demand all costs, fees, expenses and
      taxes (including, without limitation, legal fees and expenses) incurred by
      the Assignee in preserving or enforcing or attempting to preserve or
      enforce any of its rights under this Assignment, provided, however, the
      Assignee submits to the Assignor a conclusive calculation about the
      compensation amount required.

            

    

     

    
      	
              7.

            	
              RE-ASSIGNMENT

            

    

     

    On
discharge in full by the Assignor of all the obligations hereby secured the
Assignee, on demand and at the Assignor’s expense, shall reassign to the
Assignor without recourse to the assignee all of the subject matter of this
Assignment.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              TRANSFER
      OF RIGHTS AND OBLIGATIONS

            

    

     

    
      	
              8.1

            	
              The
      Assignor may not assign or otherwise transfer, pledge or encumber in any
      other way any of their rights under this
  Assignment.

            

    

     

    
      	
              8.2

            	
              The
      Assignee shall have the right at any time to transfer and/or assign all or
      part of its rights and obligations under this Assignment to anythird
      party.

            

    

     

    
      	
              8.3

            	
              The
      Assignee shall have the right at any time and from time to time to
      transfer all or part of its rights and obligations under this Assignment
      in connection with a transfer of all or part of its participation in the
      Loan.

            

    

     

    
      	
              8.4

            	
              This
      Assignment shall be binding upon, and shall inure to be benefit of the
      Assignee, its successors and their respective successors (in each case
      whether by merger, amalgamation, consolidation, take over or otherwise,
      and each such case being a “succession” in the sense of this Clause),
      transferees and/or assignees as the case may be, and each party hereby
      agrees that from the completion of the succession this Assignment shall be
      read and construed as if all references to the Assignee were references to
      the relevant successor.

            

    

     

    In
connection with any assignation, transfer and/or sub-participation under this
Clause the Assignee may disclose confidential information.

     

    
      	
              9.

            	
              COMMUNICATION

            

    

     

    Any
notice or other communication to be given pursuant hereto shall be by letter or
registered letter or by telefax and addressed

     

    - if to
the Assignor, to:

    

    ATL
OFFSHORE GMBH & CO. ____________________ KG

    c/o
HARTMANN OFFSHORE GMBH

    Garrelsstr.
14

    26789
Leer

    Germany

    Fax:  +49-491-9995020

    

    - if to
the Assignee, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Germany

    Fax:  +49-511-3614785

     

    or to
such other address as either party may notify to the other in
writing.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Communications
sent by telefax shall be effective on the date of despatch and five (5) days
after having been posted if sent by post.

     

    Any
document and or communication to be made pursuant to this Assignment shall be in
English.

     

    
      	
              10.

            	
              LAW
      AND JURISDICTION

            

    

     

    
      	
              10.1

            	
              This
      Assignment shall be construed in accordance with and be governed by the
      laws of the Federal Republic of Germany except in so far as the laws of
      another country compulsorily apply to the subject matter in
      question.

            

    

     

    
      	
              10.2

            	
              In
      relation to any dispute arising out of or in connection with this
      Assignment and for the exclusive benefit of the Assignee the Assignor and
      the Assignee hereby irrevocably and unconditionally submit to the
      jurisdiction of the courts of Hannover and waive any objection to
      proceedings with respect to this Assignment in such court on the grounds
      of venue or inconvenient forum, the Assignee being entitled to initiate
      legal proceedings or further legal proceedings in respect of any dispute
      arising out of or in connection with this Assignment before any other
      competent court.

            

    

     

    
      	
              11.

            	
              MISCELLANEOUS

            

    

     

    If any
provision of this Assignment is or becomes invalid or unenforceable, such
invalidity or nenforceabi[ity shall not affect the validity and enforceability
of the remaining provisions hereof.  In such event the parties shall
substitute the invalid and/or unenforceable provision(s) by valid and
enforceable provision(s) implementing the intentions of the
parties.

     

    (remainder
of page left blank intentionallally)

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF the parties
hereto have executed this Assignment the day and year first above
written.

     

    
      
        	
                SIGNED
      AND DELIVERED by:

              	
                )

              	 
      
	_________________________ 
      	
                )

              	 
      
	
                for
      and on behalf of

              	
                )

              	 
      
	
                ATL
      Offshore GmbH

              	
                )

              	 
      
	
                As
      sole general partner of

              	
                )

              	 
      
	
                ATL
      OFFSHORE GMBH &CO.

              	
                )

              	 
      
	
                _________________________
      KG

              	
                )

              	_______________________________________ 
      
	 
      	 
      	 
      
	
                SIGNED
      AND DELIVERED by:

              	
                )

              	 
      
	_________________________ 
      	
                )

              	 
      
	
                for
      and on behalf of

              	
                )

              	 
      
	
                NORDDEUTSCHE
      LANDESBANK

              	
                )

              	 
      
	
                GIROZENTRALE

              	
                )

              	_______________________________________ 
      

      

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Annex 1

     

    List
of Additional Borrowers

     

    
      
        
          
            
              
                	
                        Borr.

                        No.

                      	 	
                         

                        Name
      of Borrower

                      	 	
                         

                        Address

                      
	
                        1

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Juist” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        2

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Norderney” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        3

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Baltrum” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        4

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Langeoog” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        5

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Amrum” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        6

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle of Sylt” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        7

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Wangerooge” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        8

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Neuwerk” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        9

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Usedom” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        10

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Fehmarn” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                         

                      
	
                        11

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Memmert” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                      

                 

                
                  
                    
                    

                  

                  
                    9

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                	
                        12

                      	 	
                        ALT
      Offshore GmbH & Co. MS “Isle Of Mellum” KG

                      	 	
                        Neue
      Str. 24

                        26789
      Leer

                        Germany

                      

              

            

          

        

      

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Annex 2

    ATL
OFFSHORE GMBH & CO. _________________ KG

    Leer,
Germany

    ____________________________________________________________________________________________________

     

    ________________________________

     

    ________________________________

     

     ____________________,
2008

    

    Dear
Sirs,

     

    Hull
No. _____________ of FINCANTIERI CANTIERI NAVALI ITALIANI S.P.A. of Genoa,
Italy

     

    Your
Refund Guarantee No. _____________ dated ___________, 200_ (the “Refund
Guarantee”) in favour of ourselves (the “Buyer”)

     

    Notice
of Assignment

     

    Please
take notice that by an instrument entitled “Assignment of Refund Guarantee”
dated _______________, 200_, the Buyer has assigned absolutely to NORDDEUTSCHEE LANDESBANK
GIROZENTRALE of Hannover, Federal Republic of Germany, (the “Assignee”),
all its rights, title, interest and benefits in and in and under the Refund
Guarantee and in all monies payable by you to the Buyer thereunder including
(without prejudice to the generality of the foregoing) interest and cost payable
under the Refund Guarantee and all claims for damages in respect of any breach
by you of the Refund Guarantee.

     

    You are
hereby irrevocably instructed and authorized to pay to the Assignee as the
Assignee may from time to time direct you in writing or to such other bank or
account as the Assignee may from time to time direct you in writing each and
every sum payable by you under the terms of the Refund Guarantee.

     

    You shall
be entitled or obliged to enquire whether the Assignee has become entitled to
make such demand as our attorney-in-fact or assignee and you shall be obliged to
make payment pursuant to any such demand in accordance with the terms of the
Refund Guarantee and the instructions given to you by the Assignee as to the
account of the Assignee to which payment shall be made.

     

    Further
we acknowledge that we are not entitled without the prior written consent of the
Assignee to agree to or permit or suffer any amendment whatsoever of the Refund
Guarantee, or to consent or agree to any waiver or release or cancellation of
any obligation under or in connection with the Refund Guarantee.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    The
authority and instructions contained herein cannot be revoked or varied by us
without the prior written consent of the Assignee.

     

    Please
acknowledge the receipt of this Notice by countersigning and returning to NORDDEUTSCHE LANDESBANK
GIROZENTRALE, Shipping and Aircraft Finance Department, Friedrichswall
10, 30159 Hannover, Federal Republic of Germany, the Acknowledgement being
attached to this letter.

     

    Yours
faithfully,

     

    ______________________________________________

    ATL
OFFSHORE GMBH & CO. ________________ KG

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    __________________________

    _________________

    _____________________________________________________________________________________________________

     

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Germany

    

     ____________________,
200_

    

    Dear
Sirs,

     

    Hull
No. _____________ of FINCANTIERI CANTIERI NAVALI ITALIANI S.P.A. of Genoa,
Italy

    

    Your
Refund Guarantee No. _____________ dated ___________, 200_ (the “Refund
Guarantee”) in favour of ATL OFFSHORE GMBH & CO. _______________ KG of Leer,
Germany

    

    Acknowledgement
of Notice of Assignment

     

    We hereby
acknowledge receipt of and consent to the foregoing Notice of Assignment and
confirm that NORDDEUTSCHEE
LANDESBANK GIROZENTRALE of Hannover, Federal Republic of Germany, shall
be fully entitled to exercise all rights and to demand and receive all sums
payable by us under the Refund Guarantee.

     

    We
confirm that we have not received any other notice of assignment, pledge or
other encumbrance.

     

    Further
we acknowledge that we are not entitled without the prior written consent of
NORDDEUTSCHE LANDESBANK GIROZENTRALE to agree to or permit or suffer any
amendment whatsoever of the Refund Guarantee, or to consent or agree to any
waiver or release or cancellation of any obligation under or in connection with
the Refund Guarantee.

     

    Yours
faithfully,

    

    ___________________________________________________

     

    _________________________________

    (evidence
of legal authority of signatories to be attached)

    (company
seal to be attached)

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
       

      EXHIBIT
5

       

      FORM
OF CORPORATE GUARANTEE

       

      [DOCUMENT
TRANSLATED FROM GERMAN]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      FIXED
LIABILITY GUARANTEE

      

      as
security for the bank claims described in further detail under No.
1,

      

      REEDEREI HARTMANN GMBH & CO.
KG

      Königstr. 23

      26789 Leer

      - hereinafter known as the “Guarantor”
-

      

      gives an
absolute Guarantee to

      

      NORDDEUTSCHE LANDESBANK
GIROZENTRALE

      Friedrichswall 10

      30159 Hannover

      Germany

      - hereinafter known as the “Bank”
-

      

      without a
time limit, as primary debtor for the principal debtor named under No. 1, up to
the amount of

      

      EUR 20,300,000.00

      (in words: Twenty million three hundred
thousand Euros),

      

      including
additional compensation, such as, in particular, interest and
expenses.

      

      The
Guarantee is in effect in addition to any other statements of guarantee issued
by the Guarantor.

      

      The
Guarantor hereby declares this Guarantee in favor of the bank, which accepts the
Guarantee for itself.

      

      
        	
                1.

              	
                Purpose
      of the Security

              

      

      

      The
Guarantee is created to secure all outstanding accounts against

      the
companies named on the list enclosed as Annex 1 to this Guarantee,

      

      -
hereinafter known as the “Principal Debtors” -

      

      arising
from the loan agreement (hereinafter known as the “Loan Agreement”) concluded
between the Principal Debtors and the Bank on 2008, and from the Master
Agreement. Claims against the outstanding accounts from the Loan Agreement may,
however, only be made in regard to the Loan CT, including any associated
interest and expenses. The Loan CT, as well as the Master Agreements are
described in further detail in the Loan Agreement.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	
                2.

              	
                Application
      to the Payment Account

              

      

       

      If yields
(interest and repayment amounts), which are secured according to No. 1, are
debited against a bank giro account of the Principal Debtor (payment account)
and this causes the payment account to be overdrawn, then the Guarantee does not
extend only to the remaining amount still owed on the loan/credit accounts.
Rather, it also refers to the overdraft that arose in the payment account due to
the yield charge, but limited to an amount that reflects the yields to be paid
for a period of 3 months, plus any interest incurred on this. If the yields fall
due at intervals of more than 3 months, then the Guarantee extends to the
overdraft of the payment account caused by the last yield charge.

      

      
        	
                3.

              	
                Joint
      and Several Guarantee

              

      

       

      The
Guarantee was assumed as directly enforceable, with a waiver of the benefit of
discussion. The Guarantor waives the defense of voidability, as per § 770, para.
2 BGB, unless the Principal Debtor’s defense and/or counterclaim is undisputed
or legally established. The Guarantor may not derive any rights from the nature
or time of recovery of other collateral or from the issuance of such collateral.
The Bank is not obliged first to claim other collateral before making a claim
against the Guarantors.

      No
objection may be derived from the fact that the Bank approves an extension or
partial payment for the Principal Debtors, without the Guarantor’s
knowledge.

      

      
        	
                4.

              	
                Multiple
      Guarantors

              

      

       

      Multiple
guarantors obliging themselves in this certificate are jointly and severally
liable.

      

      If any
other guarantees exist for the Bank’s claims against the Principal Debtors
beyond this certificate, then no joint debt exists in relation to such
guarantees; therefore the Guarantors in this certificate are not released by
payments made by other Guarantors. Relative to the other Guarantors, the
Guarantors in this certificate, to the extent in deviation of § 769 BGB, are
liable for the full amount of their Guarantee.

      

      
        	
                5.

              	
                Acknowledgments
      of debt

              

      

       

      Acknowledgments
of debt which the Principal Debtors have granted or are yet to grant to the Bank
are fully effective vis-à-vis the Guarantor.

      

      
        	
                6.

              	
                Payments
      by the Guarantor

              

      

       

      If the
Guarantor makes payments, then the Bank’s rights against the Principal Debtors
are transferred to it, if the Bank, on the basis of all its claims against the
Principal Debtors, has obtained a complete release. Up to that time, the
payments only serve as security.

      The Bank
is authorized first to apply the proceeds of collateral and payments by the
Principal Debtors or other obliged parties to the part of their outstanding
accounts exceeding the Guarantee amount.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                7.

              	
                Cancellation

              

      

       

      
        	
                7.1

              	
                The
      Guarantee may be canceled, under observance of a notice period of four
      weeks, effective for the future in such a manner that it, at the time the
      cancellation goes into effect, is limited to the outstanding accounts
      established as of that time, as well as any other outstanding accounts
      that arise from credits or loans already
  promised.

              

      

      If the
Guarantee secures an overdraft facility, then the Guarantor may be held liable
for this facility up to the amount of the balance that exists when the
cancellation goes into effect. In the case of further repayments, then the
Guarantor is only liable up to the amount of the lowest account closing balance
established at the time of the claim.

      
        	
                7.2

              	
                Furthermore,
      the Guarantor, at its request, once the cancellation goes into effect, is
      released from the Guarantee-related liability, if the following conditions
      are met:

              

      

      
        	
                 
      

              	
                •

              	
                the
      Principal Debtors have provided the Bank with equivalent, substitute
      security

              

      

      
        	
                 
      

              	
                •

              	
                the
      Guarantor has provided the Bank, instead of the Guarantee, other
      equivalent security.

              

      

       

      
        	
                8.

              	
                Amendments

              

      

       

      Any
amendments to the Guarantee must be made in writing. This is also true for any
changes to this clause.

       

      
        	
                9.

              	
                Place
      of Jurisdiction

              

      

       

      If the
jurisdiction of the Bank’s general place of jurisdiction of the Bank is not
apparent in § 29 ZPO, the Bank may pursue its claims by taking legal action at
its general place of jurisdiction, if the Guarantor to be sued in that legal
action is a businessman and/or a legal entity, in the sense of No. 6 AGB, or has
no general place of jurisdiction domestically upon assuming the Guarantee or
later transfers its registered address or customary location out of the Federal
Republic of Germany or its legal address or customary location is unknown at the
time the suit is filed.

       

      
        	
                10.

              	
                Legal
      Effectiveness

              

      

       

      If any
provisions of this statement of guarantee completely or partially lack legal
validity or cannot be executed, then the other provisions shall nonetheless
remain in effect.

       

      
        	
                11.

              	
                General
      Business Conditions

              

      

       

      The Bank
makes express reference to the fact that its General Business Conditions (AGB)
form an integral part of the Guarantee. The AGB may be reviewed in the cash
offices of the Bank. Each contractual partner of the Bank shall receive a copy
of the AGB, to the extent there is no business connection yet and the conclusion
of the contract occurs outside the bank.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                12.

              	
                Obtaining
      information and procuring documents

              

      

       

      The
Guarantor must disclose its economic relationships to the Bank at any time, upon
request. The Bank is entitled, at any time, to inspect the public register, as
well as the land register and the land files and request simple or certified
copies and extracts, and obtain any information from insurance companies,
authorities and other offices, especially credit institutions that it deems
necessary to assess the Guarantor’s asset positions.

       

      
        	
                13.

              	
                Particular
      Agreements

              

      

       

      The
amount of the Guarantee is reduced by repayments made on the outstanding
accounts by the same proportion in which these outstanding accounts are reduced.
Proceeds from the utilization of collateral made available by the Principal
Debtors are not considered repayments in the sense of this
provision.

       

      Furthermore,
the Bank shall reduce the Guarantee amount by means of an express written
statement, if it is proven to it in writing and to its satisfaction that the
Guarantor has made shareholder’s equity irrevocably available to the Principal
Debtors in accordance with the enclosed Annex 2. The amount of the reduction
should reflect the amount of the shareholder’s equity paid in.

       

      The Bank
and the Guarantor agree that overall the proceeds from the utilization of the
collateral and the amount yet to be paid or already paid under the Guarantee may
not exceed the Bank’s secured claim.

       

      We are
completely aware of the Loan Agreement with the companies named under No. 1, as
well as of the Master Agreement.

       

      
        
          
            	 
      	
                    Leer,
      on _______________________________ 2008

                  
	 
      	 
      
	 
      	_______________________________________
	 
      	
                    REEDEREI
      HARTMANN GMBH & CO.
KG

                  

          

        

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Annex
1

      List of Principal
Debtors

      
        
          
            
              
                
                  
                    
                      	
                              No.

                            	 	
                              Name
      of Principal Debtor

                            	 	
                              Address

                            
	
                              1

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Juist” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              2

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Norderney” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              3

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Baltrum” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              4

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Langeoog” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              5

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Amrun” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              6

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Sylt” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              7

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Wangerooge” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              8

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Neuwerk” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              9

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Usedom” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              10

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Fehmarn” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              11

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Memmet” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            
	
                              12

                            	 	
                              ATL
      Offshore GmbH & Co. MS “Isle of Mellum” KG

                            	 	
                              Neue
      Str. 24

                              26789
      Leer

                              Germany

                               

                            

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      Annex
2

       

      Projection
of the Shareholder’s Equity Participation of the Guarantor in the Principal
Debtors

       

      (to
be inserted in coordination between the principal debtors and the
bank)

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
6

     

    

    FORM
OF ACKNOWLEDGEMENT AND SUBMISSION

     

    [DOCUMENT
TRANSLATED FROM GERMAN]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Abstract Debt
Obligation

     

    and

     

    Overall Ship Mortgage
Creation Certificate

     

    

    The
undersigned

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 1” or “Shipowner No. 1” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 2” or “Shipowner No. 2” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 3” or “Shipowner No. 3” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 4” or “Shipowner No. 4” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 5” or “Shipowner No. 5” -

    and

    

     

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 6” or “Shipowner No. 6” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 7” or “Shipowner No. 7” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 8” or “Shipowner No. 8” -

    and

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 9” or “Shipowner No. 9” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 10” or “Shipowner No. 10” -

    and

     

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 11” or “Shipowner No. 11” -

    and

    

     

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

     

    

    -
hereinafter known as “Debtor No. 12” or “Shipowner No. 12” and together with
Debtor No. 1, Debtor No. 2, Debtor No. 3, Debtor No. 4, Debtor No. 5, Debtor No.
6, Debtor No. 7, Debtor No 8, Debtor No. 9, Debtor No. 10 and this is a this and
Debtor No. 11, known as the “Debtors” or “Shipowners” –

    and

    

    ATL
OFFSHORE GMBH, Leer

    as
currently personally liable shareholder of the individual debtors

    

    -
hereinafter known as “Debtor No. 13” and together with the Debtors known as the
“Joint Debtors” -

    

    owe as
Joint Debtors, on the basis of this abstract Debt Obligation of

    

    NORDDEUTSCHE
LANDESBANK –GIROZENTRALE-

    Hannover,
Germany

    

    -
hereinafter known as the “Bank” -

    

    the
monetary amount of

    

    EUR
504,684,000.00

    (in
words: five hundred four million six hundred eighty-four thousand
Euros).

    

    This debt
incurs interest as of today, at 15% (in words: fifteen percent) annually.
Interest is due on December 30 of each calendar year retroactively for the
entire calendar year, and payable for the first time on December 30,
200_.

    

    Capital
and cumulative interest are due for immediate payment following a cancellation
without notice that is permissible for the Bank at any time.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    This debt
obligation is issued independent of all other agreements between the Joint
Debtors and the Bank and obliges the Joint Debtors individually and independent
of these legal relationships. The Joint Debtors waive all current and future,
known and unknown objections and defenses, including the defense of unjustified
enrichment, against this abstract debt obligation.

    

    As
security for all current and future monetary outstanding accounts of the Bank
arising from this abstract debt obligation,

    

    Debtor
No. 1 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 1”), plus all
accessories,

    

    and

    

    Debtor
No. 2 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 2”), plus all
accessories,

    

    and

    

    Debtor
No. 3 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 3”), plus all
accessories,

    

    and

    

    Debtor
No. 4 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 4”), plus all
accessories,

    

    and

    

    Debtor
No. 5 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 5”), plus all
accessories,

    

    and

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      Debtor
No. 6 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 6”), plus all
accessories,

    

    

    and

    

    Debtor
No. 7 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 7”), plus all
accessories,

    

    and

    

    Debtor
No. 8 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 8”), plus all
accessories,

    

    and

    

    Debtor
No. 9 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 8”), plus all
accessories,

    

    and

    

    Debtor
No. 10 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 5”), plus all
accessories,

    

    and

    

    Debtor
No. 11 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 5”), plus all
accessories,

    

    and

    

    Debtor
No. 12 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich (hereinafter known as the “Register”),
(hereinafter known as “Ship 12”, and together with Ship 1, Ship 2, Ship 3, Ship
4, Ship 5, Ship 6, Ship 7, Ship 8, Ship 9, Ship 10, and Ship 11 as the “Ships”),
plus all accessories,

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    The
Shipowners authorize and request the recording, as Joint Debtors, of an overall
ship mortgage (hereinafter known as the “Mortgage”), in favor of the Bank in the
amount of

    

    EUR
504,684,000.00

    (in
words: five hundred four million six eighty-four thousand Euros)

    

    plus 15%
(in words: fifteen percent) annual interest as of today, on the ships, and in
fact in first position. If the concurrent recording of the mortgage on the ships
is impossible for material reasons, then with the first ship to be recorded,
first the entry of an individual ship mortgage is requested in the above amount,
which after the recording of the second ship and its inclusion in the overall
liability, is changed into an overall ship mortgage and after the recording of
the third and the following ships these ships must also be included. Partial
enforcement is permissible.

    

    The
Shipowners hereby declare that they are or will be in proprietary possession of
the ships, plus all accessories, after the acquisition.

    

    The
Shipowners hereby ensure that no other rights to the pledged ships or claims by
ship creditors which would have priority before the Bank's rights exist, and
that they have not ceded, pledged, otherwise encumbered or disposed of any
outstanding accounts from the insurance policies taken out on the ships, nor
will they do so, in any other way than to the Bank, to the extent they are
liable for the mortgage in accordance with § 32 SchRG.

    

    The
Shipowners are obliged to provide the Bank with their current pledge rights to
the outstanding insurance accounts from insurance policies taken out on the
ships with the same priority as the mortgage has.

    

    If the
Joint Debtors or one of them fails to fulfill one of the above requirements,
then the debt shall fall due for immediate payment, in addition to any interest
incurred.

    

    If any
statements in this certificate are entirely or partially unworkable or cannot be
executed, then the other statements remain in effect.

    

    The Joint
Debtors assume the expenses and taxes of this transaction and request that four
certified and two simple copies of this certificate be prepared. The Bank must
be sent the following, to be handed to the attorneys, Ehlermann, Rindfleisch,
Gadow, Ballindamm 26, 20095 Hamburg:

    

    
      	
              a)

            	
              four
      certified and one simple copy of the certificate, immediately after its
      preparation, plus the submission of the associated powers of
      attorney;

            

    

    

    
      	
              b)

            	
              two
      certified copies of the register;

            

    

    

    
      	
              c)

            	
              the
      ship certificates.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Moreover,
the Joint Debtors request that the original of the certificate, plus certified
copies of the powers of attorney issued upon its creation, be immediately sent
to the Seagoing Vessel Register at the District Court of Aurich, Schlossplatz 2,
26603 Aurich.

    

    The
remaining copy(-ies) are to be retained by the Shipowners.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Subjugation
Certificate

    

    The
following companies represented by us

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 1” or “Shipowner No. 1” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 2” or “Shipowner No. 2” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 3” or “Shipowner No. 3” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 4” or “Shipowner No. 4” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 5” or “Shipowner No. 5” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 6” or “Shipowner No. 6” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 7” or “Shipowner No. 7” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 8” or “Shipowner No. 8” -

    and

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 9” or “Shipowner No. 9” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 10” or “Shipowner No. 10” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    -
hereinafter known as “Debtor No. 11” or “Shipowner No. 11” -

    and

    

    ATL
OFFSHORE GMBH & CO.                                                         
KG

    Leer

    

    hereinafter
known as “Debtor No. 12” or “Shipowner No. 12” and together with Debtor No. 1,
Debtor No. 2, Debtor No. 3, Debtor No. 4, Debtor No. 5, Debtor No. 6, Debtor No.
7, Debtor No 8, Debtor No. 9, Debtor No. 10 and Debtor No. 11, known as the
“Debtors” or “Shipowners” –

    

    and

    

    ATL
OFFSHORE GMBH, Leer

    as
currently personally liable shareholder of the individual debtors

    

    -
hereinafter known as “Debtor No. 13” and together with the Debtors as “Joint
Debtors” -

    

    acknowledged
today, in a special certificate (Register of Deeds No.                                         of
the Notary                                                                                         in                                        ),
of which a certified copy is enclosed as an annex to this certificate, to which
reference is expressly made as a part of this certificate, and which was read
aloud, that they owe the Bank

    

    NORDDEUTSCHE
LANDESBANK –GIROZENTRALE-

    Hannover,
Germany,

    

    -
hereinafter known as the “Bank” -

    

    from
abstract debt obligations, the amount of EUR 504,684,000.00 (in words:
five hundred four million six hundred eighty-four thousand Euros).

    

    The debt
incurs interest as of today, at 15% (in words: fifteen percent) annually.
Interest is due on December 30 of each calendar year retroactively for the
entire calendar year, and payable for the first time on December 30,
200_.

    

    Capital
and cumulative interest are due for immediate payment following
a  cancellation without notice that is permissible for the Bank at any
time.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    In order
to secure all monetary outstanding accounts to which the Bank is entitled
against the Shipowners currently or in the future, either conditional and/or
limited in time, arising from the aforementioned debt obligations,

    

    Shipowner
No. 1 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 1”), plus all
accessories,

    

    and
Shipowner No. 2 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 2”), plus all
accessories,

    

    and
Shipowner No. 3 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 3”), plus all
accessories,

    

    and
Shipowner No. 4 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 4”), plus all
accessories,

    

    and
Shipowner No. 5 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 5”), plus all
accessories,

    

    and
Shipowner No. 6 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 6”), plus all
accessories,

    

    and
Shipowner No. 7 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 7”), plus all
accessories,

    

    and
Shipowner No. 8 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 8”), plus all
accessories,

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    and
Shipowner No. 9 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 9”), plus all
accessories,

    

    and
Shipowner No. 10 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 10”), plus all
accessories,

    

    and
Shipowner No. 11 has pledged to the Bank the motor vessel “                  ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 11”), plus all
accessories,

    

    and
Shipowner No. 12 has pledged to the Bank the motor vessel “                                ”,
IMO No.                  ,
acquired or to be acquired by it, to be recorded in the Seagoing Vessel Register
of the District Court of Aurich, (hereinafter known as “Ship 12”, and together
with Ship 1, Ship 2, Ship 3, Ship 4, Ship 5, Ship 6, Ship 7, Ship 8, Ship 9,
Ship 10, and Ship 11 as the “Ships”), plus all accessories,

    

    and the
Shipowners authorized and requested the recording of an overall ship mortgage of
EUR 504,684,000.00 (in words: five hundred four million six eighty-four thousand
Euros), plus 15% (in words: fifteen percent) annual interest in favor of the
Bank, and in fact, in first-ranking position.

    

    For all
monetary outstanding accounts of the Bank arising from the abstract debt
obligation submitted today in the special certificate, the Joint Debtors hereby
subject themselves with regard to the amount to be paid last of EUR
50,468,400.00 (in words: fifty million four hundred sixty-eight thousand four
hundred Euros) annually as of today until complete fulfillment of the abstract
debt obligation and for the claim arising from the corresponding amount to be
paid last of the overall ship mortgage created in the special certificate, plus
proportional interest of 15% (in words: fifteen percent) annually as of today,
to immediate compulsory enforcement in their entire assets, and for the
Shipowners, in particular also the pledged ships.

    

    The
Shipowners hereby authorize and request the recording of this subjugation with
the overall ship mortgage in the Seagoing Vessel Register in first place, with
the measure that enforcement against the current owners of the current ships
should be permissible.

    

    The
Shipowners assume the expenses and taxes of this transaction, as well as of the
register entry and requests four copies of this certificate, one of which
currently without any further proof, one with an enforcement clause to give to
the Bank, to be handed to the attorneys, Ehlermann Rindfleisch Gadow, Ballindamm
26, 20095 Hamburg, and with another copy of this certificate to be sent to the
Seagoing Vessel Register with the District Court of Aurich, Schlossplatz 2,
26603, Aurich. A certified copy of the powers of attorney submitted must be
enclosed with these

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    copies
when this certificate is prepared. The Bank is entitled, without any further
proof, at its request, at any time, to have other, also enforceable copies or
reproductions of this certificate issued, at the expense of the
Shipowners.

    

    If any
statements in this certificate are entirely or partially unworkable or cannot be
executed, then the remaining statements remain in effect.

