Document:

d1007465_ex4-80.htm

    
Exhibit
4.80

      

       

      F28.054

       

      DATED
3 APRIL 2009

       

       

       

      LICHTENSTEIN
SHIPPING COMPANY LIMITED

      (as
borrower)

       

      -and-

       

      JAPAN
III SHIPPING COMPANY LIMITED

      (as
collateral guarantor)

       

      -and-

       

       

      ALPHA
BANK A.E.

       

      (as
lender)

       

      __________________________________________________________________________

       

      SECOND
SUPPLEMENTAL AGREEMENT TO SECURED

      LOAN
FACILITY AGREEMENT DATED 18 AUGUST 2008 AS
AMENDED
AND

      SUPPLEMENTED
BY A SUPPLEMENTAL AGREEMENT DATED 23 FEBRUARY
2009

      
         

        __________________________________________________________________________

      

       

      STEPHENSON
HARWOOD

      One,
St. Paul's Churchyard

      London
EC4M 8SH

      Tel:
+44 (0)20 7329 4422

      Fax:
+44 (0)20 7329 7100

      Ref:
F28.054

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      CONTENTS

      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                1

              	
                Interpretation

                 

              	
                3

              
	
                2

              	
                Conditions

                 

              	
                3

              
	
                3

              	
                Representations
      and Warranties

                 

              	
                7

              
	
                4

              	
                Amendments
      to Loan Agreement

                 

              	
                7

              
	
                5

              	
                Confirmation
      and Undertaking

                 

              	
                 10

              
	
                6

              	
                Communications,
      Law and Jurisdiction

              	
                 10

              

      

       

       

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      SUPPLEMENTAL
AGREEMENT

       

      Dated: 3
April 2009

       

      BETWEEN:

       

      
        
          	
                  (1)

                	
                  LICHTENSTEIN
      SHIPPING COMPANY LIMITED, a company incorporated under the laws of
      the Republic of Liberia whose registered office is at 80, Broad Street
      Monrovia, Liberia (the "Borrower");
    and

                

        

      

       

      
        
          	
                  (2)

                	
                  JAPAN
      III SHIPPING COMPANY LIMITED, a company incorporated under the laws
      of the Republic of Liberia whose registered office is at 80, Broad Street
      Monrovia, Liberia (the "Collateral
      Guarantor");
      and

                

        

      

       

      
        
          	
                  (3)

                	
                  ALPHA
      BANK A.E., acting through its office at 89 Akti Miaouli, GR 185 38
      Piraeus, Greece (the "Lender").

                

        

      

       

      SUPPLEMENTAL
TO a secured loan agreement dated 18 August 2008 as amended and
supplemented by a first supplemental agreement dated 23 February 2009 (together
the "Loan
Agreement") both made between,
among others, the Borrower, as borrower and the Lender, as lender on the terms
and subject to the conditions of which the Lender has agreed to advance to the
Borrower an aggregate amount not exceeding thirty nine million Dollars
($39,000,000) (the "Loan").

       

      WHEREAS:

       

      
        	
                (A)

              	
                The
      Collateral Guarantor and the Lender have entered into a secured loan
      agreement dated 17 December 2007 (the "Japan
      Loan Agreement") made
      between the Collateral Guarantor, as borrower and the Lender, as lender on
      the terms and subject to the conditions of which the Lender has agreed to
      advance to the Collateral Guarantor an aggregate amount not exceeding
      forty eight million Dollars ($48,000,000) (the "Japan
      Loan"). As security for
      the obligations of the Collateral Guarantor under the Japan Loan
      Agreement, the Collateral Guarantor executed, delivered and registered
      (where applicable) in favour of the Lender, as first mortgagee and
      assignee, a first preferred Liberian mortgage over the Collateral Vessel
      together with a first priority assignment of the Collateral Vessel's
      Insurances, Earnings and Requisition
  Compensation.

              

      

       

      
        	
                (B)

              	
                As
      security for the obligations of the Borrower under the Loan Agreement the
      Lender has requested and the Collateral Guarantor agreed to execute,
      deliver and register (where applicable) in favour of the Lender a
      guarantee and indemnity, a second preferred Liberian mortgage over the
      Collateral Vessel and a second priority deed of assignment of the
      Insurances, Earnings and Requisition Compensation in respect of the
      Collateral Vessel.

              

      

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

       

       

       

      
        	
                (C)

              	
                The
      aggregate of the Market Value of the Vessel pursuant to clause 10.12 of
      the Loan Agreement is less than one hundred and thirty per cent (130%) of
      the Loan.

              

      

       

      
        	
                (D)

              	
                Pursuant
      to the provisions of clauses 10.12.1 to 10.12.3 of the Loan Agreement, the
      Borrower has an obligation to take certain action following the occurrence
      of the event set out in Recital (C)
above.

              

      

       

      
        	
                (E)

              	
                The
      Borrower has requested that the Lender agrees to waive the provisions of
      clauses 10.12.1 to 10.12.3 and 12.2.2 of the Loan Agreement with effect
      from the Effective Date until and including 31 March
  2010.

              

      

       

      
        	
                (F)

              	
                Pursuant
      to the provisions of clause 12.2.1 of the Loan Agreement, the Borrower
      would procure that the Guarantor shall at all times during the Facility
      Period on a consolidated basis commencing from the date of the Loan
      Agreement maintain a Minimum Liquidity of not less than twenty five
      million Dollars ($25,000,000).

              

      

       

      
        	
                (G)

              	
                The
      Borrower has requested that the Lender agrees to reduce the amount of the
      Minimum Liquidity referred to in clause 12.2.1 of the Loan Agreement to an
      amount not less than fifteen million Dollars ($15,000,000) with effect
      from the Effective Date up to and including 31 March 2010, whereupon and
      for the remaining of the Facility Period the amount of the Minimum
      Liquidity will be increased again to an amount of not less than twenty
      five million Dollars ($25,000,000).

              

      

       

      
        	
                (H)

              	
                The
      Lender is willing to agree to all the foregoing requests and amend the
      Loan Agreement and the Security Documents subject to the terms and
      conditions set forth in this Second Supplemental
  Agreement.

              

      

       

      
        	
                (I)

              	
                At
      the date of this Second Supplemental Agreement the outstanding amount of
      the Loan is thirty nine million Dollars
  ($39,000,000).

              

      

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

       

      IT
IS AGREED THAT:

       

      1            Interpretation

       

      1.1     In
this Second Supplemental Agreement:

       

      "Bareboat
Charterer" means Daelim Corporation. of 10F KCCI Bldg, 45 4ga
Namdaemunre. Jung gu Seoul, Republic of South Korea.

       

      "Bareboat
Charterer's Deed of Confirmation" means a notarially attested and
legalised (in respect of the Bareboat Charterer) deed of confirmation to be
executed by the Borrower and the Bareboat Chatrterer in favour of the Lender in
form and substance acceptable to the Lender in all
respects.

       

      "Effective
Date" means the date of this Second Supplemental
Agreement.

       

      "Collateral
Assignment" means a second priority deed of assignment of the Insurances,
Earnings and Requisition Compensation in respect of the Collateral Vessel to be
granted by the Collateral Guarantor, as owner of the Collateral Vessel in favour
of the Lender in form and substance acceptable to the Lender in all
respects.

       

      "Collateral
Guarantee" means a guarantee and indemnity to be executed by the
Collateral Guarantor in favour of the Lender in form and substance acceptable to
the Lender in all respects.

       

      "Collateral
Manager's Confirmation" means a managers' confirmation to be executed by
each of Top Tanker Management Inc., of the Republic of the Marshall Islands and
Interorient Maritime Enterprises Inc., of the Republic of Liberia, as managers
of the Collateral Vessel in favour of the Lender in form and substance
acceptable to the Lender in all respects.

       

      "Collateral
Mortgage" means a second preferred Liberian mortgage over the Collateral
Vessel to be granted by the Collateral Guarantor, as owner of the Collateral
Vessel in favour of the Lender in form and substance acceptable to the Lender in
all respects.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      "Collateral
Vessel" means the motor vessel "CYCLADES" registered in the ownership of
the Owner under the flag of the Republic of Liberia with Official Number 13719,
together with all her engines, machinery, boats, tackle, outfit, fuels, spares,
consumable and other stores, belongings and appurtenances, whether on board or
ashore, including any which may in the future be put on board or may in the
future be intended to be used for the Collateral Vessel if on
shore.

       

      "Deed
of Confirmation" means a deed of confirmation to be executed by Top Ships
Inc., of the Republic of the Marshall Islands in favour of the Lender in form
and substance acceptable to the Lender in all
respects.

       

      "New
Security Documents" means this Second Supplemental Agreement, the
Collateral Guarantee, the Collateral Mortgage, the Collateral Assignment, the
Collateral Manager's Confirmation, the Bareboat Charterer's Deed of
Confirmation, the Deed of Confirmation and any other agreement or document which
may at any time be executed by any person as additional security for the payment
of all or any part of the Indebtedness.

       

      "Security
Parties" means all parties to this Second Supplemental Agreement other
than the Lender.

       

      
        	
                 
      

              	
                1.2

              	
                Unless
      otherwise defined, all words and expressions defined in the Loan Agreement
      shall have the same meaning when used in this Second Supplemental
      Agreement unless the context otherwise requires, and clause 1.2 of the
      Loan Agreement shall apply to the interpretation of this Second
      Supplemental Agreement as if it was set out in
  full.

              

      

      
         

        2      
 Conditions

      

       

      
        
          	
                   
      

                	
                  2.1

                	
                  As
      conditions for the agreement of the Lender to the requests specified in
      Recitals (E) and (G) above, the Borrower shall deliver or cause to be
      delivered to or to the order of the Lender the following documents and
      evidence:

                   

                

        

      

      
        	
                 
      

              	
                2.1.1

              	
                a
      certificate from a duly authorised officer of each of the Borrower and the
      Guarantor confirming that none of the documents delivered to the Lender
      pursuant to clauses 3.1 and 3.5 of the Loan Agreement have been amended or
      modified in any way since the date of their delivery to the Lender, or
      copies, certified by a duly authorised officer of each of the Borrower and
      the Guarantor as true, complete, accurate and neither amended nor revoked,
      of any documents which have been amended or
  modified;

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                2.1.2

              	
                copies
      of the constitutional documents of the Collateral Guarantor together with
      such other evidence as the Lender may reasonably require that the
      Collateral Guarantor is duly incorporated in its country of incorporation
      and remains in existence with power to enter into, and perform its
      obligations under, the New Security Documents to which it is or is to
      become a party;

              

      

       

      
        	
                 
      

              	
                2.1.3

              	
                the
      original resolution of the directors and the shareholders of each of the
      Security Parties and the Guarantor (together, where appropriate, with
      signed waivers of notice of any directors' or shareholders' meetings)
      approving, and authorising or ratifying the execution of, the New Security
      Documents and any document to be executed by each of the Security Parties
      and the Guarantor pursuant to the New Security Documents;

                 

              

      

      
        	
                 
      

              	
                2.1.4

              	
                a
      notarially attested and legalised power of attorney of each of the
      Security Parties and the Guarantor under which the New Security Documents
      and any documents required pursuant to them are to be executed by each of
      the Security Parties and the Guarantor;

                 

              

      

      
        	
                 
      

              	
                2.1.5

              	
                a
      certificate of good standing in respect of each of the Security Parties
      and the Guarantor;

                 

              

      

      
        	
                 
      

              	
                2.1.6

              	
                the
      New Security Documents, together with all other documents required by any
      of them, including, without limitation, all other notices of assignment
      and/or charge duly executed and registered (where applicable) and evidence
      that those notices will be duly acknowledged by the recipients and in the
      case of the Collateral Mortgage registered with second priority at the
      Ship's Registry (or equivalent office) of the Collateral Vessel's current
      flag;

                 

              

      

      
        	
                 
      

              	
                2.1.7

              	
                a
      certificate of ownership and encumbrance (or equivalent) issued by the
      Registrar of Ships (or equivalent official) of the Collateral Vessel's
      current flag confirming that the Collateral Vessel is permanently
      registered under the flag of the Republic of Liberia in the ownership of
      the Collateral Guarantor and that the Collateral Mortgage in respect of
      the Collateral Vessel has been registered with second priority and that
      there are no further encumbrances registered apart from a first preferred
      Liberian mortgage over the Collateral Vessel dated 19 December 2007
      executed by the Collateral Guarantor in favour of the
    Lender;

              

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                2.1.8

              	
                evidence
      that the Collateral Vessel is insured in the manner required by the New
      Security Documents and that letters of undertaking will be issued in the
      manner required by the New Security Documents together with copies of the
      relevant policies or cover notes or entry certificates duly endorsed with
      the interest of the Lender as second mortgagee and assignee, together with
      (if required by the Lender) the written approval of the Insurances by an
      insurance adviser appointed by the Lender;

                 

              

      

      
        	
                 
      

              	
                2.1.9

              	
                if
      required by the Lender, the written confirmation of the Managers that,
      throughout the Facility Period unless otherwise agreed by the Lender, they
      will remain the commercial and technical managers of the Collateral Vessel
      and that they will not, without the prior written consent of the Lender
      sub-contract or delegate the commercial or technical management of the
      Collateral Vessel to any third party and confirming in terms acceptable to
      the Lender that, following the occurrence of an Event of Default, all
      claims against the Borrower shall be subordinated to the claims of the
      Lender under the Finance Documents;

                 

              

      

      
        	
                 
      

              	
                2.1.10

              	
                confirmation
      satisfactory to the Lender that all legal opinions required by the Lender
      will be given substantially in the form required by the
      Lender;

                 

              

      

      
        	
                 
      

              	
                2.1.11

              	
                evidence
      that any process agent referred to in clause 21.5 of the Loan Agreement
      and any process agent appointed under any New Security Document has
      accepted its appointment;

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                2.1.12

              	
                a
      copy of any other consent, licence, approval, authorisation or other
      document, opinion or assurance which the Lender considers to be necessary
      or desirable (if it has notified the Borrower and/or the Collateral
      Guarantor accordingly) in connection with the entry into and performance
      of the transactions contemplated by this Second Supplemental Agreement and
      the other New Security Documents or for the validity and enforceability of
      this Second Supplemental Agreement and the other New Security
      Documents.

                 

              

      

      
        	
                 
      

              	
                2.2

              	
                If
      the Lender agrees, in its sole discretion, to waive any conditions under
      Clause 2.1 prior to the Effective Date, the Borrower undertakes to deliver
      all outstanding documents and evidence to or to the order of the Lender no
      later than the date specified by the Lender, which however, shall not be
      taken as a waiver of the Lender's right to require production of all the
      documents and evidence required by Clause 2.1.