    

    The
protocol and the Annex were read aloud to the appearing parties, approved and
signed by them in their own hand, as follows:

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    EXHIBIT
7

     

    FORM
OF GENERAL ASSIGNMENT OF INSURANCES

     

    BY
THE BORROWER

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	
                ASSIGNMENT
      OF INSURANCES

              	
                /LOGO/

              

      

    

    

    MV
“_____________________”

    

    LOAN,
GUARANTEE FACILITY AND

    CREDIT
FACILITY AGREEMENT

    DATED
_______________, 2008

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Hannover

    

    AND

    

    ATL
OFFSHORE GMBH & CO. ______________________ KG

    Leer

    

    AND

    

    ____________________________________

    ____________________________________

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    THIS
ASSIGNMENT is made the _____ day of ____________, 2008, between

     

    
      	
              (1)

            	
              ATL OFFSHORE GMBH & CO.
      ______________ KG, a limited partnership organized and existing
      under the laws of Germany, having its registered office at Garrelsstr. 14,
      26789 Leer, Germany (the “Assignor”),
and

            

    

     

    
      	
              (2)

            	
              ________________________,
      a company organized and existing uinder the laws of ______________, having
      its registered office at ___________________ (the “Bareboat Charter” and
      together with the Owner the “Assignors”),
and

            

    

     

    
      	
              (3)

            	
              NORDDEUTSCHE NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, a company organized and existing under the
      laws of Germany, having its offices at Friedrichswall 10, 30159 Hannover,
      Germany, in its capacity as agent under the Agency and Security Pooling
      Agreement (as defined in the Loan Agreement) and the Loan Agreement (the
      “Assignee”).

            

    

     

    WHEREAS

     

    
      	
              I.

            	
              The
      Owner is the owner of the motor vessel “____________” (the “Vessel”)
      registered in the ownership of the Owner in the register of ships held
      with the local court of Aurich,
Germany.

            

    

     

    
      	
              II.

            	
              The
      Bareboat Charterer is the bareboat charterer of the Vessel and assured
      under the Vessel’s insurances.

            

    

     

    
      	
              III.

            	
              Pursuant
      to the terms and conditions of a loan agreement dated ______________ 2008,
      (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Assignee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Owner and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders make
      available to the Owner and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities listed in Annex 2
      hereto (the “Loan”) for the purposes as stipulated
  therein.

            

    

     

    
      	
              IV.

            	
              The
      Lenders, the Assignor and SACE S.P.A., an organization organized and
      existing under the laws of Italy, having its registered office at Piazza
      Poli 37/42, 00187 Rome, Italy, (“SACE”), have agreed that after a demand
      under the SACE Guarantee has been made by the Assignee for and on behalf
      of the Lenders, the rights to payment under the Loan Agreement shall be
      automatically assigned to SACE to the extent of any payments made by SACE
      under the SACE Guarantee according to clause 23.5 of the Loan
      Agreement.

            

    

     

    
      	
              V.

            	
              The
      Assignee and/or any of the Lenders and the Owner and, as the case may be,
      the Additional Borrowers have entered or may enter individually or jointly
      into one or more master agreements (either (i) based on the 2002
      (Multicurrency Crossborder) form published by International Swap Dealers
      Association, Inc. of New York, New York, United States of America or (ii)
      being an instrument entitled ‘Rahmenvertrag für
      Fonanztermdngeschäfté’) including designated transactions from time
      to time entered into and transaction confirmations from time to time
      exchanged under the master agreements for financial derivatives
      transactions (the “Master
Agreements”).

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
              VI.

            	
              The
      obligations of the Owner and of the Additional Borrowers under the Loan
      Agreement and under the Master Agreements and under the Security Documents
      and under the Reimbursement Agreement (as such terms are defined in the
      Loan Agreement) shall be secured by, inter alia, this
      Assignment.

            

    

     

    NOW IT IS HEREBY AGREED as
follows:

     

    
      	
              1.

            	
              TO
      secure the obligations of the Owner and of the Additional Borrowers under
      the Loan Agreement and under the Master Agreements and under the Security
      Documents, including for the avoidance of doubt any obligations under the
      Loan Agreement towards SACE as described in clause 23.5 of the Loan
      Agreement, and under the Reimbursement Agreement, the Assignors hereby
      assign and agree to assign absolutely to the
  Assignee:

            

    

     

    
      	
              1.1

            	
              ANY
      and all moneys and claims for money due or to become due to the Assignors
      or any of them with respect to the actual or constructive or agreed or
      arranged or compromised total loss or requisition for title or other
      compulsory requisition of the Vessel and all claims for damages or
      compensation with respect to such loss or requisition for title or
      compulsory requisition (with the exception of requisition hire);
      and

            

    

     

    
      	
              1.2

            	
              ALL
      policies and contracts of insurances whatsoever including without
      limitation all entries in a protection and indemnity club or association
      that have been or may hereafter during the subsistence of this Agreement
      be taken out in respect of the Vessel her freights disbursements profits
      or otherwise howsoever and all the benefits thereof including all claims
      of whatsoever nature and returns of
premiums.

            

    

     

    ALL the
properties assigned in Clause (1.1.) and (1.2.) hereof are hereinafter together
called the “Insurances”.

     

    THE
Assignee hereby accepts the assignment.

     

    
      	
              2.

            	
              EACH
      of the Assignors warrants and covenants as
  follows:

            

    

     

    
      	
              2.1

            	
              THAT
      it will procure that all documents in respect of the Insurances or any of
      them shall contain a loss payable clause substantially in the following
      form or any other form that the Assignee may in its absolute discretion
      demand or approve:

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Loss
Payable Clause

     

    It is
noted that by an Assignment in writing dated the ____ day of _________________,
20__, ATL OFFSHORE GMBH & CO. KG of Leer, Germany, (the “Owner”) as owner of
the motor vessel “____________________” (the “Vessel”) and _________________ of
__________________________ (the “Bareboat Charterer” and together with the Owner
the “Assignors”) as bareboat charterer and assured under the insurances for the
Vessel assigned absolutely to NORDDEUTSCHE LANDESBANK
GIROZENTRALE of Hannover, Federal Republic of Germany (the “Mortgagee”)
this policy and all benefits thereof including all claims of whatsoever nature
(including return of premiums) hereunder.

     

    Claims
hereunder payable in respect of a total or constructive total or an arranged or
agreed or compromised total loss or unrepaired damage and all claims which (in
the opinion of the Mortgagee) are analogous thereto shall be payable to the
Mortgagee up to their mortgage interest.

     

    Subject
thereto all other claims unless and until underwriters have received notice from
the Mortgagee of a default under the Mortgage in which event all claims
hereunder shall be payable directly to the Mortgagee up to their mortgage
interest as follows:

     

    1)           a
claim in respect of any one casualty where the aggregate claim against all
insurers does not exceed the lesser of (i) Euro one million (EUR 1,000,000.00)
or (ii) five (5) percent of the insured value shall be paid directly to the
Owner;

     

    2)           a
claim in respect of any one casualty where the aggregate claim against all
insurers exceeds the lesser of (i) Euro one million (EUR 1,000,000.00) or (ii)
five (5) percent of the insured value shall only be paid out according to the
prior written instructions of the Mortgagee.

     

    Notwithstanding
the terms of the said Loss Payable Clause and Notice of Assignment unless and
until Brokers receive notice from the Mortgagee to the contrary Brokers shall be
empowered to arrange their proportion of any collision and/or salvage guarantee
where the aggregate liability under all guarantees to be given in respect of any
one casualty shall not exceed the lesser of (i) Euro one million (EUR
1,000,000.00) or (ii) five (5) percent of the insured value or the equivalent in
any other currency to be given in the event of bail being required in order to
prevent the arrest of the Vessel or to secure the release of the Vessel from
arrest following a casualty.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    All
collections are to be made through _______________________ as
Brokers.

     

    
      	
              2.2

            	
              THAT
      it will apply all amounts paid to it pursuant to the terms of this
      Assignment for the purpose of making good the loss and fully repairing all
      the damage in respect of which those amounts are
  paid;

            

    

     

    
      	
              2.3

            	
              THAT
      it will hold the original copies of any and all documents whatsoever in
      connection with the Insurances to the order of the Assignee and will not
      terminate or amend any of the Insurances without the prior written consent
      of the Assignee, such consent not to be unreasonably
    withheld;

            

    

     

    
      	
              2.4

            	
              THAT
      if by reason of anything done omitted or knowingly suffered to be done or
      omitted by the Assignors the Insurances shall at any time become void the
      Assignors at their own cost will forthwith effect new insurance with
      insurers and brokers and on terms approved by the Assignee and will
      forthwith (if so required by the Assignee) execute an assignment of any
      such new insurance in favour of the Assignee and will pay any amounts
      payable by way of premium under the new insurance and such new insurances
      shall in any event be deemed to be one of the Insurances to which all the
      provisions hereof shall apply;

            

    

     

    
      	
              2.5

            	
              THAT
      it will forthwith give notice of the assignment of the Insurances
      contained in this Assignment to each of the relevant brokers insurance
      officers, companies, underwriters protection and indemnity associations
      and clubs in form and substance acceptable to the Assignee and shall from
      time to time provide the Assignee with letters of undertaking in a form
      accepted by the Assignee.

            

    

     

    
      	
              3.

            	
              THE
      benefits and proceeds of all or any of the Insurances shall be distributed
      in accordance with the terms of the Loss Payable Clause set out in Clause
      (2.1) hereof and any and all amounts so paid to the Assignee for and on
      behalf of the Assignors shall be applied in payment of any and all amounts
      whatsoever which are for the time being due and payable to the Assignee
      under the Loan Agreement and/or the Master Agreements and/or the Security
      Documents and/or the Reimbursement Agreement in accordance with the
      provisions of the Loan Agreement.  Any credit balance shall be
      payable to the Assignors or to whomsoever may be entitled
      thereto.

            

    

     

    
      	
              4.

            	
              NOTWITHSTANDING
      the foregoing the Assignors remain liable to perform all the obligations
      to be performed by them under the Insurances and the Assignee shall have
      no obligation of any kind whatsoever in the event of any failure by the
      Assignors to perform their obligations
  thereunder.

            

    

     

    
      	
              5.

            	
              EACH
      of the Assignors warrants that it has not assigned, mortgaged, charged,
      pledged or otherwise disposed of all or any part of the Insurances to
      anyone other than the Assignee and covenants that it will not hereafter
      assign, mortgage, charge, pledge or otherwise dispose of the same to
      anyone other than the Assignee.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              EACH
      of the Assignors warrants that the Insurances are assignable and that no
      applicable laws, rules or regulations or agreements by which the Assignor
      is bound exist which prohibit or prevent the valid and enforceable
      assignment of the Insurances.

            

    

     

    
      	
              7.

            	
              On
      discharge in full by the Assignors of all the obligations hereby secured
      the Assignee, on demand and at the Assignors expense, shall reassign to
      the Assignors without recourse to the Assignee all of the subject matter
      of this Assignment.

            

    

     

    
      	
              8.

            	
              THE
      Assignee shall not be obliged to make any enquiry as to the nature or
      sufficiency of any payment received by it hereunder or to make any claim
      or take any other action to collect moneys or to enforce any rights and
      benefits hereby assigned to the Assignee or to which the Assignee may be
      entitled at any time hereunder.

            

    

     

    
      	
              9.

            	
              The
      Assignors may not assign or otherwise transfer, pledge or encumber in any
      other way any of their rights under this
  Assignment.

            

    

     

    The
Assignee shall have the right at any time to transfer and/or assign all or part
of its rights and obligations under this Assignment to any third
party.

     

    The
Assignee shall have the right at any time and from time to time to transfer all
or part of its rights and obligations under this Assignment in connection with a
transfer of all or part of its participation in the Loans for refinancing
purposes.

     

    This
Assignment shall be binding upon, and shall inure to be benefit of the Assignee,
its successors and their respective successors (in each case whether by merger,
amalgamation, consolidation, take over or otherwise, and each such case being a
“succession” in the sense of this Clause), transferees and/or assignees as the
case may be, and each party hereby agrees that from the completion of the
succession this Assignment shall be read and construed as if all references to
the Assignee were references to the relevant successor.

     

    In
connection with any assignation, transfer and/or sub-participation under this
Clause the Assignee may disclose confidential information.

     

    
      	
              10.

            	
              ALL
      demands and notices made or given hereunder to the Assignors shall be
      deemed to be sufficiently made or given if in writing addressed to the
      Owner, Garrelsstrasse 14, 26789 Leer, Germany or to such other address as
      may from time to time be notified by the Assignors to the Assignee and
      shall be deemed to be received on the date of despatch if sent by telefax
      and five (5) days after having been posted if sent by
  post.

            

    

     

    
      	
              11.

            	
              This
      Assignment shall be construed in accordance with and be governed by the
      laws of the Federal Republic of Germany except in so far as the laws of
      another country compulsorily apply to the subject matter in
      question.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    In
relation to any dispute arising out of or in connection with this Assignment and
for the exclusive benefit of the Assignee, the Assignor and the Assignee hereby
irrevocably and unconditionally submit to the jurisdiction of the courts of
Hannover and waive any objection to proceedings with respect to this Assignment
in such court on the grounds of venue or inconvenient forum, the Assignee being
entitled to initiate legal proceedings or further legal proceedings in respect
of any dispute arising out of or in connection with this Assignment before any
other competent court.

     

    The
Bareboat Charterer agrees that any writ, notice of judgement or other legal
process or document in connection with such proceeding may be served upon it by
delivering the same to the Owner, Garrelsstrasse 14, 26789 Leer, Germany (the
“Process Agent”).  The Bareboat Charterer may replace the Process
Agent by notifying the Assignee of an other person in the Federal Republic of
Germany six (6) months prior to the effectiveness of such
replacement.

     

    In
addition to the terms of this Assignment, the General Conditions of the Assignee
shall be applicable.

     

    
      	
              12.

            	
              IF
      any provision of this Agreement is or becomes invalid or unenforceable,
      such invalidity or unenforceability shall not affect the validity of the
      remaining provisions hereof. In such event the parties shall substitute
      the invalid and/or unenforceable provision(s) by valid and enforceable
      provision(s) implementing the intentions of the
  parties.

            

    

     

    [remainder
of page left blank intentionally]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF this
Assignment has been duly executed the day and year first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      SIGNED
      AND DELIVERED by:

                                    	 	
                                      )

                                    	 	 
      
	 
      	 	
                                      )

                                    	 	 
      
	
                                      for
      and on behalf of

                                    	 	
                                      )

                                    	 	 
      
	
                                      _____________
      GmbH

                                    	 	
                                      )

                                    	 	 
      
	
                                      as
      sole general partner of

                                    	 	
                                      )

                                    	 	 
      
	
                                      ATL
      OFFSHORE GMBH &CO.

                                    	 	
                                      )

                                    	 	 
      
	
                                      _________________________
      KG

                                    	 	
                                      )

                                    	 	 
      
	 
      	 	 
      	 	 
      
	
                                      SIGNED
      AND DELIVERED by:

                                    	 	
                                      )

                                    	 	 
      
	 
      	 	
                                      )

                                    	 	 
      
	
                                      for
      and on behalf of

                                    	 	
                                      )

                                    	 	 
      
	 
      	 	
                                      )

                                    	 	 
      
	 
      	 	
                                      )

                                    	 	 
      
	 
      	 	
                                      )

                                    	 	 
      
	
                                      SIGNED
      AND DELIVERED by:

                                    	 	
                                      )

                                    	 	 
      
	 	 	
                                      )

                                    	 	 
	
                                      and

                                    	 	
                                    	 	 
      
	
                                      for
      and on behalf of

                                    	 	
                                      )

                                    	 	 
      
	
                                      NORDDEUTSCHE
      LANDESBANK

                                    	 	
                                      )

                                    	 	 
      
	
                                      GIROZENTRALE

                                    	 	
                                      )

                                    	 	 
      

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    NOTICE
OF INSURANCE ASSIGNMENT

     

    We, ATL
OFFSHORE GMBH & CO. _____________________ KG, being a limited partnership
organised and existing under the laws of Germany having our business address at
Garrelsstrasse 14, 26789 Leer, Germany (the “Owner”), and ___________________,
being a company organised and existing under the laws of ___________ having our
business address at ________________________, (the “Bareboat Charterer” and
together with the Owner the “Assignors”), HEREBY GIVE NOTICE that by an
assignment in writing dated the ________________, 200__, we have assigned
absolutely to NORDDEUTSCHE
LANDESBANK GIROZENTRALE, a banking company organised and existing under
the laws of the Federal Republic of Germany having its registered offices at
Friedrichswall 10, 30159 Hannover, Germany, (the “Assignee”).

     

    
      	
              a)

            	
              ANY
      and all moneys and claims for money which may become due to us with
      respect to the actual or constructive or agreed or arranged or compromised
      total loss or requisition for title and other compulsory requisition of
      the motor vessel “__________________” (the “Vessel”), owned by the Owner,
      and all claims for damages or compensation with respect to such loss or
      requisition for title or other compulsory acquisition (with the exception
      of requisition hire), and

            

    

     

    
      	
              b)

            	
              ALL
      policies of insurance contracts of insurances including all entries in a
      protection and indemnity association or club that have been or may during
      the subsistence of the assignment be taken out in respect of the Vessel
      her freights disbursements profits or otherwise howsoever and all the
      benefits thereof including all claims of whatsoever nature and returns of
      premiums.

            

    

     

    Moneys
are to be paid to or to the order of the Assignee according to the Assignment of
Insurance dated _____________, 200__, and the loss payable clause and none of
the aforesaid policies, contracts or entries may be amended or terminated
without the prior written consents of the Assignee.

     

    Dated
___________________________, 200__

     

    
      
        
          
            
              
                
                  
                    	 
      	 	 
      
	
                            for
      and on behalf of

                          	 	 
      
	
                            ATL
      OFFSHORE GMBH & CO.

                          	 	 
      
	
                            ___________________ KG

                          	 	 
      
	_______ 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	
                            for
      and on behalf of

                          	 	 
      
	 
      	 	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

     Annex 1

     

    List
of Additional Borrowers

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Borr.

                                                    No.

                                                  	 	
                                                    Name of Borrower

                                                  	 	
                                                    Address

                                                  
	
                                                    1

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Juist” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    2

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Norderney” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    3

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Baltrum” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    4

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Langeoog” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    5

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Amrum” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    6

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle of Sylt” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    7

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Wangerooge” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    8

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Neuwerk” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    9

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Usedom” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    10

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Fehmarn” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  
	 	 	 	 	 
	
                                                    11

                                                  	 	
                                                    ALT
      Offshore GmbH & Co. MS “Isle Of Memmert” KG

                                                  	 	
                                                    Neue
      Str. 24

                                                    26789
      Leer

                                                    Germany

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	
                                                            12

                                                          	 	
                                                            ALT
      Offshore GmbH & Co. MS “Isle Of Mellum” KG

                                                          	 	
                                                            Neue
      Str. 24

                                                            26789
      Leer

                                                            Germany

                                                          

                                                  

                                                   

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    SCHEDULE
2

     

    LIST
OF LOANS

     

    
      
        
          
            
              
                	
                        Loan

                      	 	
                        Amount

                      	 	
                        Purpose

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      CT.A

                      	 	
                        up
      to EUR 123,000,000.00

                      	 	
                        financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3,9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      CT.B

                      	 	
                        up
      to EUR 240,000,000.00

                      	 	
                        enabling
      NORD/LB to issue the Payment Guarantees

                      
	 
      	 	 
      	 	 
      
	
                        Loan
      LT

                      	 	
                        up
      to EUR 420,570,000.00

                      	 	
                        repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4,
      and

                        to
      pay to the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5,
      5.5, 6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                      
	 
      	 	 
      	 	 
      
	
                        Credit
      Facility

                      	 	
                        up
      to EUR 84,114,000.00

                      	 	
                        Repayment
      of those amounts due in connection with the repayment of the Loan LT
      required to pay the balance between the twelve (12) years’ repayment
      profile compared to an fifteen (15) years’ repayment
    profile

                      

              

            

          

        

      

    

     

    N.B.: Capitalized terms used
in this Annex shall have the same meaning as given to them in the Loan
Agreement

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
       

      EXHIBIT
8

       

      FORM
OF GENERAL ASSIGNMENT OF INSURANCES

      BY
EACH OF THE ASSURED(S)

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    ASSIGNMENT
      OF INSURANCES

                  	
                    /LOGO/

                  

          

        

      

      

      MV
“_____________________”

      

      LOAN,
GUARANTEE FACILITY AND

      CREDIT
FACILITY AGREEMENT

      DATED
_______________, 2008

      

      NORDDEUTSCHE
LANDESBANK GIROZENTRALE

      Hannover

      

      AND

      

      ____________________________________

      ____________________________________

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      THIS
ASSIGNMENT is made the ____ day of ______________, 20__, between:

       

      
        	
                (1)

              	
                ______________________,
      a company organised and existing under the laws of _____________ having
      its business address ___________________________________, (the
      “Assignor”), and

              

      

       

      
        	
                (2)

              	
                NORDDEUTSCHE LANDESBANK
      GIROZENTRALE, a company organized and existing under the laws of
      Germany, having its offices at Friedrichswall 10, 30159 Hannover, Germany,
      in its capacity as agent under the Agency and Security Pooling Agreement
      (as defined in the Loan Agreement) and the Loan Agreement (the
      “Assignee”).

              

      

       

      WHEREAS

       

      
        	
                I.

              	
                The
      Assignor is assured under the insurances for the motor vessel
      “____________” (the “Vessel”) owned by ATL OFFSHORE GMBH & CO.
      ________________ KG, a limited partnership organized and existing under
      the laws of Germany, having its registered office at Garrelsstrasse 14,
      26789 Leer, Germany (the “Owner”) and currently registered in the Owner’s
      name in the register of ships held with the local court of Aurich,
      Germany.

              

      

       

      
        	
                II.

              	
                Pursuant
      to the terms and conditions of a loan agreement dated ______________,
      2008, (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Assignee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Owner and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders make
      available to the Owner and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities listed in Annex 2
      hereto (the “Loan”) for the purposes as stipulated
  therein.

              

      

       

      
        	
                III.

              	
                The
      Assignee and/or any of the Lenders and the Owner and, as the case may be,
      the Additional Borrowers have entered or may enter individually or jointly
      into one or more master agreements (either (i) based on the 2002
      (Multicurrency Crossborder) form published by International Swap Dealers
      Association, Inc. of New York, New York, United States of America or (ii)
      being an instrument entitled ‘Rahmenvertrag für Finanztermingeschafte’)
      including designated transactions from time to time entered into and
      transaction confirmations from time to time exchanged under the master
      agreements for financial derivatives transactions (the “Master
      Agreements”).

              

      

       

      
        	
                IV.

              	
                The
      Lenders, the Assignor and SACE S.P.A., an organization organized and
      existing under the laws of Italy, having its registered office at Piazza
      Poli 37/42, 00187 Rome, Italy, (“SACE”), have agreed that after a demand
      under the SACE Guarantee has been made by the Assignee for and on behalf
      of the Lenders, the rights to payment under the Loan Agreement shall be
      automatically assigned to SACE to the extent of any payments made by SACE
      under the SACE Guarantee according to clause 23.5 of the Loan
      Agreement.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        	
                V.

              	
                The
      obligations of the Owner and of the Additional Borrowers under the Loan
      Agreement and under the Master Agreements and under the Security Documents
      and under the Reimbursement Agreement (as such terms are defined in the
      Loan Agreement) shall be secured by, inter alia, this
      Assignment.

              

      

       

      NOW IT IS HEREBY AGREED as
follows:

       

      
        	
                1

              	
                TO
      secure the obligations of the Owner and of the Additional Borrowers under
      the Loan Agreement and under the Master Agreements and under the Security
      Documents, including for the avoidance of doubt any obligations under the
      Loan Agreement towards SACE as described in clause 23.5 of the Loan
      Agreement, and under the Reimbursement Agreement, the Assignor hereby
      assigns and agrees to assign absolutely to the
  Assignee:

              

      

       

      
        	
                1.1

              	
                ANY
      and all moneys and claims for money due or to become due to the Assignor
      with respect to the actual or constructive or agreed or arranged or
      compromised total loss or requisition for title or other compulsory
      requisition of the Vessel and all claims for damages or compensation with
      respect to such loss or requisition for title or compulsory requisition
      (with the exception of requisition hire);
and

              

      

       

      
        	
                1.2

              	
                ALL
      policies and contracts of insurances whatsoever including without
      limitation all entries in a protection and indemnity club or association
      that have been or may hereafter during the subsistence of this Agreement
      be taken out in respect of the Vessel her freights disbursements profits
      or otherwise howsoever and all the benefits thereof including all claims
      of whatsoever nature and returns of
premiums.

              

      

       

      ALL the
properties assigned in Clause (1.1.) and (1.2.) hereof are hereinafter together
called the “Insurances”.

       

      THE
Assignee hereby accepts the assignment.

       

      
        	
                2.

              	
                THE
      Assignor warrants and covenants as
follows:

              

      

       

      
        	
                2.1

              	
                THAT
      it will procure that all documents in respect of the Insurances or any of
      them shall contain a loss payable clause substantially in the following
      form or any other form that the Assignee may in its absolute discretion
      demand or approve:

              

      

       

      “Loss Payable
Clause

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      It is
noted that by an Assignment in writing dated the ____ day of ____________, 20__,
________________ of ___________________ (the “Assured”) as assured under the
insurances for the motor vessel “__________________” (the “Vessel”) owned by ATL
OFFSHORE GMBH & CO. _________________________ KG of Leer, Germany, (the
“Owner”) assigned absolutely to NORDDEUTSCHE LANDESBANK
GIROZENTRALE of Hannover, Federal Republic of Germany, (the “Mortgagee”)
this policy and all benefits thereof including all claims of whatsoever nature
(including return of premiums) hereunder.

       

      Claims
hereunder payable in respect of a total or constructive total or an arranged or
agreed or compromised total loss or unrepaired damage and all claims which (in
the opinion of the Mortgagee) are analogous thereto shall be payable to the
Mortgagees up to their mortgage interest.

       

      Subject
thereto all other claims unless and until underwriters have received notice from
the Mortgagee of a default under the Mortgage in which event all claims
hereunder shall be payable directly to the Mortgagees up to their mortgage
interest as follows:

       

      (1)           a
claim in respect of any one casualty where the aggregate claim against all
insurers does not exceed the lesser of (i) Euro one million (EUR 1,000,000.00)
or (ii) five (5) percent of the insured value shall be paid directly to the
Owner;

       

      (2)           a
claim in respect of any one casualty where the aggregate claim against all
insurers exceeds the lesser of (i) Euro one million (EUR 1,000,000.00) or (ii)
five (5) percent of the insured value shall only be paid out according to the
prior written instructions of the Mortgagee.

       

      Notwithstanding
the terms of the said Loss Payable Clause and Notice of Assignment unless and
until Brokers receive notice from the Mortgagee to the contrary Brokers shall be
empowered to arrange their proportion of any collision and/or salvage guarantee
where the aggregate liability under all guarantees to be given in respect of any
one casualty shall not exceed the lesser of (1) Euro one million (EUR
1,000,000.00) or (ii) five (5) % of the insured value or the equivalent in any
other currency to be given in the event of bail being required in order to
prevent the arrest of the Vessel or to secure the release of the Vessel from
arrest following a casualty.

       

      All
collections are to be made through ______________________ as
Brokers.”

       

      
        	
                2.2

              	
                THAT
      it will apply all amounts paid to it pursuant to the terms of this
      Agreement for the purpose of making good the loss and fully repairing all
      the damage in respect of which those amounts are
  paid;

              

      

       

      
        	
                2.3

              	
                THAT
      it will hold the original copies of any and all documents whatsoever in
      connection With Insurances to the order of the Assignee and will not
      terminate or amend any of the Insurances without the prior written consent
      of the Assignee, such consent not to be unreasonably
    withheld;

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                2.4

              	
                THAT
      if by reason of anything done omitted or knowingly suffered to be done or
      omitted by the Assignor the Insurances shall at any time become void the
      Assignor at its own cost will forthwith effect new insurance with insurers
      and brokers and on terms approved by the Assignee and will forthwith (if
      so required by the Assignee) execute an assignment of any such new
      insurance in favour of the Assignee and will pay any amounts payable by
      way of premium under the new insurance and such new insurances shall in
      any event be deemed to be one of the Insurances to which all the
      provisions hereof shall apply;

              

      

       

      
        	
                2.5

              	
                THAT
      it will forthwith give notice of the assignment of the Insurances
      contained in this Assignment to each of the relevant brokers, insurance
      officers, companies, underwriters, protection and indemnity associations
      and clubs in form and substance acceptable to the Assignee and shall from
      time to time provide the Assignee with letters of undertaking in a form
      accepted by the Assignee.

              

      

       

      
        	
                3.

              	
                THE
      benefits and proceeds of all or any of the Insurances shall be distributed
      in accordance with the terms of the Loss Payable Clause set out in Clause
      (2.1) hereof and any and all amounts so paid to the Assignee for and on
      behalf of the Assignor shall be applied in payment of any and all amounts
      whatsoever which are for the time being due and payable to the Assignee
      under the Loan Agreement and/or the Master Agreements and/or the Security
      Documents and/or the Reimbursement Agreement in accordance with the
      provisions of the Loan Agreement.  Any credit balance shall be
      payable to the Assignor or to whomsoever may be entitled
      thereto.

              

      

       

      
        	
                4.

              	
                NOTWITHSTANDING
      the foregoing the Assignor remains liable to perform all the obligations
      to be performed by it under the Insurances and the Assignee shall have no
      obligation of any kind whatsoever in the event of any failure by the
      Assignor to perform its obligations
thereunder.

              

      

       

      
        	
                5.

              	
                THE
      Assignor warrants that it has not assigned, mortgaged, charged, pledged or
      otherwise disposed of all or any part of the Insurances to anyone other
      than the Assignee and covenants that it will not hereafter assign mortgage
      charge pledge or otherwise dispose of the same to anyone other than the
      Assignee.

              

      

       

      
        	
                6.

              	
                THE
      Assignor warrants that the Insurances are assignable and that no
      applicable laws, rules or regulations or agreements by which the Assignor
      is bound exist which prohibit or prevent the valid and enforceable
      assignment of the Insurances.

              

      

       

      
        	
                7.

              	
                On
      discharge in full by the Assignor of all the obligations hereby secured
      the Assignee, on demand and at the Assignor’s expense, shall reassign to
      the Assignor without recourse to the Assignee all of the subject matter of
      this Assignment.

              

      

       

      
        	
                8.

              	
                THE
      Assignee shall not be obliged to make any enquiry as to the nature or
      sufficiency of any payment received by it hereunder or to make any claim
      or take any other action to collect moneys or to enforce any rights and
      benefits hereby assigned to the Assignee or to which the Assignee may be
      entitled at any time hereunder.

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                9.

              	
                The
      Assignor may not assign or otherwise transfer, pledge or encumber in any
      other way any of their rights under this
  Assignment.

              

      

       

      The
Assignee shall have the right at any time to transfer and/or assign all or part
of its rights and obligations under this Assignment to any third
party.

       

      The
Assignee shall have the right at any time and from time to time to transfer all
or part of its rights and obligations under this Assignment in connection with a
transfer of all or part of its participation in the Loans for refinancing
purposes.

       

      This
Assignment shall be binding upon, and shall inure to be benefit of the Assignee,
their successors and their respective successors (in each case whether by
merger, amalgamation, consolidation, take over or otherwise, and each such case
being a “succession” in the sense of this Clause), transferees and/or assignees
as the case may be, and each party hereby agrees that from the completion of the
succession this Assignment shall be read and construed as if all references to
the Assignee were references to the relevant successor.

       

      In
connection with any assignation, transfer and/or sub-participation under this
Clause the Assignee may disclose confidential information.

       

      
        	
                10.

              	
                ALL
      demands and notices made or given hereunder to the Assignor shall be
      deemed to be sufficiently made or given if in writing addressed to
      _____________________, or to such other address as may from time to time
      be notified by the Assignor to the Assignee and shall be deemed to be
      received on the date of despatch if sent by telefax and five (5) days
      after having been posted if sent by
post.

              

      

       

      
        	
                11.

              	
                This
      Assignment shall be construed in accordance with and be governed by the
      laws of the Federal Republic of Germany except in so far as the laws of
      another country compulsorily apply to the subject matter in
      question.

              

      

       

      In
relation to any dispute arising out of or in connection with this Assignment and
for the exclusive benefit of the Assignee the Assignor and the Assignee hereby
irrevocably and unconditionally submit to the jurisdiction of the courts of
Hannover, Germany and waive any objection to proceedings with respect to this
Assignment in such court on the grounds of venue or inconvenient forum, the
Assignee being entitled to initiate legal Proceedings or further legal
proceedings in respect of any dispute arising out of or in connection with this
Assignment before any other competent court.

       

      The
Assignor agrees that any writ, notice of judgement or other legal process or
document in connection with such proceeding may be served upon it by delivering
the same to _____________________,
_______________________________________________________, (the “Process
Agent”).  The Assignor may replace the Process Agent by notifying the
Assignee of an other person in the Federal Republic of Germany six (6) months
prior to the effectiveness of such replacement.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      In
addition to the terms of this Assignment, the General Conditions of the Assignee
shall be applicable.

       

      
        	
                12.

              	
                IF
      any provision of this Agreement is or becomes invalid or unenforceable,
      such invalidity or unenforceability shall not affect the validity of the
      remaining provisions hereof.  In such event the parties shall
      substitute the invalid and/or unenforceable provision(s) by valid and
      enforceable provision(s) implementing the intentions of the
      parties.

              

      

       

      [remainder
of page left blank intentionally]

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      IN WITNESS WHEREOF this
Assignment has been duly executed the day and year first above
written.

       

      
        
          
            
              
                
                  
                    
                      
                        	
                                SIGNED
      AND DELIVERED by:

                              	
                                )

                              	 
      
	 
      	
                                )

                              	 
      
	
                                for
      and on behalf of

                              	
                                )

                              	 
      
	 
      	
                                )

                              	 
      
	 
      	 
      	 
      
	
                                SIGNED
      AND DELIVERED by:

                              	
                                )

                              	 
      
	 
      	
                                )

                              	 
      
	
                                and

                              	 
      	 
      
	 
      	
                                )

                              	 
      
	
                                for
      and on behalf of

                              	
                                )

                              	 
      
	
                                NORDDEUTSCHE
      LANDESBANK

                              	
                                )

                              	 
      
	
                                GIROZENTRALE

                              	
                                )

                              	 
      

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      NOTICE
OF INSURANCE ASSIGNMENT

       

      We,
_____________________, being a company organised and existing under the laws of
____________________ having our business address
________________________________ (the “Assignor”), HEREBY GIVE NOTICE that by an
assignment in writing dated the _____________, 20__, we have assigned absolutely
to NORDDEUTSCHE LANDESBANK
GIROZENTRALE, a banking company organised and existing under the laws of
the Federal Republic of Germany having its registered offices at Friedrichswall
10, 30159 Hannover, Germany, (the “Assignee”).

       

      
        	
                a)

              	
                ANY
      and all moneys and claims for money which may become due to us with
      respect to the actual or constructive or agreed or arranged or compromised
      total loss or requisition for title and other compulsory requisition of
      the motor vessel “______________” (the “Vessel”), owned by ATL OFFSHORE
      GMBH & CO. ___________________ KG, being a limited partnership
      organised and existing under the laws of Germany having its business
      address at Garrelsstrasse 14, 26789 Leer, Germany, and all claims for
      damages or compensation with respect to such loss or requisition for title
      or other compulsory acquisition (with the exception of requisition hire),
      and

              

      

       

      
        	
                b)

              	
                ALL
      policies of insurance contracts of insurances including all entries in a
      protection and indemnity association or club that have been or may during
      the subsistence of the assignment be taken out in respect of the Vessel
      her freights disbursements profits or otherwise howsoever and all the
      benefits thereof including all claims of whatsoever nature and returns of
      premiums.

              

      

      
         

        Moneys
are to be paid to or to the order of the Assignee according to the Assignment of
Insurances dated ___________, 200__, and the loss payable clause and none of the
aforesaid policies, contracts or entries may be amended or terminated without
the prior written consents of the Assignee.

      

       

      Dated
______________________, 20__

      

      
        
          
            
              
                	 
      	 
      	 
      
	
                        for
      and on behalf of

                      	 
      	 
      
	 
      	
                          

                      	 
      

              

            

          

        

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      Annex 1

       

      List
of Additional Borrowers

       

      
        
          
            
              
                
                  
                    
                      
                        	
                                Borr.

                                No.

                              	 	
                                Name of Borrower

                              	 	
                                Address

                              
	
                                1

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Juist” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                2

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Norderney” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                3

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Baltrum” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                4

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Langeoog” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                5

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Amrum” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                6

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle of Sylt” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                7

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Wangerooge” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                8

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Neuwerk” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                9

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Usedom” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                10

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Fehmarn” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                11

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Memmert” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              
	
                                12

                              	 	
                                ALT
      Offshore GmbH & Co. MS “Isle Of Mellum” KG

                              	 	
                                Neue
      Str. 24

                                26789
      Leer

                                Germany

                              

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      SCHEDULE
2

       

      LIST
OF LOANS

       

      
        
          
            
              
                
                  	
                          Loan

                        	 	
                          Amount

                        	 	
                          Purpose

                        
	
                          Loan
      CT.A

                        	 	
                          up
      to EUR 123,000,000.00

                        	 	
                          financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3, 9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                        
	
                          Loan
      CT.B

                        	 	
                          up
      to EUR 240,000,000.00

                        	 	
                          enabling
      NORD/LB to issue the Payment Guarantees

                        
	
                          Loan
      LT

                        	 	
                          up
      to EUR 420,570,000.00

                        	 	
                          repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4, and to pay to
      the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5, 5.5,
      6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                        
	
                          Credit
      Facility

                        	 	
                          up
      to EUR 84,114,000.00

                        	 	
                          Repayment
      of those amounts due in connection with the repayment of the Loan LT
      required to pay the balance between the twelve (12) years’ repayment
      profile compared to an fifteen (15) years’ repayment
    profile

                        

                

              

            

          

        

      

       

      N.B.: Capitalized terms used
in this Annex shall have the same meaning as given to them in the Loan
Agreement

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      EXHIBIT
9

       

      FORM
OF ASSIGNMENT OF CHARTER AND OTHER EARNINGS

      BY
THE BORROWER AND THE BAREBOAT CHARTERER

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          	
                  ASSIGNMENT
      OF CHARTER AND OTHER

                	
                  /LOGO/

                
	
                  EARNINGS

                	 
      

        

      

      

      MV
“_____________________”

      

      LOAN,
GUARANTEE FACILITY AND

      CREDIT
FACILITY AGREEMENT

      DATED
_______________, 2008

      

      NORDDEUTSCHE
LANDESBANK GIROZENTRALE

      Hannover

      

      AND

      

      ATL
OFFSHORE GMBH & CO. _________________ KG

      Leer

      

      AND

       

      
        
          
            
              
                	
                         

                      	
                         

                      
	 
      	 
      

              

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      THIS
ASSIGNMENT is made the ______ day of __________________, 200_,
between:

       

      
        	
                (1)

              	
                ATL OFFSHORE GMBH &
      CO. __________________ KG, a limited partnership organized and
      existing under the laws of Germany, having its registered office at
      Garrelsstrasse 14, 26789 Leer, Germany (the
  “Owner”),and

              

      

       

      
        	
                (2)

              	
                _________________,
      a company organized and existing under the laws of having its registered
      office at _______________________(the “Bareboat Charterer’ and together
      with the Owner the “Assignors”),
and

              

      

       

      
        	
                (3)

              	
                NORDDEUTSCHE LANDESBANK
      GIROZENTRALE, a company organized and existing under the laws of
      Germany, having its offices at Friedrichswall 10, 30159 Hannover, Germany,
      in its capacity as agent under the Agency and Security Pooling Agreement
      (as defined in the Loan Agreement) and the Loan Agreement (the
      “Assignee”).

              

      

       

      WHEREAS

       

      
        	
                I.

              	
                The
      Owner is the owner of the motor vessel “__________” (the “Vessel”)
      registered in the ownership of the Assignor in the register of ships held
      with the local court of Au rich,
Germany.

              

      

       

      
        	
                II.

              	
                The
      Bareboat Charterer is the bareboat charterer of the
  Vessel.

              

      

       

      
        	
                III.

              	
                Pursuant
      to the terms and conditions of a loan agreement dated ________________,
      2008, (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Assignee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Owner and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders make
      available to the Owner and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities listed in Annex 2
      hereto (the “Loan”) for the purposes as stipulated
  therein.

              

      

       

      
        	
                IV.

              	
                Pursuant
      to the terms of a bareboat charter contract dated ___________, 200_ (the
      “Bareboat Charter”) and made between the Owner as owner and the Bareboat
      Charterer as bareboat charterer, the Owner has agreed with the Bareboat
      Charterer to charter the Vessel to the Bareboat Charterer until
      ____________, at a daily charter rate of United States Dollars(USD
      _______) gross (the “Charter Hire”‘) and on terms and conditions as more
      closely described therein.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        	
                V.

              	
                Pursuant
      to the terms of a time charter contract dated _____________ (the “Time
      Charter”) and made between the Owner as owner and organised and existing
      under the laws of _____________ (the Time Charterer”) as time charterer,
      the Owner has agreed with the Time Charterer to charter the Vessel to the
      Time Charterer for a period _______________ years with an option for
      further ____________ years, at a daily charter rate of United States
      Dollars ___________ gross for the first initial _________ years and at a
      daily charter rate of United States Dollars _____________ for the period
      thereafter (the “Time Charter Hire”) and on terms and conditions as more
      closely described therein.

              

      

       

      
        	
                VI.

              	
                Pursuant
      to the terms of a pool agreement dated _____________, 200_ (the “Pool
      Agreement”) and made between the Owner as owner and __________________ of
      ________, _______________ as pool manager, the Owner has agreed that the
      Vessel becomes a member of the pool for a pool participation as further
      described therein.

              

      

       

      
        	
                VII.

              	
                The
      Lenders, the Assignor and SACE S.P.A., an organization organized and
      existing under the Paws of Italy, having its registered office at Piazza
      Poll 37/42, 00187 Rome, Italy, (“SACE”), have agreed that after a demand
      under the SACE Guarantee has been made by the Assignee for and on behalf
      of the Lenders, the rights to payment under the Loan Agreement shall be
      automatically assigned to SACE to the extent of any payments made by SACE
      under the SACE Guarantee according to clause 23.5 of the Loan
      Agreement.

              

      

       

      
        	
                VIII.

              	
                The
      Assignee and/or any of the Lenders and the Owner and, as the case may be,
      the Additional Borrowers have entered or may enter individually or jointly
      into one or more master agreements (either (i) based on the 2002
      (Multicurrency Crossborder) form published by International Swap Dealers
      Association, Inc. of New York, New York, United States of America or (ii)
      being an instrument entitled ‘Rahmenvertrag für
      Finanztermingeschäfte’) including designated transactions from time
      to time entered into and transaction confirmations from time to time
      exchanged under the master agreements for financial derivatives
      transactions (the “Master
Agreements”).

              

      

       

      
        	
                IX.

              	
                Pursuant
      to the terms of the Loan Agreement and in order to secure the due and
      punctual payment of all amounts due or to become due and payable by the
      Owner and the Additional Borrowers under the Loan Agreement and the Master
      Agreements, the Assignors have agreed to assign to the Assignee all their
      rights under the Bareboat Charter, the Time Charter and all present and
      future further earnings of the
Vessel.

              

      

       

      
        	
                X.

              	
                The
      obligations of the Owner and of the Additional Borrowers under the Loan
      Agreement and under the Master Agreements and under the Security Documents
      and under the Reimbursement Agreement (as such terms are defined in the
      Loan Agreement) shall be secured by, inter alia, this
      Assignment.

              

      

       

      NOW IT IS HEREBY AGREED as
follows:

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      
        	
                1.

              	
                TO
      secure the obligations of the Owner and the Additional Borrowers under the
      Loan Agreement and under the Master Agreements and under the Security
      Documents, including for the avoidance of doubt any obligations under the
      Loan Agreement towards SACE as described in clause 23.5 of the Loan
      Agreement, and under the Reimbursement Agreement, the Assignors hereby
      assign and agree to assign absolutely to the
  Assignee

              

      

       

      
        	
                1.1

              	
                any
      and all present and future claims, rights, title and interest arising from
      the Bareboat Charter including but not limited to the payment of the
      Charter Hire, and any other payment whatsoever due to the Owner from time
      to time under the Bareboat Charter, and furthermore any and all further
      freights, hire moneys (including requisition hire), net salvage, towage
      remuneration, demurrage, detention moneys, damages and other earnin c in
      respect of the Vessel or the use thereof under the Bareboat Charter,
      and

              

      

       

      
        	
                1.2

              	
                any
      and all present and future claims, rights, title and interest arising from
      the Time Charter including but not limited to the payment of the Time
      Charter Hire, and any other payment whatsoever due to the Owner from time
      to time under the Time Charter, and furthermore any and all further
      freights, hire moneys (including requisition hire), net salvage, towage
      remuneration, demurrage, detention moneys, damages and other earnings in
      respect of the Vessel or the use thereof under the Time Charter,
      and

              

      

       

      
        	
                1.3

              	
                all
      moneys whatsoever due or to become due to or for the account of the
      Assignors at any time arising out of the use or the operation of the
      Vessel including (but not limited to) any other charter hire and all other
      freight, hire and passage moneys, requisition compensation remuneration
      for salvage, towage services, demurrage and detention moneys and damages
      for breach (or payments for variation or termination) of any charter party
      or other contract for the employment of the Vessel, or any claims against
      the Pool Agreement or any other employment pool for payment of the
      relevant pool participation, and all sums recoverable under the insurances
      in respect of the loss of income out of any employment of the Vessel and
      includes, if and whenever the Vessel is employed on terms whereby any or
      all such moneys as aforesaid are pooled or shared with any other person or
      entity, that proportion of the net receipts of the relevant pooling or
      sharing arrangement which is attributable to the Vessel (all the
      properties assigned in this Clause are hereinafter called the
      “Earnings”).

              

      

       

      THE
Assignee hereby accepts the assignment.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                2.

              	
                EACH
      of the Assignors irrevocably warrants and covenants as
      follows:

              

      

       

      
        	
                2.1

              	
                THE
      Earnings shall be payable to the Assignee into the _________ earnings
      account with the Assignee, such account as the Assignee may from time to
      time nominate and which is currently assigned with the account number
      ___________ and shall be applied in payment of any and all amounts
      whatsoever which are for the time being due and payable to the Assignee
      and the Underwriting Lenders under the Loan Agreement and/or the Master
      Agreements.  Any credit balance shall be payable to the
      Assignors or to whomsoever may be entitled thereto.  The
      Assignors shall procure that all the Earnings are paid to the Assignee
      without any deduction or set-off.

              

      

       

      
        	
                2.1

              	
                IT
      shall promptly send notices of the assignment of the Earnings contained
      herein in such forms substantially as attached hereto or as may from time
      to time be agreed in writing by the Assignee, to any and all parties
      liable to pay all or any part of the Earnings for the time being, and
      shall procure that all those parties acknowledge the same in such terms as
      the Assignee may require.

              

      

       

      
        	
                3.

              	
                NOTWITHSTANDING
      the foregoing the Assignors shall remain liable to perform all the
      obligations to be performed by them under the Bareboat Charter, the Time
      Charter and any other charter and under any other contract of employment
      of the Vessel and the Assignee shall have no obligation of any kind
      whatsoever in the event of any failure by the Assignors to perform their
      obligations thereunder.

              

      

       

      
        	
                4.

              	
                THE
      Assignors covenant (i) duly to perform all their obligations under the
      Bareboat Charter, the Time Charter and under any other charter and under
      any other contract of employment of the Vessel and to use their best
      endeavors to ensure that any other parties thereto perform the same and
      (ii) not without the Assignee’s prior written consent, which shall not be
      unreasonably withheld, amend, terminate, cancel or rescind the Bareboat
      Charter or the Time Charter.

              

      

       

      
        	
                5.

              	
                EACH
      of the Assignors warrants that it has not assigned, mortgaged, charged,
      pledged or otherwise disposed of all or any part of the Earnings to anyone
      other than the Assignee and covenants that it will not hereafter assign
      mortgage charge pledge or otherwise dispose of the same to anyone other
      than the Assignee.

              

      

       

      
        	
                6.

              	
                EACH
      of the Assignors warrants that the Earnings are assignable and that no
      applicable laws, rules or regulations or agreements by which the Assignor
      is bound exist which prohibit or prevent the valid and enforceable
      assignment of the Earnings.

              

      

       

      
        	
                6.1

              	
                If
      an event of default shall have occurred under the Loan Agreement and/or
      under the Master Agreements, or under any security document referred to in
      the Loan Agreement, the Assignee shall have the right (without being
      obliged) to realize and enforce the collateral granted by this
      Assignment.

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                The
      Assignee will, except where such prior notice is inappropriate and/or
      incongruous, give the Assignors one week’s prior written notice if it
      intends to realize the collateral granted by this Assignment, provided
      always that the Assignee shall not be obliged to give such prior notice in
      circumstances where (i) either of the Assignors has seriously and finally
      repudiated its obligations under the Loan Agreement, the Master Agreements
      and/or the Security Documents relating thereto, (ii) either of the
      Assignors has suspended payments of its debts or is unable or admits its
      inability to pay its debts as they fall due, or (iv) any insolvency,
      administration, winding-up, bankruptcy or similar proceeding has been
      applied for with respect to either of the
  Assignors.

              

      

       

      
        	
                 
      

              	
                For
      the purposes of realization and enforcement of the collateral granted by
      this Assignment and the Assignors hereby authorize the Assignee
      to

              

      

       

      
        	
                6.1.1

              	
                avail
      itself of all the rights and benefits of the Assignors under the Bareboat
      Charter, the Time Charter and under any other contract of employment with
      respect to the Vessel;

              

      

       

      
        	
                6.1.2

              	
                make
      any demands and enforce any of the Assignors’ rights and powers under the
      Bareboat Charter, the Time Charter and under any other contract of
      employment with respect to the Vessel with the same force and effect as if
      they were made and enforced by the Assignors
  thereunder;

              

      

       

      
        	
                6.1.3

              	
                assign
      its rights under the Bareboat Charter, the Time Charter and any other
      contract of employment with respect to the Vessel and such rights and
      powers to a nominee with the written consent of the relevant
      charterer;

              

      

       

      
        	
                6.1.4

              	
                demand
      and receive all sums payable or to become payable to the Assignors under
      the Bareboat Charter, the Time Charter and/or any other contract of
      employment with respect to the Vessel and apply them in accordance with
      the applicable provisions of the Loan Agreement;
  and

              

      

       

      
        	
                6.1.5

              	
                receive
      any expenses from the Assignors upon the first written demand of the
      Assignee in connection with the exercise of its rights
      hereunder.

              

      

       

      
        	
                 
      

              	
                In
      case the Assignee makes use of its rights set forth in this Subclause 6.1
      it shall not be liable for any loss incurred due to the exercise of any of
      its rights.

              

      

       

      
        	
                6.2

              	
                All
      monies received by the Assignee pursuant to this Assignment (including,
      but without limitation) in respect
of:

              

      

       

      
        	
                6.2.1

              	
                an
      assignment by the Assignee of its title and interest in all rights, powers
      and benefits in and under the Bareboat Charter, the Time Charter and/or
      any other contract of employment with respect to the Vessel,
      or

              

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      
        	
                6.2.2

              	
                such
      collections or recoveries as are referred to in Clause
  6.1,

              

      

       

      
        	
                 
      

              	
                shall
      be applied by the Assignee in accordance with the Loan
      Agreement.

              

      

       

      
        	
                7.

              	
                THE
      Assignee shall not be obliged to make any enquiry as to the nature or
      sufficiency of any payment received by it hereunder or to make any claim
      or take any other action to collect moneys or to enforce any rights and
      benefits hereby assigned to the Assignee or to which the Assignee may be
      entitled at any time hereunder.

              

      

       

      
        	
                8.

              	
                On
      discharge in full by the Assignors of all the obligations hereby secured
      the Assignee, on demand and at the Assignors’ expense, shall reassign to
      the Assignors without recourse to the Assignee all of the subject matter
      of this Assignment.

              

      

       

      
        	
                9.

              	
                SO
      far as may be necessary to give effect to this Agreement the Assignors
      hereby irrevocably appoint the Assignee its attorney for the purpose of
      doing in the name of the Assignors all acts which the Assignors could do
      in relation to the Earnings; provided that the provisions of this Clause 7
      shall take effect only from and after the occurrence of an Event of
      Default as the terms are defined in the Loan Agreement and/or the Master
      Agreements.

              

      

       

      
        	
                10.

              	
                The
      Assignors may not assign or otherwise transfer, pledge or encumber in any
      other way any of their rights under this
  Assignment.

              

      

       

      
        	
                 
      

              	
                The
      Assignee shall have the right at any time to transfer and/or assign all or
      part of its rights and obligations under this Assignment to any third
      party.

              

      

       

      
        	
                 
      

              	
                The
      Assignee shall have the right at any time and from time to time to
      transfer all or part of its rights and obligations under this Assignment
      in connection with a transfer of all or part of its participation in the
      Loans for refinancing purposes.

              

      

       

      
        	
                 
      

              	
                This
      Assignment shall be binding upon, and shall inure to be benefit of the
      Assignee, its successors and their respective successors (in each case
      whether by merger, amalgamation, consolidation, take over or otherwise,
      and each such case being a “succession” in the sense of this Clause),
      transferees and/or assignees as the case may be, and each party hereby
      agrees that from the completion of the succession this Assignment shall be
      read and construed as if all references to the Assignee were references to
      the relevant successor.

              

      

       

      
        	
                 
      

              	
                In
      connection with any assignation, transfer and/or sub-participation under
      this Clause the Assignee may disclose confidential
      information.

              

      

       

      
        	
                11.

              	
                The
      Assignors shall execute and deliver to the Bareboat Charterer, the Time
      Charterer and to any further charterer a notice of the relevant assignment
      made hereby and procure that the Bareboat Charterer, the Time Charterer
      and any further charterer acknowledges the same.  Such notice
      and acknowledgment shall be in the form attached hereto as Annex 3 in
      respect of the notice to the Bareboat Charterer and in the form attached
      hereto as Annex 4 in respect of the notice to the Time Charterer and in
      the form attached hereto as Annex 5 in respect of any notices to any
      further charterer.

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      
        	
                12.

              	
                ALL
      demands and notices made or given hereunder to the Assignors shall be
      deemed to be sufficiently made or given in writing addressed to the Owner
      at Garrelsstrasse 14, 26789 Leer, Germany, or to such other address as may
      from time to time be notified by the Assignors to the Assignee and shall
      be deemed to be validly given and received on the date of despatch if sent
      by telefax and five (5) days after having been posted if sent by
      post.

              

      

       

      
        	
                13.

              	
                THIS
      Assignment shall be construed in accordance with and be governed by the
      laws of the Federal Republic of Germany except in so far as the laws of
      another country compulsorily apply to the subject matter in
      question.

              

      

       

      In
relation to any dispute arising out of or in connection with this Assignment and
for the exclusive benefit of the Assignee the Assignors and the Assignee hereby
irrevocably and unconditionally submit to the jurisdiction of the courts of
Hannover and waive any objection to proceedings with respect to this Assignment
in such court on the grounds of venue or inconvenient forum, the Assignee being
entitled to initiate legal proceedings or further legal proceedings in respect
of any dispute arising out of or in connection with this Assignment before any
other competent court.

       

      The
Bareboat Charterer agrees that any writ, notice of judgement or other legal
process or document in connection with such proceeding may be served upon it by
delivering the same to the Owner, Garrelsstrasse 14, 26789 Leer, Germany, (the
“Process Agent”).  The Bareboat Charterer may replace the Process
Agent by notifying the Assignee of an other person in the Federal Republic of
Germany six (6) months prior to the effectiveness of such
replacement.

       

      In
addition to the terms of this Assignment, the General Conditions of the Assignee
shall be applicable.

       

      
        	
                14.

              	
                IF
      any provision of this Agreement is or becomes invalid or unenforceable,
      such invalidity or unenforceability shall not affect the validity of the
      remaining provisions hereof.  In such event the parties shall
      substitute the invalid and/or unenforceable provision(s) by valid and
      enforceable provision(s) implementing the intentions of the
      parties.

              

      

       

      (remainder
of page left blank intentionally)

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF this Assignment has been duly executed the day and year first
above written.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        SIGNED
      AND DELIVERED by:

                                      	
                                        )

                                      	 
      
	
                                        __________________________ 
      

                                      	
                                        )

                                      	 
      
	
                                        for
      and on behalf of

                                      	
                                        )

                                      	 
      
	
                                        _______________ GmbH

                                      	
                                        )

                                      	 
      
	
                                        as
      sole general partner of

                                      	
                                        )

                                      	 
      
	
                                        ATL
      OFFSHORE GMBH & CO.

                                      	
                                        )

                                      	 
      
	
                                        
                                          ______________________
      KG

                                        

                                      	
                                        )

                                      	 
      
	 
      	 
      	 
      
	
                                        SIGNED
      AND DELIVERED by:

                                      	
                                        )

                                      	 
      
	
                                        __________________________ 
      

                                      	
                                        )

                                      	 
      
	
                                        for
      and on behalf of

                                      	
                                        )

                                      	 
      
	
                                        __________________________

                                      	
                                        )

                                      	 
      
	 
      	 
      	 
      
	
                                        SIGNED
      AND DELIVERED by:

                                      	
                                        )

                                      	 
      
	
                                        
                                          __________________________
      and

                                        

                                      	
                                        )

                                      	 
      
	
                                        
                                          __________________________

                                        

                                      	
                                        )

                                      	 
      
	
                                        for
      and on behalf of

                                      	
                                        )

                                      	 
      
	
                                        NORDDEUTSCHE
      LANDESBANK

                                      	
                                        )

                                      	 
      
	
                                        GIROZENTRALE

                                      	
                                        )

                                      	 
      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

     

    Annex I

     

    List
of Additional Borrowers

    

    
      
        
          	
                  Borr.

                  No.

                	 
      	
                  Name of Borrower

                	 
      	
                  Address

                
	 
      	 
      	 
      	 
      	 
      
	
                  1

                	 
      	
                  ATL
      Offshore GmbH & Co. MS “Just” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  2

                	 
      	
                  ATL
      Offshore GmbH & Co. MS “Norderney” KG

                   

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  3

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Baltrum” KG

                   

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  4

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Langeoog” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  5

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Amrum” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  6

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Sylt” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  7

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Wangerooge” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  8

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Neuwerk” KG

                   

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  9

                	 
      	
                  ATL
      Offshore GmbH & Co. “Isle Of Usedom” KG

                	 
      	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                   

                
	
                  10

                	
                    

                	
                  ATL
      Offshore GmbH & Co. “Isle Of Fehmarn” KG

                	
                    

                	
                  Neue
      Str. 24

                  26789
      Leer

                  Germany

                

        

      

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    11

                  	 	
                    ATL
      Offshore GmbH & Co. “Isle Of Memmert” KG

                  	 	
                    Neue
      Str. 24

                    26789
      Leer

                    Germany

                     

                  
	
                    12

                  	 	
                    ATL
      Offshore GmbH & Co. “isle Of MeIlum” KG

                  	 	
                    Neue
      Str. 24

                    26789
      Leer

                    Germany

                  

          

        

      

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
2

     

    LIST
OF LOANS

    

    
      
        
          
            	
                    Loan

                  	 
      	
                    Amount

                  	 
      	
                    Purpose

                  
	 	 	 	 	 
	
                    Loan
      CT.A

                  	 
      	
                    up
      to EUR 123,000,000.00

                  	 
      	
                    financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3, 9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                     

                  
	
                    Loan
      CT.B

                  	 
      	
                    up
      to EUR 240,000,000.00

                     

                  	 
      	
                    enabling
      NORD/LB to issue the Payment Guarantees

                  
	
                    Loan
      LT

                  	 
      	
                    up
      to EUR 420,570,000.00

                  	 
      	
                    repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price instalments 1.3, 1.4, 2.3 and 2.4,
      and

                     

                    to
      pay to the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5,
      5.5, 6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                     

                  
	
                    Credit
      Facility

                  	
                      

                  	
                    up
      to EUR 84,114,000.00

                  	
                      

                  	
                    Repayment
      of those amounts due in connection with the repayment of the Loan LT
      required to pay the balance between the twelve (12) years’ repayment
      profile compared to an fifteen (15) years’ repayment
    profile

                  

          

        

      

    

     

    N.B.:  Capitalized
terms used in this Annex shall have the same meaning as given to them in the
Loan Agreement

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Annex 3

    

    ATL OFFSHORE GMBH &
CO. ______________________________________________KG

       
Leer, Germany

     

    
      
        

      

To:    ___________________________        

             
___________________________

     

    Date: ___________________________

    

    Dear
Sirs,

     

    MV”
_______________(the “Vessel”)

    Bareboat
Charter Contract dated _________________, 20__, (the “Bareboat
Charter”)

     

    Notice
of Assignment

     

    We refer
to the above Bareboat Charter made between us and yourselves.