                 

              

      

      
        	
                 
      

              	
                2.3

              	
                All
      documents and evidence delivered to the Lender pursuant to this Clause
      shall:

                 

              

      

      
        	
                 
      

              	
                2.3.1

              	
                be
      in form and substance acceptable to the Lender;

                 

              

      

      
        	
                 
      

              	
                2.3.2

              	
                be
      accompanied, if required by the Lender, by translations into the English
      language, certified in a manner acceptable to the Lender; and

                 

              

      

      
        	
                 
      

              	
                2.3.3

              	
                if
      required by the Lender, be certified, notarised, legalised or attested in
      a manner acceptable to the Lender.

              

      

       

      3          Representations
and Warranties

       

      Each of
the representations and warranties contained in clause 11 of the Loan Agreement
shall be deemed repeated by the Borrower at the Effective Date, by reference to
the facts and circumstances then pertaining, as if references to the Security
Documents included this Second Supplemental Agreement.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      4          Amendments
to Loan Agreement

       

      With
effect from the Effective Date:

       

      
        	
                 
      

              	
                4.1

              	
                the
      definitions contained in Clause 1.1 (other than the definition of "Effective
      Date") of this Second
      Supplemental Agreement shall be added to clause 1.1 of the Loan
      Agreement;

                 

              

      

      
        	
                 
      

              	
                4.2

              	
                the
      definition of "Collateral
      Guarantor" contained in Recital 2 was added in clause 1.1 of the
      Loan Agreement;

                 

              

      

      
        	
                 
      

              	
                4.3

              	
                the
      definition of the term "Margin",
      as is set out in clause 1.1 of the Loan Agreement shall be
      substituted as follows:-

              

      

       

      ""Margin"
means two point twenty five per cent (2.25%) per
annum.";

       

      
        	
                 
      

              	
                4.4

              	
                where
      the context so admits, all references to the term "Mortgage"
      (however defined) in the Loan Agreement and the Security Documents,
      shall be read and construed as including the plural of such term or as
      referring to each "Mortgage",
      as if they were references to the Mortgage in respect of the Vessel
      and to the Collateral Mortgage in respect of the Collateral
      Vessel;

                 

              

      

      
        	
                 
      

              	
                4.5

              	
                the
      definition of "Security
      Documents" set forth in clause 1.1 of the Loan Agreement was
      construed to include the New Security Documents;

                 

              

      

      
        	
                 
      

              	
                4.6

              	
                the
      definition of "Security
      Parties" set forth in clause 1.1 of the Loan Agreement was
      construed to include the Collateral Guarantor;

                 

              

      

      
        	
                 
      

              	
                4.7

              	
                where
      the context so admits, all references to the term "Vessel"
      (however defined) in the Loan Agreement, including but not limited
      to references in clauses 1.1, 10, 12 and 13 of the Loan Agreement, and the
      Security Documents, shall be read and construed as including the plural of
      such term or as referring to each "Vessel"
      respectively, as if they were references to the Vessel in relation
      to the Borrower and to the Collateral Vessel in relation to the Collateral
      Guarantor;

                 

              

      

      
        	
                 
      

              	
                4.8

              	
                the
      Lender agrees to waive the breach of the covenant contained in clause
      10.12 of the Loan Agreement only until 31 March
  2010;

              

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                4.9

              	
                clause
      6.3 of the Loan Agreement was deleted and replaced with the following
      clause 6.3:

                 

              

      

      "6.3
Mandatory
Prepayment on sale or Total Loss If the Vessel is sold by the Borrower or
becomes a Total Loss, the Borrower shall, simultaneously with any such sale or
within one hundred and fifty (150) days after any such Total Loss, prepay the
whole of the Loan. If the Collateral Vessel is sold by the Collateral Guarantor
or becomes a Total Loss, the Borrower shall, simultaneously with any such sale
or within one hundred and fifty (150) days after any such Total Loss, within
thirty (30) days of the Lender's request, at the Borrower's option:

       

      
        	
                 
      

              	
                6.3.1

              	
                pay
      to the Lender or to its nominee a cash deposit to be secured in favour of
      the Lender as additional security for the payment of the Indebtedness;
      or

                 

              

      

      
        	
                 
      

              	
                6.3.2

              	
                give
      to the Lender other additional security in amount and form acceptable to
      the Lender in its discretion; or

                 

              

      

      
        	
                 
      

              	
                6.3.3

              	
                prepay
      an amount of the Indebtedness,

                 

              

      

      which, in
each case, will ensure that the aggregate of the market value of the Vessel (as
determined pursuant to Clause 10.12) and the value of any such additional
security is not less than the ratio of the market value of the Vessel and the
Collateral Vessel as was immediately prior to the sale or Total Loss of the
Collateral Vessel."

       

      
        	
                 
      

              	
                4.10

              	
                clause
      12.2 of the Loan Agreement was deleted and replaced with the following
      clause 12.2:

                 

              

      

      "12.2         
 Financial
covenants

      The
Borrower shall procure that the Guarantor shall at all times during the Facility
Period on a consolidated basis (assessed semi-annually and certified in
accordance with Clause 12.1.2 (a)) commencing from the date of this
Agreement:-

       

      
        	
                 
      

              	
                12.2.1

              	
                maintain
      a Minimum Liquidity of not less than twenty five million Dollars
      ($25,000,000), but of not less than fifteen million Dollars ($15,000,000)
      from the Effective Date until 31 March 2010 whereupon and for the
      remaining of the Facility Period the amount of the Minimum Liquidity will
      be increased again to an amount of not less than twenty five million
      Dollars ($25,000,000); and

              

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        
          	
                   
      

                	
                  12.2.2

                	
                  maintain
      a Minimum Adjusted Net Worth of not less than two hundred and fifty
      million Dollars ($250,000,000) with the exception of the period between
      the Effective Date and 31 March 2010; and

                   

                
	 	12.2.3 	
                  maintain
      Minimum Equity of not less than one hundred million Dollars
      ($100,000,000).";

                   

                

        

      

      
        
        

      

      
        	
                 
      

              	
                4.11

              	
                clause
      13.1. I 8 of the Loan Agreement was deleted and replaced with the
      following clause 13.1.18:-

                 

              

      

      
        	
                 
      

              	
                "13.1.18
      Notice
      of termination The Guarantor or the Collateral Guarantor gives
      notice to the Lender to determine its obligations under the Guarantee or
      the Collateral Guarantee."; and

                 

              

      

      
        	
                 
      

              	
                4.12

              	
                clause
      10.1 of the Loan Agreement shall be read and construed as including the
      New Security Documents.

                 

              

      

      For the
avoidance of doubt, the Lender hereby consents to and permits the creation of
additional Encumbrance over the Collateral Vessel by virtue of the New Security
Documents. All other terms and conditions of the Loan Agreement shall remain
unaltered and in full force and effect.

       

      5          Confirmation
and Undertaking

       

      
        	
                 
      

              	
                5.1

              	
                The
      Borrower confirms that all of its respective obligations under or pursuant
      to each of the Security Documents to which it is a party remain in full
      force and effect, despite the amendments to the Loan Agreement made in
      this Second Supplemental Agreement, as if all references in any of the
      Security Documents to the Loan Agreement (however described) were
      references to the Loan Agreement as amended and supplemented by this
      Second Supplemental Agreement.

                 

              

      

      
        	
                 
      

              	
                5.2

              	
                The
      definition of any term defined in any of the Security Documents shall, to
      the extent necessary, be modified to reflect the amendments to the Loan
      Agreement made in this Second Supplemental
  Agreement.

              

      

       

      6          Notices,
Law and Jurisdiction

       

      The
provisions of clauses 17 and 21 of the Loan Agreement shall apply to this Second
Supplemental Agreement as if they were set out in full and as if references to
the Loan Agreement were references to this Second Supplemental Agreement and
references to the Borrower were references to the Security
Parties.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

       

       

      IN
WITNESS of which the parties to this Second Supplemental Agreement have
executed this Second Supplemental Agreement as a deed the day and year first
before written.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        SIGNED and DELIVERED as a DEED
      by

                                      	
                                        )

                                      
	
                                        LICHTENSTEIN
      SHIPPING COMPANY LIMITED

                                      	
                                        )

                                      
	
                                        acting
      by Andreas Louka

                                      	
                                        )    /s/Andreas
      Louka

                                      
	
                                        its
      duly authorised  attorney-in-fact

                                      	
                                        )

                                      
	
                                        in
      the presence of:

                                      	
                                        )

                                      
	 	 
	/s/Stephenson Harwood        	 
	STEPHENSON
      HARWOOD	 
	ARISTON
      BUILDING	 
	2
      FILELL NON STR & AKTI MIA OULI	 
	PIRAEUS
      185 36 GREECE	 
	VAT
      NO  998711156 	 
	TEL 
      210 42 95 160	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        	
                SIGNED and DELIVERED as a DEED
      by

              	
                )

              
	
                JAPAN
      III SHIPPING COMPANY LIMITED

              	
                )

              
	
                acting
      by Andreas Louka

              	
                )    /s/Andreas
      Louka

              
	
                its
      duly authorised  attorney-in-fact

              	
                )

              
	
                in
      the presence of:

              	
                )

              

      

       

      
        	/s/Stephenson Harwood        	 
	STEPHENSON
      HARWOOD	 
	ARISTON
      BUILDING	 
	2
      FILELL NON STR & AKTI MIA OULI	 
	PIRAEUS
      185 36 GREECE	 
	VAT
      NO  998711156 	 
	TEL 
      210 42 95 160	 

      

       

      
        	
                SIGNED and DELIVERED as a DEED
      by

              	
                )

              
	
                ALPHA
      BANK A.E.

              	
                )

              
	
                acting
      by Constantinos Flokos

              	
                )    /s/Constantinos
      Flokos

              
	
                and
      by Gregorios Kondilis

              	
                )    /s/Gregorios
      Kondilis

              
	
                its
      duly authorized  attorneys-in-fact

              	
                )

              
	
                in
      the presence of:

              	
                )

              

      

       

      
        	/s/Stephenson Harwood       	 
	STEPHENSON
      HARWOOD	 
	ARISTON
      BUILDING	 
	2
      FILELL NON STR & AKTI MIA OULI	 
	PIRAEUS
      185 36 GREECE	 
	VAT
      NO  998711156 	 
	TEL 
      210 42 95 160	 

      

       

       

       

       

      
        
           

        

        
          11Unassociated Document

    Exhibit 4.81

    

    
      
        

      

    
      

      

      

    

    CREDIT
FACILITY PROVIDING FOR A

    

    SENIOR
SECURED TERM LOAN

    

    OF UP TO
US$121,286,500

    

    TO BE
MADE AVAILABLE TO

    

    WARHOL
SHIPPING COMPANY LIMITED,

    INDIANA R
SHIPPING COMPANY LIMITED,

    AND

    BRITTO
SHIPPING COMPANY LIMITED,

    as joint
and several Borrowers,

    

    BY

    

    HSH
NORDBANK AG,

    as
Mandated Lead Arranger, Underwriter, Administrative Agent and Security
Trustee,

    

    and the
Banks and Financial Institutions

    identified
on Schedule 1, as Lenders

     

    

    
      
        

        
          
            

          

      

    

    
 

    October
1, 2008

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONTENTS

    

      

      
        
          
            
              
                
                  	 
      	 
      	 
      
	
                          1.

                        	
                          DEFINITIONS

                        	
                          1

                        
	 	 	 	 
	 
      	
                          1.1

                        	
                          Specific
      Definitions

                        	
                          1

                        
	 
      	
                          1.2

                        	
                          Computation
      of Time Periods; Other Definitional Provisions

                        	
                          22

                        
	 
      	
                          1.3

                        	
                          Accounting
      Terms

                        	
                          22

                        
	 
      	
                          1.4

                        	
                          Certain
      Matters Regarding Materiality

                        	
                          22

                        
	 
      	
                          1.5

                        	
                          Forms
      of Documents

                        	
                          22

                        
	 
      	 
      	 
      
	
                          2.

                        	
                          REPRESENTATIONS
      AND WARRANTIES

                        	
                          22

                        
	 
      	 
      	 
      
	 
      	
                          2.1

                        	
                          Representations
      and Warranties

                        	
                          22

                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                          (a)

                        	
                          Due
      Organization and Power

                        	
                          23

                        
	 
      	 
      	
                          (b)

                        	
                          Authorization
      and Consents

                        	
                          23

                        
	 
      	 
      	
                          (c)

                        	
                          Binding
      Obligations

                        	
                          23

                        
	 
      	 
      	
                          (d)

                        	
                          No
      Violation

                        	
                          23

                        
	 
      	 
      	
                          (e)

                        	
                          Filings;
      Stamp Taxes

                        	
                          23

                        
	 
      	 
      	
                          (f)

                        	
                          Litigation

                        	
                          23

                        
	 
      	 
      	
                          (g)

                        	
                          No
      Default

                        	
                          24

                        
	 
      	 
      	
                          (h)

                        	
                          Vessels

                        	
                          24

                        
	 
      	 
      	
                          (i)

                        	
                          Insurance

                        	
                          24

                        
	 
      	 
      	
                          (j)

                        	
                          Financial
      Information

                        	
                          24

                        
	 
      	 
      	
                          (k)

                        	
                          Tax
      Returns

                        	
                          24

                        
	 
      	 
      	
                          (l)

                        	
                          Chief
      Executive Office

                        	
                          25

                        
	 
      	 
      	
                          (m)

                        	
                          Foreign
      Trade Control Regulations

                        	
                          25

                        
	 
      	 
      	
                          (n)

                        	
                          Equity
      Ownership

                        	
                          25

                        
	 
      	 
      	
                          (o)

                        	
                          Environmental
      Matters and Claims

                        	
                          25

                        
	 
      	 
      	
                          (p)

                        	
                          Compliance
      with ISM Code, the ISPS Code, the MTSA and Annex VI

                        	
                          26

                        
	 
      	 
      	
                          (q)

                        	
                          No
      Threatened Withdrawal of DOC, ISSC, SMC or IAPPC

                        	
                          26

                        
	 
      	 
      	
                          (r)

                        	
                          Liens

                        	
                          26

                        
	 
      	 
      	
                          (s)

                        	
                          Financial
      Indebtedness

                        	
                          26

                        
	 
      	 
      	
                          (t)

                        	
                          No
      Proceedings to Dissolve

                        	
                          27

                        
	 
      	 
      	
                          (u)

                        	
                          Solvency

                        	
                          27

                        
	 
      	 
      	
                          (v)

                        	
                          Senior/Pari
      Passu Ranking

                        	
                          27

                        
	 
      	 
      	
                          (w)

                        	
                          Taxes
      on Payments

                        	
                          27

                        
	 
      	 
      	
                          (x)

                        	
                          Jurisdiction/Governing
      Law

                        	
                          27

                        
	 
      	 
      	
                          (y)

                        	
                          Charter
      Hire

                        	
                          27

                        
	 
      	 
      	
                          (z)

                        	
                          Compliance
      with Laws

                        	
                          27

                        

                   

                  
                     

                    
                      
                        
                        

                      

                      
                        i

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                   

                  	 
      	 
      	
                          (aa)

                        	
                          Survival

                        	
                          27

                        
	 
      	 
      	 
      	 
      	 
      

                

              

               

              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          3.