     

    We hereby
give you notice that by an Assignment dated _____________, 20___ made
between us as assignor and NORDDEUTSCHE LANDESBANK GIROZENTRALE of Hannover,
Germany (the “Assignee”) as assignee, we have assigned to the Assignee
absolutely and unconditionally, amongst other things, all our rights, title and
interest in and to all monies due and to become due to us under the Bareboat
Charter and particularly, but without limitation, all of our rights, title and
interest in and to the payment of the charter hire under the Bareboat
Charter.

     

    Please
note that the Bareboat Charter cannot be amended, terminated, cancelled or
rescinded without the prior written consent of the Assignee.

     

    We hereby
irrevocably authorise and instruct you to pay to our account with the Assignee
Account Number ________________ (or to such other account as the Assignee may
from time to time direct in writing or by telefax) all other payments due to us
under the Bareboat Charter.

     

    Notwithstanding
the above, we remain fully liable and responsible as beneficial owner of the
Vessel under the Bareboat Charter in every respect, in particular for the
delivery of the Vessel to you. The Assignee is not to be held liable or
responsible for any of our obligations under the Bareboat
Charter.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    Except
for payment to be made under the Bareboat Charter, you shall be entitled to
continue to deal with us notwithstanding the Assignment referred to herein,
unless and until you receive notice from the Assignee that we are in default of
our obligations to the Assignee.  Following receipt of such notice you
shall not be required to enquire about the validity of such notice but shall be
entitled to act upon it as if it were valid in all respects.

     

    The
authority and instructions herein contained may not be revoked or varied by us
without the written consent of the Assignee.

     

    We would
be grateful if you could acknowledge the receipt and your consent to the above
by • signing the acknowledgement attached hereto together with a copy of this
notice and sending same back to

     

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Federal
Republic of Germany

    Fax:
+49-511-3614785

    

    cc:

    ATL OFFSHORE GMBH & CO.
__________________________ KG

    Fax:   +49-491-9995020

    

    Thank you
for your cooperation.

    

    Yours
faithfully,

    
_______________________________

    ATL
OFFSHORE GMBH & CO.

    _________________________KB

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    To:         NORDDEUTSCHS
LANDESBANK GIROZENTRALE

    Shipping and Aircraft Finance
Departement

    Friedrichswall 10

    30159 Hannover

    Federal Republic of
Germany

    Fax:   +49-5113614785

    

    cc:          ATL OFFSHORE GMBH &
CO. ________________________KG

     

    Dear
Sirs,

    

    MV
“ ____________”(the “Vessel”)

    Bareboat
Charter Contract dated _________,  20__(the “Bareboat
Charter”)

    Acknowledgement
of Notice of Assignment

     

    We, the
undersigned, ______________, hereby acknowledge receipt of the foregoing
Notice of Assignment which we confirm we accept on terms that, hereafter, you
shall be fully entitled to receive payment of all amounts due under the Bareboat
Charter including without limitation the Vessel’s charter hire or any part
thereof and that - in case we are obliged to do so under the Bareboat Charter -
we will effect any payments or any part thereof to you until further written
notice from you.

     

    We
confirm that we have not received any other notice of assignment, pledge or
other encumbrance.

     

    We
furthermore acknowledge that the Bareboat Charter cannot be amended, terminated,
cancelled or rescinded without your prior written consent.

     

    Yours
faithfully,

    

    
      
        
          
            
              
                	 
      	
                          

                      	 
      

              

            

          

        

      

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Annex 4

    

    ATL OFFSHORE GMBH &
CO. ___________________________________________KG

       
   Leer, Germany

    
       

      
        

      

    

    

    To:    ___________________________

             
___________________________

    
 

    Date: ___________________________

    

    Dear
Sirs,

    

    MV” ________________
(the “Vessel”)

    Time Charter Contract
dated ______________, 20__, (the “Time Charter”)

    

    Notice of Assignment

     

    We refer
to the above Time Charter made between us and yourselves.

     

    We hereby
give you notice that by an Assignment dated ______________, 20___ made between
us as assignor and NORDDEUTSCHE LANDESBANK GIROZENTRALE of Hannover, Germany
(the “Assignee”) as assignee, we have assigned to the Assignee absolutely and
unconditionally, amongst other things, all our rights, title and interest in and
to all monies due and to become due to us under the Time Charter and
particularly, but without limitation, all of our rights, title and interest in
and to the payment of the charter hire under the Time Charter.

     

    Please
note that the Time Charter cannot be amended, terminated, cancelled or rescinded
without the prior written consent of the Assignee.

     

    We hereby
irrevocably authorise and instruct you to pay to our account with the Assignee
Account Number ________________ (or to such other account as the Assignee may
from time to time direct in writing or by telefax) all other payments due to us
under the Time Charter.

     

    Notwithstanding
the above, we remain fully liable and responsible as beneficial owner of the
Vessel under the Time Charter in every respect, in particular for the delivery
of the Vessel to you. The Assignee is not to be held liable or responsible for
any of our obligations under the Time Charter.

     

    Except
for payment to be made under the Time Charter, you shall be entitled to continue
to deal with us notwithstanding the Assignment referred to herein, unless and
until you receive notice from the Assignee that we are in default of our
obligations to the Assignee.  Following receipt of such notice you
shall not be required to enquire about the validity of such notice but shall be
entitled to act upon it as if it were valid in all respects.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    The
authority and instructions herein contained may not be revoked or varied by us
without the written consent of the Assignee.

     

    We would
be grateful if you could acknowledge the receipt and your consent to the above
by signing the acknowledgement attached hereto together with a copy of this
notice and sending same back to

     

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Federal
Republic of Germany

    Fax:
+49-511-3614785

    

    cc:

    ATL
OFFSHORE GMBH & CO. ________________________ KG

    Fax:   +49-491-9995020

    

    Thank you
for your cooperation.

    

    Yours
faithfully,

     

    _______________________________

    ATL
OFFSHORE GMBH & CO.

    __________________________KB

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    To:         NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping and Aircraft Finance
Department

    Friedrichswall 10

    30159 Hannover

    Federal Republic of
Germany

    Fax: +49-511-3614785

    

    cc:          ATL
OFFSHORE GMBH &
CO. _____________________________________KG

    Fax: +49-491-9995020

    

    Dear
Sirs,

    

    MV
“ _____________“ (the “Vessel”)

    Time
Charter Contract dated     , 20_, (the “Time
Charter”)

    Acknowledgement
of Notice of Assignment

     

    We, the
undersigned, ________________________ hereby acknowledge receipt of the
foregoing Notice of Assignment which we confirm we accept on terms that,
hereafter, you shall be fully entitled to receive payment of all amounts due
under the Time Charter including without limitation the Vessel’s charter hire or
any part thereof and that - in case we are obliged to do so under the Time
Charter - we will effect any payments or any part thereof to you until further
written notice from you.

     

    We
confirm that we have not received any other notice of assignment, pledge or
other encumbrance.

     

    We will
inform you immediately in writing should any default be made by
_______________________ under or in connection with the Time Charter or
should there occur any default or other event as a result of which we claim to
be entitled to terminate or cancel the Time Charter. Before exercising any right
to terminate or cancel the Time Charter, we will give you written notice of our
intention to do so and the opportunity to rectify any default.

     

    Yours
faithfully,

     

    _______________________________

    _______________________________

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Annex 5

    

    NOTICE
OF ASSIGNMENT

    

    MV
“ ___________________“

     

    We write
with reference to the contract dated ________________________, 20___, (the
“Contract”), concluded between ourselves, ATL OFFSHORE GMBH & CO.
_______________ KG of Leer, Germany, (the “Assignor”) and yourselves regarding
__________________________________________________(state nature of contract),
with respect to our motor vessel “ ___________________“ on the terms and
conditions therein stated.

     

    We now
hereby give you notice that by an assignment of earnings dated ______________,
20___, (the “Assignment”) made between ourselves as assignor and NORDDEUTSCHE LANDESBANK GIROZENTRALE
of Hannover, Federal Republic of 
______________________________________________ Germany, (the “Assignee”), as
assignee, we have, inter
alia, assigned to the Assignee our right title and interest in the
Earnings (as the terms is defined in the Assignment).

     

    You are
irrevocably authorised and instructed to pay all amounts payable to us pursuant
to the Contract to our account no. held with the Assignee until such time as the
Assignee directs to the contrary in writing whereupon you shall pay all such
amounts in accordance with the directions of the Assignee.

     

    The
authority and instructions herein contained may not be revoked or varied by us
without the consent of the Assignee.

    

    Dated _____________________,
20____           

    
_______________________________

    for and
on behalf of

    

    
      
        
          
            
              	 
      	
                        

                    	 
      

            

          

        

      

    

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
10

     

    FORM
OF PLEDGE OF EARNINGS ACCOUNT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        	
                PLEDGE
      OF EARNINGS ACCOUNT

              	
                /LOGO/

              

      

    

    

    MV
“_____________________“

    

    LOAN,
GUARANTEE FACILITY AND

    CREDIT
FACILITY AGREEMENT

    DATED _______________,
2008

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Hannover

    

    and

    

    ATL
OFFSHORE GMBH & CO. ___________________________KG

    Leer

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS FIRST PRIORITY PLEDGE OF
EARNINGS ACCOUNT AGREEMENT is made the ____________ day of
__________________, 2008 between:

     

    
      
        	
                (1)

              	
                ATL OFFSHORE GMBH & CO.
      __________________ KG, a limited
      partnership organized and existing under the laws of Germany, having its
      registered office at Garrelsstrasse 14, 26789 Leer, Germany (the
      “Pledgor”), and

              

      

    

     

    
      	
              (2)

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE of Friedrichswall 10, 30159 Hannover, Federal Republic
      of Germany, in its capacity as agent under the Agency and Security Pooling
      Agreement (as defined in the Loan Agreement) and the Loan Agreement (the
      “Pledgee”).

            

    

     

    WHEREAS:

     

    
      	
              I.

            	
              Pursuant
      to the terms and conditions of a loan agreement dated _____________ 2008,
      (as from time to time amended, varied or supplemented the “Loan
      Agreement”), made between the Pledgee and certain other banks and
      financial institutions further described in the Loan Agreement as lenders
      (the “Lenders”) of the first part and the Pledgor and certain other
      companies (the “Additional Borrowers”) listed in Annex 1 hereto as
      borrowers of the second part, it has been agreed that the Lenders makes
      available to the Pledgor and the Additional Borrowers upon the terms and
      conditions stipulated therein those loan facilities listed in Annex 2
      hereto (the “Loan”) for the purposes as stipulated
  therein.

            

    

     

    
      	
              II.

            	
              The
      Pledgee and/or any of the Lenders and the Pledgor and, as the case may be,
      the Additional Borrowers, have entered or may enter individually or
      jointly into one or more master agreements (either (i) based on the 2002
      (Multicurrency Crossborder) form published by International Swap Dealers
      Association, Inc. of New York, New York, United States of America or (ii)
      being an instrument entitled ‘Rahmenvertrag far Finanztermingeschaftd)
      including designated transactions from time to time entered into and
      transaction confirmations from time to time exchanged under the master
      agreements for financial derivatives transactions (the “Master
      Agreements”).

            

    

     

    
      	
              III.

            	
              The
      Lenders, the Pledger and SACE S.P.A., an organization organized and
      existing under the laws of Italy, having its registered office at Piazza
      Poll 37142, 00187 Rome, Italy, (“SACE”), have agreed that after a demand
      under the SACE Guarantee has been made by the Pledgee for and on behalf of
      the Lenders, the rights to payment under the Loan Agreement shall be
      automatically assigned to SACE to the extent of any payments made by SACE
      under the SACE Guarantee according to clause 23.5 of the Loan
      Agreement.

            

    

     

    
      	
              IV.

            	
              It
      is a condition precedent to the Pledgee advancing any part of the Loan to
      the Pledgor and the Additional Borrowers that - inter alia - the Pledger
      pledge to the Pledgee its rights and claims under and in relation to the
      Earnings Account (as further defined in the Loan Agreement) held with the
      Pledgee.

            

    

     

    This
Pledge Agreement shall be deemed to be included in the Security Documents as
defined in the Loan Agreement.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    NOW
THEREFORE THE PARTIES HERETO AGREE AS FOLLOWS:

     

    1.           Definitions

     

    The terms
used in this Pledge Agreement (where the context so admits) shall have the same
meaning as defined in the Loan Agreement.

     

    2.           Pledge

     

    The
Pledgor hereby and in pursuance of Clause 13 of the Loan Agreement irrevocably
and unconditionally pledges and charges to and in favour of the Pledgee all
amounts held at any time on the

     

    account
no. ___________________

     

    and any
sub-account or call account under the same reference number or designation and
any substitute account of revised designation or number whatsoever (the
“Account”) and any and all of its fix-term money deposits (including interest
accrued thereon) being deposited with the Pledgee under certain reference
numbers to be applied by the Pledgee and such reference numbers being linked
with the Account of the Pledgor maintained with the Pledgee in the name of the
Pledgor (together hereinafter referred to as the “Pledged Claims”).

     

    3.           PURPOSE

     

    This
Pledge Agreement is made to secure any and all obligations and liabilities
consisting of monetary payment obligations that may at present or from time to
time in or become owing to the Pledgee by the Pledgor under or pursuant to the
Loan Agreement, the Master Agreements and the Security Documents, including for
the avoidance of doubt any obligations under the Loan Agreement towards SACE as
described in clause 23.5 of the Loan Agreement, and the Acknowledgment and
Submission (as such term is defined in the Loan Agreement and collectively the
“Outstanding indebtedness”).

     

    4.           WAIVER
AND WARRANTY

     

    
      	
              4.1. 

            	
              For
      the Pledgee’s benefit, the Pledgor hereby
  waives:

            

    

     

    
      	
              4.1.1.

            	
              any
      and all rights under sect. 1211 and 770 of the German Civil Code in
      particular (but not limited to) the right of rescission (Anfechtung), withdrawal
      (Rucktritt) and
      set off (Aufrechnung),
      and

            

    

     

    
      	
              4.1.2.

            	
              any
      rights in its favour that may from time to time result from the way or the
      time of realization of this pledge or the release of other security or
      security rights.

            

    

     

    
      	
              4.2.

            	
              Nothing
      shall restrict the Pledgee’s right to realize the pledge over the Account.
      In particular, without limitation, the Pledgee is not obliged to first
      realize other security granted in its favour prior to enforcing its rights
      and claims hereunder

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              4.3.

            	
              The
      Pledger warrants to have the unrestricted authority and power to dispose
      of the Account, in particular that it has not and will not pledged the
      Account to any third party or assigned or encumbered them in any other way
      in favour of any third party and that furthermore the pledged claims are
      not encumbered in favour of any third
party.

            

    

     

    
      	
              4.4.

            	
              Until
      the Outstanding Indebtedness have been paid and performed in full to the
      Pledgee’s satisfaction, any further assignment, pledge or other
      encumbrance of the Account shall require the Pledgee’s prior written
      consent.

            

    

     

    5.           REPRESENTATIONS
AND WARRANTIES

     

    
      	
              5.1.

            	
              Nothing
      shall restrict the Pledgee’s right to realize the pledges of the Pledged
      Claims. In particular, without limitation, the Pledgee is not obliged to
      first realize other security granted in its favour prior to enforcing its
      rights and claims hereunder.

            

    

     

    
      	
              5.2.

            	
              Save
      pursuant hereto, the Pledgor warrants to have the unrestricted authority
      and power to dispose of the Pledged Claims, in particular that they have
      not pledged the Pledged Claims to any third party or assigned or
      encumbered them in any other way in favour of any third party and that
      furthermore the pledged claims are not encumbered in favour of any third
      party.

            

    

     

    
      	
              5.3.

            	
              Until
      the Pledgee will release its rights and claims under this Pledge
      Agreements any further assignment, pledge or other encumbrance of the
      Pledged Claims shall require the Pledgee’s prior written
      consent.

            

    

     

    6.           ENFORCEMENT

     

    The
Pledgee is entitled, without the need for an enforceable instrument (vollstreckbarer Titel)
against the Pledgor, to exercise its rights and enforce the Account Pledge, upon
one of the following events having occurred (i) any of the Pledger or the
Additional Borrowers have failed to pay any sum due and payable under the
Outstanding Indebtedness provided however that the Pledgee has given prior
written notice to the Pledgor, such notice period being at least one week or
(ii) any of the Pledgor or the Additional Borrowers have ceased the payment of
their debt (Zahlungseinstellung) or (iii)
an application for the opening of legal insolvency proceedings on any of the
Pledgor’s or the Additional Borrowers’ assets has been made (each an “Event of
Default”), provided that, in case a third party applies for the opening of legal
insolvency proceedings, paragraph (iii) shall not create an Event of Default if
the application is being contested in good faith by the Pledger or the relevant
Additional Borrower and is dismissed, stayed or discharged within thirty (30)
days of its application. No notice to the Pledgor pursuant to this Clause 6 is
required (i) if it would be unreasonable (untunlich) to require the
Pledgee to give such notice, or (ii) in the event that any of the Pledger or the
Additional Borrowers suspends its payments generally or that an application for
its insolvency is filed. In order to enforce the Account Pledge the Pledgee may
withdraw, or require the transfer of, any amount from the above mentioned
Account.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    7.           TRANSFER
AUTHORIZATION

     

    
      	
              7.1.

            	
              The
      Pledgor herewith unconditionally and irrevocably authorizes the Pledgee to
      transfer any or all amounts from the Account to pay any fees, expenses,
      interest and principal due under the Outstanding Indebtedness, such
      payments to be at the Pledgee’s sole discretion, provided always an Event
      of Default having occurred and the Pledgee having notified the Pledgor
      about such an Event of Default.

            

    

     

    
      	
              7.2.

            	
              Prior
      to the occurrence of an Event of Default the amounts standing to the
      credit of the Account shall be applied in accordance with the relevant
      provisions of the Loan Agreement and/or the Master
    Agreements.

            

    

     

    8.           CONTINUING
SECURITY

     

    
      	
              8.1.

            	
              This
      Pledge Agreement shall remain in full force and effect until the
      Outstanding Indebtedness having been paid and performed in full to the
      Pledgee’s complete satisfaction.

            

    

     

    
      	
              8.2.

            	
              This
      Pledge Agreement shall create a continuing security and no change or
      amendment or supplement to the Loan Agreement or the Master Agreement or
      the Parallel Obligations shall affect the validity and the scope of this
      Pledge Agreement nor the obligations which are imposed on the Pledger
      pursuant to it.

            

    

     

    
      	
              8.3.

            	
              This
      Pledge Agreement shall be binding upon and shall ensure to the benefit of
      the Pledgor and the Pledgee and their respective successors, transferees
      and assigns.

            

    

     

    
      	
              8.4.

            	
              Neither
      the Pledger nor any of its successors, permitted transferees and assigns
      may assign or transfer any of their rights and obligations under this
      Pledge Agreement without the Pledgee’ prior written
    consent.

            

    

     

    9.           COSTS

     

    The
Pledger undertakes to pay on demand to the Pledgee on a full indemnity basis all
costs and expenses (including legal costs) incurred by the Pledgee in connection
with and incidental to the preparation of this Agreement, and all costs incurred
in the maintenance of the security created hereby or the actual or attempted
enforcement at any time of the Pledgee’s rights and powers
hereunder.

     

    10.         RELEASE
AND TRANSFER

     

    
      	
              10.1.

            	
              Upon
      the Outstanding Indebtedness having been paid and performed in full to the
      Pledgee’s complete satisfaction, the Pledgee will release its rights and
      claims under this Pledge Agreement.

            

    

     

    
      	
              10.2.

            	
              Prior
      to the full discharge of the Outstanding Indebtedness, the Pledgee is only
      obliged to release the granted security, if so requested, if such
      obligation exists irrespective of Section 1222 German Civil Code
      (BGB).

            

    

     

    
      	
              10.3.

            	
              In
      the case of a release pursuant to clause 10.2. above, the Pledgee will
      assign and transfer such security to a third party if it is by law obliged
      to do so.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    The
pledge shall be free to select the securfity items to be released under Clase
10.2 above and, to the extent an obligation of the Pledgee to release any
security provided for the Outstanding Indebtedness (or any part therof) also
exists under or in connection with any other secdurity agreement or under any
other security document.  In selecting security items to be released
under clause 10.2. above, the Pledgee shall duly consider the Pledgor’s
legitimate interests and the legitimate interest of other parties providing
additional security.

     

    11.         INVALIDITY

     

    In the
event that any term or condition of this Pledge Agreement is rendered or
declared invalid or inoperative in whole or in part by any statute, rule or
regulation or any decision of any court or tribunal of competent jurisdiction
then such determination or declaration shall neither affect the validity of any
other term or condition of this Pledge Agreement, which (save as aforesaid) will
remain in full force and effect, nor the legality, validity or enforceability of
such term or condition under the law of any other jurisdiction shall in any way
be affected or impaired thereby and the Pledgor undertakes to execute such
further document or documents as the Pledgee may reasonably require to complete
the security constituted hereby.

     

    12.         LIABILITY

     

    Except
for its gross negligence (grobe Fahrlassigkeit) or
wilful misconduct (Vorsatz), the Pledgee shall
not be liable vis-a-vis the Pledgor for not (or not completely) collecting or
recovering or selling the rights resulting from the Account (or any part
thereof) and/or any loss or damage resulting from any collecting or recovering
or selling the rights resulting from the Account (or any part thereof) or
arising out of the exercise of or failure to exercise any of its powers under
this Pledge Agreement. Should any such loss or damage occur, then the Pledgor
shall fully indemnify the Pledgee therefore.

     

    13.         ACCEPTANCE

     

    The
Pledgee hereby accepts the pledge of the Pledged Claims and all stipulations,
covenants, undertakings, authorities and powers pursuant to this Pledge
Agreement.

     

    14.        COMMUNICATION

     

    Any
notice or other communication to be given pursuant hereto shall be by letter or
registered letter or by telefax and addressed

     

    - if to
the Pledgor, to:

    

    ATL
OFFSHORE GMBH &CO. ____________________________ KG

    c/o
HARTMANN LOGISTIC GMBH

    Garrelsstr.
14

    26789
Leer

    Germany

    Fax:
+49-491-9995020

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    - if to
the Pledgee, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Germany

    Fax:
+49-511-3614785

     

    or to
such other address as either party may notify to the other in
writing.

     

    Communications
sent by telefax shall be effective on the date of despatch and five (5) days
after having been posted if sent by post

     

    Any
document and or communication to be made pursuant to this Pledge shall be in
English.

     

    15.         LAW
AND JURISDICTION

     

    
      	
              15.1

            	
              This
      Pledge Agreement shall be governed by the laws of the Federal Republic of
      Germany.

            

    

     

    
      	
              15.2

            	
              The
      parties hereto hereby expressly submit to the non-exclusive jurisdiction
      of the Courts of the City of Hannover but nothing herein shall restrict or
      limit the right and power of the Pledgee to issue legal proceedings
      against the Pledgor in any other competent
  jurisdiction.

            

    

     

    [remainder
of page left blank intentionally]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    IN WITNESS whereof the parties
hereto have duly executed this Pledge Agreement by their duly authorised
attorneys the day and year first above written

     

    
      
        
          
            
              
                
                  	
                          SIGNED
      AND DELIVERED by:

                        	
                          )

                        	 
      
	_____________________ 
      	
                          )

                        	 
      
	
                          for
      and on behalf of GmbH

                        	
                          )

                        	 
      
	
                          as
      sole general partner of

                        	
                          )

                        	 
      
	
                          ATL
      OFFSHORE GMBH & CO.

                        	
                          )

                        	 
      
	
                          ________________________KG

                        	
                          )

                        	 
      
	 
      	 
      	 
      
	 	 	 
	
                          SIGNED
      AND DELIVERED by:

                        	
                          )

                        	 
      
	
                          _______________________
      and

                        	
                          )

                        	 
      
	
                          for
      and on behalf of

                        	
                          )

                        	 
      
	
                          NORDDEUTSCHE
      LANDESBANK

                        	
                          )

                        	 
      
	
                          GIROZENTRALE

                        	
                          )

                        	 
      

                

              

            

          

        

      

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Annex 1

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Borr.

                                                  No.

                                                	 
      	
                                                  Name of Borrower

                                                	 
      	
                                                  Address

                                                
	
                                                  1

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. MS “Joist” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  2

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. MS “Norderney” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  3

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Baltrum” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  4

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Langeoog” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  5

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Amrum” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  6

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Sylt” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  7

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Wangerooge” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  8.

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Neuwerk” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  9

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Usedom” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  10

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Fehmarn” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  11

                                                	 
      	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Memmert” KG

                                                	 
      	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                
	 	 	 	 	 
	
                                                  12

                                                	
                                                    

                                                	
                                                  ATL
      Offshore GmbH & Co. “Isle Of Mellum” KG

                                                	
                                                    

                                                	
                                                  Neue
      Str. 24

                                                  26789
      Leer

                                                  Germany

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
2

     

    LIST
OF LOANS

    

    
      
        
          
            
              
                
                  
                    	
                            Loan

                          	 
      	
                            Amount

                          	 
      	
                            Purpose

                          
	
                            Loan

                            CT.A

                          	 
      	
                            Up
      to EUR 123,000,000.00

                          	 
      	
                            financing
      part of the Construction Price Instalments 1.3, 1.4, 2.3, 2.4, 3.3, 3.4,
      4.3, 4.4, 5.3, 5.4, 6.3, 6.4, 7.3, 7.4, 8.3, 8.4, 9.3, 9.4, 10.3, 10.4,
      11.3, 11.4, 12.3 and 12.4

                          
	 	 	 	 	 
	
                            Loan
      CT.B

                          	 
      	
                            up
      to EUR 240,000,000.00

                          	 
      	
                            enabling
      NORD/LB to issue the Payment Guarantees

                          
	 	 	 	 	 
	
                            Loan
      LT

                          	 
      	
                            up
      to EUR 420,570,000.00

                          	 
      	
                            repayment
      of those amounts due in connection with the repayment of the Loan CT.A,
      and in respect of Vessels (1) and (2) for the refinancing of the payment
      of the Construction Price Instalments 1.3, 1.4, 2.3 and 2.4,
      and

                            to
      pay to the Builder the Construction Price Instalments 1.5, 2.5, 3.5, 4.5,
      5.5, 6.5, 7.5, 8.5, 9.5, 10.5, 11.5 and 12.5

                          
	 	 	 	 	 
	
                            Credit
      Facility

                          	
                              

                          	
                            up
      to EUR 84,114,000.00

                          	
                              

                          	
                            Repayment
      of those amounts due in connection with the Facility repayment of the Loan
      LT required to pay the balance between the twelve (12) years’ repayment
      profile compared to an fifteen (15) years’ repayment
    profile

                          

                  

                

              

            

          

        

      

    

     

    N.B.: Capitalized terms used
in Annex shall have the same meaning as gtiven to them in the Loan
Agreement.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
11

     

    FORM
OF BAREBOAT DOCUMENTATION

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [DOCUMENT
TRANSLATED FROM GERMAN]

    ATL
OFFSHORE GMBH & CO. ______________ KG

    

    Norddeutsche
Landesbank Girozentrale

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

     

    Leer,
_______

     

    Flagging
MS “__________” (Charter name: “_________”)

     

    Dear
Madams and Sirs,

     

    Attached
please find two undated applications, directed to the Federal Maritime and
Hydrographic Agency, revoking the permit in accordance with § 7 I Flag Law Act
regarding carrying flags of ________ as well as registration of ________ for
cancellation of the bareboat registration.

     

    We hereby
empower you irrevocably to date the applications and to deliver them to us, the
Federal Maritime and Hydrographic Agency, or the foreign register at any time.
Notice to us prior to sending the application to the Federal Agency or the
foreign register is not required.

     

    Kind
regards,

     

    ________________________

    ATL
OFFSHORE GMBH & CO.

     

    ________________
KG

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    [DOCUMENT
TRANSLATED FROM GERMAN]

    ATL
OFFSHORE GMBH & CO. ___________ KG

    

    Federal
Maritime and

    Hydrographic
Agency

    Bernhard-Nocht-Strasse
78

    20359
Hamburg

     

    Special
authorization in accordance with § 7 Flag Law Act (FIRG) for MS “_________”
(Chartername: “_______”)

     

    Dear
Madams and Sirs,

     

    We are
the owners of the MS
“____________” (Chartername: “_________”). In accordance with your notice
of _____________, we have obtained a permit for the ship to carry the flag of
____________ instead of the Federal Flag.

     

    We
request that the permit to carry the flag of ____________ be revoked effective
immediately so that the MS “_____________” (charter name: “__________”) will
immediately once again carry the flag of the Federal Republic of
Germany.

     

    Kind
regards,

     

    ________________

    ATL
OFFSHORE GMBH & CO.

     

    ______________
KG

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ATL
OFFSHORE GMBH & CO.                                                        
KG

    

    
      
        	
                     

              
	
                   

              

      

    

    

    MV
“                                                      “
(Chartername: “                                                               “

    Cancellation
of bareboat charter registration

     

    Dear
Sirs,

     

    we are
the owners of the subject vessel.

     

    In
accordance with the permission of the Federal Authority for Merchant Marine and
Hydrographie (Bundesamt fur Seeschifffahrt and Hydrographie) dated
and                                    
           your permission
dated                                           
  the above mentioned vessel has been entitled to fly the flag
of                             
instead of the German flag.

     

    We
herewith apply for the immediate cancellation of the vessel’s bareboat charter
certificate of dual registration.

     

    Yours
faithfully,

     

                                                                                

    ATL
OFFSHORE GMBH & CO.

     

                                                                 KG

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    [DOCUMENT
TRANSLATED FROM GERMAN]

    ATL
OFFSHORE GMBH & CO. ___________ KG

    

    Norddeutsche
Landesbank Girozentrale

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

     

    Hamburg,
___________

     

    MS
“_____________” (Chartername: “____________”)

     

    Dear
Madams and Sirs,

     

    We are
writing you in reference to your letter of ___________ regarding flagging of the
above-mentioned ship to _____________ in the framework of a two-year bareboat
charter.

     

    As
requested, we, ATL OFFSHORE
GMBH & CO. ______________ KG, confirm that we will terminate the
bareboat charter contract concluded between ___________ and us at any time you
like immediately by notice of termination vis-à-vis the above-mentioned bareboat
charterer.

     

    In so far
as you exercise the rights to which you are entitled as a mortgage holder, we
will not invoke any claims for damages, of any nature whatsoever, against
you.

     

    Kind
regards,

     

    _________________________

    ATL
OFFSHORE GMBH & CO.

     

    ___________________
KG

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    LETTER
OF UNDERTAKING

    

    WHEREAS we, the
undersigned

     

                                                                 
        

     

                                            
   

     

    -
hereinafter referred to as the “Bareboat-Charterer” -

     

    have
bareboat-chartered the

     

    MV “                                                      “ (Chartername: “                                                                           -”)

     

    - hereinafter referred to as the “Vessel” -

     

    from

     

    ATL OFFSHORE GMBH & CO.                                                                    KG

     

    - hereinafter referred to as the “Owner” –

     

    for a
first period of up to two years which may be renewed from time to time or
replaced by a similar Bareboat-Charter-Contract between the same parties (First
Contract) or as may be replaced or renewed (Following Contracts) upon terms and
conditions specified with the Bareboat-Charter-Party dated

     

    - hereinafter referred to as the
“Charter Party” -.

     

    WHEREAS
the Vessel is mortgaged in accordance with the laws of the Federal Republic of
Germany and registered within the German register for seagoing ships at the
lower court of the city of Aurich in favour of

     

    NORDDEUTSCHE LANDESBANK
GIROZENTRALE

     

    Hannover

     

    - hereinafter referred to as the “Mortgagee” -

     

    WHEREAS the Bareboat-Charterer and the
Owner have assigned with the Earnings Assignment Agreement dated                        
     to the Mortgagee all their rights and claims under
any charter-party for the Vessel for better securing all the Mortgagee’s claims
under the Loan Agreement dated                                      hereinafter
referred to as the “Loan Agreement” which expression shall also include all
amendments to the Loan Agreement.

     

    WHEREAS the Owner pursuant to
the terms of the Loan Agreement, this being secured by a mortgage in favour of
the Mortgagee is under the obligation

     

    
      	
              1.

            	
              at
      any time to allow the Mortgagee or its authorised representatives full and
      complete access to the Vessel for the purpose of inspecting the Vessel and
      her cargo and all papers and other register documents
  and

            

    

     

    
      	
              2.

            	
              in
      case the Mortgagee has reclaimed the Loan secured by the mortgage
      prematurely, to convey the Vessel to a port which is acceptable to the
      Mortgagee and, if the Owner does not comply with such demand without
      delay, the Mortgagee is authorised to have the Vessel conveyed to such
      port; and

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    WHEREAS the Vessel received
the permission by the German authorities to fly the flag of                                    
   during the charter period without alteration of the German
registration of the Vessel and the mortgage on her papers.

     

    WE THE UNDERSIGNED
BAREBOATCHARTERER, hereby and in consideration of the Mortgagees giving
its consent for the Vessel to fly the flag of                          
 during the charter period subject to various conditions UNCONDITIONALLY AND IRREVOCABLY
REPRESENT, UNDERTAKE AND COVENANT with the Mortgagee that

     

    
      	
              1.

            	
              we
      have taken notice of the registration of the above mentioned mortgage on
      the Vessel and the obligation of the Owner respectively the rights of the
      Mortgagee under the Loan Agreement;

            

    

     

    
      	
              2.

            	
              at
      the date hereof, no event of default or any other event which with the
      giving of notice, lapse of time, determination of materiality or other
      condition may constitute an event of default has occurred under the
      Charter Party;

            

    

     

    
      	
              3.

            	
              we
      have taken notice that the Mortgagee are at all time and from time
      entitled to

            

    

     

    
      	
               
      

            	
              (i)

            	
              request
      the Owner to terminate forthwith the Charterparty,
  and

            

    

     

    
      
        
          	
                	
                  (ii)

                	
                  ask
      the German and the authorities of       
            on
      behalf of the Owner to revoke the permission for the Vessel to fly the
      flag of                           
       
      and that the Vessel thenceforth fly the flag of the Federal Republic of
      Germany,
again;

                

        

      

    

     

    
      	
              4.

            	
              we
      will instruct any master employed by us for the command of the Vessel to
      respect the aforementioned rights of the Mortgagee and the Mortgagee’s
      rights under the Loan Agreement and insofar waive our rights to give
      orders to such master which are not in compliance with the aforementioned
      rights and any requests of the
Mortgagees;

            

    

     

    
      	
              5.

            	
              upon
      request of the Mortgagee we will ensure that the Vessel will no longer fly
      the flag of and give our consent that the Vessel thereafter will fly the
      flag of the Federal Republic of Germany whenever demanded by the Mortgagee
      whereby the Charter-Party should continue to be in full force up to the
      Mortgagee’s demand for termination. We, however, for better implementation
      of our undertaking hereby irrevocably and unconditionally authorise the
      Mortgagee on our behalf and in our name, to take all necessary steps and
      sign and/or execute any necessary applications and/or documents so that
      the Charter-Party be terminated and/or the Vessel’s registration in the
      Ships Register of be deleted;

            

    

     

    
      	
              6.

            	
              we
      will not make any claims under and/or in connection with the Charter-Party
      neither against the Vessel, nor the Owner or the Mortgagee which might in
      any jurisdiction affect the rank of the mortgage, the rights of the
      Mortgagee under or in connection with the mortgage and/or the Loan
      Agreement and/or which might have an adverse effect on the Mortgagee’s
      interest towards the Vessel and/or the proceeds of any sale of her by
      court or otherwise, and accordingly we hereby waive any such right we
      might have in any jurisdiction to such
effect;

            

    

     

    
      	
              7

            	
              we
      have no lien on the Vessel and hereby waive any such present and future
      lien we might have in any jurisdiction to such
  effect;

            

    

     

    
      	
              8.

            	
              notwithstanding
      the above, all rights, claims and receivables of the Mortgagee under the
      Loan Agreement, the Master Agreements and the Security Documents,
      including without limitation all rights, claims and receivables of the
      Mortgagee under or in connection with the mortgage registered in favour of
      the Mortgagee over the Vessel, shall at all times rank prior to our
      rights, claims and receivables under or in connection with the Charter
      Party and that we will at any time upon request of the Mortgagee execute
      any documents and make any declarations which in the opinion of the
      Mortgagee are necessary or beneficial to secure such
    priority;

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
              9.

            	
              we
      will not ask the Mortgagee for any indemnification whatsoever on the
      reason that the Mortgagee either asked the Owner to terminate the
      Charter-Party and/or to take the necessary steps for the Vessel’s
      reversion to German flag or used the authorisations named in para. 22
      herein above;

            

    

     

    
      	
              10.

            	
              not
      to arrest or otherwise detain the Vessel and to give notice to the
      Mortgagee if we become aware that the Vessel is encumbered with a maritime
      lien which is not abolished or deleted within the ordinary course of
      business, arrested or in any other ways seized for claims which cannot
      immediately be abolished or repaid or if there should occur other
      situations in which the Vessel is no longer under our complete control as
      bareboat charterers;

            

    

     

    
      	
              11.

            	
              not
      to compete with the Mortgagee in any bankruptcy, insolvency or similar
      procedure or any liquidation or winding- up of the Owner, nor in any
      procedure concerning the Vessel, its insurances or
    earnings;

            

    

     

    
      	
              12.

            	
              to
      permit, that representatives of the Mortgagee shall at any time have
      access to the Vessel and any documentation in relation to the Vessel
      irrespective of where such documentation may be placed and to procure that
      the Mortgagee receives copies of all documents, certificates,
      authorizations and licenses, it is entitled to under the Loan Agreement
      and/or the Security Documents, provided always that the time and place of
      any such request or the exercise of such rights do not unduly interfere
      with the operation of the Vessel;

            

    

     

    
      	
              13.

            	
              not
      to do anything incompatible or inconsistent with the performance by the
      Owner of its obligations under the Loan Agreement and/or the Security
      Documents or become otherwise known to
us;

            

    

     

    
      	
              14.

            	
              at
      all times while the Vessel is under our control to comply with any and all
      national and international laws, rules or regulations, applicable to us or
      the Vessel, including but not limited to any environmental or security
      related laws, rules or regulations (e.g. ISM, ISPS, MARPOL and any
      others), and to procure that there are at all times on board the Vessel
      all certificates, licenses and permits required under any applicable law,
      rule or regulation in order to show compliance
  therewith;

            

    

     

    
      	
              15.

            	
              at
      all times the Vessel is under its control to secure that the Vessel is
      operated and traded in a manner which is customary for good and sound
      practice for the handling, management and steering of vessels similar to
      the Vessel for first class bareboat charterers of such vessels, to always
      procure that the Vessel fully and validly maintains its class with one of
      the major class societies, approved by the Mortgagee as classification
      society without any reservations and recommendations existing in excess of
      any time limit, to promptly inform the Mortgagee of any change of
      classification society and to at all times keep the Vessel in good and
      efficient state of repair and seaworthy
  condition;

            

    

     

    
      	
              16.

            	
              at
      all times to procure that the Vessel is fully covered by insurance as
      provided for in the Loan Agreement and/or the Security Documents, and not
      to allow that the Vessel is in any way in violation of the insurance terms
      and conditions, including (but not limited thereto) that it is not traded
      in areas in which it is not fully covered by the
  insurance;

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
              17.

            	
              to
      promptly inform the Mortgagee about any damage to the Vessel exceeding
      Euro one million (EUR 1,000,000.00) or five (5) % of the insured amount,
      any average, material salvage, loss of class, loss of flag, deletion from
      ship registry or any other legal or economic fact or circumstance material
      to the Loan Agreement and/or the Security Documents which comes to its
      attention;

            

    

     

    
      	
              18.

            	
              not
      to participate in any change in the Vessel’s registration other than in
      accordance with the Loan Agreement and/or the Security
      Documents;

            

    

     

    
      	
              19.

            	
              not
      to assign, materially amend or assist in any material amendment of the
      Charter Party and to promptly notify the Mortgagee if and when we cease or
      will cease to be the charterers of the Vessel for any reason whatsoever,
      including (but not limited thereto) if and when the Owner terminates the
      Charter Party;

            

    

     

    
      	
              20.

            	
              to
      promptly inform the Mortgagee of any material default of the Owner under
      the terms and conditions of the Charter Party and in case of such default
      or the Mortgagee’s written notice to us of Owner’s default under the Loan
      Agreement or Owner’s default under the mortgage, to (a) assist the
      Mortgagee in positioning the Vessel in any harbour it might choose, (b)
      assist the Mortgagee in laying up or continuing the operation of the
      Vessel, including (but not limited to) giving the relevant orders to the
      crew and/or to hand over the Vessel to the Mortgagee, (c) deliver to the
      Mortgagee any material under our control in respect of the Vessel and its
      operation; and (d) not make any arrests or seizure or exercise any right
      of retention in the Vessel, its equipment, bunkers or stores for any claim
      we may have against the Owner;

            

    

     

    
      	
              21.

            	
              to
      promptly inform the Mortgagee if at any time our claims against the Owner
      and/or the Vessel exceed Euro one million (EUR
    1,000,000.00).

            

    

     

    
      	
              22.

            	
              To
      further better implementation the Owner has co-signed this Letter of
      Undertaking whereby the Owner irrevocably and unconditionally authorizes
      the Mortgagee to act also on their behalf, namely to apply for the consent
      of the German authorities for the Vessel to fly the flag of the Federal
      Republic of Germany again. In such event we will send to the Mortgagee
      Originals of the Bareboat-Charter Certificate of Registry, the Radio
      License and all other necessary documents of the Vessel for cancellation.
      Provided that the above authority hereby given to the Mortgagee does not
      absolve us from the responsibility or from our undertaking, in case the
      Mortgagee so requires from us, to take the necessary steps for such
      reversion to Federal Republic of German
flag.

            

    

     

    
      	
              23.

            	
              In
      the event that any term or condition of this Letter of Undertaking is
      rendered or declared illegal invalid or inoperative in whole or in part by
      any statute, rule or regulation or any decision of any court or tribunal
      of competent jurisdiction then such determination or declaration shall
      neither affect the legality, validity or enforceability of any other term
      or condition of this Letter of Undertaking, which (save as aforesaid) will
      remain in full force and effect nor the legality, validity or
      enforceability of such term or condition under the law of any other
      jurisdiction.

            

    

     

    
      	
               
      

            	
              The
      Bareboat Charterer and where applicable the Owner hereby undertake to do
      all such actions and make such declarations as the Mortgagee may deem
      necessary to obtain the economic purpose of this document if and when any
      part of this document shall be found illegal, invalid or inoperable, or if
      there is a gap.

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
              24.

            	
              Any
      notice or other communication to be given pursuant hereto shall be by
      letter or registered letter or telefax and
  addressed

            

    

     

    - if to
the Owner, to

    

    ATL
OFFSHORE GMBH & CO.                                                      
   KG

    c/a
HARTMANN LOGISTIC GMBH

    Garrelsstr.
14

    26789
Leer

    Germany

    Fax:
+49-491-9995020

    

    - if to
the Mortgagee, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Federal
Republic of Germany

    Fax:
+49-511-3614785,

    

    
      	
              25.

            	
              This
      letter shall be governed by, and construed in accordance with, German
      law.

            

    

     

    
      	
               
      

            	
              Any
      legal action or proceeding with respect of this letter may be brought in
      the Courts of Germany or such other courts having jurisdiction over such
      action or proceeding as the Mortgagee may select. By execution and
      delivery of this fetter and for the exclusive benefit of the Mortgagee, we
      irrevocably and generally and unconditionally accept the non-exclusive
      jurisdiction of the Courts of Hannover in the Federal Republic of Germany
      and, for the purpose of the German Courts, irrevocably appoint ATL
      OFFSHORE GMBH & CO. KG, Garrelsstr. 14, 26789 Leer, Germany, to accept
      service of all proceedings hereunder on our behalf and confirm that
      process so served shall be deemed to be duly served. Nothing herein shall
      prevent service of process in any other manner permitted by
      law.

            

    

     

    Dated the
___ day of                                                                       ,           

     

                                                                                
   
   

                                                                                    

     

    AFL
OFFSHORE GMBH & CO.

     

                                                                             KG

     

    Accepted:

     

                                                                                    

     

    Norddeutsche
Landesbank Gironzentrale

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
12

    

    FORM
OF LOSS PAYABLE CLAUSE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Loss
Payable Clause

     

    it is
noted that by an Assignment in writing dated the __ day of                        
, 20_, ATL OFFSHORE GMBH & CO.                
                 
KG of Leer, Germany, (the “Owner”) as owner of the motor vessel “                          
   “ (the “Vessel”) and                                               
  of                        
    (the “Bareboat Charterer” and together with the Owner
the “Assignors”) as bareboat charterer and assured under the insurances for the
Vessel assigned absolutely to NORDDEUTSCHE LANDESBANK
GIROZENTRALE of Hannover, Federal Republic of Germany (the “Mortgagee”)
this policy and all benefits thereof including all claims of whatsoever nature
(including return of premiums) hereunder.

     

    Claims
hereunder payable in respect of a total or constructive total or an arranged or
agreed or compromised total loss or unrepaired damage and all claims which (in
the opinion of the Mortgagee) are analogous thereto shall be payable to the
Mortgagee up to their mortgage interest.

     

    Subject
thereto all other claims unless and until underwriters have received notice from
the Mortgagee of a default under the Mortgage in which event all claims
hereunder shall be payable directly to the Mortgagee up to their mortgage
interest as follows:

     

    
      	
              1.

            	
              a
      claim in respect of any one casualty where the aggregate claim against all
      insurers does not exceed the lesser of (i) Euro one million (EUR
      1,000,000.00) or (ii) five (5) percent of the insured value shall be paid
      directly to the Owner;

            

    

     

    
      	
              2.

            	
              a
      claim in respect of any one casualty where the aggregate claim against all
      insurers exceeds the lesser of (i) Euro one million (EUR 1,000,000.00) or
      (ii) five (5) percent of the insured value shall only be paid out
      according to the prior written instructions of the
    Mortgagee.

            

    

     

    Notwithstanding
the terms of the said Loss Payable Clause and Notice of Assignment unless and
until Brokers receive notice from the Mortgagee to the contrary Brokers shall be
empowered to arrange their proportion of any collision and/or salvage guarantee
where the aggregate liability under all guarantees to be given in respect of any
one casualty shall not exceed the lesser of (1) Euro one million (EUR
1,000,000.00) or (ii) five (5) percent of the insured value or the equivalent in
any other currency to be given in the event of bail being required in order to
prevent the arrest of the Vessel or to secure the release of the Vessel from
arrest following a casualty.

     

    All
collections are to be made through                                                                         
as Brokers.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
13

     

    FORM
OF BROKER’S LETTER OF UNDERTAKING

    (HULL
AND MACHINERY)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LETTER
OF UNDERTAKING (A)

    

    Vessels,
names and types

    To:           The
Assignee of insurance policies in respect of the
above           Dated:

    

    Our
Ref:

    Dear
Sirs,

                                                          
as Owners

    We
confirm that:

    
      	
              (1)

            	
              we
      have effected insurances for the account of the above Owners as set out in
      Appendix “A” attached,

            

    

    
      	
              (2)

            	
              the
      said insurances include the Loss Payable Clause(s) set out in Appendix “B”
      attached, and

            

    

    
      	
              (3)

            	
              the
      Notice of Assignment in the form of Appendix “C” attached has been
      acknowledged by Underwriters in accordance with Market
      practice.

            

    

    Pursuant
to instructions received from the above Owners and/or their authorised Manager
or Agents and in consideration of your approving us as the appointed Brokers in
connection with the insurances covered by this letter, we hereby
undertake

    
      	
              1.

            	
              to
      hold

            

    

    
      	
               
      

            	
              (a)

            	
              the
      Insurance Slips or Contracts, and

            

    

    
      	
               
      

            	
              (b)

            	
              the
      Policies if and when issued, and

            

    

    
      	
               
      

            	
              (c)

            	
              until
      the time of the issue of any new or replacement letter of undertaking, any
      renewals of such Contracts or Policies or any Contracts or Policies
      substituted therefore with your consent as may be arranged through
      ourselves, and

            

    

    
      	
               
      

            	
              (d)

            	
              the
      benefit of the insurances thereunder to your order in accordance with the
      terms of the said Loss Payable Clause(s);
and

            

    

    
      	
              2.

            	
              to
      arrange for the said Loss Payable Clause(s) to be included on the
      Contracts or Policies if and when issued;
and

            

    

    
      	
              3.

            	
              to
      have endorsed on each and every Contract or Policy as and when the same is
      issued a copy of the said Notice of Assignment;
  and

            

    

    
      	
              4.

            	
              to
      advise you promptly if we cease to be the Broker for the Assured or in the
      event of any material changes which we are aware have been made to the
      said insurances; and

            

    

    
      	
              5.

            	
              following
      a written application received from you not later than one month before
      expiry of these insurances to notify you within fourteen days of the
      receipt of such application in the event of our not having received notice
      of renewal instructions from the Owners and/or their authorised Managers
      or Agents, and in the event of our receiving instructions to renew to
      advise you promptly of the details hereof;
and

            

    

    
      	
              6.

            	
              to
      forward to you promptly any notices of cancellation that we receive from
      Underwriters; and

            

    

    
      	
              7.

            	
              following
      a written application from you to advise you promptly of the premium
      payment situation where such premium is paid or payable through our
      intermediary.

            

    

    

    If and
where we are responsible for the payment of premium to Underwriters, our above
undertakings are given subject to our lien on the Contracts or Policies for
premiums and subject to our right of cancellation on default in payment of such
premiums but we undertake not to exercise such rights of cancellation without
giving you ten days notice in writing either by letter or electronically
transmitted message and a reasonable opportunity for you to pay any premiums
outstanding.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    It is
understood and agreed that the operation of any Automatic Termination of Cover,
Cancellation or Amendment Provisions contained in the Policy conditions shall
override any Undertakings given by us as Brokers,

    Notwithstanding
anything to the contrary contained herein or in any prior Letter of Undertaking
or in any Loss Payable Clause or in any Notice of Assignment,

    
      	
              (A)

            	
              the
      provisions of this letter of undertaking shall only apply to the
      Insurances set out in the said Appendix ‘A’ and until the time of the
      issue of any new or replacement letter of undertaking, to any renewals
      thereof effected through ourselves,
and

            

    

    
      	
              (B)

            	
              the
      undertakings given above shall be the limit of our obligations to
      you.

            

    

    We DO NOT
accept any actual or constructive notice of any interest you may claim in any
other insurance effected on the Vessels referred to in the said Appendix ‘A’
UNLESS AND UNTIL you give us specific notice of that interest in the particular
insurance and such notice is confirmed by the Owner.

    Notwithstanding
the terms of the said Loss Payable Clause(s) and the said Notice of Assignment,
unless and until we receive written notice from you to the contrary, we shall be
empowered

    
      	
              (i)

            	
              to
      pay all returns of premium to the Assured or its
  oder;

            

    

    
      	
              (ii)

            	
              to
      arrange for a collision and/or salvage guarantee to be given in the event
      of bail being required in order to prevent the arrest of the vessel or to
      secure the release of the vessel from arrest following a casualty. Where a
      guarantee has been given as aforesaid and the guarantor has paid any sum
      under the guarantee in respect of such claim, there shall be payable
      directly to the guarantor out of the proceeds of the said Policies a sum
      equal to the sum so paid.

            

    

    This
undertaking shall terminate automatically if the addressee of this fetter ceases
to have any interest in the insurances set out in Appendix “A”.

    This
undertaking shall be governed by and construed in accordance with English law
and any disputes arising out of or in any way connected with the undertaking
shall be submitted to the exclusive jurisdiction of the English
courts.

     

    This
undertaking is subject to all claims and returns of premiums being collected
through us as Brokers.

     

    Yours
faithfully

     

    Authorised
Signatory of the Broker

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    EXHIBIT
14

    

    FORM
OF PROTECTION AND INDEMNITY ASSOCIATION’S

    LETTER
OF UNDERTAKING

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    NORDEUTSCHE
LANDESBANK GIROZENTRALE

    Friedrichswall
10

    30159
Hannover

    Germany

    

    Dated
_________________ 20____

    

    Dear
Sirs,

    

    MV
“_____________________“

    _______________________
mbH & Co.
KG

    of
Hamburg, Germany

    as
Owners

     

    We
acknowledge receipt of a letter from __________________ giving notice of
assignment of the insurances on the above ship to yourself (the “Bank”). So far
as this Association is concerned, the Managers do not consent to such assignment
for the purposes of Rule_________________ other than to give efficacy to the
Loss Payable Clause set out below.

     

    We do
confirm however that such ship is entered in this Association for Protection and
Indemnity risks on the terms and conditions set out or to be set out in the
Certificate of Entry (a copy of which will be sent to you together with copies
of any subsequent endorsements). Furthermore, in consideration of your agreeing
to the entry or continuing entry of the ship in this Association, the Managers
agree

     

    
      	
              (i)

            	
              that
      the Owner shall not cease to be insured by the Association in respect of
      that ship by reason of such assignment (see Rule ______);
    and

            

    

     

     

    
      	
              (ii)

            	
              that,
      notwithstanding that the ship is mortgaged to you and that no undertaking
      or guarantee has been given to the Association to pay all contributions
      due in respect of such ship, the Owner does not cease to be insured by
      reason of the operation of
Rule_____________.

            

    

     

    It is
further agreed that the following Loss Payable Clause will be included in the
Certificate of Entry:

     

    
      	
               
      

            	
              “Payment
      of any recovery the Owner is entitled to receive out of the funds of the
      Association in respect of any liability, costs or expenses incurred by him
      shall be made to the Owner or to his order unless and until the
      Association receives notice from NORDDEUTSCHE LANDESBANK GIROZENTRALE,
      that the Owner is in default under the Mortgage, in which event all
      recoveries shall thereafter be paid to the Bank or to their order;
      provided always that no liability whatsoever shall attach to the
      Association, its Managers or their Agents for failure to comply with the
      latter obligation until after the expiry of two clear business days torn
      the receipt of such notice.”

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    The
Association undertakes

     

    
      	
              (i)

            	
              to
      inform you by written notice if the Directors give the Owner of the above
      ship notice under Rule ________ that his insurance in the Association
      in respect of such ship is to cease at the end of the then current Policy
      year;

            

    

     

    
      	
              (ii)

            	
              to
      give you fourteen days’ written notice of the Association’s intention to
      cancel the insurance of the Owner by reason of his failure to pay any
      premiums when due and demanded any sum due from him to the Association or
      to other reasons causing termination of
  membership;

            

    

     

    
      	
              (iii)

            	
              to
      inform you by letter of any fundamental alteration of insurance
      conditions.

            

    

     

    Yours
faithfully,

     

    _______________________

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    EXHIBIT
15

    

    MANAGER’S
UNDERTAKING

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    MANAGER’S
UNDERTAKING

    

    
      
        	
                From:

              	
                HARTMANN
      LOGISTIC GMBH

              
	 
      	
                Neue
      Strasse 24

              
	 
      	
                26789
      Leer

              
	 
      	
                Germany

              

      

    

    

    
      
        	
                To:

              	
                NORDDEUTSCHE
      LANDESBANK GIROZENTRALE

              
	 
      	
                Shipping
      and Aircraft Finance Department

              
	 
      	
                Friedrichswall
      10

              
	 
      	
                30159
      Hannover

              
	 
      	
                Federal
      Republic of Germany

              
	 
      	
                Fax:   +49-511-3614785

              
	 
      	
                (the
      “Lender”)

              

      

    

     

    _________________________,
2008

    

    Dear
Sirs,

     

    UNDERTAKING
RE. HULL-NOS.__________________ OF FINCANTIERI CANTIERI NAVALI S.P.A. of Genoa,
Italy (together the “Relevant Vessels”)

    We refer
to a loan agreement dated __________________ 2008, (as from time to time
amended, varied or supplemented the “Loan Agreement”), made between the Lender
and certain other banks and financial institutions further described in the Loan
Agreement as lenders (together the “Lenders”) of the first part and the
Borrowers (the “Borrowers”) listed in Annex 1 hereto as borrowers of the second
part, pursuant to which it has been agreed that the Lenders make available to
the Borrowers upon the terms and conditions stipulated therein those loan
facilities listed in Annex 2 hereto (the “Loan”) for the purposes as stipulated
therein and to the security documents as therein defined (the “Security
Documents”).

     

    We note
that each of the Borrowers is or shall be the owner of a vessel as further
described in Annex 3 hereto. The vessels described in Annex 3 together the
“Vessels”.

     

    The
Lenders or any of them and the Borrowers or any of them have entered or may
enter individually or jointly into one or more master agreements (either (i)
based on the 2002 (Multicurrency Crossborder) form published by International
Swap Dealers Association, Inc. of New York, New York, United States of America
or (ii) being an instrument entitled ‘Rahrnenvertrag fur
Finanztermingeschafte’) including designated transactions from time to
time entered into and transaction confirmations from time to time exchanged
under the master agreements for financial derivatives transactions (the “Master
Agreements”).

     

    Capitalized
terms used herein and not defined herein shall have the same meanings given to
them in the Loan Agreement.

     

    We hereby
confirm that we have been appointed by the Borrowers as the technical and
commercial manager of the Vessels pursuant to the terms and conditions of a
management agreement dated _________________
(the “Management Agreement”) and made between us as managers and the Borrowers
as owners of the Vessels, and we confirm our appointment and agreement to act as
technical and commercial manager of the Vessels for as long as the vessels
remain in the ownership of the Borrowers respectively and any obligations of the
Borrowers to the Lender under the Loan Agreement and/or the Master Agreements
and any transaction entered or to be entered into between (any of) the Lender on
the basis of any of the Master Agreements and/or the other Security Documents
remain outstanding. We furthermore confirm that at the date hereof, no event of
default or any other event which with the giving of notice, lapse of time,
determination of materiality or other condition may constitute an event of
default has occurred under the Management Agreement.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    We have
knowledge of the Loan Agreement, the Master Agreements and the Security
documents and of their contents.

     

    In
consideration of the Lender granting its approval to our appointment as
technical and commercial manager, we, as technical and. commercial manager of
the Vessels, hereby irrevocably and unconditionally undertake with the Lender as
follows:

     

    
      	
              (a)

            	
              that
      save in respect of our claim for unpaid crew wages we shall not exercise
      or purport to exercise any lien against any of the Vessels, their earnings
      or insurances in respect of amounts due to us from the Borrowers and/or
      any of the other Obligors;

            

    

     

    
      	
              (b)

            	
              except
      for claims in respect of unpaid crew wages that all claims of whatsoever
      nature which we have or may at any time hereafter have against or in
      connection with any of the Vessels, their earnings or insurances or
      against any of the Borrowers and/or any of the other Obligors shall rank
      after and be in all respects subordinate to all of the Lender’s rights and
      claims under the Loan Agreement, the Master Agreements and the Security
      Documents;

            

    

     

    
      	
              (c)

            	
              subject
      to the foregoing that we shall not institute any legal or quasi-legal
      proceedings under any jurisdiction at any time hereafter against any of
      the Vessels, their earnings or insurances or against any of the Borrowers
      and/or any of the other Obligors in any capacity, including, but not
      limited to, not to arrest or otherwise detain any of the Vessels, unless
      any monies owing for whatsoever reason to the Lender by the Borrowers
      under the Loan Agreement, the Master Agreements and any of the Security
      Documents have been fully
satisfied;

            

    

     

    
      	
              (d)

            	
              to
      give notice to the Lender immediately if we become aware that any of the
      Vessels is encumbered with a maritime lien, which is not abolished or
      deleted within the ordinary course of business, arrested or in any other
      ways seized for claims which cannot immediately be abolished or repaid or
      if there should occur other situations in which any of the Vessels is no
      longer under our complete control as
managers;

            

    

     

    
      	
              (e)

            	
              that
      we shall not compete with the Lender in a liquidation or other winding-up
      or bankruptcy of any of the Borrowers and/or any of the other Obligors or
      in any proceedings in connection with any of the Vessels, their earnings
      or insurances;

            

    

     

    
      	
              (f)

            	
              that
      we shall not compete with the Lender in a liquidation or other winding-up
      or bankruptcy of any of the Borrowers and/or any of the other Obligors or
      in any proceedings in connection with any of the Vessels, their earnings
      or insurances;

            

    

     

    
      	
              (g)

            	
              at
      all times to comply with any and all national and international laws,
      rules or regulations, applicable to us or the Vessels, including but not
      limited to any environmental or security related laws, rules or
      regulations (e.g. ISM, ISPS, MARPOL and any others), and to procure that
      there are at all times on board the Vessels all certificates, licenses and
      permits required under any applicable law, rule or regulation in order to
      show compliance therewith;

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              (h)

            	
              at
      all times to secure that the Vessels are operated and traded in a manner
      which is customary for good and sound management of vessels similar to the
      Vessels for first class owners and managers of such vessels, to always
      procure that the Vessels fully and validly maintain their class with one
      of the major classification societies approved by the Lender as
      classification society without any reservations and recommendations
      existing in excess of any time limit, to promptly inform the Lender of any
      change of classification society and not to make or permit to be made any
      substantial change in the structure, type or speed of the Vessels and to
      at all times keep the Vessels in good and efficient state of repair and
      seaworthy condition;

            

    

     

    
      	
              (i)

            	
              at
      all times to procure that the Vessels are fully covered by insurance as
      provided for in the Loan Agreement and/or the Security Documents, and not
      to allow that the Vessels are in any way in violation of the insurance
      terms and conditions, including (but not limited thereto) that it is not
      traded in areas in which it is not fully covered by the
      insurance;

            

    

     

    
      	
              (j)

            	
              to
      promptly inform the Lender about any damage to the Vessels exceeding Euro
      one million (EUR 1,000,000.00) or five (5) % of the insured amount, any
      average, material salvage, loss of class, loss of flag, deletion from ship
      registry or any other legal or economic fact or circumstance material to
      the Loan Agreement and/or the Security
  Documents;

            

    

     

    
      	
              (k)

            	
              not
      to participate in any change in any of the Vessels’ registration other
      than in accordance with the Loan Agreement and/or the Security
      Documents;

            

    

     

    
      	
              (l)

            	
              not
      to assign, materially amend or assist in any material amendment of the
      Management Agreement and to promptly notify the Lender if and when we
      cease or will cease to be the managers of any of the Vessels for any
      reason whatsoever, including (but not limited thereto) if and when any of
      the Borrowers terminates the Management
  Agreement;

            

    

     

    
      	
              (m)

            	
              to
      promptly inform the Lender of any default of the. Borrowers under the
      terms and conditions of the Management Agreement and in case of such
      default or the Lender’s written notice to us of Borrowers’ default under
      the Loan Agreement, any of the Master Agreements or under any of the
      Security Documents, to (a) assist the Lender in positioning the Vessel in
      any harbour it might choose, (b) assist the Lender in laying up or
      continuing the operation of the Vessels, including (but not limited to)
      giving the relevant orders to the crew and/or to hand over the Vessels to
      the Lender, (c) deliver to the Lender any, material under our control in
      respect of the Vessels and its operation, and (d) not make any arrests or
      seizure or exercise any right of retention in the Vessels, their
      equipment, bunkers or stores for any claim we may have against the
      Borrowers;

            

    

     

    
      	
              (n)

            	
              to
      promptly inform the Lender if at any time our claims against any of the
      Borrowers and/or any of the Vessels exceed Euro one million (EUR
      1,000,000.00);

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              (o)

            	
              that
      we shall not do or omit to do, or cause anything to be done or omitted
      which might be contrary to or incompatible with the obligations undertaken
      by the Borrowers and/or any of the other Obligors under the Loan Agreement
      and the Borrowers under the Master Agreements and any transaction entered
      or to be entered into between (any of) the Lender and the Borrowers on the
      basis of any of the Master
Agreements.