                                                        	
                                                          THE
      ADVANCES

                                                        	
                                                          28

                                                        
	 
      	 
      	 
      
	 
      	
                                                          3.1

                                                        	
                                                          (a)

                                                        	
                                                          Purposes

                                                        	
                                                          28

                                                        
	 
      	 
      	
                                                          (b)

                                                        	
                                                          Making
      of the Advances

                                                        	
                                                          28

                                                        
	 
      	 
      	 
      
	 
      	
                                                          3.2

                                                        	
                                                          Drawdown
      Notice

                                                        	
                                                          30

                                                        
	 	 	 	 
	 
      	
                                                          3.3

                                                        	
                                                          Effect
      of Drawdown Notice

                                                        	
                                                          30

                                                        
	 	 	 	 
	 
      	
                                                          3.4

                                                        	
                                                          Notation
      of Advances

                                                        	
                                                          30

                                                        
	 
      	 
      	 
      
	
                                                          4.

                                                        	
                                                          CONDITIONS

                                                        	
                                                          30

                                                        
	 
      	 
      	 
      
	 
      	
                                                          4.1

                                                        	
                                                          Conditions
      Precedent to Initial Advance

                                                        	
                                                          30

                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                          (a)

                                                        	
                                                          Corporate
      Authority

                                                        	
                                                          30

                                                        
	 
      	 
      	
                                                          (b)

                                                        	
                                                          Transaction
      Documents

                                                        	
                                                          31

                                                        
	 
      	 
      	
                                                          (c)

                                                        	
                                                          Solvency

                                                        	
                                                          32

                                                        
	 
      	 
      	
                                                          (d)

                                                        	
                                                          Approved
      Manager Documents

                                                        	
                                                          32

                                                        
	 
      	 
      	
                                                          (e)

                                                        	
                                                          Environmental
      Claims

                                                        	
                                                          32

                                                        
	 
      	 
      	
                                                          (f)

                                                        	
                                                          Equity
      and Reserve Account

                                                        	
                                                          32

                                                        
	 
      	 
      	
                                                          (g)

                                                        	
                                                          Compliance
      Certificate

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (h)

                                                        	
                                                          Vessel
      Appraisal

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (i)

                                                        	
                                                          Money
      Laundering Due Diligence

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (j)

                                                        	
                                                          Subordination
      Agreement

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (k)

                                                        	
                                                          Shipbuilding
      Contracts and Refund Guarantees

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (l)

                                                        	
                                                          Charter
      Party Agreements and Performance Guarantees

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (m)

                                                        	
                                                          Mortgage
      Recording; Charterer Subordination

                                                        	
                                                          33

                                                        
	 
      	 
      	
                                                          (n)

                                                        	
                                                          ISM
      and ISPS Code

                                                        	
                                                          34

                                                        
	 
      	 
      	
                                                          (o)

                                                        	
                                                          Process
      Agent

                                                        	
                                                          34

                                                        
	 
      	 
      	
                                                          (p)

                                                        	
                                                          Legal
      Opinions

                                                        	
                                                          34

                                                        
	 
      	 
      	
                                                          (q)

                                                        	
                                                          Know
      Your Customer Requirements

                                                        	
                                                          34

                                                        
	 
      	 
      	
                                                          (r)

                                                        	
                                                          UCC
      Financing Statements

                                                        	
                                                          35

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	
                                  4.2

                                	
                                  Conditions
      Precedent to Secondary Advances and Tertiary Advances

                                	
                                  35

                                
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                  (a)

                                	
                                  Builder
      Invoices

                                	
                                  35

                                
	 
      	 
      	
                                  (b)

                                	
                                  Evidence
      of Construction Milestone

                                	
                                  35

                                
	 
      	 
      	 
      	 
      
	 
      	
                                  4.3

                                	
                                  Conditions
      Precedent to Delivery Advances

                                	
                                  35

                                
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                  (a)

                                	
                                  The
      Vessels

                                	
                                  35

                                
	 
      	 
      	
                                  (b)

                                	
                                  Vessel
      Documents

                                	
                                  36

                                
	 
      	 
      	
                                  (c)

                                	
                                  Mortgage
      Recording; Recording Prior to Delivery to Charterer

                                	
                                  36

                                
	 
      	 
      	
                                  (d)

                                	
                                  Accounts

                                	
                                  37

                                

                        

                      

                    

                  

                

              

            

          

           

           

          
            
              
              

            

            
              ii

              
                

              

            

            
              
              

            

          

           

          
            
              	 
      	 
      	
                      (e)

                    	
                      Additional
      Documents

                    	
                      37

                    
	 
      	 
      	
                      (f)

                    	
                      Vessel
      Liens

                    	
                      37

                    
	 
      	 
      	
                      (g)

                    	
                      Vessel
      Appraisals

                    	
                      37

                    
	 
      	 
      	
                      (h)

                    	
                      ISM
      and ISPS Code

                    	
                      38

                    
	 
      	 
      	
                      (i)

                    	
                      Approved
      Manager Documents

                    	
                      38

                    
	 
      	 
      	
                      (j)

                    	
                      Legal
      Opinions

                    	
                      38

                    
	 
      	 
      	 
      	 
      
	 
      	
                      4.4

                    	
                      Further
      Conditions Precedent

                    	
                      38

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      (a)

                    	
                      Drawdown
      Notice

                    	
                      38

                    
	 
      	 
      	
                      (b)

                    	
                      Representations
      and Warranties

                    	
                      38

                    
	 
      	 
      	
                      (c)

                    	
                      No
      Event of Default

                    	
                      38

                    
	 
      	 
      	
                      (d)

                    	
                      No
      Change in Laws

                    	
                      38

                    
	 
      	 
      	
                      (e)

                    	
                      No
      Material Adverse Effect

                    	
                      38

                    
	 
      	 
      	
                      (f)

                    	
                      Fees

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	 
      	
                      4.5

                    	
                      Conditions
      Subsequent

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	 
      	
                      4.6

                    	
                      Breakfunding
      Costs

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	 
      	
                      4.7

                    	
                      Satisfaction
      after Drawdown

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	
                      5.

                    	
                      REPAYMENT
      AND PREPAYMENT

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	 
      	
                      5.1

                    	
                      Repayment

                    	
                      39

                    
	 
      	 
      	 
      	 
      
	 
      	
                      5.2

                    	
                      Voluntary
      Prepayment; No Re-Borrowing

                    	
                      41

                    
	 
      	 
      	 
      	 
      
	 
      	
                      5.3

                    	
                      Mandatory
      Prepayment Upon Sale or Loss of Vessel

                    	
                      41

                    
	 
      	 
      	 
      	 
      
	 
      	
                      5.4

                    	
                      Sale
      or Loss of Collateral Vessel

                    	
                      41

                    
	 
      	 
      	 
      	 
      
	 
      	
                      5.5

                    	
                      Interest
      and Costs with Prepayments/Application of Prepayments

                    	
                      41

                    
	 
      	 
      	 
      	 
      
	
                      6.

                    	
                      INTEREST
      AND RATE

                    	
                      42

                    
	 
      	 
      	 
      	 
      
	 
      	
                      6.1

                    	
                      Applicable
      Rate

                    	
                      42

                    
	 
      	 
      	 
      	 
      
	 
      	
                      6.2

                    	
                      Default
      Rate

                    	
                      42

                    
	 
      	 
      	 
      	 
      
	 
      	
                      6.3

                    	
                      Interest
      Periods

                    	
                      42

                    
	 
      	 
      	 
      	 
      
	 
      	
                      6.4

                    	
                      Interest
      Payments

                    	
                      43

                    
	 
      	 
      	 
      	 
      
	
                      7.

                    	
                      PAYMENTS

                    	
                      43

                    
	 
      	 
      	 
      	 
      
	 
      	
                      7.1

                    	
                      Place
      of Payments, No Set Off

                    	
                      43

                    
	 
      	 
      	 
      	 
      
	 
      	
                      7.2

                    	
                      Tax
      Credits

                    	
                      43

                    
	 
      	 
      	 
      	 
      
	 
      	
                      7.3

                    	
                      Sharing
      of Setoffs

                    	
                      43

                    
	 
      	 
      	 
      	 
      

               

              
                 

                
                  
                    
                    

                  

                  
                    iii

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

              

               

              	 
      	
                      7.4

                    	
                      Computations;
      Banking Days

                    	
                      44

                    
	 
      	 
      	 
      	 
      

            

          

          
            
              	
                      8.

                    	
                      EVENTS
      OF DEFAULT

                    	
                      44

                    
	 
      	 
      	 
      	 
      
	 
      	
                      8.1

                    	
                      Events
      of Default

                    	
                      44

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      (a)

                    	
                      Non-Payment
      of Principal

                    	
                      44

                    
	 
      	 
      	
                      (b)

                    	
                      Non-Payment
      of Interest or Other Amounts

                    	
                      44

                    
	 
      	 
      	
                      (c)

                    	
                      Representations

                    	
                      44

                    
	 
      	 
      	
                      (d)

                    	
                      Impossibility;
      Illegality

                    	
                      44

                    
	 
      	 
      	
                      (e)

                    	
                      Mortgage

                    	
                      45

                    
	 
      	 
      	
                      (f)

                    	
                      Covenants

                    	
                      45

                    
	 
      	 
      	
                      (g)

                    	
                      Debt

                    	
                      45

                    
	 
      	 
      	
                      (h)

                    	
                      Ownership
      of Borrowers or Collateral Obligors

                    	
                      45

                    
	 
      	 
      	
                      (i)

                    	
                      Bankruptcy

                    	
                      45

                    
	 
      	 
      	
                      (j)

                    	
                      Termination
      of Operations; Sale of Assets

                    	
                      45

                    
	 
      	 
      	
                      (k)

                    	
                      Judgments

                    	
                      45

                    
	 
      	 
      	
                      (l)

                    	
                      Inability
      to Pay Debts

                    	
                      46

                    
	 
      	 
      	
                      (m)

                    	
                      Change
      in Financial Position

                    	
                      46

                    
	 
      	 
      	
                      (n)

                    	
                      Change
      in Control

                    	
                      46

                    
	 
      	 
      	
                      (o)

                    	
                      Cross-Default

                    	
                      46

                    
	 
      	 
      	 
      	 
      
	 
      	
                      8.2

                    	
                      Indemnification

                    	
                      46

                    
	 
      	 
      	 
      	 
      
	 
      	
                      8.3

                    	
                      Application
      of Moneys

                    	
                      47

                    
	 
      	 
      	 
      	 
      
	
                      9.

                    	
                      COVENANTS

                    	
                      47

                    
	 
      	 
      	 
      	 
      
	 
      	
                      9.1

                    	
                      Affirmative
      Covenants

                    	
                      47

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      (a)

                    	
                      Performance
      of Agreements

                    	
                      47

                    
	 
      	 
      	
                      (b)

                    	
                      Notice
      of Default, etc

                    	
                      48

                    
	 
      	 
      	
                      (c)

                    	
                      Obtain
      Consents

                    	
                      48

                    
	 
      	 
      	
                      (d)

                    	
                      Financial
      Information

                    	
                      48

                    
	 
      	 
      	
                      (e)

                    	
                      Vessel
      Valuations

                    	
                      49

                    
	 
      	 
      	
                      (f)

                    	
                      Corporate
      Existence

                    	
                      49

                    
	 
      	 
      	
                      (g)

                    	
                      Books
      and Records

                    	
                      50

                    
	 
      	 
      	
                      (h)

                    	
                      Taxes
      and Assessments

                    	
                      50

                    
	 
      	 
      	
                      (i)

                    	
                      Inspection

                    	
                      50

                    
	 
      	 
      	
                      (j)

                    	
                      Inspection
      and Survey Reports

                    	
                      50

                    
	 
      	 
      	
                      (k)

                    	
                      Compliance
      with Statutes, Agreements, etc

                    	
                      50

                    
	 
      	 
      	
                      (l)

                    	
                      Environmental
      Matters

                    	
                      50

                    
	 
      	 
      	
                      (m)

                    	
                      Vessel
      Management

                    	
                      51

                    
	 
      	 
      	
                      (n)

                    	
                      ISM
      Code, ISPS Code, MTSA and Annex VI Matters

                    	
                      51

                    
	 
      	 
      	
                      (o)

                    	
                      Brokerage
      Commissions, etc

                    	
                      51

                    
	 
      	 
      	
                      (p)

                    	
                      Deposit
      Accounts; Assignment

                    	
                      51

                    

            

          

           

           

          
            
              
              

            

            
              iv

              
                

              

            

            
              
              

            

          

           

          
            
              	 
      	 
      	
                      (q)

                    	
                      Insurance

                    	
                      52

                    
	 
      	 
      	
                      (r)

                    	
                      Interest
      Rate Agreements

                    	
                      52

                    
	 
      	 
      	
                      (s)

                    	
                      Subordination
      of General and Administrative Costs

                    	
                      52

                    
	 
      	 
      	 
      	 
      
	 
      	
                      9.2

                    	
                      Negative
      Covenants

                    	
                      52

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      (a)

                    	
                      Liens

                    	
                      52

                    
	 
      	 
      	
                      (b)

                    	
                      Debt

                    	
                      53

                    
	 
      	 
      	
                      (c)

                    	
                      Change
      of Flag, Class, Management or Ownership

                    	
                      53

                    
	 
      	 
      	
                      (d)

                    	
                      Chartering

                    	
                      53

                    
	 
      	 
      	
                      (e)

                    	
                      Change
      in Business

                    	
                      53

                    
	 
      	 
      	
                      (f)

                    	
                      Sale
      or Pledge of Shares

                    	
                      53

                    
	 
      	 
      	
                      (g)

                    	
                      Sale
      of Assets

                    	
                      53

                    
	 
      	 
      	
                      (h)

                    	
                      Changes
      in Offices

                    	
                      54

                    
	 
      	 
      	
                      (i)

                    	
                      Consolidation
      and Merger

                    	
                      54

                    
	 
      	 
      	
                      (j)

                    	
                      Change
      Fiscal Year

                    	
                      54

                    
	 
      	 
      	
                      (k)

                    	
                      Limitations
      on Ability to Make Distributions

                    	
                      54

                    
	 
      	 
      	
                      (l)

                    	
                      Use
      of Corporate Funds

                    	
                      54

                    
	 
      	 
      	
                      (m)

                    	
                      Issuance
      of Shares

                    	
                      54

                    
	 
      	 
      	
                      (n)

                    	
                      No
      Money Laundering

                    	
                      54

                    
	 
      	 
      	
                      (o)

                    	
                      Accounts

                    	
                      55

                    
	 
      	 
      	
                      (p)

                    	
                      Dividends
      and Distributions to the Guarantor

                    	
                      55

                    
	 
      	 
      	
                      (q)

                    	
                      Use
      of Proceeds

                    	
                      55

                    
	 
      	 
      	 
      	 
      
	 
      	
                      9.3

                    	
                      Financial
      Covenants

                    	
                      55

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	
                      (a)

                    	
                      Adjusted
      Net Worth

                    	
                      55

                    
	 
      	 
      	
                      (b)

                    	
                      EBITDA
      to Fixed Charges

                    	
                      55

                    
	 
      	 
      	
                      (c)

                    	
                      Minimum
      Liquidity

                    	
                      55

                    
	 
      	 
      	 
      	 
      
	 
      	
                      9.4

                    	
                      Asset
      Maintenance

                    	
                      55

                    
	 
      	 
      	 
      	 
      
	
                      10.