            

    

     

    Any
notice or other communication to be given pursuant hereto shall be by letter or
registered letter or telefax and addressed

     

    - if to
the Manager, to

    

    HARTMANN
LOGISTIC GMBH

    Neue
Strasse 24

    26789
Leer

    Federal
Republic of Germany

    Fax:
+49-________________

     

    - if to
the Lender, to:

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    Shipping
and Aircraft Finance Department

    Friedrichswall
10

    30159
Hannover

    Federal
Republic of Germany

    Fax:
+49-511-3614785,

     

    or to
such other address as either party may notify to the other in
writing.

     

    This
letter shall be governed by, and construed in accordance with, German
law.

     

    Any legal
action or proceeding with respect of this letter may be brought in the Courts of
Germany or such other courts having jurisdiction over such action or proceeding
as the. Agent may select. By execution and delivery of this letter and for the
exclusive benefit of the Lender, we irrevocably and generally and
unconditionally accept the non-exclusive jurisdiction of the Courts of Hannover
in the Federal Republic of Germany and, for the purpose of the German Courts,
irrevocably appoint __________________, to accept service of all proceedings
hereunder on our behalf and confirm that process so served shall be deemed to be
duly served. Nothing herein shall prevent service of process in any other manner
permitted by law.

    

    
      
        
          
            	 
      	 
	
                    By

                  	 
      	 
	
                    for
      and on behalf of

                  	 
	
                    HARTMANN
      LOGISTIC GMBH

                  	 

          

        

      

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    EXHIBIT
16

     

    REIMBURSEMENT
AGREEMENT

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Dated                                                                     
2008

    

    THE
TWELVE LIMITED PARTNERSHIPS AS MORE CLOSELY DESCRIBED

    HEREIN

    

    as
Borrowers

    

    NORDDEUTSCHE
LANDESBANK GIROZENTRALE

    

    as
Agent

    

    THE
LENDERS AS MORE CLOSELY DESCRIBED HEREIN

    

    as
Lenders

    

    and

    

    SACE
S.p.A. - SERVIZI ASSICURATIVI DEL COMMERCIO ESTERO S.P.A.

     

    
      
        

      

    

     

    SACE
GUARANTEE REIMBURSEENT

    AGREEMENT

     

    
      
 

    /LOGO/

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Contents

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                              Clause

                                            	 	 
      	 	
                                              Page

                                            
	 	 	 	 	 
	
                                              1

                                            	 	
                                              Definitions
      and Interpretation

                                            	 	
                                              4

                                            
	 	 	 	 	 
	
                                              2

                                            	 	
                                              Subrogation
      and reimbursement

                                            	 	
                                              5

                                            
	 	 	 	 	 
	
                                              3

                                            	 	
                                              Liability
      of SACE

                                            	 	
                                              6

                                            
	 	 	 	 	 
	
                                              4

                                            	 	
                                              Assignments
      or transfers by SACE

                                            	 	
                                              7

                                            
	 	 	 	 	 
	
                                              5

                                            	 	
                                              Incorporation
      of other provisions

                                            	 	
                                              7

                                            
	 	 	 	 	 
	
                                              6

                                            	 	
                                              Payment
      mechanics

                                            	 	
                                              8

                                            
	 	 	 	 	 
	
                                              7

                                            	 	
                                              Notices

                                            	 	
                                              9

                                            
	 	 	 	 	 
	
                                              8

                                            	 	
                                              Miscellaneous

                                            	 	
                                              10

                                            
	 	 	 	 	 
	
                                              9

                                            	 	
                                              Counterparts

                                            	 	
                                              10

                                            
	 	 	 	 	 
	
                                              10

                                            	 	
                                              Further
      assurances

                                            	 	
                                              10

                                            
	 	 	 	 	 
	
                                              11

                                            	 	
                                              Governing
      law

                                            	 	
                                              11

                                            
	 	 	 	 	 
	
                                              12

                                            	 	
                                              Enforcement                   Fehler! Textmarke nicht
      definiert

                                            	 	 
      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    This SACE GUARANTEE REIMBURSEMENT
AGREEMENT is dated _______ 2008 and made
BETWEEN:

     

    
      	
              (1)

            	
              THE BORROWERS set forth
      in Schedule I attached hereto (the Borrowers);

            

    

     

    
      	
              (2)

            	
              NORDDEUTSCHE LANDESBANK
      GIROZENTRALE, a banking institution organized and existing under
      the laws of the Federal Republic of Germany, having its registered offices
      at Friedrichswall 10, 30159 Hannover, Germany, (the Agent);

            

    

     

    
      	
              (3)

            	
              THE LENDERS set forth in
      Schedule 2 attached hereto (the
Lenders);

            

    

     

    
      	
              (4)

            	
              SACE S.p.A. - SERVIZI
      ASSICURATIVI DEL COMMERCIO ESTERO S.P.A., a joint stock company
      (sociefa per azioni) organised and existing under the laws of the Republic
      of Italy, whose registered office is at Piazza Poli 37/42, 00187 Rome,
      Italy (SACE).

            

    

     

    WHEREAS:

     

    
      	
              (A)

            	
              The
      Borrowers have entered into the Facility Agreement (as defined below) for
      the purpose of financing the acquisition cost of twelve (12) A.H.T.S.
      vessels built by Fincantieri Cantieri Navafi Italiani
    S.p.A.

            

    

     

    
      	
              (B)

            	
              Pursuant
      to the Facility Agreement, the Lenders have agreed to make available to
      the Borrowers (A) a post-delivery loan of up to the lesser of (i) Euros
      four hundred twenty million five hundred seventy thousand (EUR
      420,570,000.00) or (ii) seventy five (75) percent of the Investment Costs
      (as defined in the Facility Agreement), or any balance thereof outstanding
      from time to time and (B) a post-delivery revolving credit facility of up
      to Euros eighty one million one hundred fourteen thousand (EUR
      81,114,000.00), to the Borrowers for the purpose set out in clause two (2)
      of the Facility Agreement. .

            

    

     

    
      	
              (C)

            	
              SACE
      will issue the SACE Guarantee under which SACE will guarantee to the Agent
      (on behalf of the Lenders) certain payments by the Borrowers under the
      Facility Agreement as a consequence of a breach by the Borrowers of their
      payment obligations under the Facility Agreement. In consideration of SACE
      issuing the SACE Guarantee, the Borrowers will indemnify, reimburse
      (and/or procure indemnity and reimbursement of) and covenant with SACE in
      respect of any payments made by SACE under the SACE Guarantee on the terms
      set out in this Agreement.

            

    

     

    IT IS NOW THEREFORE AGREED as
follows:

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      INTERPRETATION

    

     

    
      	
              1.

            	
              Definitions and
      Interpretation

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    Terms
defined in clause 1 (Definitions) of the Facility Agreement shall, unless
otherwise defined in this Agreement, have the same meaning when used herein and,
in addition:

     

    Agency and Security Pooling
Agreement has the same meaning given to such term in the Facility
Agreement.

     

    Agreement means this agreement
as amended and supplemented from time to time.

     

    Facility Agreement means the
term facility agreement dated • and made between the Borrowers listed in
schedule 1 of this Agreement, the Lenders listed in schedule 2 of this Agreement
and the Agent.

     

    Finance Documents means,
collectively, the Facility Agreement, Security Documents and the Agency and
Security Pooling Agreement.

     

    Guarantee Fee Down Payment has
the meaning given to it in the SACE Guarantee.

     

    Majority Lenders has the same
meaning given to such term in the Agency and Security’ Pooling
Agreement.

     

    Ongoing Guarantee Fee has the
meaning given to it in the SACE Guarantee.

     

    SACE Guarantee means the SACE
Guarantee n. 2008/500/00 dated 19 December 2008.

     

    SACE Guarantee Payments has
the meaning given to it in clause 2.2.1.

     

    Security Documents has the
same meaning given to such term in the Facility Agreement.

     

    1.2           Construction

     

    Interpretation
rules applicable to the Facility Agreement shall also apply to this Agreement as
if expressly set out herein mutatis mutandis.

     

    1.3           Incorporation by
reference

     

    Where
provisions of the Facility Agreement are incorporated herein by reference, such
provisions shall apply to this Agreement as if set out herein mutatis mutandis
and if such provisions include references to “this Agreement” such references
shall be interpreted as references to this Agreement.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    SUBROGATION
AND REIMBURSEMENT

     

    
      	
              2.

            	
              Subrogation
      and Reimbursement

            

    

     

    
      	
              2.1

            	
              Subrogation

            

    

     

    
      	
              2.2

            	
              Without
      prejudice to clause 2.2 (Reimbursement), each of the other parties hereto
      agrees that SACE will be subrogated to the rights of the Lenders to the
      extent of any payment made by or on behalf of SACE under the SACE
      Guarantee.

            

    

     

    
      	
              2.2

            	
              Reimbursement

            

    

     

    
      	
              2.2.1

            	
              Without
      prejudice to clause 2.1 (Subrogation), the Borrowers, jointly and
      severally, agree that they will promptly reimburse SACE for any payment
      made by SACE under the SACE Guarantee, whether by direct payment or
      offset, in respect of, and to the extent of, the Borrowers obligations to
      the Lenders under the Facility Agreement (such amounts, the SACE Guarantee
      Payments).

            

    

     

    
      	
              2.2.2

            	
              The
      Borrowers further agree that their obligation to reimburse SACE is
      regardless of whether or not the Borrowers are theirs if liable to make
      payment or are disputing their liability to make payment under the
      Facility Agreement or any other Finance Document (including, but without
      limitation, any payments made by SACE or deductions made from payments to
      SACE in respect of withholding tax in any
  jurisdiction).

            

    

     

    
      	
              2.2.3

            	
              SACE
      will promptly inform the Borrowers of any amounts to be reimbursed under
      this Agreement.

            

    

     

    
      	
              2.2.4

            	
              The
      obligations of the Borrowers to reimburse SACE will be due and payable in
      Euro within five (5) Business Days of the date that any amount is paid by
      SACE in an amount equal to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      amount paid by SACE pursuant to the SACE Guarantee on such date;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      amounts previously paid by SACE pursuant to the SACE Guarantee which
      remain unreimbursed,

            

    

     

    together
with interest on any and all amounts remaining unreimbursed from and including
the date on which such amounts become due until and including the date on which
such amounts are paid in full determined in accordance with clause 11.4 (Default
interest) of the Facility Agreement.

     

    2.3           Guarantee Fee Down Payment and the
Ongoing Guarantee Fee

     

    The
Borrowers, jointly and severally, agree that they will promptly pay to SACE any
amount due as Guarantee Fee Down Payment and/or the Ongoing Guarantee Fee when
they are due in accordance with the SACE Guarantee and the Facility
Agreement.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    2.4           Obligations
Absolute

     

    
      	
              2.4.1

            	
              The
      obligations of the Borrowers to SACE under this Agreement are absolute and
      unconditional and will be paid and/or performed strictly in accordance
      with this Agreement under all circumstances, irrespective
    of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      lack of validity or enforceability of, or any amendment or other
      modifications of, or waiver with respect to, any of the Finance
      Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      exchange or release of any other obligations under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      existence of any claim, set-off, defence, reduction, abatement or other
      right which the Borrowers may have at any time against
    SACE;

            

    

     

    
      	
               
      

            	
              (d)

            	
              time
      or other indulgence being granted to the Borrowers in respect of their
      obligations under this Agreement;

            

    

     

    
      	
               
      

            	
              (e)

            	
              any
      document presented in connection with the SACE Guarantee proving to be
      forged, fraudulent, invalid or insufficient in any respect or any
      statement therein being untrue or inaccurate in any respect, unless the
      relevant officers of SACE have actual knowledge that such document or
      statement is forged, fraudulent or
invalid;

            

    

     

    
      	
               
      

            	
              (f)

            	
              any
      payment by SACE against presentation of a payment demand, certificate or
      other document that does not comply with the terms of the SACE Guarantee;
      or

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      other circumstances, other than payment in full, which might otherwise
      constitute a defence available to, or discharge of the Borrowers in
      respect of any Finance Document, except in the case of SACE’s gross
      negligence or wilful default.

            

    

     

    
      	
              2.4.2

            	
              Without
      limitation to clause 2.4.1(f) above, SACE is entitled to assume without
      further enquiry that any payment demand has been validly and properly made
      and delivered and that its contents are accurate in all respects. For the
      purposes of SACE seeking a reimbursement or any other claim against the
      Borrowers under this Agreement, the Borrowers will be deemed to be liable
      under this Agreement for the payment default set out in any payment demand
      under the SACE Guarantee to the extent paid by
  SACE.

            

    

     

    
      	
              3

            	
              Liability of
      SACE

            

    

     

    
      	
              3.1

            	
              Neither
      SACE nor any of its respective officers, directors or employees will be
      liable or responsible (except to the extent of its own fraud or wilful
      default) for

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      use which may be made of the SACE Guarantee by the Agent or for any acts
      or omissions of any other party to the Finance Documents in connection
      with the SACE Guarantee or any Finance Document;
  or

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              the
      validity, sufficiency, accuracy or genuineness of documents delivered to
      SACE in connection with any claim under the SACE Guarantee or of any
      signatures thereon, even if such documents or signatures should in fact
      prove to be in any or all respects invalid, insufficient or (unless
      relevant officers of SACE have actual knowledge thereof) fraudulent or
      forged.

            

    

     

    
      	
              3.2

            	
              In furtherance and not in
      limitation of the foregoing, SACE may accept any documents that appear to
      SACE to be in order, without any responsibility on SACE’s part for
      further investigation.

            

    

     

    
      	
              4.

            	
              Assignments or transfers by
      SACE

            

    

     

    SACE may
assign or transfer to any bank, export credit agency, development finance
institution or multilateral financial institution any of SACE’s rights and/or
interest in this Agreement, on such terms and conditions as SACE in its sole
discretion determines. In addition, SACE may at any time and without the prior
written consent of the Borrowers give participations in or obtain credit
enhancement in respect of the SACE Guarantee on such terms as SACE in its sole
discretion determines, provided that no such participation or credit
enhancement, will relieve SACE of any of its obligations under that SACE
Guarantee or give such participants direct rights against the
Borrowers.

     

    
      	
              5.

            	
              Incorporation
      of other provisions

            

    

     

    The
provisions of clause 7 (Interest), clause 12 (Substitute Rate and Substitute
Basis), clause 16 (Change of Circumstances), clause 18 (Representations and
Warranties), clause 20 (Undertakings), clause 33 (Costs and Expenses) of the
Facility Agreement shall each apply to this Agreement for the benefit of SACE as
if set out herein mutatis
mutandis.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      ADMINISTRATION

    

     

    
      	
              6

            	
              Payment
      Mechanics

            

    

     

    
      	
              6.1

            	
              Payments by the
      Borrowers

            

    

     

    All
payments to be made by the Borrowers under this Agreement shall be made for
value on the due date at the time and in such funds as the Agent or SACE, as the
case may be, may from time to time specify. Payments to be made by the Borrowers
under this Agreement shall be for the account of SACE and where applicable the
Agent shall forthwith distribute such payments in like funds as are received by
it to SACE.

     

    
      	
              6.2

            	
              Clawback

            

    

     

    
      	
              6.2.1

            	
              Where
      a sum is to be paid to the Agent under the Facility Agreement or this
      Agreement for SACE, the Agent is not obliged to pay that sum to SACE (or
      to enter into or perform any related exchange contract) until it has been
      able to establish to its satisfaction that it has actually received that
      sum.

            

    

     

    
      	
              6.2.2

            	
              If
      the Agent pays an amount to SACE and it proves to be the case that the
      Agent had not actually received that amount, then SACE shall on demand
      refund the same to the Agent together with interest on that amount from
      the date of payment to the date of receipt by the Agent, calculated by the
      Agent to reflect its cost of funds.

            

    

     

    
      	
              6.3

            	
              Partial
      payments

            

    

     

    Each
party to this Agreement irrevocably authorises the Agent following receipt by
the Agent at any time of a payment or payments (as the case may be) for the
account of the Lenders (or SACE) and which amounts are, when aggregated,
insufficient to discharge the aggregate of all amounts then due and payable by
the Borrowers under the Facility Agreement or this Agreement, but are sufficient
to discharge a portion of such amounts, to apply any payments so received by the
Agent towards the obligations of the Borrowers in the order set out in clause
..28.5 (Partial payments) of the Facility Agreement.

     

    
      	
              6.4

            	
              Miscellaneous

            

    

     

    Clauses 8
(Currency Option and Currency Protection) and 11.5 (No set-off by Borrowers) of
the Facility Agreement shall apply to this Agreement as if expressly set out
herein mutatis mutandis.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              Notices

            

    

     

    
      	
              7.1

            	
              Giving of
      Notices

            

    

     

    All
notices or other communications shall be given in accordance with clause 30
(Notices) of the Facility Agreement.

     

    
      	
              7.2

            	
              Addresses

            

    

     

    
      	
              7.2.1

            	
              The
      address, fax number and attention details for notices of SACE
      are:

            

    

     

    
      	
            	
              Address:

            	
              SACE
      S.p.A. - Servizi Assicurativi del Commercio Estero,
    Divisione

            

    

    Gestione
Portafoglio, Piazza Poll 37142, 00187 Rome, Italy

     

    
      	
            	
              Fax:

            	
              39
      06 6736706

            

    

     

    
      	
            	
              Attention:

            	
              •

            

    

     

    or any
substitute address or fax number or department or officer as SACE may notify to
the Agent by not less than five (5) Business Days’ notice.

     

    
      	
              7.2.2

            	
              The
      address, fax number and attention details for notices of the Agent
      are:

            

    

     

     

    
      	
              7.2.3

            	
              The
      address, fax number and attention details for notices of the Agent
      are:

            

    

     

    
      	
            	
              Address:

            	
              NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, Ship and

            

    

    Aircraft
Finance, Friedrichswall 10, 30159 Hannover, Germany

     

    
      	
            	
              Fax:

            	
              +49
      511 361 4785

            

    

     

    
      	
            	
              Attention:

            	
              Mr.
      Ingo Doebke

            

    

     

    or any
substitute address or fax number or department or officer as SACE may notify to
the Agent by not less than five (5) Business Days’ notice.

     

    
      	
              7.2.4

            	
              All
      notices from or to the Lenders in relation to this Agreement shall, except
      as otherwise expressly provided in any Finance Document, be sent through
      the Agent.

            

    

     

    
      	
              7.2.5

            	
              All
      notices from or to the Borrowers in relation to this Agreement shall,
      except as otherwise expressly provided in any Finance Document, be sent
      through the Agent.

            

    

     

    
      	
              7.2.6

            	
              The
      Agent shall, promptly upon request from any party to this Agreement,
      provide to that party the address or facsimile number of any other party
      applicable at the time for the purposes of this clause 7
      (Notices).

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      	
              8.

            	
              Miscellaneous

            

    

     

    Clauses
26 (Judgement Currency), 27 (Waivers), 28 (invalidity) and 32 (Costs and
Expenses) of the Facility Agreement shall apply to this Agreement as if
expressly set out herein rnutatis mutandis.

     

    
      	
              9.

            	
              Counterparts

            

    

     

    This
Agreement may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of this
Agreement.

     

    
      	
              10.

            	
              Further
      assurances

            

    

     

    The
Borrowers agree that, so far as permitted by applicable law and regulatory
requirements, it will promptly upon SACE’s request execute or acknowledge all
such further documents and do all such further acts and things as may in the
opinion of SACE be necessary or desirable at any time to give effect to the
provisions of this Agreement.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    GOVERNING
LAW AND ENFORCEMENT

     

    
      	
              11.

            	
              Governing Law and
      Jurisdiction

            

    

        

    
      	
              11.1

            	
              The
      terms and conditions set out in this Agreement shall unless otherwise
      specifically provided be governed by and construed in accordance with the
      laws of the Federal Republic of Germany and by the Borrowers’ acceptance
      hereof the Borrowers submit to the jurisdiction of the courts in Hannover,
      Federal Republic of Germany. ‘E.

            

    

     

    
      	
              11.2

            	
              Nothing
      in this Clause shall affect the right of SACE to serve process in any
      manner permitted by law or limit the right of SACE to proceed against the
      Borrowers or any of them in any other
  jurisdiction.

            

    

     

    THIS AGREEMENT has been
entered into on the date stated at the beginning of this
Agreement.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
       

      Execution
Page

      

      THE
BORROWERS

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        MS
      ,”JUIST” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        MS
      ,”NORDERNEY” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	
                                                         
      

                                                      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ,”ISLE
      OF BALTRUM” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        “ISLE
      OF LANGEOOG” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        “ISLE
      OF AMRUM” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	
                                                         
      

                                                      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        “ISLE
      OF SYLT” KG

                                                      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                        SIGNED
      BY

                                                      	 
      	 
      	 
      
	 
      	 
      	
                                                        )

                                                      	 
      
	
                                                        for
      and on behalf of

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        ATL
      OFFSHORE GMBH & CO.

                                                      	 
      	
                                                        )

                                                      	 
      
	
                                                        “ISLE
      OF WANGEROOGE” KG

                                                      	 
      	 
      	 
      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	 
      	
                                                )

                                              	 
      
	
                                                for
      and on behalf of

                                              	 
      	
                                                )

                                              	 
      
	
                                                ATL
      OFFSHORE GMBH & CO.

                                              	 
      	
                                                )

                                              	 
      
	
                                                 “ISLE
      OF NEUWERK” KG

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                for
      and on behalf of

                                              	 
      	 
      	 
      
	
                                                ATL
      OFFSHORE GMBH & CO.

                                              	 
      	 
      	 
      
	
                                                 “ISLE
      OF USEDUM” KG

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	 
      	
                                                )

                                              	 
      
	
                                                for
      and on behalf of

                                              	 
      	
                                                )

                                              	 
      
	
                                                ATL
      OFFSHORE GMBH & CO.

                                              	 
      	
                                                )

                                              	 
      
	
                                                “ISLE
      OF FEHMARN” KG

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	 
      	
                                                )

                                              	 
      
	
                                                for
      and on behalf of

                                              	 
      	
                                                )

                                              	 
      
	
                                                ATL
      OFFSHORE GMBH & CO.

                                              	 
      	
                                                )

                                              	 
      
	
                                                 “ISLE
      OF MEMMERT” KG

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	 
      	
                                                )

                                              	 
      
	
                                                for
      and on behalf of

                                              	 
      	
                                                )

                                              	 
      
	
                                                ATL
      OFFSHORE GMBH & CO.

                                              	 
      	
                                                )

                                              	 
      
	
                                                 “ISLE
      OF MELLUM” KG

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                THE LENDERS:

                                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                SIGNED
      BY

                                              	 
      	 
      	 
      
	 
      	
                                                  and     

                                              	
                                                )

                                              	 
      
	 
      	 
      	
                                                )

                                              	 
      
	
                                                for
      and on behalf of

                                              	 
      	
                                                )

                                              	 
      
	
                                                NORDDEUTSCHE
      LANDESBANK FIGOZENTRALE

                                              	 
      	 
      	 
      

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  THE AGENT

                                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                  SIGNED
      by

                                	 
      	 
      	 
      
	 
      	
                                    and

                                	
                                  )

                                	 
      
	 
      	 
      	
                                  )

                                	 
      
	
                                  for
      and on behalf of

                                	 
      	
                                  )

                                	 
      
	
                                  NORDDEUTSCHE
      LANDESBANK FIGOZENTRALE

                                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                  SACE

                                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                  SIGNED
      by

                                	 
      	 
      	 
      
	 
      	
                                    and

                                	
                                  )

                                	 
      
	 
      	 
      	
                                  )

                                	 
      
	
                                  for
      and on behalf of

                                	 
      	
                                  )

                                	 
      
	
                                  SACE
      S.p.A.-SERVIZI ASSICURATIVI DEL COMMERCIO ESTERO

                                	 
      	 
      	 
      

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

     

    SCHEDULE
I

    LIST
OF BORROWERS

     

    1           ATL
OFFSHORE GMBH & CO. MS “ JUIST” KG

     

    2           ATL
OFFSHORE GMBH & CO. MS “ NORDERNEY” KG

     

    3           ATL
OFFSHORE GMBH & CO. “ISLE OF BALTRUM” KG

     

    4           ATL
OFFSHORE GMBH & CO. “ISLE OF LANGEOOG” KG

     

    5           ATL
OFFSHORE GMBH & CO. “ISLE OF AMRUM” KG

     

    6           ATL
OFFSHORE GMBH & CO. “ISLE OF SYLT” KG

     

    7           ATL
OFFSHORE GMBH & CO. “ISLE OF WANGEROOGE” KG

     

    8           ATL
OFFSHORE GMBH & CO. “ISLE OF NEUWERK” KG

     

    9           ATL
OFFSHORE GMBH & CO. “ISLE OF USEDUM” KG

     

    10         ATL
OFFSHORE GMBH & CO. “ISLE OF FEHMARN “ KG

     

    11         ATL
OFFSHORE GMBH & CO. “ISLE OF MEMMERT” KG

     

    12         ATL
OFFSHORE GMBH & CO. “ISLE OF MELLUM” KG

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    SCHEDULE2

    LIST OF
LENDERS

     

    1           NORDDEUTRSCHE LANDESBANK
GIROZENTRALE

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
17

     

    FORM
OF TRANSFER CERTIFICATE

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [letterhead
of the respective transferring Lender]

    

    
      
        	
                To:

              	
                NORDDEUTSCHE
      LANDESBANK GIROZENTRALE

              
	 
      	
                Friedrichswall
      10

              
	 
      	
                30159
      Hannover

              
	 
      	
                Germany

              
	 	
                Facsimile
      No.: +49-511-3614785

              

      

    

     

    
      
        
          	
                  Date:  

                	 
      

        

      

    

     

    We refer
to the loan agreement dated ____________ 2008 in the amount of up to Euro four
hundred twenty million five hundred seventy thousand (EUR 420,570,000.00)
between the borrowers listed in Annex I attached hereto as borrowers and the
lenders listed in Annex it attached hereto as lenders (the “Loan
Agreement”).

     

    Terms
defined in the Loan Agreement have the same meaning in this Transfer Certificate
unless given a different meaning in this Transfer Certificate.

     

    1.           The
transferring Lender hereby assigns to the New Lender the rights and obligations
of the transferring Lender specified in the Annex to this Schedule (including,
without limitation, related current, future or contingent rights and claims
within the framework of the Loan Agreement) and transfers to the New Lender all
obligations of the transferring Lender which correspond to the assigned claims
and rights in accordance with the provisions of the Loan Agreement. The New
Lender hereby accepts such assignment and transfer. The transferring Lender
hereby undertakes in favour of the New Lender to do all acts, if so requested by
the New Lender, necessary for the corresponding transfer of its rights under the
Security Documents to which it is a party.

     

    2.           The
New Lender is aware of the provisions of the Loan Agreement, which the New
Lender hereby acknowledges as being binding upon it.

     

    3.           The
New Lender has performed an independent audit of the Loan Agreement, the Agency
and Security Pooling Agreement and the Security Documents and the
creditworthiness of the Borrowers.

     

    4.           The
Transfer Date is ____________________. As of this date, the New Lender will be
bound by the Loan Agreement, the Agency and Security Pooling Agreement and the
Security Documents as an Lender.

     

    5.           The
requisite administrative particulars of the New Lender for the agreement are set
out in the annex.

     

    6.           The
VAT identification number of the New Lender is
_________________.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                	 
      	
                            )

                      	 
      
	
                        as

                      	
                            )

                      	 
      
	
                        Transferring
      Lender

                      	
                            )

                      	 
      
	 
      	 
      	 
      
	 
      	
                            )

                      	 
      
	
                        as

                      	
                            )

                      	 
      
	
                        New
      Lender

                      	
                            )

                      	 
      

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX

    

    Rights
and obligations, to be transferred and/or assigned

    [insert
relevant details, including the requisite Participation (or parts), and the
details of the Security Documents to be transferred]

    

    Administrative
particulars of the new lender

    [Details
of the lending office, the address for notifications and payment details
etc.]