                    	
                      ASSIGNMENT

                    	
                      56

                    
	 
      	 
      	 
      
	
                      11.

                    	
                      ILLEGALITY,
      INCREASED COST, NON-AVAILABILITY, ETC

                    	
                      56

                    
	 
      	 
      	 
      	 
      
	 
      	
                      11.1

                    	
                      Illegality

                    	
                      56

                    
	 
      	 
      	 
      	 
      
	 
      	
                      11.2

                    	
                      Increased
      Costs

                    	
                      56

                    
	 
      	 
      	 
      	 
      
	 
      	
                      11.3

                    	
                      Nonavailability
      of Funds

                    	
                      57

                    
	 
      	 
      	 
      	 
      
	 
      	
                      11.4

                    	
                      Lender's
      Certificate Conclusive

                    	
                      58

                    
	 
      	 
      	 
      	 
      
	 
      	
                      11.5

                    	
                      Compensation
      for Losses

                    	
                      58

                    
	 
      	 
      	 
      	 
      

            

          

          
            
              	
                      12.

                    	
                      CURRENCY
      INDEMNITY

                    	
                      58

                    
	 
      	 
      	 
      	 
      

               

               

              
                
                  
                  

                

                
                  v

                  
                    

                  

                

                
                  
                  

                

              

               

               

              	 
      	
                      12.1

                    	
                      Currency
      Conversion

                    	
                      58

                    
	 
      	 
      	 
      	 
      
	 
      	
                      12.2

                    	
                      Change
      in Exchange Rate

                    	
                      58

                    
	 
      	 
      	 
      	 
      
	 
      	
                      12.3

                    	
                      Additional
      Debt Due

                    	
                      58

                    
	 
      	 
      	 
      	 
      
	 
      	
                      12.4

                    	
                      Rate
      of Exchange

                    	
                      58

                    
	 
      	 
      	 
      	 
      
	
                      13.

                    	
                      FEES
      AND EXPENSES

                    	
                      59

                    
	 
      	 
      	 
      	 
      
	 
      	
                      13.1

                    	
                      Fees

                    	
                      59

                    
	 
      	 
      	 
      	 
      
	 
      	
                      13.2

                    	
                      Expenses

                    	
                      59

                    
	 
      	 
      	 
      	 
      
	
                      14.

                    	
                      THE
      AGENTS

                    	
                      59

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.1

                    	
                      Appointment
      of Agents

                    	
                      59

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.2

                    	
                      Security
      Trustee as Trustee

                    	
                      60

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.3

                    	
                      Distribution
      of Payments

                    	
                      60

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.4

                    	
                      Holder
      of Interest in Note

                    	
                      60

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.5

                    	
                      No
      Duty to Examine, Etc

                    	
                      60

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.6

                    	
                      Agents
      as Lenders

                    	
                      61

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.7

                    	
                      Acts
      of the Agents

                    	
                      61

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.8

                    	
                      Certain
      Amendments

                    	
                      62

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.9

                    	
                      Assumption
      re Event of Default

                    	
                      62

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.10

                    	
                      Limitations
      of Liability

                    	
                      63

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.11

                    	
                      Indemnification
      of the Agents

                    	
                      63

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.12

                    	
                      Consultation
      with Counsel

                    	
                      63

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.13

                    	
                      Resignation

                    	
                      63

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.14

                    	
                      Representations
      of Lenders

                    	
                      64

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.15

                    	
                      Notification
      of Event of Default

                    	
                      64

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.16

                    	
                      No
      Agency or Trusteeship if not Syndicated

                    	
                      64

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.17

                    	
                      Nature
      of Duties

                    	
                      64

                    
	 
      	 
      	 
      	 
      
	 
      	
                      14.18

                    	
                      Delegation
      of Power

                    	
                      64

                    
	 
      	 
      	 
      	 
      
	
                      15.

                    	
                      NOTICES
      AND DEMANDS

                    	
                      65

                    
	 
      	 
      	 
      	 
      
	 
      	
                      15.1

                    	
                      Notices

                    	
                      65

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

            

          

          
            
              	
                      16.

                    	
                      MISCELLANEOUS

                    	
                      65

                    
	 
      	 
      	 
      	 
      

               

              
                 

                
                  
                    
                    

                  

                  
                    vi

                    
                      

                    

                  

                  
                    
                    

                  

                

              

               

              	 
      	
                      16.1

                    	
                      Time
      of Essence

                    	
                      65

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.2

                    	
                      Invalidity

                    	
                      66

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.3

                    	
                      Further
      Assurances

                    	
                      66

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.4

                    	
                      Prior
      Agreements, Merger

                    	
                      66

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.5

                    	
                      Entire
      Agreement; Amendments

                    	
                      66

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.6

                    	
                      Indemnification

                    	
                      66

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.7

                    	
                      Remedies
      Cumulative and Not Exclusive; No Waiver

                    	
                      67

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.8

                    	
                      Successors
      and Assigns

                    	
                      67

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.9

                    	
                      Counterparts;
      Electronic Delivery

                    	
                      67

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.10

                    	
                      References

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	 
      	
                      16.11

                    	
                      Headings

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	
                      17.

                    	
                      APPLICABLE
      LAW, JURISDICTION AND WAIVERS

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	 
      	
                      17.1

                    	
                      Applicable
      Law

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	 
      	
                      17.2

                    	
                      Jurisdiction

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	 
      	
                      17.3

                    	
                      Waiver
      of Jury Trial

                    	
                      68

                    
	 
      	 
      	 
      	 
      
	 
      	
                      17.4

                    	
                      Waiver
      of Immunity

                    	
                      69

                    

            

          

        

      

    

     

    

      
        
           

        

        
          vii

          
            

          

        

        
           

        

      

      
        
          	
                  SCHEDULE

                

        

      

      

      
        
          
            
              	
                      1

                    	
                      The
      Lenders and the Initial Commitments

                    
	
                      2

                    	
                      The
      Vessels

                    
	
                      3

                    	
                      Financial
      Indebtedness

                    

            

          

        

      

      

      EXHIBITS

      

      
        
          
            
              
                
                  
                    
                      	 
      	
                              A

                            	
                              Form
      of Note

                            
	 
      	
                              B

                            	
                              Form
      of Guaranty

                            
	 
      	
                              C-1

                            	
                              Form
      of Account Pledge (Retention Account)

                            
	 
      	
                              C-2

                            	
                              Form
      of Account Pledge (Earnings Accounts)

                            
	 
      	
                              C-3

                            	
                              Form
      of Account Pledge (Equity and Reserve Account)

                            
	 
      	
                              C-4

                            	
                              Form
      of Collateral Account Pledge (Retention Account)

                            
	 
      	
                              C-5

                            	
                              Form
      of Collateral Account Pledge (Earnings Account)

                            
	 
      	
                              C-6

                            	
                              Form
      of Collateral Account Pledge (Debt Service Reserve
  Account)

                            
	 
      	
                              D-1

                            	
                              Form
      of Mortgage

                            
	 
      	
                              D-2

                            	
                              Form
      of Mortgage and Deed of Covenants (Malta)

                            
	 
      	
                              D-3

                            	
                              Form
      of Collateral Mortgage

                            
	 
      	
                              E-1

                            	
                              Form
      of Earnings Assignment

                            
	 
      	
                              E-2

                            	
                              Form
      of Collateral Earnings Assignment

                            
	 
      	
                              F-1

                            	
                              Form
      of Insurances Assignment

                            
	 
      	
                              F-2

                            	
                              Form
      of Collateral Insurances Assignment

                            
	 
      	
                              G

                            	
                              Form
      of Assignment and Assumption Agreement

                            
	 
      	
                              H

                            	
                              Form
      of Compliance Certificate

                            
	 
      	
                              I

                            	
                              Form
      of Drawdown Notice

                            
	 
      	
                              J

                            	
                              Form
      of Interest Notice

                            
	 
      	
                              K

                            	
                              Form
      of Approved Manager's Undertaking

                            
	 
      	
                              L

                            	
                              Form
      of Assignment of Shipbuilding Contract and
      Refund Guarantees

                            
	 
      	
                              M

                            	
                              Form
      of Assignment of Charter Party Agreement

                            
	 
      	
                              N

                            	
                              Form
      of Collateral Assignment of Charter Party Agreement

                            
	 
      	
                              O

                            	
                              Form
      of Management Agreement
Assignment

                            

                    

                  

                

              

            

          

        

      

      

    
      
         

      

      
        viii

        
          

        

      

      
         

      

    

    

    SENIOR SECURED TERM CREDIT
FACILITY

     

    THIS
SENIOR SECURED TERM CREDIT FACILITY AGREEMENT (this "Credit Facility Agreement")
is made as of the 1st day of
October, 2008, by and among (1) WARHOL SHIPPING COMPANY
LIMITED  ("Warhol"), a corporation organized and existing under the
laws of the Republic of Liberia, INDIANA R SHIPPING COMPANY LIMITED ("Indiana"),
a corporation organized and existing under the laws of the Republic of Liberia,
and BRITTO SHIPPING COMPANY LIMITED ("Britto"), a corporation organized and
existing under the laws of the Republic of Liberia, as joint and several
borrowers (together the "Borrowers" and each a "Borrower"), (2) the banks
and financial institutions listed on Schedule 1, as lenders (together with any
bank or financial institution which becomes a Lender pursuant to Section 10, the
"Lenders") and (3) HSH NORDBANK AG ("HSH"), as mandated lead arranger (in
such capacity, the "Mandated Lead Arranger"), underwriter (in such capacity, the
"Underwriter"), administrative agent for the Lenders (in such capacity, the
"Administrative Agent") and security trustee for the Lenders (in such capacity,
the "Security Trustee").

     

    WITNESSETH THAT:

     

    WHEREAS,
at the request of the Borrowers, HSH has agreed to serve in its capacities as
Mandated Lead Arranger, Underwriter, Administrative Agent and Security Trustee
under the terms of this Credit Facility Agreement and the Lenders have agreed to
provide to the Borrowers a senior secured credit facility for a term loan to be
made available in three tranches, one per Vessel (as defined below), in the
aggregate amount of the least of US$121,286,500 or 85% of the Construction Costs
of the Vessels or 80% of the Fair Market Value of the Vessels, to partly
re-finance and finance the construction and delivery costs of the
Vessels;

     

    NOW,
THEREFORE, in consideration of the premises set forth above, the covenants and
agreements hereinafter set forth, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as set forth below:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    1.1           Specific
Definitions.  In this Credit Facility Agreement the words and
expressions specified below shall, except where the context otherwise requires,
have the meanings attributed to them below:

    

     

    
      
        
          
            
              	
                      "Acceptable
      Accounting Firm"

                       

                    	
                      means
      Deloitte & Touche, or such other recognized international accounting
      firm as shall be approved by the Administrative Agent, such approval not
      to be unreasonably withheld;

                    
	
                      "Account
      Pledge(s)"

                    	
                      means
      each of the pledge agreements to be executed by the Borrowers in favor of
      the Finance Parties in respect of the Retention Account, Earnings Accounts
      and Equity and Reserve Account, pursuant to Section 4.1(b) and
      Section 4.3(d), as the case may be, substantially in the form set out
      

                    

               

              
                
                  
                     

                  

                  
                     

                    
                      

                    

                  

                  
                     

                  

                

              

               

               

            

          

        

      

    

    
      
        
          
            
              
                	 	in
      Exhibits C-1, C-2 and C-3 respectively;
	
                        "Accounting
      Period"

                      	
                        means
      each consecutive period of three months falling during the period (ending
      on the last day in March, June, September and December of each year) for
      which quarterly accounting information is required to be provided to the
      Administrative Agent hereunder;

                      
	
                        "Additional
      Deposit"

                      	
                        shall
      have the meaning set forth in Section 4.1(f);

                      
	
                        "Adjusted
      Net Worth"

                      	
                        means,
      measured at the end of an Accounting Period, the amount of Total Assets
      (as adjusted to include the aggregate Fair Market Value of each of the
      vessels owned by the Guarantor and each of its Subsidiaries) less
      Consolidated Debt as stated in then most recent accounting information
      delivered to the Administrative Agent hereunder;

                      
	
                        "Administrative
      Agent"

                      	
                        shall
      have the meaning ascribed thereto in the preamble;

                      
	
                        "Advance(s)"

                      	
                        means
      any amount advanced to the Borrowers with respect to the Facility or (as
      the context may require) the aggregate amount of all such Advances for the
      time being outstanding; provided, however, that
      only four Advances shall be made per Tranche and that no Advance shall be
      made available after the Final Availability Date;

                      
	
                        "Affiliate"

                      	
                        means
      with respect to any Person, any other Person directly or indirectly
      controlled by or under common control with such Person.  For the
      purposes of this definition, "control" (including, with correlative
      meanings, the terms "controlled by" and "under common control with") as
      applied to any Person means the possession directly or indirectly of the
      power to direct or cause the direction of the management and policies of
      that Person whether through ownership of voting securities or by contract
      or otherwise;

                      
	
                        "Agents"

                      	
                        means
      each of the Administrative Agent and the Security
  Trustee;

                      
	
                        "Amalfi"

                      	
                        means
      Amalfi Shipping Company Limited, a corporation organized and existing
      under the laws of the Republic of the Marshall
  Islands;

                      

              

            

          

        

      

    

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "AMALFI"

                  	
                    means
      that certain handymax bulker vessel owned by Amalfi, with IMO Number
      9218337, built in 2000 and registered under the flag of the Republic of
      the Marshall Islands with Official Number 2825;

                  	 
      
	
                    "Annex
      VI"

                  	
                    means
      Regulations for the Prevention of Air Pollution from Ships to the
      International Convention for the Prevention of Pollution from Ships 1973
      (as modified in 1978 and 1997);

                  	 
      
	
                    "Applicable
      Rate"

                  	
                    means
      any rate of interest applicable to the Facility from time to time pursuant
      to Section 6.1;

                  	 
      
	
                    "Approved
      Manager"

                  	
                    means
      a direct or indirect wholly-owned subsidiary of the Guarantor or any other
      company approved by the Lenders from time to time as the manager of a
      Vessel, which approval shall not unreasonably be withheld;

                  	 
      
	
                    "Approved
      Manager's 

                    Undertaking(s)"

                  	
                    means
      each of the undertakings made or to be made by an Approved Manager in
      favor of the Lenders in respect of a Vessel or Collateral Vessel (as
      applicable), substantially in the form set out in Exhibit
    K;

                  	 
      
	
                    "Assigned
      Moneys"

                  	
                    means
      sums assigned to or received by the Agents pursuant to any Security
      Document;

                  	 
      
	
                    "Assignment
      and 

                    Assumption
      Agreement(s)"

                  	
                    means
      the Assignment and Assumption Agreement(s) executed pursuant to
      Section 10 substantially in the form set out in
      Exhibit G;

                  	 
      
	
                    "Assignment
      Notices"

                  	
                    means
      notices with respect to the Assignments and the Collateral
      Assignments;

                     

                  
	
                    "Assignments"

                  	
                    means
      the Earnings Assignments, Insurances Assignments, Assignments of Charter
      Party Agreement, Assignments of Shipbuilding Contract and Refund Guarantee
      and Management Agreement Assignments;

                  	 
      
	
                    "Assignment(s)
      of Charter

                    Party Agreement"

                  	
                    means
      the assignments in respect of the Charter Party Agreements and Performance
      Guarantees, to be executed by the relevant Borrower in favor of the
      Security Trustee pursuant to Section 4.3(b), substantially in the
      form set out in Exhibit M;

                  	 
      
	
                    "Assignment(s)
      of Shipbuilding

                     Contract
      and Refund Guarantee"

                  	
                    means
      the assignments in respect of the Shipbuilding Contracts and Refund
      Guarantees to be executed by the relevant Borrower in favor of the
      Security Trustee pursuant 

                  	 
      

          

        

      

    

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	 to
      Section 4.1(b), substantially in the form set out in
      Exhibit L;
	
                      "Banking
      Day(s)"

                    	
                      means
      day(s) on which banks are open for the transaction of business in London,
      England, New York, New York (United States of America), Piraeus, Greece
      and Hamburg, Germany;

                    
	
                      "Borrower(s)"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "Britto"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "BRITTO"

                    	
                      means
      that certain Vessel owned or to be owned by Britto, with Hull Number
      S-1031 and registered or to be registered under the flag of the Republic
      of Liberia;

                    
	
                      "BRITTO
      Charter Party Agreement"

                    	
                      means
      the bareboat charter agreement between the BRITTO Charterer and Britto
      with respect to the BRITTO with a minimum net charter rate of $14,550 per
      day and a minimum duration of 10 years;

                    
	
                      "BRITTO
      Charterer"

                    	
                      means
      Daelim H&L Co., Ltd.;

                    
	
                      "BRITTO
      Refund Guarantee"

                    	
                      means
      that certain letter of guarantee No. 1372400009198179 dated December 18,
      2006 issued by the Refund Guarantor in favor of the Guarantor in
      connection with the BRITTO Shipbuilding Contract to be assigned to Britto
      on or prior to the date of the Initial Advance with respect to Tranche
      C;

                    
	
                      "BRITTO
      Shipbuilding Contract"

                    	
                      means
      that certain Shipbuilding Contract for construction of the vessel BRITTO
      entered into as of October 31, 2006, between the Builder and the Guarantor
      to be novated in favor of Britto on or prior to the date of the Initial
      Advance with respect to Tranche C;

                    
	
                      "Builder"

                    	
                      means
      SPP Plant & Shipbuilding Co., Ltd., a corporation organized under the
      laws of the Republic of Korea;

                    
	
                      "Change
      of Control"

                    	
                      means
      (a) any "person" (as such term is used in Sections 13(d) and 14(d) of the
      Exchange Act), other than a member of the immediate family of Evangelos
      Pistiolis or a member of the immediate family of George Economou, who
      becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under
      the Exchange Act), directly or indirectly, of more than 35% of the total
      voting power or

                    

            

          

        

      

    

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	
                      ownership
      interest of the Guarantor or (b)  the Board of Directors of the
      Guarantor ceases to consist of a majority of the directors existing on the
      date hereof or directors nominated by at least two-thirds (2/3) of the
      then existing directors;

                    
	
                      "Charter
      Party Agreement(s)"

                    	
                      means
      (i) the WARHOL Charter Party Agreement, (ii) the INDIANA Charter Party
      Agreement, (iii) the BRITTO Charter Party Agreement and (iv) any other
      bareboat charter agreement or any time charter agreement with any of the
      Borrowers which the Borrowers shall from time to time enter, having a
      duration of longer than eleven (11) months including but not limited to
      the existing charters with respect to each Vessel;

                    
	
                      "Charterer(s)"

                    	
                      means
      (i) the WARHOL Charterer, (ii) the INDIANA Charterer, (iii) the BRITTO
      Charterer and (iv) any other bareboat charterer or time charterer who has
      entered or shall from time to time enter into a Charter Party Agreement
      with any of the Borrowers;

                    
	
                      "Classification
      Society"

                    	
                      means
      Det Norske Veritas or any other member of the International Association of
      Classification Societies, as approved by the Administrative Agent, with
      whom any of the Vessels are entered and who conducted periodic physical
      surveys and/or inspections of any of the Vessels;

                    
	
                      "Code"

                    	
                      means
      the Internal Revenue Code of 1986, as amended, and any successor statute
      and regulation promulgated thereunder;

                    
	
                      "Collateral"

                       

                    	
                      means
      the Vessels, each of the Collateral Vessels, all property or other assets,
      real or personal, tangible or intangible, whether now owned or hereafter
      acquired in which any Agent or any Lender has been granted a security
      interest pursuant to a Security Document;

                    
	
                      "Collateral
      Account Pledge(s)"

                    	
                      means
      each of the second preferred pledge agreements executed by the relevant
      Collateral Obligor in favor of the Finance Parties in respect of the
      Retention Accounts, Earnings Account and Debt Service Reserve Account (as
      defined in the $95M Credit Agreement) pursuant to Section 4.1(b), and
      substantially in the form set out in Exhibits C-4, C-5 and C-6
      respectively;

                    

            

          

        

      

    

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "Collateral
      Assignments"

                  	
                    means
      the Collateral Earnings Assignments, Collateral Insurances Assignments,
      and the Collateral Assignments of Charter Party
  Agreement;

                  
	
                    "Collateral
      Assignment(s) of 

                    Charter
      Party Agreement"

                  	
                    means
      the second preferred assignments in respect of any charter party
      agreements and bareboat charter agreements in respect of each Collateral
      Vessel from any and all sources, to be executed by the relevant Collateral
      Obligors in favor of the Security Trustee pursuant to Section 4.1(b),
      substantially in the form set out in Exhibit N;

                  
	
                    "Collateral
      Earnings

                    Assignment(s)"

                  	
                    means
      the second preferred assignments in respect of the earnings of each
      Collateral Vessel from any and all sources, to be executed by the relevant
      Collateral Obligor in favor of the Security Trustee pursuant to
      Section 4.1(b), substantially in the form set out in
      Exhibit E-2;

                  
	
                    "Collateral
      Insurances

                    Assignment(s)"

                  	
                    means
      the second assignments in respect of the insurances over each of the
      Collateral Vessels to be executed by the relevant Collateral Obligor,
      bareboat charter, if any, and the manager of the relevant Collateral
      Vessel in favor of the Security Trustee pursuant to Section 4.1(b),
      substantially in the form set out in Exhibit F-2;

                  
	
                    "Collateral
      Mortgage(s)"

                  	
                    mean,
      collectively, the second preferred mortgages on each of the Collateral
      Vessels, executed or to be executed by Amalfi with respect to the AMALFI
      and Jeke with respect to the VOC GALLANT in favor of the Security Trustee,
      as security trustee, on behalf of the Lenders, pursuant to the terms
      herein, substantially in the form set out in Exhibit
  D-3;

                  
	
                    "Collateral
      Obligors"

                  	
                    means
      Amalfi and Jeke and each of them;

                  
	
                    "Collateral
      Vessels"

                  	
                    means
      each of the vessels VOC GALLANT and AMALFI;

                  
	
                    "Commitment(s)"

                  	
                    means
      in relation to a Lender, the portion of the Facility set out opposite its
      name in Schedule 1 or, as the case may be, as reduced by or set out
      in any relevant Assignment and Assumption Agreement, as such amount shall
      be reduced from time to time pursuant to Section 5;

                  
	
                    "Commitment
      Fee"

                  	
                    shall
      have the meaning ascribed thereto in Section
  13.1;

                  

          

        

      

    

    
      
        
          
            	
                    "Compliance
      Certificate"

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

                  

             

            
              
                 

              

              
                6

                
                  

                

              

              
                 

              

            

        

      

    

     

    
      
        
          
            
              	 	
                      all
      of its respective covenants contained herein and showing the calculations
      thereof in reasonable detail,  executed and delivered by the
      chief financial officer of the Guarantor to the Administrative Agent from
      time to time pursuant to Section 9.1(d) in the form set out in
      Exhibit H, or in such other form as the Administrative Agent may
      agree;

                    
	
                      "Consent
      and Agreement"

                    	
                      means
      the consent and agreement relating to this Credit Facility Agreement to be
      executed by the Guarantor and each of the Collateral Obligors in the form
      attached hereto;

                    
	
                      "Consolidated
      Debt"

                    	
                      means,
      measured at the end of an Accounting Period for the Guarantor and its
      Subsidiaries on a consolidated basis, the aggregate amount of Debt due by
      the Security Parties as stated in the then most recent accounting
      information delivered to the Administrative Agent
    hereunder;

                    
	
                      "Consolidated
      Financial 

                      Indebtedness"

                    	
                      means,
      measured at the end of each Accounting Period, the aggregate amount of
      Financial Indebtedness (including current maturities) of the Guarantor and
      its Subsidiaries on a consolidated basis as stated in the then most recent
      accounting information delivered to the Administrative Agent
      hereunder;

                    
	
                      "Construction
      Costs"

                    	
                      means,
      in relation to a Vessel, the total cost of construction, including, but
      not limited to, any amount owed to the Builder under the Shipbuilding
      Contracts, as determined by the Administrative Agent in its sole
      discretion prior to the date of any Delivery Advance in respect of the
      relevant Vessel;

                    
	
                      "Credit
      Facility Agreement"

                    	
                      means
      this agreement, as the same shall be amended, modified or supplemented
      from time to time;

                    
	
                      "Current
      Assets"

                    	
                      means,
      measured at the end of each Accounting Period, the aggregate of the cash
      and marketable securities, trade and other receivables of the Guarantor
      and its Subsidiaries on a consolidated basis from Persons which can be
      realized within one year, inventories and prepaid expenses which are to be
      charged to income within one year less any doubtful debts and any
      discounts or allowances given as stated in the then most recent accounting
      information delivered to the Administrative Agent
    hereunder;

                    

            

          

        

      

    

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "Debt"

                  	
                    means,
      in relation to the Guarantor and its Subsidiaries (the
      "debtor"):  (a) Financial Indebtedness of the debtor; (b)
      liability for any credit to the debtor from a supplier of goods or
      services or under any installment purchase or payment plan or similar
      arrangement; (c) contingent liabilities of the debtor (including without
      limitation any taxes or other payments under dispute) which have been or,
      under GAAP, should be recorded in the notes to the accounting information;
      (d) deferred tax of the debtor; and (e) liability under a guarantee,
      indemnity or similar obligation entered into by the debtor in respect of a
      liability of another Person who is not a Security Party which would fall
      within (a) to (d) if the references to the debtor referred to the other
      Person;

                  
	
                    "Default
      Rate"

                  	
                    shall
      have the meaning ascribed thereto in Section 6.2;

                  
	
                    "Delivery
      Advance"

                  	
                    means
      with respect to each Tranche, the fourth and final Advance to be made to
      any Borrower; provided, however, that
      no Delivery Advance shall be made available after the Final Availability
      Date with respect to the applicable Tranche;

                  
	
                    "Delivery
      Date"

                  	
                    means
      with respect to each Vessel the date on which a Vessel is delivered to its
      respective Borrower;

                  
	
                    "DOC"

                  	
                    means
      a document of compliance issued to an Operator in accordance with rule 13
      of the ISM Code;

                  
	
                    "Dollars"
      and the sign "$"

                  	
                    means
      the legal currency, at any relevant time hereunder, of the United States
      of America and, in relation to all payments hereunder, in same day funds
      settled through the New York Clearing House Interbank Payments System (or
      such other Dollar funds as may be determined by the Administrative Agent
      to be customary for the settlement in New York City of banking
      transactions of the type herein involved);

                  
	
                    "Drawdown
      Date(s)"

                  	
                    means
      the dates, each being a Banking Day, upon which the Borrowers have
      requested that an Advance be made available to the Borrowers, and such
      Advance is made, as provided in Section 3; provided, that no Drawdown Date shall occur
      after the Final Availability Date with respect to the applicable
      Tranche;

                  

          

        

      

    

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "Drawdown
      Notice"

                  	
                    shall
      have the meaning ascribed thereto in Section 3.2;

                  
	
                    "Earnings
      Account"

                  	
                    shall
      have the meaning ascribed thereto in Section 4.3(d);

                  
	
                    "Earnings
      Assignment(s)"

                  	
                    means
      the assignments in respect of the earnings of each Vessel from any and all
      sources, to be executed by the relevant Borrower in favor of the Security
      Trustee pursuant to Section 4.3(b), substantially in the form set out
      in Exhibit E-1;

                  
	
                    "EBITDA"