    

    
      
        
          
            
              	 
      	
                          )

                    	 
      
	
                      as

                    	
                          )

                    	 
      
	
                      Transferring
      Lender

                    	
                          )

                    	 
      
	 
      	 
      	 
      
	 
      	
                          )

                    	 
      
	
                      as

                    	
                          )

                    	 
      
	
                      New
      Lender

                    	
                          )

                    	 
      

            

          

        

      

    

     

    The
transfer date is hereby confirmed by the Agent to be
________________.

    

    
      
        
          	 
      	
                      )

                	 
      
	
                  as

                	
                      )

                	 
      
	
                  Agent

                	
                      )

                	 
      

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
18

     

    GENERAL
CONDITIONS OF NORD/LB

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Allgemeine

    Geschaftsbedingungen

    Fassung
Juli 2005

    

    General
Business

    Conditions

    Version
July 2005

    

     

    NORD/LB

     

    Norddeutsche
Landesbank Girazentrale

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Dear
customer,

    this
English translation of the General Business Conditions is provided solely for
the convenience of customers. The translation is not binding on the Bank. The
German text is the sole authoritative version and prevails in case of any
conflict.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    General
Business Conditions

     

    Basis of
the business relationship between the customer and the Bank

     

    Contents

     

    General

     

    No. 1 —
Basis of the business relationship

     

    No. 2 —
Amendments to the Business Conditions

     

    No. 3 —
Banking Information

     

    No. 4 —
Powers of representation and disposition

     

    No. 5 —
Documents proving identity or title

     

    No. 6 —
Choice of law, jurisdiction, place of performance

     

    Current
accounts and other transactions

     

    No. 7 —
Current account, statement of account, debit entry approval of direct
debits

     

    No. 8 —
Rectification of Incorrect credit entries

     

    No. 9 —
Credit and payment of items for collection

     

    No. 10 —
Confirmation of Instructions prior to execution

     

    No. 11 —
Set off and application of payments

     

    No. 12 —
Accounts in foreign currency

     

    No.13 —
Discharge from performance of transactions in foreign currencies

     

    No.14 —
Receipt of monies In foreign currency

     

    No.15 —
Conversion Rate

     

    No. 16 —
Deposit-taking

     

    Charges
including overdraft Interest

     

    No. 17 —
Charges, costs, disbursements

     

    No. 18 —
Overdraft interest

     

    Duties
and liability of the Bank and the customer

     

    No. 19 —
Liability of the Bank

     

    No. 20 —
The customer’s duties of co-operation and care

     

    Lien
under the General Business Conditions, further security, release of
security

     

    No. 21 —
Lien, assignment by way of security

     

    No. 22 —
Further security and release of security

     

    Items for
collection

     

    No. 23 —
Collection in the collecting business

     

    No. 24 —
Period allowed for presentation, urgent action

     

    No. 25 —
Security interest in the collecting business

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    Termination
of the business relationship

     

    No. 26 —
Right of termination

     

    No. 27 —
Continuing validity of the General Business Conditions

     

    No. 28 —
Protection of deposits

     

    General

     

    No. 1 —
Basis of the business relationship

     

    (1)           Business
relationship based on mutual trust

     

    The
business relationship between the customer and the Bank is determined by the
specific features of the banking business and a special relationship of mutual
trust. The customer may rely upon the Bank to carry out his Instructions with
the diligence of a prudent businessman and to maintain banking
secrecy.

     

    (2)           General
and Special Business Conditions

     

    These
General Business Conditions apply to the business relationship any supplements
and agreements made by Individual contract. Supplemental and deferring special
conditions apply In addition or Instead of the General Business Conditions to
particular business sectors, e.g. transfer of funds, cheque transactions,
card-based payment transfers, savings business, securities transactions. These
business conditions can be inspected in the Bank counter halls and will be made
available upon request.

     

    No. 2 —
Amendments to the Business Conditions

     

    (1)           Manner
of notification

     

    The Bank
will notify the customer of any amendment to the General Business Conditions or
the Special Conditions or of the introduction of additional conditions
immediately. If such notification is only possible with disproportionate
difficulty, the Bank will notify the amendments to the customer by means of a
clearly visible display or lay-out in the counter halls of the
Bank.

     

    (2)           Approval
of amendment

     

    If such
notification has been made, the amendment shall be deemed to have been approved
unless the customer objects within six weeks in writing or, if agreed to within
the framework of the business relationship (e.g. Homebanking}, by way of
electronic communication. The Bank will than apply the amended version of the
General Business Conditions or the amended Special Conditions or additionally
Incorporated conditions respectively as the basis for the future business
relationship. The Bank will when making such notification, expressly draw the
customer’s attention to this consequence. The time limit will have been observed
if the objection has been dispatched within six weeks from such
notification.

     

    No.3 —
Banking information

     

    (1)           Content
of banking information

     

    Banking
information means general statements and comments concerning the financial
situation of customers, their creditworthiness and solvency. Information as to
the amounts of balances held in accounts, of savings deposits, of assets kept in
safe custody or of other assets entrusted to the credit institution or of any
credit utilised will not be disclosed.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (2)           Requirements
for disclosure of banking Information

     

    The Bank
may provide banking information on legal entities and merchants recorded in the
Commercial Register provided that the inquiry relates to their business
activities, unless an instruction to the contrary has been received from the
customer. In any other case the Bank may only provide banking information if the
customer has, in general or in the particular case, expressly agreed thereto.
Banking information is only provided to the credit institutions own customers
and to other credit institutions for their own purposes and those of their
customers; such information is only provided if the person requesting It
substantiates a credible legitimate interest in the information
requested.

     

    (3)           Written
confirmation

     

    It
banking Information on creditworthiness and solvency is given verbally, the Bank
reserves the right to promptly send a written confirmation, the contents of
which shall prevail from that moment on.

     

    No.4 —
Powers of representation and disposition

     

    (1)           Notification

     

    Any
powers of representation or disposition notified to the Bank shall be deemed
valid until receipt by the Bank of a notice of their revocation or amendment In
writing or, if agreed to within the framework of the business relationship (e.g.
Homebanking) by way of electronic communication, unless these circumstances are
known to the Bank or are not known to It due to its own negligence. This also
applies if such powers are recorded in a public register and an amendment has
been published.

     

    (2)           Defect
in the legal capacity of the representative

     

    The
customer shall bear any loss resulting from any defect occurring in the legal
capacity of the customer’s representative which without the fault of the Bank
did not come to its knowledge.

     

    No.5 —
Documents proving Identity or title

     

    (1)           Documents
proving inheritance

     

    Upon the
death of the customer, the Bank may, for the purpose of clarifying legal
entitlement, demand production of a certificate of Inheritance, grant of probate
or similar court certificates; documents in a foreign language must, if the Bank
so requests, be presented together with a German translation. The Bank may waive
presentation of a certificate of inheritance or grant of probate lien official
or certified copy of the will or Inter vivos Inheritance contract with the
record of the relevant probate proceedings is submitted.

     

    (2)           Authority
of the Bank to make payment or delivery

     

    The Bank
Is also entitled to regard any person designated as heir or executor in such
documents as In paragraph 1, sentence 2, as the person entitled and, In
particular, to allow such person to dispose of any assets and to make payment or
delivery to him, by way of discharge In full. This shall not apply if the Bank
is aware of the Inaccuracy or invalidity of such documents or if the Bank has
not become aware of this as a result of its negligence.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (3)           Other
foreign documents

     

    It
foreign documents are submitted to the Bank as proof of identity of a person or
proof of any entitlement, It shall check whether such documents are suitable as
proof. It shall, however, only be liable for their suitability, validity and
completeness and for their correct translation and Interpretation In the event
of negligence or if the document as a whole has been falsified. To the above
extent, the Bank may regard the persons designated as entitled as being actually
entitled and, in particular, permit them to dispose of any assets and may make
payment or delivery to them, by way of discharge in full.

     

    No. 6 —
Choice of law, jurisdiction, place of performance

     

    (1)           German
law

     

    German
law shall be applicable to the business relationship, subject to the exceptions
specified in Article 29 of the Introductory Law to the German Civil Code
(EGBGB).

     

    (2)           Place
of performance

     

    The place
of performance for the Bank and the customer shall be the locality of the
registered office of the Bank.

     

    (3)           Jurisdiction

     

    If the
customer is a person carrying on a trade or business or a public authority or a
state-funded corporation, the Bank may sue in its place of general Jurisdiction
and may only be sued in that Jurisdiction.

     

    (1)           Current
account, statement of account

     

    The Bank
maintains an account for processing regular business and payment transactions
(Girokonto) as a current account within the meaning of Article 355 of the German
Commercial Code/ Handelsgesetzbuch (Konto in laufender Rechnung).

     

    (2)           Statement
of account

     

    The Bank
issues statements of account at the end of the periods agreed to and, if a
legitimate interest of one of the parties exists on other dates as well. Unless
otherwise agreed, the periods for statements of account as listed from time to
time In the Notice of Charges (Prelsaushang) shall apply In relation to private
customers as well as business customers.

     

    (3)           Objections
to statement of account

     

    Any
objections to statements of account must be made to the Bank In writing or, if
agree to within the framework of the business relationship (e.g. Homebanking),
by way of electronic communication. Notwithstanding the obligation to raise
objections to statements of account immediately [item 20, paragraph 1, letter
(g)], such statements shall be deemed approved if objections thereto are not
raised within six weeks after receipt of the statement of account Dispatch of
the objection within this period is sufficient to comply with the time limit.
The Bank will draw the customer’s attention to these consequences at the
commencement of the time period. If any Inaccuracy Is subsequently discovered,
both the customer and the Bank may demand rectification based on statutory
claims.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    Any
objections to a debit entry based on a direct debit for which a collection
authority was given by the customer to the creditor must be raised by the
customer immediately in writing or, if agreed to within the framework of the
business relationship (e.g. Home- banking), by way of electronic communication
[item 20 paragraph 1 letter (g)). If not already approved by the customer, a
debit entry contained in the next subsequent statement of account shall be
deemed approved unless an objection is raised to such debit entry within six
weeks of receipt of the statement of account. The time limit is complied with if
the objection has been dispatched within the six weeks. The Bank when issuing
the statement of account will expressly draw the customer’s attention to this
consequence.

     

    No. 8 —
Rectification of Incorrect credit entries

     

    (1)           Reversal
prior to statement of account issuance Where credit entries are made without any
binding authority having been given (e.g. due to a mistake, clerical error,
termination of remittance contract), the Bank may reverse them by simple entry
(reversal entry) until the next statement of account, provided that the Bank has
a claim for repayment against the customer.

     

    (2)           Rectifying
entry after issue of statement of account

     

    The Bank
may by means of a rectifying entry claim repayment under paragraph 1 even after
having issued a statement of account if it has failed to ascertain the Incorrect
credit entry prior to such time. If the customer objects, the Bank will reverse
the rectifying entry and reclaim by other means.

     

    (3)           Identification

     

    Reversal
and rectifying entries shall be identified as such In the statement of
account.

     

    No.9 —
Credit and payment of items for collection

     

    (1)           Credit
entries subject to collection

     

    If the
Bank credits the countervalue of items for collection (e.g. cheques, direct
debits, bills for collection) prior to their payment, this is done subject to
collection and receipt of their countervalue (credit “subject to collection”).
This also applies if the Item is payable at the Bank itself. Any credit entry
which is “subject to collection” shall only be unconditional after actual
receipt of the countervalue. lithe item for collection Is not paid or lithe Bank
does not obtain its countervalue, the Bank will reverse the credit entry in
accordance with Clause 23 of these General Business Conditions (reversal entry),
even after any statement of account which may have been Issued In the
meantime.

     

    (2)           Payment

     

    Items for
collection shall only be effectively paid if the debit entry has not been
reversed by the end of the second banking day after Ii was made. Such items
shall also be effectively paid if the Bank has previously expressly stated to
third parties that it wishes to pay the items (e.g. by sending a payment
advice). Items collected through a Landeszentraibank (Central Regional Bank) are
effectively paid if they can no longer be returned in accordance with its
General Business Conditions. Uncrossed Cheques are effectively paid once payment
has been made to the presenter.

     

    No.10 —
Confirmation of Instruction prior to execution

     

    In the
case of Instructions given by telephone or by other mechanical means and also In
the case of unsigned orders the Bank reserves the right to require immediate
confirmation prior to carrying out the Instruction.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
       

      No.11 —
Set off and application of payments

       

      (1)       Set
off by the customer

       

      The
customer may only set off his claims against the Bank to the extent that his
claims are undisputed or have been ascertained by final judgment.

       

      (2)       Application
of payments by the Bank

       

      The Bank
may determine against which of one or more matured claims any payments received
which are insufficient to cover all of its claims are to be applied. This shall
not apply where the customer has determined otherwise or where a different
application is compulsorily prescribed by law.

       

      No.12 —
Accounts in foreign currency

       

      The
exclusive purpose of a foreign currency account is to effect the settlement of
non-cash payments to the customer or withdrawal orders by the customer in a
foreign currency.

       

      No.13 —
Discharge from performance of transactions in foreign currencies

       

      The
obligation of the Bank to execute a disposal to the debit of a deposit In a
foreign currency or to satisfy a liability In a foreign currency, is suspended
until and to the extent the Bank Is not able or has only limited ability to
effect such a disposal in the currency in which the deposit or the liability is
denominated, due to political measures or incidents in the country of such
currency. Until and to the extent such measures or incidents persist, the Bank
shall also not be obligated to effect the disposal at a place outside of the
country of such currency, or in a different currency (also not in Euro) or by
purchasing cash. The obligation to effect a disposal to the debit of deposit in
a foreign currency, shall not be suspended lilt can be carried out by the Bank
entirely within its own organisation. Notwithstanding any of the foregoing
provisions the customer and the Bank shall retain the right to set-off matured
reciprocal claims in the same currency.

       

      No. 14 —
Receipt of monies in foreign currency

       

      Sums of
money in a foreign currency may in the absence of express instructions to the
contrary from the customer, be credited by the Bank in Euro if the Bank does not
maintain an account for the customer in the relevant foreign
currency.

       

      No.15 —
Conversion Rate

       

      The
conversion rate for transactions in a foreign currency shall be determined in
accordance with the list of Prices and Services (Preisund
Leistungsverzeichnis).

       

      No.16 —
Deposit-taking

       

      In the
absence of any agreement to the contrary, deposits are due without notice of
termination (demand deposits). Interest on deposits shall accrue at the rate of
interest fixed by the Bank for deposits of such type and published by means of a
displayed notice unless otherwise agreed. For purposes of the calculation of
interest each month shall be deemed to have 30 days.

       

      Charges
including overdraft interest

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      No.17 —
Charges, costs, disbursements

       

      (1)       Entitlement
to Charges

       

      The Bank
is entitled to charge the customer for services rendered, in particular
interest, fees and commissions. This also applies to services performed in
addition to any customary basic service on the instruction of the Customer or,
in accordance with the principles of business conduct without instruction in the
interests of the customer, or which may become necessary in connection with the
business relationship with the customer (e.g. in connection with the
administration of securities). The like applies to services rendered and actions
taken by the Bank as a result of enforcement measures taken by third parties
against the customer.

       

      (2)       Determination
and display of Charges

       

      Unless
agreed otherwise, charges applicable to private and business customers relations
are determined and varied by the Bank in its reasonable discretion verifiable in
accordance with Article 315 of the German Civil Code (Burgerf€ches Gesetzbuch),
taking into account market conditions (e.g. changes in the general level of
interest rates) and the expenses incurred by it. For typical and regular banking
services in private customer business the charges as indicated in the list of
Prices and Services (Preis- and Letstungsverzelchnis) shall apply as amended and
in force from time to time. For services not referred to therein, for which
according to the circumstances a charge would be expected, reasonable charges
may be determined in accordance with sentence 1 above. The customer may demand
the production of a statement of charges.

       

      If the
rate of interest or other significant charges are increased, the customer may,
with immediate effect, terminate the business relations affected thereby within
six weeks from the announcement of the change. In the event of termination, the
increase shall not become effective. Termination of a credit by the customers
half, however, be deemed as having not been made, unless he repays the amount
owed within two weeks from the date the termination has taken
effect.

       

      (3)       Costs
and disbursements

       

      The
customer may be charged for any costs and disbursements incurred in connection
with the business relationship which the Bank was entitled to consider necessary
and which exceed the general business expenses (e.g. for insurance, taxes,
postage, telephone, telegram and telex charges). This also applies to the
provision, administration and realisation or release of securities (e.g. storage
charges, costs of supervision and maintenance, insurance premiums, commissions,
lawyers’ and court fees).

       

      No.18 —
Overdraft interest

       

      For any
drawings against the account which are not covered by a credit balance or a
credit line which has been made available (permitted account overdrafts),
overdraft interest as set out in the Notice of Charges (Prelsaushang) must be
paid. This also applies to business customers.

       

      Duties
and liability of the Bank and the customer

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      No.19 —
Liability of the Bank

       

      (1)       Liability
for own fault

       

      The Bank
shall be liable for any fault of its own and of those persons whose services it
uses to perform its obligations towards to customer, save as otherwise provided
for in the following paragraphs, Special Conditions or individual agreements. If
the Bank is liable and if the damage has not been caused by the Bank alone,
whether through its fault or not, liability for damages shall be determined by
the principles of contributory fault, § 254 of the German Civil Code
(Burgerliches Gesetzbuch).

       

      (2)       Liability
for third parties

       

      The Bank
may, in the absence of instructions to the contrary, pass on instructions in
whole or in part to third parties for them to effect independently, where this
appears necessary, taking into account the nature of the instruction and the
interests of the Bank and the customer. In such cases, the obligations and
liabilities of the Bank shall be limited to the transmission of the instruction,
including care in selecting and instructing the third party.

       

      (3)       Liability
in case of force majeure

       

      The Bank
shall not be liable for any losses caused by disturbance of its operations (e.g.
bomb threat, bank raid), in particular as a consequence of force majeure (e.g.
war and natural events) as well as in consequence of other events for which the
Bank is not responsible (e.g. strike, lock-out, disruption of communications),
or which may occur through the exercise of supreme executive power in Germany or
abroad.

       

      No. 20 —
The customer’s duties of co-operation and care

       

      (1)       Principles

       

      The Bank
will carry out the customer’s instructions in a businesslike manner. The
customer has special duties of co-operation and other duties of care, in
particular, the following duties:

       

      a)   
    Notification of Important information and
changes

       

      The
customer must notify the Bank in writing or, if so agreed to within the
framework of the business relationship (e.g. Home-banking), by electronic
communication, immediately of all facts which are material to the business
relationship, especially any changes in the name, address, civil status,
capacity to dispose of property or to incur liabilities of the customer (e.g.
marriage or similar engagement, change in matrimonial property status) or the
persons authorized to sign on behalf of the customer (e.g. subsequent legal
incapacity of a representative or attorney) as well as changes in powers of
representation or disposition notified to the Bank (e.g. powers of attorney and
commercial representation). This duty to notify shall also apply if such facts
are recorded in a public register and if they are published. The names of the
persons authorized to act on behalf of the customer or to dispose of property on
behalf of the customer, together with a specimen of the personal signature of
such persons, shall be notified to the Bank on the forms provided by the
Bank.

       

      b)     
  Unambiguous information in orders and instructions

       

      Orders
and instructions of every kind must unequivocally permit Identification of the
substance of the transaction. Amendments and confirmations must be designated as
such. When giving payment and transfer orders, the customer must, in particular,
ensure that the name of the payee, his account number and sort code number are
stated correctly, completely, unequivocally and legibly.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      c)        Care
in transmission of particular orders

       

      If orders
or instructions are transmitted by telephone or other mechanical means, the
customer must take care that no errors in transmission, misunderstandings,
improper usage or mistakes occur.

       

      d)        Use
of forms

       

      For
certain, transactions in particular, cheques and direct debits, cash withdrawals
and credit transfers, the forms permitted by the Bank are to be
used.

       

      e)     
   Express notification of any special instructions

       

      The
customer shall transmit any special instructions relating to the execution of
orders to the Bank separately; for orders given on a printed term, this must be
done separately from the form. This applies, in particular, if payments are to
be applied against certain amounts due to the Bank.

       

      f)       
 Notification of time limits and dates on which transactions are to be
effected

       

      In the
same way as under a) above, the customer must expressly notify the Bank if
instructions are to be carried out within certain time limits or on certain
dates or if there is risk of extraordinary loss if instructions are not carried
out property, especially if not carried out within the time limit. Attention is
drawn to the special duty to notify in the case of short presentation periods
for cheques under clause 24.

       

      g)        Complaints
to be made immediately

       

      Objections
to statements of account, direct debits, summaries of accounts, list of
securities or other communications rendered by the Bank and also any objections
as to the proper delivery of securities or other valuables by the Bank, must be
raised immediately. If statements of account or lists of securities held on
deposit are not received by the customer, the customer must notify the Bank
immediately. This duty to notify also applies to non-receipt of other advices,
receipt of which must, or ought to have been, expected by the
customer.

       

      h)        Checking
of confirmations of the Bank

       

      Where
confirmations of the Bank are at variance from orders or instructions given by
the customer, the customer must object immediately.

       

      (2)       Liability
arising from neglect of duty

       

      Any loss
and damage arising from culpable neglect of the customer’s duty to co-operate
and other duties to exercise due care shall be borne by the customer. If the
Bank has contributed to the occurrence of the loss through its culpable conduct,
liability for damages shall be determined by the principles of contributory
fault, § 254 the German Civil Code (BOrgerliches Gesetzbuch).

       

      Lien
under the General Business Conditions, further security, release of
security

       

      No. 21 —
Lien, assignment by way of security

       

      (1)       Extent

       

      The
customer hereby grants the Bank a Ban on valuables of any kind which, in the
course of banking business, may come into the possession or power of disposition
of the Bank through acts of the customer or of third parties for account of the
customer. Such valuables include all things and rights of any kind (by way of
example: goods, foreign exchange, securities including interest, loan stock and
dividend coupons, shares in a collective deposit, subscription rights, cheques,
bills of exchange, bills of lading, warehouse warrants, inland bills of lading).
The lien also covers claims of the customer against the Bank (e.g. from credit
balances).

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      Claims of
the customer against third parties shall be deemed to be assigned to the Bank if
documents representing 1he claims, in the course of banking business, come
within the power of disposition of the Bank.

       

      (2)       Exclusions

       

      If monies
or other valuables come into the power of disposition of the Bank expressly
designated for a particular purpose (e.g. cash deposit for payment of a cheque,
bill of exchange or the execution of a certain credit funds), then the lien of
the Bank shall not extend to these valuables. Securities held in safe custody
abroad are not, unless otherwise agreed, subject to the lien. The same applies
to participation rights/certificates issued by the Bank Itself and to claims of
the customer arising from subordinated capital stock (e.g. subordinated bearer
bonds).

       

      (3)       Secured
claims

       

      The lien
shall secure all existing and future claims, whether contingent or Ume-limited,
and all statutory claims, of the Bank against the customer which it may acquire
in connection with the business relationship. The lien shall also secure claims
of the Bank against third parties for the performance of which the customer is
personally liable. Claims against customers under guarantees Issued by them in
favor of third parties shall only be secured from their maturity
on.

       

      (4)       Claim
to the lien

       

      The Bank
may only retain the valuables which are subject to the lien under the General
Business Conditions if it has a legitimate interest in obtaining security. Such
interest exists, in particular, under the conditions on the right to demand
further security under clause 22.

       

      (5)       Enforcement
of Security

       

      The Bank
shall be entitled to realise the valuables if the customer, notwithstanding
demand with a reasonable grace period and warning of enforcement in accordance
with § 1234 paragraph 1 German Civil Code (BOrgerliches Gesetzbuch), fails to
meet his liabilities when they fall due. Where there are several security items
the Bank has the right to choose between them. When selecting and realizing
security Items, the Bank will, as far as possible, take account of the
legitimate interests of the customer. The Bank shall be entitled to appropriate
any proceeds of realisation which are insufficient to satisfy all its claims as
it may in its reasonable discretion think fit. The Bank shall draw up the credit
advices for proceeds of realisation in favour of the customer in such manner
that they may be regarded as invoices within the meaning of the Turnover Tax
Law.

       

      No. 22 —
Further security and release of security

       

      (1)       Right
to demand further security

       

      The Bank
may demand that the customer provides or increases security for his liabilities
under borrowings if the risk situation undergoes a change due to circumstances
occurring or becoming known subsequently, e.g. due to a deterioration or
threatened deterioration in the financial position of the customer, any person
jointly liable or any guarantor or in the value of the existing
security.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      (2)       Duty
to release security

       

      The Bank
Is obliged, upon request, to release such security items as the Bank may choose
to the extent that the realisable value of all the security items not only
temporarily exceeds the total amount of all claims of the Bank by more than 10%.
The covering limit of 10%, as stated in the Immediately preceding sentence, will
be increased by the then current value added tax rate, to the extent that such
value added tax Is Imposed on the Bank, in case bf realisation of the security
Items.

       

      Items for
Collection

       

      No. 23 -
Collection in the collecting business

       

      (1)       Collection
agreement

       

      Cheques,
bills of exchange, direct debits or other items for collection are taken by the
Bank for collection (encashment) only, unless otherwise agreed.

       

      (2)       Redebit

       

      If the
Bank has credited the amount of Items for collection prior to receipt of that
amount, it may redebit the amount in case of non-payment of the Items, even if a
statement of account has been issued in the meantime. The same applies
if

       

      - the
countervalue is not received by the Bank or

       

      - the
free availability of the countervalue is restricted by law or by measures of
government authorities or

       

      - due to
insurmountable obstacles the items cannot be presented or cannot be presented in
time or

       

      -
collection is subject to disproportionate difficulties, which were not known at
the time the items were taken for collection or

       

      - a
moratorium has been declared in the country in which the items are to be
paid.

       

      Under the
same preconditions, the Bank may return items for collection even before their
maturity.

       

      Redebit
is also permissible lithe items cannot be returned. If the Bank is responsible
for this, it shall bear the loss sustained by the customer resulting
therefrom.

       

      No. 24 -
Period allowed for presentation, urgent action

       

      If
cheques payable at the place of the Bank are not deposited by latest the third
business day, and cheques payable at other banking places by latest the fourth
business day prior to expiry of the period allowed for presentation (Article 29
of the Cheques Law-”Scheckgesetz”) or, It deposited by mail, they are not
received by the Bank within such time and before close of business, the customer
must by separate advice draw attention to the expiry of the period allowed for
presentation and the possible need to take urgent action.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      No. 25 -
Security interest in the collecting business

       

      (1)       Transfer
of ownership by way of security

       

      By
depositing cheques and bills of exchange for collection, the customer transfers
to the Bank by way of security ownership of the items in the event that Item for
collection is not paid and the Bank Is entitled to claim against the customer as
a result of anticipatory disposals by the customer with regard to the
collection, until such claims are satisfied. On acquiring ownership byway of
security, the underlying claims also pass to the Bank.

       

      (2)       Assignment
by way of security

       

      When
other Items are deposited for collection (e.g. direct debits, commercial paper),
the claims underlying the Items pass to the Bank under the terms of paragraph
1.

       

      Termination
of the business relationship

       

      No.26 -
Right of termination

       

      (1)       Ordinary
termination

       

      Both the
customer and the Bank may at any time, without observing any period of notice,
terminate the business relationship as a whole or in any individual respect, in
so far as this does not conflict with any provisions of law or other agreements
to the contrary. If the relationship is terminated by the Bank, it will take
reasonable account of the legitimate interests of the customer, in particular,
by not giving notice at an inopportune time.

       

      (2)       Termination
for good cause

       

      Notwithstanding
any other agreements, both the customer and the Bank may at any time, without
observing any period of notice, terminate the business relationship as a whole
or any individual respect if there is good cause making it unreasonable to
expect the party terminating to continue the business
relationship.  In so doing, the legitimate interests of the other
party to the agreement are to be taken into account

       

      The Bank
shall have such cause for termination especially if due to circumstances as
listed below by way of example, the fulfillment of the payment obligations of
the customer or the enforceability of the claims of the Bank are jeopardized,
even if any security was enforced:

       

      a)       
if a significant deterioration occurs or threatens to occur in the financial
condition of the customer or in the value of any collateral provided as security
for a loan, in particular if the customer suspends payments or declares that he
intends to suspend payments or if bills of exchange accepted by the customer are
protested;

       

      b)       
if the customer falls within an adequate period of time to comply with his
obligation to provide or increase security (clause 22 paragraph 1) following a
request by the Bank so to do;

       

      c)       
if the customer has made incorrect statements regarding his financial
circumstances;

       

      d)       
if execution is levied against the customer;

       

      e)       
if the financial circumstances of a person jointly liable or any unlimited
partner have deteriorated significantly or are in considerable jeopardy and also
in the case of the death of, or a change in, an unlimited
partner.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      If the
good cause is a breach of a contractual obligation, termination is permitted
only after fruitless expiry of a granted cure-period or fruitless
reminder.  This shall not apply if the customer definitely and utterly
refuses performance, fails to render performance on a contractually fixed date
or within a specified time-period, although timely performance has contractually
been made a condition by the Bank for its continued interest in the performance,
or if, considering the interest of both sides, immediate termination is
justified by specific circumstances.

       

      3)       
Legal consequences of termination

       

      Upon the
termination of the business relationship as a whole or any individual, respect
eh amounts owing on the relevant accounts become immediately due.  The
customer is in addition obliged to release the Bank pro tanto from all
liabilities assumed for or on behalf of the customer.

       

      The Bank
is entitled to give notice of termination of liabilities assumed for or on
behalf of the customer and, effective as against the customer, to liquidate
other liabilities, in particular those in foreign currency and it may
immediately re-debit the customer’s account for any bills and cheques purchased;
claims arising under the laws relating to bills of exchange and cheques against
the customer and any other person liable under the respective instrument for
payment of the full amount of the bill and cheque together with associated
claims shall, however, remain with the Bank until full settlement of any debit
balance.

       

      No. 27 -
Continuing validity of the General Business Conditions

       

      Even
after termination of the business relationship as a whole or in any individual
respect, the General Business Conditions shall continue to apply to the winding
up thereof to the extent required to wind up the relationship.

       

      No. 28 -
Protection of deposits

       

      The Bank
is a member of the protection system established by the German Financial Group
of Savings Bank (Deutsche Sparkassen-Finanzgruppe).  The Bank shall be
entitled to provide to the protection system or any person acting on behalf of
it all information and documents necessary for or in connection with the
protection system.