                  	
                    means,
      in respect of an Accounting Period, the aggregate amount of consolidated
      pre-tax profits of the Guarantor and its Subsidiaries before extraordinary
      or exceptional items (including drydocking costs), depreciation, interest,
      rentals under finance leases and similar charges payable but after the
      deduction of payments made under bareboat charters in each case as stated
      in the then most recent accounting information;

                  
	
                    "Environmental
      Affiliate(s)"

                  	
                    means
      any Person, the liability of which for Environmental Claims any Security
      Party or Subsidiary of any Security Party may have assumed by contract or
      operation of law;

                  
	
                    "Environmental
      Approval(s)"

                  	
                    shall
      have the meaning ascribed thereto in
  Section 2.1(o);

                  
	
                    "Environmental
      Claim(s)"

                  	
                    shall
      have the meaning ascribed thereto in
  Section 2.1(o);

                  
	
                    "Environmental
      Law(s)"

                  	
                    shall
      have the meaning ascribed thereto in
  Section 2.1(o);

                  
	
                    "Equity
      Deposit"

                  	
                    shall
      have the meaning ascribed thereto in Section 4.1(f);

                  
	
                    "Equity
      and Reserve Account"

                  	
                    shall
      have the meaning ascribed thereto in Section 4.1(f);

                  
	
                    "Event(s)
      of Default"

                  	
                    means
      any of the events set out in Section 8.1;

                  
	
                    "Exchange
      Act"

                  	
                    means
      the Securities and Exchange Act of 1934, as amended;

                  
	
                    "Facility"

                  	
                    means
      the term loan facility to be made available by the Lenders to the
      Borrowers hereunder in three (3) Tranches, each comprised of four (4)
      Advances to be made available pursuant to Section 3; and being, in the
      aggregate, no more than the least of (i) One Hundred Twenty One Million
      Two Hundred Eighty Six Thousand Five Hundred Dollars ($121,286,500), (ii)
      eighty-five percent (85%) of the Construction Costs of the Vessels, or
      (iii) eighty percent

                  

          

        

      

    

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	(80%)
      of the Fair Market Value of the Vessels;
	
                      "Fair
      Market Value"

                       

                       

                    	
                      means
      (i) in relation to a Vessel, her sale value, determined as the average of
      two valuations per Vessel prior to the Delivery Date relating to such
      Vessel, and thereafter one valuation every six months commencing six
      months following the Delivery Date relating to such Vessel, and (ii) in
      relation to a Collateral Vessel, her sale value, determined as the average
      of two valuations per Collateral Vessel prior to the Initial Advance under
      any Tranche, and thereafter one valuation per year commencing on the first
      anniversary following the first Delivery Date relating to any Vessel, each
      valuation to be not older than one month from any of Simpson, Spence and
      Young, London, England or Astrup Fearnley A/S, Oslo, Norway or AC
      Shipping, London, England or R.S. Platou Shipbrokers A/S, Oslo, Norway or
      Galbraith's Limited, London, England or H. Clarksons & Co. Ltd.,
      London, England) with or without physical inspection (as the Lender may
      require) in United States Dollars on the basis of the sale of the Vessel
      (i) for prompt delivery, (ii) for cash, (iii) without taking into account
      any charter party relating to the Vessel, and (iv) at arm's length on
      normal commercial terms between a willing seller and a willing buyer. If
      the two valuations for any Vessel obtained prior to the Drawdown Date
      differ by a margin of more than fifteen percent (15%) then a third
      appraiser from the aforementioned firms selected by the Administrative
      Agent shall make an independent appraisal at the Borrowers' expense, and
      the Fair Market Value of the Vessel shall be considered to be the average
      of all three valuations obtained;

                    
	
                      "Fee
      Letter"

                    	
                      means
      that certain fee letter of even date herewith, entered into by the
      Guarantor and HSH in respect of the Facility;

                    
	
                      "Final
      Availability Date"

                    	
                      means
      (i) with respect to Tranche A, July 28, 2009, (ii) with respect to Tranche
      B, October 27, 2009 and (iii) with respect to Tranche C, November 27,
      2009;

                    
	
                      "Final
      Tranche A 

                      Payment
      Date"

                    	
                      means,
      that date which is ten (10) years after the Delivery Advance under Tranche
      A, but in any event not later than December 30, 2019;

                    
	
                      "Final
      Tranche B 

                      Payment
      Date"

                    	
                      means,
      that date which is ten (10) years after the Delivery Advance under Tranche
      B, but in any event not later than

                    

            

          

        

      

    

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	December
      30, 2019;
	
                      "Final
      Tranche C 

                      Payment
      Date"

                    	
                      means,
      that date which is ten (10) years after the Delivery Advance under Tranche
      C, but in any event not later than December 30, 2019;

                    
	
                      "Finance
      Parties"

                    	
                      means
      (i) HSH as the Mandated Lead Arranger, Underwriter, Administrative Agent
      and Security Trustee, (ii) the Lenders and (iii) the Swap
      Provider;

                    
	
                      "Financial
      Indebtedness"

                    	
                      means,
      in relation to the Guarantor and its Subsidiaries (the "debtor"), a
      liability of the debtor:  (a) for principal, interest or any
      other sum payable in respect of any moneys borrowed or raised by the
      debtor; (b) under any loan, stock, bond, note or other security issued by
      the debtor; (c) under any acceptance credit, guarantee or letter of credit
      facility made available to the debtor; (d) under a financial lease, a
      deferred purchase consideration arrangement (in each case, other than in
      respect of assets or services obtained on normal commercial terms in the
      ordinary course of business) or any other agreement having the commercial
      effect of a borrowing or raising of money by the debtor; (e) under any
      foreign exchange transaction, interest or currency swap or any other kind
      of derivative transaction entered into by the debtor or, if the agreement
      under which any such transaction is entered into requires netting of
      mutual liabilities, the liability of the debtor for the net amount; or (f)
      under a guarantee, indemnity or similar obligation entered into by the
      debtor in respect of a liability of another Person which would fall within
      (a) to (e) if the references to the debtor referred to the other
      Person;

                    
	
                      "Fixed
      Charges"

                    	
                      means,
      measured at the end of an Accounting Period, the aggregate of Interest
      Expenses and the portion of Consolidated Financial Indebtedness (other
      than balloon repayments) in respect of the Guarantor and its Subsidiaries
      falling due during that period, as stated in the then most recent
      accounting information provided to the Administrative Agent
      hereunder;

                    
	
                      "GAAP"

                    	
                      shall
      have the meaning ascribed thereto in Section 1.3;

                    
	
                      "Guarantor"

                    	
                      means
      Top Ships Inc. (fka Top Tankers Inc.), a corporation organized and
      existing under the laws of the Republic of the Marshall
      Islands;

                    

            

          

        

      

    

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "Guaranty"

                  	
                    means
      the unconditional and irrevocable guaranty to be executed by the Guarantor
      in respect of the obligations of the Borrowers under and in connection
      with this Credit Facility Agreement and the Note in favor of the Security
      Trustee pursuant to Section 4.l(b), substantially in the form set out
      in form of Exhibit B;

                  
	
                    "HSH"

                  	
                    shall
      have the meaning ascribed thereto in the preamble;

                  
	
                    "Hull
      Cover Ratio"

                  	
                    means
      the ratio, expressed as a percentage, of the Fair Market Value of the
      Vessels then mortgaged hereunder divided by the outstanding principal
      amount under the Facility;

                  
	
                    "IAPPC"

                  	
                    means
      a valid international air pollution prevention certificate for a Vessel
      issued under Annex VI;

                  
	
                    "Indemnitee"

                  	
                    shall
      have the meaning ascribed thereto in Section 16.6;

                  
	
                    "Indiana"

                  	
                    shall
      have the meaning ascribed thereto in the preamble;

                  
	
                    "INDIANA"

                  	
                    means
      that certain Vessel owned or to be owned by Indiana, with Hull Number
      S-1029 and registered or to be registered under the flag of the Republic
      of Malta;

                  
	
                    "INDIANA
      Charter Party 

                    Agreement"

                  	
                    means
      the bareboat charter agreement between the INDIANA Charterer and Indiana
      with respect to the INDIANA with a minimum net charter rate of $14,300 per
      day and a minimum duration of 7 years;

                  
	
                    "INDIANA
      Charterer"

                  	
                    means
      Magellano Marine C.V.;

                  
	
                    "INDIANA
      Refund Guarantee"

                  	
                    means
      that certain letter of guarantee No. 1372200009194179 dated December 18,
      2006 issued by the Refund Guarantor in favor of the Guarantor in
      connection with the INDIANA Shipbuilding Contract to be assigned to
      Indiana on or prior to the date of the Initial Advance with respect to
      Tranche B;

                  
	
                    "INDIANA
      Shipbuilding Contract"

                  	
                    means
      that certain Shipbuilding Contract for construction of the vessel INDIANA
      entered into as of October 31, 2006, between the Builder and the Guarantor
      to be novated in favor of Indiana on or prior to the date of the Initial
      Advance with respect to Tranche
B;

                  

          

        

      

    

    
      	
              "Initial
      Advance"

            	
               means,
      with respect to each Tranche, the first Advance to
  

            

    

     

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	
                      be
      made to any Borrower thereunder for the purpose of re-financing the
      existing pre-delivery debt in respect of the Vessels; provided, however, that
      the Initial Advance with respect to Tranche A shall not exceed $9,918,300,
      the Initial Advance with respect to Tranche B shall not exceed $10,023,300
      and the Initial Advance with respect to Tranche C shall not exceed
      $10,023,300;

                    
	
                      "Initial
      Payment Date"

                    	
                      means,
      with respect to each Tranche, three (3) months after the Delivery Advance
      thereunder;

                    
	
                      "Insurances
      Assignment"

                    	
                      means
      the assignments in respect of the insurances over each of the Vessels to
      be executed by the relevant Borrower, Charterer and manager of the
      respective Vessel (as applicable) in favor of the Security Trustee
      pursuant to Section 4.3(b), substantially in the form set out in Exhibit
      F-1;

                    
	
                      "Interest
      Expense"

                    	
                      means,
      measured at the end of an Accounting Period, the aggregate on a
      consolidated basis of all interest incurred by the Guarantor and its
      Subsidiaries and any net amounts payable under interest rate hedge
      agreements, as stated in the then most recent accounting information
      provided to the Administrative Agent hereunder;

                    
	
                      "Interest
      Notice"

                    	
                      means
      a notice from the Borrowers to the Administrative Agent specifying the
      duration of any relevant Interest Period, each substantially in the form
      set out in Exhibit J;

                    
	
                      "Interest
      Payment Date"

                    	
                      means
      each date on which accrued interest on the Facility shall be payable
      pursuant to Section 6.4;

                    
	
                      "Interest
      Period(s)"

                    	
                      means
      period(s) of three (3), six (6) or twelve (12) months as selected by the
      Borrowers, or as otherwise agreed by the Lenders and the
      Borrowers;

                    
	
                      "Interest
      Rate Agreement"

                    	
                      means
      any interest rate protection agreement, interest rate future agreement,
      interest rate option agreement, interest rate swap agreement, interest
      rate cap agreement, interest rate collar agreement, interest rate hedge
      agreement or other similar agreement or arrangement entered into between
      the Borrowers with the Swap Provider, which is designed to protect the
      Borrowers against fluctuations in interest rates applicable under this
      Credit Facility Agreement, to or under which the Borrowers, the Guarantor
      or any of the Guarantor's Subsidiaries is a party
  

                    

            

          

        

      

    

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	
                      or
      a beneficiary on the date of this Credit Facility Agreement or becomes a
      party or a beneficiary hereafter;

                    
	
                      "ISM
      Code"

                    	
                      means
      the International Safety Management Code for the Safe Operating of Ships
      and for Pollution Prevention constituted pursuant to Resolution A.741(18)
      of the International Maritime Organization and incorporated into the
      Safety of Life at Sea Convention and includes any amendments or extensions
      thereto and any regulation issued pursuant thereto;

                    
	
                      "ISPS
      Code"

                    	
                      means
      the International Ship and Port Facility Security Code adopted by the
      International Maritime Organization (as the same may be amended from time
      to time);

                    
	
                      "ISSC"

                    	
                      means
      a valid and current International Ship Security Certificate issued under
      the ISPS Code;

                    
	
                      "Jeke"

                    	
                      means
      Jeke Shipping Company Limited, a corporation organized and existing under
      the laws of the Republic of Liberia;

                    
	
                      "Lender(s)"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "LIBOR"

                    	
                      means
      the rate for deposits of Dollars for a period equivalent to the relevant
      Interest Period at or about 11:00 A.M. (London time) on the second
      London Banking Day before the first day of such period as displayed on the
      Reuters screen "LIBOR01", or any successor service for the purpose of
      displaying the London Interbank rates of major banks for Dollars (the
      Reuters screen "LIBOR01" is the display designated as the Reuters screen
      "LIBOR01", or such other page as may replace the Reuters screen "LIBOR01"
      on that service or such other service or services as may be denominated by
      the British Bankers' Association for the purpose of displaying London
      Interbank offered rates for Dollar deposits); provided, however, that if on such date no such rate
      is so displayed for the relevant Interest Period, LIBOR for such period
      shall be the rate quoted to the Facility Agent by the Reference Bank at
      the request of the Facility Agent as the offered rate for deposits of
      Dollars in an amount approximately equal to the amount in relation to
      which LIBOR is to be determined for a period equivalent to the relevant
      Interest Period to prime banks in the London Interbank Market at or about
      11:00 A.M. (London time) on

                    

            

          

        

      

    

    

    
      
        
           

        

        
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              	 	the
      second Banking Day before the first day of such period.
	
                      "Liquid
      Funds"

                    	
                      means,
      measured at the end of an Accounting Period:  (a) cash in hand
      or held with banks or other financial institutions of the Guarantor and/or
      any other Security Party in Dollars or another currency freely convertible
      into Dollars, which is free of any security interest (other than a
      permitted security interest and other than ordinary bankers' liens which
      have not been enforced or become capable of being enforced); or (b) any
      other short-term financial investments which is free of any security
      interest (other than a permitted security interest), as stated in the then
      most recent accounting information delivered to the Administrative Agent
      hereunder;

                    
	
                      "Majority
      Lenders"

                    	
                      means,
      at any time, Lenders holding an aggregate of more than 60% of the Advances
      then outstanding;

                    
	
                      "Management
      Agreement Assignment(s)"

                    	
                      means
      the assignments in respect of the management agreements with respect to
      the Vessels to be executed by the relevant Borrower in favor of the
      Security Trustee pursuant to Section 4.3(b), substantially in the form set
      out in Exhibit O;

                    
	
                      "Mandated
      Lead Arranger"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "Mandatory
      Costs"

                    	
                      means
      the cost of complying with any applicable regulatory requirements of any
      relevant regulatory authority;

                    
	
                      "Margin"

                    	
                      means,
      with respect to any Advance under a Tranche, (a) 1.75% per annum until and
      including the Margin Final Date and (b) after the Margin Final Date, the
      Margin as determined between the Lenders and the Borrowers in accordance
      with Section 6.1(b);

                    
	
                      "Margin
      Final Date"

                    	
                      shall
      be August 30, 2010;

                    
	
                      "Material
      Adverse Effect"

                    	
                      means
      a material adverse effect on (i) the ability of the Borrowers to
      repay the Advances or perform any of its obligations hereunder or under
      the Note, (ii) the ability of any Security Party to perform its
      obligations under any Security Documents or (iii) the business,
      property, assets, liabilities, operations, condition (financial or
      otherwise) or

                    

            

          

        

      

    

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	prospects
      of the Security Parties taken as a whole;
	
                      "Minimum
      Liquidity Amount"

                    	
                      shall
      have the meaning ascribed thereto in Section 9.3(c);

                    
	
                      "Mortgage(s)"

                    	
                      means
      each of the first preferred ship mortgages (together with any deed of
      covenants collateral thereto, if applicable) on each of the Vessels, to be
      executed under the laws of a Permitted Jurisdiction by the respective
      Borrower, as owner, as listed in Schedule 2 in favor of the Security
      Trustee (as trustee for the Lenders) pursuant to Section 4.4(b),
      substantially in the form set out in Exhibit D-1 or Exhibit D-2, as
      applicable;

                    
	
                      "MTSA"

                    	
                      means
      the Maritime and Transportation Security Act, 2002, as amended, inter alia, by Public Law
  107-295;

                    
	
                      "$95M
      Credit Agreement"

                    	
                      means
      that certain senior secured term loan facility agreement dated November 8,
      2007 entered into by and among the Collateral Obligors and Noir, as
      borrowers, the Guarantor, as guarantor, HSH together with any banks and
      financial institutions as are a party thereto (the "$95M Lenders"), as
      lenders, and HSH, as agent and security trustee for the $95M Lenders
      (together with the $95M Lenders, the "$95M Creditors"), pursuant to which
      $95M Lenders made available to the Collateral Obligors and Noir a credit
      facility in the amount of $95,000,000 (the "$95M
    Facility");

                    
	
                      "$95M
      Mortgage(s)"

                    	
                      means
      the first preferred mortgages on the VOC GALLANT and the AMALFI, executed
      by the relevant Collateral Obligor in favor of HSH as security trustee on
      behalf of the $95M Creditors, pursuant to the terms of the $95M Credit
      Agreement;

                    
	
                      "$95M
      Transaction Documents"

                    	
                      means
      each of the $95M Credit Agreement, all promissory notes evidencing the
      $95M Facility, the $95M Mortgages and all assignments, pledge agreements,
      guaranties and other documents executed as security for the $95M Facility
      and the Collateral Obligors' obligations in connection
      therewith;

                    
	
                      "Noir"

                    	
                      means
      Noir Shipping S.A., a company organized and existing under the laws of the
      Republic of the Marshall
Islands;

                    

            

          

        

      

    

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            	
                    "Note"

                  	
                    means
      the promissory note to be executed by the Borrowers to the order of the
      Administrative Agent pursuant to Section 4.1(b), to evidence the
      Facility, substantially in the form set out in
    Exhibit A;

                  
	
                    "Operator"

                  	
                    means,
      in respect of any Vessel, the Person who is concerned with the operation
      of such Vessel and falls within the definition of "Company" set out in
      rule 1.1.2 of the ISM Code;

                  
	
                    "Payment
      Dates"

                  	
                    means,
      with respect to each Tranche, the Initial Payment Date with respect to
      such Tranche and the dates falling at three month intervals thereafter,
      the last of which is, in respect of Tranche A, the Final Tranche A Payment
      Date, in respect of Tranche B, the Final Tranche B Payment Date and, in
      respect of Tranche C, the Final Tranche C Payment Date;

                  
	
                    "Performance
      Guarantees"

                  	
                    means
      the irrevocable performance guarantees to be executed by the relevant
      Performance Guarantor in respect of the INDIANA Charter Party Agreement
      and the BRITTO Charter Party Agreement, respectively;

                  
	
                    "Performance
      Guarantor(s)"

                  	
                    means
      Marco Polo Seatrade B.V. in respect of the INDIANA Charter Party Agreement
      and Daelim Corp. Co. Ltd. in respect of the BRITTO Charter Party Agreement
      and each of them;

                  
	
                    "Permitted
      Jurisdiction"

                  	
                    means
      the Republic of the Marshall Islands, the Republic of Liberia, the
      Republic of Malta or such other jurisdiction as may be approved in writing
      by the Majority Lenders;

                  
	
                    "Person"

                  	
                    means
      any individual, sole proprietorship, corporation, partnership (general or
      limited), limited liability company, business trust, bank, trust company,
      joint venture, association, joint stock company, trust or other
      unincorporated organization, whether or not a legal entity, or any
      government or agency or political subdivision thereof;

                  
	
                    "Proceeding"

                  	
                    shall
      have the meaning ascribed thereto in
  Section 8.1(i);

                  
	
                    "Reference
      Bank"

                  	
                    means
      HSH;

                  
	
                    "Refund
      Guarantee(s)"

                  	
                    means
      the WARHOL Refund Guarantee, the INDIANA Refund Guarantee and the BRITTO
      Refund Guarantee, and

                  

          

        

      

    

    

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              
                	 	each
      of them;
	
                        "Refund
      Guarantor"

                      	
                        means
      Woori Bank;

                      
	
                        "Regulation
      T"

                      	
                        means
      Regulation T of the Board of Governors of the Federal Reserve System, as
      in effect from time to time;

                      
	
                        "Regulation
      U"

                      	
                        means
      Regulation U of the Board of Governors of the Federal Reserve System, as
      in effect from time to time;

                      
	
                        "Regulation
      X"

                      	
                        means
      Regulation X of the Board of Governors of the Federal Reserve System, as
      in effect from time to time;

                      
	
                        "Required
      Percentage"

                      	
                        means,
      until the fourth anniversary of this Credit Facility Agreement, one
      hundred and twenty percent (120%), and thereafter, one hundred and twenty
      five percent (125%) of the amount of the outstanding Facility and the
      notional cost or actual cost (if any) as determined by the Lender of
      terminating any interest rate swap entered into by the
      Borrowers;

                      
	
                        "Retention
      Account"

                      	
                        shall
      have the meaning ascribed thereto in Section 4.3(d);

                      
	
                        "Retention
      Amount"

                      	
                        means,
      with respect to any Tranche, an amount equal to one third (1/3) of the
      next quarterly principal payment due in accordance with Section 5 hereof
      in respect of such Tranche and the relevant fraction of interest accruing
      on the relevant Advances during the next month in accordance with Section
      6 hereof;

                      
	
                        "Retention
      Date"

                      	
                        means
      the date one month after the first Initial Advance and at monthly
      intervals thereafter;

                      
	
                        "Secondary
      Advance"

                      	
                        means
      with respect to each Tranche, the second Advance to be made to the
      Borrowers for the purpose of financing the third (keel laying) installment
      due under the Shipbuilding Contract with respect to the Vessel to which
      such Tranche relates; provided, however, that the Secondary Advance with
      respect to Tranche A shall not exceed $6,612,200, the Secondary Advance
      with respect to Tranche B shall not exceed $6,682,200 and the Secondary
      Advance with respect to Tranche C shall not exceed
    $6,682,200;

                      

              

            

          

        

      

    

    
      
        
          
            	
                    "Security
      Document(s)"

                  	
                    means
      the Guaranty, the Mortgages, the Collateral Mortgages, the Assignments,
      the Collateral Assignments, 

                  

             

            
              
                 

              

              
                18

                
                  

                

              

              
                 

              

            

        

      

    

     

    
      
        
          
            
              	 	
                      the
      Assignment Notices, the Account Pledges, the Collateral Account Pledges,
      the Approved Manager's Undertakings and any other documents that may be
      executed as security for the Facility and the Borrowers' obligations in
      connection therewith;

                    
	
                      "Security
      Party(ies)"

                    	
                      means
      each of the Borrowers, the Collateral Obligors and the
      Guarantor;

                    
	
                      "Security
      Trustee"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "Shipbuilding
      Contract(s)"

                    	
                      means
      the WARHOL Shipbuilding Contract, the INDIANA Shipbuilding Contract and
      the BRITTO Shipbuilding Contract, and each of them;

                    
	
                      "SMC"

                    	
                      means
      the safety management certificate issued in respect of each Vessel in
      accordance with rule 13 of the ISM code;

                    
	
                      "Subsidiary(ies)"

                    	
                      means,
      with respect to any Person, any business entity of which more than 50% of
      the outstanding voting stock or other equity interest is owned directly or
      indirectly by such Person and/or one or more other Subsidiaries of such
      Person and, in the case of the Guarantor, such term shall include, but not
      be limited to, the Borrowers, the Collateral Obligors and each of
      them;

                    
	
                      "Swap
      Provider"

                    	
                      means
      HSH;

                    
	
                      "Tangible
      Fixed Assets"

                    	
                      means,
      measured at the end of an Accounting Period, the value (less depreciation
      computed in accordance with GAAP) on a consolidated basis of all tangible
      fixed assets of the Security Parties as stated in the then most recent
      accounting information delivered to the Administrative Agent
      hereunder;

                    
	
                      "Taxes"

                    	
                      means
      any present or future income or other taxes, levies, duties, charges,
      fees, deductions or withholdings of any nature now or hereafter imposed,
      levied, collected, withheld or assessed by any taxing authority
      whatsoever, except for taxes on or measured by the overall net income of
      each Lender imposed by its jurisdiction of incorporation or applicable
      lending office, the United States of America, the State or City of New
      York or any governmental subdivision or taxing authority of any thereof or
      by any other taxing authority having jurisdiction over such Lender (unless
      such jurisdiction is asserted by reason of the

                    

            

          

        

      

    

    

    
      
        
           

        

        
          19

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	activities
      of any of the Security Parties);
	
                      "Tertiary
      Advance"

                    	
                      means
      with respect to each Tranche, the third Advance to be made to the
      Borrowers for the purpose of financing the fourth (launching) installment
      due under the Shipbuilding Contract with respect to the Vessel to which
      such Tranche relates; provided, however, that
      the Tertiary Advance with respect to Tranche A shall not exceed
      $6,612,200, the Tertiary Advance with respect to Tranche B shall not
      exceed $6,682,200 and the Tertiary Advance with respect to Tranche C shall
      not exceed $6,682,200;

                    
	
                      "Total
      Assets"

                    	
                      means,
      measured at the end  of an Accounting Period, the aggregate of
      Current Assets and Tangible Fixed Assets as stated in the then most recent
      financial information delivered to the Administrative Agent
      hereunder;

                    
	
                      "Total
      Loss"

                    	
                      shall
      have the meaning ascribed thereto in the Mortgages;

                    
	
                      "Tranche(s)"

                    	
                      means
      any, all or any combination, as the context requires, of Tranche A,
      Tranche B and Tranche C;

                    
	
                      "Tranche
      A"

                    	
                      means
      that portion of the Facility attributable to the WARHOL in an amount equal
      to the least of (i) Forty Million One Hundred and Forty Five Thousand Five
      Hundred Dollars ($40,145,500), (ii) eighty-five percent (85%) of the
      Construction Costs of the WARHOL, and (iii) eighty percent (80%) of the
      Fair Market Value of the WARHOL, to be made available to the Borrowers in
      four (4) Advances: an Initial Advance, a Secondary Advance, a Tertiary
      Advance and a Delivery Advance;

                    
	
                      "Tranche
      B"

                    	
                      means
      that portion of the Facility attributable to the INDIANA in an amount
      equal to the least of (i) Forty Million Five Hundred Seventy Thousand Five
      Hundred Dollars ($40,570,500), (ii) eighty-five percent (85%) of the
      Construction Costs of the INDIANA, and (iii) eighty percent (80%) of the
      Fair Market Value of the INDIANA, to be made available to the Borrowers in
      four (4) Advances: an Initial Advance, a Secondary Advance, a Tertiary
      Advance and a Delivery Advance;

                    
	
                      "Tranche
      C"

                    	
                      means
      that portion of the Facility attributable to the BRITTO in an amount equal
      to the least of (i) Forty Million Five Hundred Seventy Thousand Five
      Hundred Dollars ($40,570,500), (ii) eighty-five percent (85%) of the
      

                    

            

          

        

      

    

    

    
      
        
           

        

        
          20

          
            

          

        

        
           

        

      

    

    

    

    
      
        
          
            
              	 	
                      Construction
      Costs of the BRITTO, and (iii) eighty percent (80%) of the Fair Market
      Value of the BRITTO, to be made available to the Borrowers in four (4)
      Advances: an Initial Advance, a Secondary Advance, a Tertiary Advance and
      a Delivery Advance;

                    
	
                      "Transaction
      Document(s)"

                    	
                      means
      this Credit Facility Agreement, the Consent and Agreement, the Note, the
      Security Documents, any Interest Rate Agreement, or any of them, as the
      case may be;

                    
	
                      "Underwriter"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "Vessel(s)"

                    	
                      each
      of the WARHOL, INDIANA and BRITTO, registered or to be registered in the
      name of the relevant Borrower, as owner, as set forth in Schedule 2
      hereto, but excluding any Vessel for which a mandatory prepayment is made
      pursuant to Section 5.3; and

                    
	
                      "VOC
      GALLANT"

                    	
                      means
      that certain handymax bulker vessel owned by Jeke, with IMO Number
      9257072, built in 2002 and registered under the flag of the Republic of
      Liberia having Official No. 13736;.