       

      The
following conditions apply to such loans unless specific agreements between the
parties contained in particular in the loan offer or the loan contract (“Loan
Agreement”) provide otherwise. The following conditions shall be deemed to form
part of the Loan Agreement.

       

      I.       
  Purpose of the loan/Payments

       

      1.         The
borrower shall use the loan exclusively for the purpose stipulated in the Loan
Agreement.

       

      2.         The
borrower shall pay any amounts owing free of any costs, fees, taxes and
deductions whatsoever in the agreed currency, such payments to be made to the
Bank or, upon the Bank’s instruction, to an account in Germany or abroad
determined by the Bank, and to be made in sufficient time that the funds are at
the Bank’s disposal at the latest by the due date.

       

      II.        Security

       

      1.         The
loan together with interest and ancillary moneys and all other moneys owing
shall, as stipulated in the security agreements made between the parties, be
secured by registering a ship mortgage with the agreed priority in the vessel’s
ship register. If the vessel is registered in a German ship register, the ship
mortgage shall be in the form of a mortgage securing an abstract acknowledgement
of debt from the shipowner. The registration of the mortgage shall be evidenced
to the Bank by delivery of a certified transcript from the vessel’s
register.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      If the
applicable law permits so, the borrower shall submit its entire assets to
immediate enforcement by way of a notarial protocol and the shipowner shall
like-wise submit the vessel to immediate enforcement to the effect that
enforcement may be sought also against any future owner of the
vessel.

       

      During
the entire period of the financing the originals of the Vessel’s Certificate
(Schiffszertifikat, in case of seagoing vessels) and of the Ship’s Letter
(Schlffsbrief, in case of inland waterway vessels) shall be deposited in the
Bank’s custody. Furthermore counterparts of the Classification Certificates as
they are from time to time issued for the vessel’s hull and machinery shall be
furnished to the Bank. The some applies for the vessel’s Sailing Permit. The
Bank is authorised to obtain at any time from the classification society
counterparts of the Classification Certificates.

       

      General
Loan Conditions

       

      For the
financing of Seagoing and inland Waterway Vessels as well as Ships under
Construction

       

      2.         Upon
the Bank’s first request, the vessel’s charter and freight income shall be
assigned to the Bank in such form as the Bank deems desirable.

       

      The
borrower shall keep the Bank informed of the vessel’s employment by regularly
providing copies of the charter parties and other employment contracts entered
into for the vessel.

       

      III.      
Insurances

       

      Until the
loan is fully repaid, the borrower shall provide evidence to the Bank that the
insurances of the vessel as the Bank deems necessary have been taken out and are
maintained.

       

      In
particular, the following shall apply:

       

      1.         The
completed vessel shall be insured for its full value provided that such
insurance shall in no event be less than 120 percent of the aggregate of the
Bank’s claim and any encumbrances over the vessel having priority over the
Bank’s claim.

       

      The
choice of the vessel’s insurer and insurance broker requires the approval of the
Bank.

       

      2.         The
insurance must cover all risk and include all usual additional
clauses.

       

      3.         The
vessel shall be insured either in accordance with the DIV Mines Clause and
against the risk of acts of violence within the meaning of section 15 of the DTV
Hull and Machinery Insurance Clause 1978 (1992 edition) or in accordance with
the Institute War and Strike Clauses (Hulls).

       

      The
vessel may only sail into zones declared as war zones or zones excluded by the
war risk insurance policy or the hull and machinery insurance policy if the Bank
has been notified without undue delay and further provided that for the specific
case a special cover has been taken out including the Confiscation Clause, the
Missing Vessel Clause and the Blocking and Trapping Clause.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      In any
situation covered by the foregoing subparagraph of this clause the insurance
policy shall expressly include the Bank’s interest in the vessel as mortgagee
and provide that payment under the insurance may only be made to the an or to
its order. Copies of the insurance policies shall be delivered to the
Bank.

       

      4.         Prior
to the loan having been repaid and settled in full the vessel may not carry
contraband nor run blockade nor sail in areas for which the vessel’s insurance
does not provide full cover.

       

      5.         The
vessel shall be insured with a P & I-Club acceptable to the Bank against all
risks usually covered by such insurance.  Evidence of such cover shall
be delivered to the Bank.

       

      6.         The
vessel’s insurer shall undertake towards the Bank to act in regard of payments
under the vessel’s insurance only in accordance with the Bank’s instructions and
to notify the Bank of any change in the vessel’s insurance cover.

       

      7.         The
borrower hereby assigns to the Bank its present and future rights and claims
under the insurances taken out, or to be taken out, for the vessel. It under
takes to confirm such assignment at the Bank’s request in a deed of assignment
and further undertakes to deliver the insurance policies to the Bank. It
confirms that it has not assigned pledged or charged in any other way the
vessel’s insurances other than to the mortgagees of the vessel and undertakes
not to assign pledge or charge the vessel’s insurances in any other
way.

       

      8.         The
Bank reserves the right to cover its risk or the vessel at the Borrower’s costs
by insurance at Its discretion if the borrower falls to comply with its
obligations, provided that such reservation of rights shall not adversely affect
the Bank’s right to demand the repayment of the loan together with interest and
ancillary amounts owing. The Bank remains entitled to insure the vessel against
all damages and risks which are not covered by the vessel’s insurance
policies.

       

      9.         The
borrower undertakes towards the Bank to pay all insurance premiums when due and
to provide evidence of such payment to the Bank upon request and, furthermore,
to extend or renew the vessel’s insurances in time and to provide evidence of
such extension or renewal to the Bank no fewer than 14 days prior to the expiry
of the old insurance without being requested by the Bank.

       

      10.       The
borrower and the shipowner shall provide evidence to the Bank that the insurers
have waived their right to refuse payment under the insurance policy in the
event that the vessel commenced her voyage without being in a state to sail
safely (unseaworthy) or not being properly equipped or manned. Furthermore, they
shall provide evidence to the Bank that the insurance cover includes also any
deviation of the vessel from the indicated or usual way or sailing area (German
Mortgage Clause B or a similar undertaking). Should the vessel’s insurers not be
ready to Issue such undertaking, the borrower and the shipowner shall take out
mortgagee’s interest insurance.

       

      11.       A
vessel under construction shall be insured against all usual risk during the
construction time. A copy of the insurance policy shall be delivered to the
Bank. The Mortgage Clause usually attached to such policy shall be amended by
the following paragraph:

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      “Should
the mortgage under the terms of Section 80 of the Act on Rights in Ships not
include a charge over the rights under the insurance taken out for the vessel
under construction, the insurers hereby grant the mortgagee by way of contract
the same rights in the insurance and against the insurers as he would have by
law under Sections 32 to 38 of the Act on Rights in Ships.’

       

      This
additional clause shall be signed by the insurer, the borrower, the shipowner
and the shipyard.

       

      12.       It
shall be the borrower’s and the shipowner’s responsibility to deal with the
insurers and the vessel’s repair in case of damages to the vessel. However, the
Bank may in such case demand that the insurers pay the Bank and apply such
payment against principal, interest, costs and other ancillary amounts owing if
the loan is due for repayment or if the vessel has become a total loss or
constructive total loss. At the Bank’s request, the borrower and the shipowner
shall provide evidence to the Bank that the repairs of the vessel have been
paid. Should the Bank itself decide to have damage to the vessel repaired, the
borrower and the shipowner shall assist the Bank therein in any
way.

       

      In the
event of dispute with the vessel’s insurer on its liability to pay or on the
amount to be paid, the Bank is entitled to conclude settlement agreements with
the vessel’s insurer which shall bind the borrower.

       

      IV.       Events
of Default

       

      1.        
The Bank may refuse to disburse the loan and demand the immediate repayment of
any loan balance outstanding should there be an important reason to do so. Such
important reason shall in particular be deemed given if:

       

      a)        the
borrower is in default on a payment by more than 14 days and, additionally,
fails to pay within a further period of notice of, as a minimum, 14
days,

       

      b)        an
application is filed for the sale by court order of the financed vessel or the
vessel’s sale is ordered by the court or if the vessel is arrested (unless
within 10 days the proceedings for sale by court order are terminated or the
arrest is lifted), the shipowner wholly or partly ceases to have the vessel
within his control or the yes- sells subjected to a legal mortgage subsequent to
debt enforcement proceedings,

       

      c)        the
borrower or the shipowner enters into liquidation proceedings or suspends
payments, settlement or insolvency proceedings in regard of the borrower’s or
the shipowner’s assets are instigated, or the borrower or the shipowner ceases
operating vessels or operating the financed vessel, or the vessel is laid up for
more than three months without the Bank’s approval,

       

      d)        the
borrower dies,

       

      e)        the
financial situation of the borrower or shipowner or, in the case of one or both
of them being partnerships, of any of their general partners, or, in the case of
a shipowning partnership, of one of the partners therein, deteriorates
substantially, or when changes with re- sped to such general partner of a
partnership or partner in a shipowning partnership occur, (e.g. as a result of a
partner’s withdrawal by agreement, resignation or death-), or when there is a
risk of substantial deterioration in the financial situation of the borrower or
the shipowner due to its relationship with another company to which it is
affiliated within a group or related in a manner similar to an affiliation
within a group,

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      f)        
without the Bank’s consent the vessel Is wholly or partly disposed of (e.g. sold
or encumbered) or its ownership changes in any other way, or Its purpose is
altered or its port of registry changes to another country,

       

      g)        the
borrower falls to apply the loan for the agreed purposes or to provide evidence
to the Bank of the proper application of the loan within one week of being so
requested or the borrower or the shipowner carries out alterations to, or
repairs of, the vessel (at costs exceeding 10 per cent of its hull insurance
value) without the Bank’s consent, or, where these alterations or repairs have
been approved by the Bank, refuses to permit the Bank’s surveyor to inspect the
works, or falls to supply to the Bank within two weeks of being so requested
evidence that such repairs or alterations have been paid in full,

       

      h)        the
borrower, the shipowner or the appointed master of the vessel falls to inform
the Bank without undue delay in writing of any accident involving the vessel,
loss of Its classification, any seizure in time of peace or war, any average,
salvage, and falls to inform the Bank within 48 hours of assistance of any kind
rendered by third parties and of any legal or maritime proceedings in relation
to the vessel of such event becoming known to It or him,

       

      i)        
the amount secured by a maritime lien or mortgage having priority over the
Bank’s mortgage increases to such an extent that the Bank’s loan is no longer
covered by the first 60 percent of the vessel’s value as estimated by the Bank’s
surveyor, or the borrower or the shipowner falls to furnish the Bank within two
weeks of being so requested evidence that all moneys secured by maritime liens,
ship mortgages or rights of retention have been paid and settled in
full,

       

      j)        
the vessel or Its equipment no longer meets the requirements of any applicable
safety or accident prevention provisions, the vessel loses Its class or such
loss of class is threatened, or the borrower or the shipowner fails to arrange
on time the renewal or extension of the validity of the certificates Issued in
relation to the vessel and to provide evidence of such renewal or extension to
the Bank within 14 days of the same being granted,

       

      k)        the
vessel is wholly or partly lost or abandoned or deleted from the ships’ register
or Its right to fly the flag of the country where it is registered is withdrawn
or its flag is changed without the Bank’s consent,

       

      l)        
the vessel suffers damage amounting to more than 40 per cent of its estimated
value as shown in Its hull insurance policy,

       

      m)       it
be comes apparent that the person registered as the vessel’s owner in the ships’
register is not the owner of the vessel or such ownership is
challenged,

       

      n)        the
mortgage on the vessel in the Bank’s favour Is not registered with the agreed
priority or their validity or priority is challenged,

       

      o)        It
becomes apparent that the borrower or its representative made false
representations to the Bank either during the loan negotiations or when the loan
was disbursed,

       

      p)       
the borrower moves abroad without nominating an agent for service of process to
the Bank or if the borrower gives up its domicile without establishing a new
one,

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      q)        the
borrower or the shipowner fails to meet on time its obligations set out in
Section III hereinbefore in regard of the vessel’s insurance or the borrower
does not fulfil any other obligation undertaken by it in the course of its
business relation with the Bank including its obligation to disclose its
financial situation as provided in Section Vlll hereinafter,

       

      r)        
the value of any additional securities suffers a substantial
deterioration,

       

      s)        the
borrower or the shipowner fails to obtain the Bank’s prior consent to any
contracts under which the vessel is disposed of, or its use is agreed, for a
period of time exceeding one year or under which no consideration or a
consideration which does not reasonably correspond to the rights being granted
over the vessel (for her use or otherwise) is to be paid, or when benefits or
claims under such contracts or other employment contracts for the vessel are
assigned to a third party without the Bank’s consent,

       

      t)        
the events mentioned in sub-sections 1 c), d) and e) occur in regard of a third
person being wholly or partly liable for the loan or having guaranteed the loan
or being responsible for the payment of the loan in any other way,

       

      u)        the
borrower or the shipowner, although having been reminded by the Bank, falls to
fulfil without undue delay its obligations provided in these General Loan
Conditions,

       

      v)        the
vessel’s operator or manager is changed without the Bank’s prior consent and if
due to any of the cases mentioned in the foregoing sub-sections 1 a) - v), which
shall serve as examples only, the fulfilment of the borrower’s payment
obligations or the enforceability of the Bank’s claims is
endangered.

       

      2.         Should
there be more than one borrower or shipowner or should two or more vessels be
mortgaged jointly, the provisions of sub-sections 1 a) to v) above shall apply
also if the reason for giving notice of repayment is given only with respect to
one of the parties or vessels concerned.

       

      3.         The
borrower and/or the shipowner shall notify the Bank forthwith of the occurrence
of any of the events mentioned above in sub-sections 1 b), c), e), f), h), j),
k), l), t) (the latter one only in connection with subsections 1 c), d) and e))
and at the latest within 48 hours of receiving notice thereof. They shall also
inform the Bank if for any other reason the shipowner’s right of disposition of
the vessel terminates or Is restricted, or if the vessel Is further encumbered,
or if the mortgaged vessel becomes the subject of a lawsuit where the amount
being litigated for exceeds 10 per cent of the amount owing to the
Bank.

       

      4.         Upon
having given notice of termination pursuant to Section IV hereof, the Bank may
instruct the borrower/the shipowner to move the vessel to a port acceptable to
the Bank or may have the vessel moved to such port at the borrower’s/the
shipowner’s expense if the borrower/the shipowner falls to comply without undue
delay with the Bank’s instruction.

       

      Should
the Bank have given notice of termination for a reason mentioned in Section IV
hereof, the Bank shall be deemed empowered to instruct the vessel’s master to
move the vessel to a port acceptable to the Bank.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      V.        Prepayment-/Non-disbursement
indemnity

       

      Should
the loan, for reasons for which the Bank Is not responsible, wholly or partly
not be disbursed or drawn or should it be repaid or fall due prior to the expiry
of the relevant interest period or prior to the time at which the borrower may
repay It at the earliest, the borrower shall pay the Bank an indemnity of zero
point five (0.5) per cent of the non-disbursed, repaid or due amount for each
year (a year having commenced being deemed a full year) of the period of the
loan until the earliest date at which the borrower would have been entitled to
repay the loan. The borrower shall remain entitled to prove that the loss
suffered by the Bank was substantially less or that the Bank had no loss at all.
The Bank shall remain entitled to claim further damages.

       

      VI.       Default

       

      In case
of any failure of the borrower to make a payment when due, the Bank may charge
the borrower for any loss as a result thereof without prejudice to any further
claim the Bank may have.

       

      VII.     Asset
Protection

       

      Should
any new valuation of the vessel made by the Bank during the loan period show the
vessel’s value to have fallen to such an extent that the amount of the loan
prior to its disbursement, or the outstanding balance of the loan, exceeds 60
per cent of such estimated value, the Bank is entitled either to demand an
additional repayment by the borrower within one month of such amount as is
required to reduce the balance outstanding of the first priority loan to 60 per
cant of such newly estimated value of the vessel or to demand additional
security acceptable to the Bank for the difference so assessed. Should the
borrower fall to comply with the request of the Bank within one month, the Bank
is entitled to terminate the loan without notice.

       

      VIII.    Information
and examination

       

      1.
        When the Bank considers it
necessary the borrower shall authorize the Bank to inspect Its books of account,
such inspection to be authorized to take place within 14 days from the Bank’s
request. Upon the Bank’s request the borrower shall furnish the Bank a duly
signed recent financial statement with supporting explanations.

       

      2.         The
borrower shall, furthermore, furnish yearly to the Bank a balance sheet with
profit and loss account, the annual financial statement or an asset statement
with information on the annual turnover within twelve months of the end of the
financial year, all such documents to be certified by an auditor or a sworn
accountant. The Bank may at any time conduct or have its agent conduct an audit
of the borrower’s book and business at the borrower’s expense. If the loan is
granted to a joint stock company, a partnership limited by shares, a company
with limited liability, a co-operative or a partnership with a company as
general partner, the management shall inform the Bank whenever a shareholders’
meeting is convened attaching a copy of the agenda; upon request the Bank shall
be informed in writing about the shareholders’ meeting.

       

      3.         The
Bank’s agents are entitled to enter the vessel and inspect the vessel’s
documents and certificates at any time, even if the vessel is under repair. The
Bank is further entitled, after granting a loan, after the end of each voyage of
the vessel, but at least once yearly, to have its expert inspect the vessel and
furnish a report on the vessel’s condition. All costs arising therefrom shall be
for the account of the borrower.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      IX.    
  Costs, taxes and expenses

       

      1.         The
borrower shall bear all costs, expenses and taxes arising in connection with the
loan commitment, the arranging and securing of the loan, in particular those for
registering, maintaining and securing the mortgages on the vessel, of consents
to delete mortgages. for the granting of a prior rank, for notarizing and/or
legalizing any documents of the Bank, for any necessary translation of documents
and for maintaining, repairing, securing, insuring, moving, guarding and keeping
the vessel, for the lifting of any seizure of the vessel, for reports obtained
by the Bank on the value and condition of the vessel and the fees of any lawyers
or other persons instructed by the Bank.

       

      2.         The
borrower shall pay interest on expenses disbursed by the Bank from the date on
which the amounts were advanced by the Bank at the Bank’s then current interest
rate for overdrafts.

       

      3.         The
Bank shall remain entitled to the payment by the borrower of any agreed
commissions and to the reimbursement by the borrower of all expenses the Bank
incurred even when the Bank withdraws from the Loan Agreement before
disbursement of the loan for a reason for which the borrower or the shipowner is
responsible or if the borrower, after the Loan Agreement having been concluded,
fails to draw the loan.

       

      X.       
Multitude of borrowers/Agent for service of process

       

      1.         Should
there be more than one borrower, each of them shall be entitled to accept the
loan and shall be responsible for all obligations arising out of the contractual
relationship.

       

      2.         Borrowers
and shipowners who are not resident in the Federal Republic of Germany shall
appoint a representative at the place of domicile of the Bank as agent for
service of process.

       

      XI.      Assignment

       

      The right
to draw a loan may not be assigned without the Bank’s consent

       

      XII.     Vessels
under construction, Guarantees

       

      1.    
    These conditions shall apply mutatis mutandis for the
financing of ships under construction.

       

      2.        
For guarantees granted by the Bank, the foregoing provisions shall apply mutatis
mutandis.

       

      XIII. 
  Partial invalidity

       

      Should
any one or more provisions of the Loan Agreement or of these General Loan
Conditions be wholly or partly invalid or prove to be impossible to be put into
effect, the other provisions shall remain in full force and effect

       

      XIV.    General
Business Conditions

       

      Additionally
to these General Loan Conditions the General Business Conditions of the Bank
shall apply, a counterpart of which the borrower has received.

       

      The
General Business Conditions are also displayed in the business rooms of the Bank
in the version from time to time applicable.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      EXHIBIT
19

       

      FORM
OF LETTER OF UNDERTAKING AND INDEMNITY

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      TRANSLATION ONLY FOR
CONVENIENCE

       

      Please
note that this translation is only for convenience. In case of inconsistencies
or differences between the English and the Italian version, the latter shall
prevail.

       

      INDEMNITY
AND GUARANTEE AGREEMENT

       

      By and
between

       

      SACE -
Servizi Assicurativi del Commercio Estero S.p.A. — (hereinafter
“SACE”)

       

      Insert
the Company’s name], represented by [insert name of legal representative] in
his/her of [insert position], by virtue of [insert source of powers]
(hereinafter the “Exporter”);

       

      WHEREAS

       

      the
Exporter entered into a contract (hereinafter the “Supply Contract”) with
[insert the Buyer’s name] (hereinafter the “Buyer”), for the exports of goods
and services from Italy [ from EU or non EU Member Countries] (hereinafter the
“Exports”), dated as of [insert the execution date of the
Contract],

       

      in order
to pay part of the consideration for the Exports under the Supply Contract, the
Buyer entered into a financing contract (hereinafter the “SACE Facility”) with
[insert the SACE Agent’s name](hereinafter the “Bank”)

       

      the Bank
has indicated its willingness to enter into the SACE Facility subject to the
condition that the repayment of the SACE Facility is insured by SACE, in the
measure of [insert % of cover] against certain risks, as better specified in the
SACE insurance policy (the “Insurance Coverage”);

       

      the
validity and enforceability of the Insurance Coverage is, inter alia, subject to
the compliance with Italian and foreign legislation applicable to the Supply
Contract and/or the SACE Facility and/or the related guarantees, including the
Legislative Decree no. 231 dated 8 June 2001 on administrative responsibility of
legal persons and associations without legal personality;

       

      in
consideration of the foregoing, in order to provide the Insurance Coverage, SACE
requests that the Exporter supply the declarations and information required to
certify its compliance with the aforesaid Italian and foreign legislation in
relation to the Supply Contract and the related guarantees;

       

      by virtue
of the Insurance Coverage, SACE is obliged to indemnify the Bank even if the
Buyer’s failure to repay the SACE Facility is related to the non-fulfilment by
the Exporter of its obligations under the Supply Contract;

       

      in order
to grant the Insurance Coverage to the Bank, SACE therefore requests that the
Exporter irrevocably undertake to indemnify and hold SACE harmless in relation
to any sum paid by SACE to the Bank pursuant to the Insurance Coverage, where
the failure of the Buyer to repay the sums financed under the SACE Facility is
related to the non- fulfilment by the Exporter of its obligations under the
Supply Contract;

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      SACE
agreed to provide the Insurance Coverage on the basis of the declarations and
information provided or the commitments undertaken by the Exporter in this
Agreement and all other declarations, information or letters of commitment
supplied to SACE by the Exporter at any time prior to granting of the Insurance
Coverage;

       

      ALL THIS
BEING STATED

       

      The
following is agreed:

       

      Art. 1 The recitals and
declarations, information and letters of commitment supplied to SACE by Exporter
in relation to the Supply Contract or to any guarantees must be considered
integral and initial parts of this indemnity and guarantee agreement (the
“Agreement”).

       

      Art. 2 The Exporter, who
therefore assumes all responsibilities hereunder by virtue of this Agreement,
declares and guarantees that:

       

      (a)       the
procedure to award the Supply Contract was implemented in conformity with the
principles of loyalty, transparency and fairness and, where in the presence of
an international tender, in conformity with the requirements and according to
the procedures established for international tenders and the Supply Contract was
duly signed by the parties and it is fully binding;

       

      (b)       neither
the Exporter has committed or will commit any offence pursuant to the
Legislative Decree no. 231/2001, nor anyone of his partners or directors, nor
any other person acting on his behalf, has committed or will commit offences
pursuant to Article 322 b) of the Criminal Code (including every single case of
criminal offence quoted in the first paragraph of that article) in relation to
the methods and procedures adopted for the award of the Supply Contract, the
participation in any international tender, negotiations, execution and
performance of the Supply Contract and in relation to all further and possible
agreements, authorizations, licences, consents, permits and commitments relating
and/or connected to the Supply Contract;

       

      (c)       neither
the Exporter nor any other person acting on his behalf has made or will make
arrangements with any other person interested in the award of the Supply
Contract having the effect of limiting competition in any way;

       

      (d)       all
payments made and/or to be made, including those in favour of consultants and
intermediaries, in relation to the award, negotiation, execution and performance
of the Supply Contract, represent due and proper payments for legitimate and
effectively supplied services;

       

      (e)       as
of the date of this Agreement no proceedings are pending against the Exporter
for ascertainment of the aforesaid facts;

       

      (f)
      the goods and/or services included in the
Supply Contract are of Italian origin [or the percentage of the goods and/or
services originating from Italy / from other EU or non EU Member States will be
not above the percentages specified in the Insurance Coverage];

       

      (g)       it
is aware and approves the Code of Ethics adopted by SACE in the context of its
own system of organization, management and control in accordance with the
provisions of Legislative Decree no. 231 of 8 June 2001 and it undertakes —
insofar as applicable to it — to fully comply with it.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      OR [it
has adopted in the context of its own system of organisation, management and
control in accordance with the provisions of Legislative Decree no. 231 of 8
June 2001, a Code of Ethics (herewith included and which constitutes an integral
and substantial part of this Agreement), which it is obliged to fully comply
with, inspired to the same fundamental principles of SACE’s Code of
Ethics.]

       

      Art. 3 The Exporter
acknowledges that SACE has agreed to provide the Insurance Coverage relying on
the truthfulness, exactness and completeness of the declarations pursuant to
Article 2 above, and all other data, declarations, letters of commitment or
information supplied to SACE in relation to the Supply Contract and/or to the
relating guarantees. The Exporter also declares that he is fully aware of the
laws and regulations governing SACE and the business SACE carries
out.

       

      Art. 4 The Exporter
irrevocably undertakes to hold SACE harmless from all damages, costs, charges or
expenses that SACE may incur directly or indirectly due to

       

      (i)       
false, inaccurate or incomplete declarations pursuant to Article 2 above, and
all other data, information or declarations supplied to SACE in relation to the
Supply Contract, even if this falseness, inaccuracy or incompleteness is not due
to fraud or wilful misconduct of the Exporter; and/or

       

      (ii)       violation
by the Exporter of the commitments and obligations undertaken towards ‘SACE by
virtue of Article 2 above, and by virtue of any other further agreements,
declarations or letters relating to the Supply Contract [and/or the related
guarantees] ;

       

      (iii) the
failure of the Exporter (assessed by final judgment or acknowledged by the
Exporter) to comply, in whole or in part, with the Supply Contract.

       

      Art. 5 In the cases under
Article 4 above, paragraphs (i), (ii) and (iii) and in the case of final
Judgment for offences pursuant to the Legislative Decree no. 231/2001 committed
by the Exporter and/or for offences pursuant to Article 322 b) of the Criminal
Code committed by one of Exporter’s Partners or directors or by any other person
acting on behalf of the Exporter for the purposes of the award, negotiation,
execution and performance of the Supply Contract — the Exporter irrevocably
undertakes to repay SACE immediately and at first request any sum paid by SACE
to the Bank Pursuant to the Insurance Coverage, with the addition of interest
and costs, it being expressly established and agreed herein by the parties that
the Exporter shall be directly and immediately liable for any such payment by
SACE.

       

      Art. 6 The Exporter undertakes
to provide SACE with the documentation certifying the origin of the goods and/or
services relating to the Supply Contract, including the certificates of origin
of the exported goods issued by the Chamber of Commerce, and the documentation
certifying the payments to foreign sub-suppliers in connection with the
performance of the Supply Contract, in order to allow SACE to ascertain the
origin of the exported goods and the compliance with the thresholds indicated in
the insurance policy.

       

      Art. 7 Failure to pay any sums
due in accordance with Articles 4 and 5 above within 30 days of the receipt by
the Exporter of a written request by SACE shall render the Exporter liable for
interest starting from the date of such request by SACE, without necessity of
any further notice and without prejudice to the entitlement of SACE to further
damages.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      Art. 8 In the cases under
Article 4 above, paragraphs (i), (ii) and (iii) and in the case of final
judgment for offences pursuant to the Legislative Decree no. 231/2001 committed
by the Exporter and/or for offences pursuant to Article 322 b) of the Criminal
Code committed by one of Exporter’: partners or directors or by any other person
acting on behalf of the Exporter for the purposes of the award, negotiation,
execution and performance of the Supply Contract —SACE shall be entitled to
withdraw from any insurance policy entered into with the Exporter in relation to
the Suppl3 Contract.

       

      Art. 9 This Agreement shall
cease to have effect upon the complete fulfilment by the Buyer or other obliged
person of its repayment obligations under the SACE Facility. With respect to the
obligations under this Agreement relating to the Exporter’s performance under
the Supply Contract this Agreement shall cease to have effect upon certification
by the Buyer of the fulfilment by the Exporter of its obligations under the
Supply Contract and redeemed possible bonds issued by the Exporter as a
guarantee of his obligations under the Supply Contract. Notwithstanding the
above the Exporter shall remain obliged to provide SACE with all export
documents which SACE might request in relation to any claim, until the Buyer
repays in full the sums borrowed under the SACI Facility.

       

      Art. 10 This Agreement is
governed by Italian law. Any disputes arising out of the interpretation
validity, effectiveness, performance, non-fulfilment, termination and
cancellation of this Agreement shall be settled according to Italian law by an
arbitration tribunal, composed of three arbitrators, on appointed by each party
and a third, acting as President, by the arbitrators appointed by the parties
or, should they fail to reach an agreement, by the President of the Court of
Rome.

       

      The
arbitration procedure shall be ritual and take place in Rome.

       

      The
parties undertake to submit to the Court of Rome as the court having exclusive
jurisdiction of any disputes which falls outside the competence of the
arbitration tribunal.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      The
regulations pursuant to Articles 810 and following of the Italian Code of Civil
Procedure shat be applicable for all matters not expressly established in the
present clause.

      

      
        
          	
                  Rome,
      __________________________________________

                	 
      	 
      
	
                  SACE
      - Servizi Assicurativi

                	 
      	
                  The
      Exporter

                
	
                  del
      Commercio Estero S.p.A.

                	 
      	
                  Name:

                
	
                  Name:

                	 
      	
                  Position:

                

        

      

       

      Position:

       

      For
specific approval of the clauses pursuant to Articles 4 and 5 (full
responsibility of the Exporter for all expenses borne by SACE in the event of
false, inaccurate or incomplete declarations of the Exporter or non-fulfilment
by the Exporter of the obligations of the Contract and the commitments
undertaken in the present Agreement and relative repayment obligation), and to
Article 10 (arbitration).

      

      
        
          
            
              	 
      	 
      	 
      
	
                      SACE
      - Servizi Assicurativi

                    	 
      	
                      the
      Exporter

                    
	
                      del
      Commercio Estero S.p.A.

                    	 
      	
                      Name:

                    
	
                      Name:

                    	 
      	
                      Position:

                    
	
                      Position:

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