                    
	
                      "Warhol"

                    	
                      shall
      have the meaning ascribed thereto in the preamble;

                    
	
                      "WARHOL"

                    	
                      means
      that certain Vessel owned or to be owned by Warhol, with Hull Number
      S-1025 and registered or to be registered under the flag of the Republic
      of Liberia;

                    
	
                      "WARHOL
      Charter Party 

                      Agreement"

                    	
                      means
      the bareboat charter agreement between the WARHOL Charterer and Warhol
      with respect to the WARHOL, with a minimum net charter rate of $14,400 per
      day and a minimum duration of 10 years;

                    
	
                      "WARHOL
      Charterer"

                    	
                      means
      Perseveranza Societa de Navigazione S.p.A.;

                    
	
                      "WARHOL
      Refund Guarantee"

                    	
                      means
      that certain letter of guarantee number 1372300009210179 dated December
      19, 2006 issued by the Refund Guarantor in favor of the Guarantor in
      connection with the WARHOL Shipbuilding Contract to be assigned to Warhol
      on or prior to the date of the initial Advance with respect to Tranche
      A;

                    
	
                      "WARHOL
      Shipbuilding 

                      Contract"

                    	
                      means
      that certain Shipbuilding Contract for construction of the vessel WARHOL
      entered into as of December 6, 2006, between the Builder and the Guarantor
      to be novated in favor of Warhol on or prior to the date of the Initial
      Advance with respect to Tranche
A;

                    

            

          

        

      

    

    

     

    
      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    

     

    
      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                           

                                        	
                                          in
      favor of Warhol on or prior to the date of the Initial Advance with
      respect to Tranche
A;

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    
1.2           Computation of Time Periods;
Other Definitional Provisions.  In the Transaction Documents,
in the computation of periods of time from a specified date to a later specified
date, the word "from" means "from and including" and the words "to" and "until"
each mean "to but excluding"; words importing either gender include the other
gender; references to "writing" include printing, typing, lithography and other
means of reproducing words in a tangible visible form; the words "including,"
"includes" and "include" shall be deemed to be followed by the words "without
limitation"; references to articles, sections (or subdivisions of sections),
exhibits, annexes or schedules are to such Transaction Document, as applicable;
references to agreements and other contractual instruments (including the
Transaction Documents) shall be deemed to include all subsequent amendments,
amendments and restatements, supplements, extensions, replacements and other
modifications to such instruments (without, however, limiting any prohibition on
any such amendments, extensions and other modifications by the terms of any
Transaction Document); references to any matter that is "approved" or requires
"approval" of a party shall mean approval given in the sole and absolute
discretion of such party unless otherwise specified.

     

    1.3           Accounting
Terms.  Unless otherwise specified herein, all accounting terms
used in the Transaction Documents shall be interpreted, and all financial
statements and certificates and reports as to financial matters required to be
delivered to the Administrative Agent or to the Lenders under this Credit
Facility Agreement shall be prepared, in accordance with generally accepted
accounting principles for the United States ("GAAP") as from time
to time in effect.

     

    1.4           Certain Matters Regarding
Materiality.  To the extent that any representation, warranty,
covenant or other undertaking of any of the Borrowers or any other Security
Party in this Credit Facility Agreement is qualified by reference to those which
are not reasonably expected to result in a "Material Adverse Effect" or language
of similar import, no inference shall be drawn therefrom that any Agent or
Lender has knowledge or approves of any noncompliance by any of the Borrowers or
any other Security Party with any governmental rule.

     

    1.5           Forms of
Documents.  Except as otherwise expressly provided in this
Credit Facility Agreement, references to documents or certificates
"substantially in the form" of Exhibits to another document shall mean that such
documents or certificates are duly completed in the form of the related Exhibits
with substantive changes subject to the provisions of Section 14.8 of this
Credit Facility Agreement, as the case may be, or the correlative provisions of
the other Transaction Documents.

     

    
      	
              2.

            	
              REPRESENTATIONS AND
      WARRANTIES

            

    

     

    2.1           Representations and
Warranties.  In order to induce the Agents and the Lenders to
enter into this Credit Facility Agreement and to induce the Lenders to make the
Facility available, each of the Borrowers (and each of the Guarantor and the
Collateral Obligors by its execution of the Consent and Agreement annexed
hereto) hereby represents and warrants to the Agents and the Lenders (which
representations and warranties shall survive the execution and delivery of this
Credit Facility Agreement and the Note and the drawdown of each Advance
hereunder) that:

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    (a)        
Due
Organization and Power.  each Security Party is duly formed and
is validly existing in good standing under the laws of its jurisdiction of
incorporation or formation, has full power to carry on its business as now being
conducted and to enter into and perform its obligations under the Transaction
Documents to which it is a party, and has complied with all statutory,
regulatory and other requirements relative to such business and such
agreements;

     

    (b)          Authorization and
Consents.  all necessary corporate action has been taken to
authorize, and all necessary consents and authorities have been obtained and
remain in full force and effect to permit, each Security Party to enter into and
perform its obligations under the Transaction Documents, to which it is a party,
and, in the case of the Borrowers, to borrow, service and repay the Advances
and, as of the date of this Credit Facility Agreement, no further consents or
authorities are necessary for the service and repayment of the Advances or any
part thereof;

     

    (c)           Binding
Obligations.  each of the Transaction Documents constitute or
will, when executed and delivered, constitute the legal, valid and binding
obligations of each Security Party as is a party thereto enforceable against
such Security Party in accordance with their respective terms, except to the
extent that such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting generally the
enforcement of creditors' rights;

     

    (d)          No
Violation.  the execution and delivery of, and the performance
of the provisions of, the Transaction Documents to which it is to be a party by
each Security Party do not contravene any applicable law or regulation existing
at any date this representation is given or any contractual restriction binding
on such Security Party or the certificate of incorporation or by-laws (or
equivalent instruments) thereof and that the proceeds of the Advances shall be
used by the Borrowers exclusively for their own account or for the account of a
Subsidiary or Affiliate of the Borrowers;

     

    (e)          Filings; Stamp
Taxes.  other than the recording of the Mortgages and the
Collateral Mortgages with the appropriate authorities for the flag state of the
Vessel to which such mortgage relates, upon the filing of such Mortgages and
Collateral Mortgages, and the filing of UCC Financing Statements in the District
of Columbia in respect of the Assignments and the Collateral Assignments, and
the payment and filing or recording fees consequent thereto, it is not necessary
for the legality, validity, enforceability or admissibility into evidence of the
Transaction Documents that any of them or any document relating thereto be
registered, filed, recorded or enrolled with any court or authority in any
relevant jurisdiction or that any stamp, registration or similar Taxes be paid
on or in relation to any of the Transaction Documents;

     

    (f)           Litigation.  except
as has been publicly disclosed by the Guarantor, no action, suit or proceeding
is pending or threatened against the Guarantor or any Subsidiary before any
court, board of arbitration or administrative agency which is reasonably likely
to result in a Material Adverse Effect;

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (g)          No
Default.  no Security Party nor any of its Subsidiaries is in
default under any material agreement by which it is bound, or is in default in
respect of any financial commitment or obligation;

     

    (h)          Vessels.  upon
the date of the making of the Delivery Advance under a Tranche, the Vessel to
which such Tranche relates:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              will
      be operationally seaworthy and in every way fit for its intended service;
      and

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

    (i)           Insurance.  each
of the Security Parties has insured its properties and assets against such risks
and in such amounts as are customary for companies engaged in similar
businesses;

     

    (j)           Financial
Information.  on or prior to the date hereof, all financial
statements, information and other data furnished by the Guarantor and/or the
Borrowers to the Administrative Agent are complete and correct, such financial
statements have been prepared in accordance with GAAP and accurately and fairly
present the financial condition of the parties covered thereby as of the
respective dates thereof and the results of the operations thereof for the
period or respective periods covered by such financial statements, and, since
the date of the Guarantor's financial statements most recently delivered to the
Administrative Agent, there has been no Material Adverse Effect as to any of
such parties and none thereof has any contingent obligations, liabilities for
taxes or other outstanding financial obligations, except as disclosed in such
statements, information and data;

     

    (k)          Tax
Returns.  the Guarantor and each of its Subsidiaries have filed
all tax returns required to be filed by them and have paid all taxes payable by
them which have become due, other than those not yet delinquent and except for
those taxes being contested in good faith and by appropriate proceedings or
other acts and for which adequate reserves shall have been set aside on its
books; 

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    (l)          
Chief Executive
Office.  the chief executive office of the Security Parties and
chief place of business and the office in which the records relating to the
earnings and other receivables of each Subsidiary are kept is located at 1
Vassillissis Sofias Str. & Meg. Alexandrou Str. 151 24, Maroussi,
Greece;

     

    (m)         Foreign Trade Control
Regulations.  none of the transactions contemplated herein will
violate the provisions of any statute or regulation enacted to prohibit or limit
economic transactions with foreign Persons including, without limitation, the
Foreign Assets Control Regulations of the United States of America
(Title 31, Code of Federal Regulations, Chapter V, Part 500, as
amended), any of the provisions of the Cuban Assets Control Regulations of the
United States of America (Title 31, Code of Federal Regulations,
Chapter V, Part 515, as amended), any of the provisions of the Iranian
Transaction Regulations of the United States of America (Title 31, Code of
Federal Regulations, Chapter V, Part 560, as amended) or any of the provisions
of the Regulations of the United States of America Governing Transactions in
Foreign Shipping of Merchandise (Title 31, Code of Federal Regulations,
Chapter V, Part 505, as amended);

     

    (n)          Equity
Ownership.  each of the Borrowers is a wholly owned subsidiary
of the Guarantor; 

     

    (o)          Environmental Matters and
Claims.  (a) except as heretofore disclosed in writing to
the Administrative Agent and the Lenders (i) the Guarantor, each of its
Subsidiaries and their Affiliates will be in compliance with all applicable
United States federal and state, local, foreign and international laws,
regulations, conventions and agreements relating to pollution prevention or
protection of human health or the environment (including, without limitation,
ambient air, surface water, ground water, navigable waters, waters
of  the contiguous zone, ocean waters and international waters),
including, without limitation, laws, regulations, conventions and agreements
relating to (1) emissions, discharges, releases or threatened releases of
chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
materials, oil, hazardous substances, petroleum and petroleum products and
by-products ("Materials of Environmental Concern"), or (2) the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Materials of Environmental Concern ("Environmental Laws");
(ii) the Guarantor, each of its Subsidiaries and their Affiliates will have
all permits, licenses, approvals, rulings, variances, exemptions, clearances,
consents or other authorizations required under applicable Environmental Laws
("Environmental Approvals") and will, when required, be in compliance with all
Environmental Approvals required to operate their business as then being
conducted; (iii) none of the Guarantor, any Subsidiary (including, for the
avoidance of doubt, the Borrowers) nor any Affiliate thereof has received any
notice of any claim, action, cause of action, investigation or demand by any
Person, entity, enterprise or government, or any political subdivision,
intergovernmental body or agency, department or instrumentality thereof,
alleging potential liability for, or a requirement to incur, material
investigator costs, cleanup costs, response and/or remedial costs (whether
incurred by a governmental entity or otherwise), natural resources damages,
property damages, personal injuries, attorneys' fees and expenses, or fines or
penalties, in each case arising out of, based on or resulting from (1) the
presence, or release or threat of release into

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

     

    the
environment, of any Materials of Environmental Concern at any location, whether
or not owned by such Person, or (2) circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law or Environmental
Approval ("Environmental Claim") (other than Environmental Claims that have been
fully and finally adjudicated or otherwise determined and all fines, penalties
and other costs, if any, payable by the Security Parties in respect thereof have
been paid in full or which are fully covered by insurance (including permitted
deductibles)); and (iv) there are no circumstances that may prevent or
interfere with such full compliance in the future; and (b) except as
heretofore disclosed in writing to the Administrative Agent there is no
Environmental Claim pending or threatened against the Guarantor, any Subsidiary
or any Affiliate thereof and there are no past or present actions, activities,
circumstances, conditions, events or incidents, including, without limitation,
the release, emission, discharge or disposal of any Materials of Environmental
Concern, that could form the basis of any Environmental Claim against such
Persons the adverse disposition of which may result in a Material Adverse
Effect; 

     

    (p)          Compliance with ISM Code,
the ISPS Code, the MTSA and Annex VI.  (i) each Collateral
Vessel complies and each Operator with respect to a Collateral Vessel complies
with the requirements of the ISM Code, the ISPS Code, the MTSA and Annex VI
including (but not limited to) the maintenance and renewal of valid certificates
pursuant thereto; and (ii) on and after the Delivery Date with respect to a
Vessel, such Vessel and each such other Vessel delivered on or prior to such
Delivery Date will comply and each Operator of any such Vessel or Vessels will
comply with the requirements of the ISM Code, the ISPS Code, the MTSA and Annex
VI including (but not limited to) the maintenance and renewal of valid
certificates pursuant thereto;

     

    (q)          No Threatened Withdrawal of
DOC, ISSC, SMC or IAPPC.  (i) there is no actual or, to the
best of each Security Parties' knowledge, threatened withdrawal of any
Operator's DOC or any Collateral Vessel's ISSC, SMC or IAPPC or other
certification or documentation related to the ISM Code, Annex VI or otherwise
required for the operation of such Collateral Vessels; and (ii) on and after the
Delivery Date with respect to a Vessel, there will be no actual or, to the best
of each Security Parties' knowledge, threatened withdrawal of any Operator's DOC
or such Vessel's (or, with respect to any such other Vessel delivered on or
prior to such Delivery Date, such other Vessel's) ISSC, SMC or IAPPC or other
certification or documentation related to the ISM Code, Annex VI or otherwise
required for the operation of such vessels in respect of any of the
Vessels;

     

    (r)           Liens.  there
are no liens of any kind on any property owned by the Guarantor or any
Subsidiary of the Guarantor other than liens pursuant to the $95M Transaction
Documents and liens occurring in the ordinary course of business and paid in a
timely manner;

     

    (s)           Financial
Indebtedness.  neither the Borrowers nor the Guarantor has, on
the date hereof, Financial Indebtedness other than as set out on Schedule 3
hereto; 

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (t)          
No Proceedings to
Dissolve.  there are no proceedings or actions pending or
contemplated by any Security Party, or, contemplated by any third party, to
dissolve or terminate any Security Party;

     

    (u)           Solvency.  in
the case of each of the Security Parties, (a) the sum of its assets, at a fair
valuation, does and will exceed its liabilities, including, to the extent they
are reportable as such in accordance with GAAP, contingent liabilities, (b) the
present fair market salable value of its assets is not and shall not be less
than the amount that will be required to pay its probable liability on its then
existing debts, including, to the extent they are reportable as such in
accordance with GAAP, contingent liabilities, as they mature, (c) it does not
and will not have unreasonably small working capital with which to continue its
business and (d) it has not incurred, does not intend to incur and does not
believe it will incur, debts beyond its ability to pay such debts as they
mature;

     

    (v)           Senior/Pari Passu
Ranking.  each of the Security Parties' obligations under the
Transaction Documents to which it is a party rank (a) at least pari passu with all its other
present and future unsecured and unsubordinated payment obligations, except for
obligations mandatorily preferred by law applying to companies generally and (b)
, with respect to the Collateral Obligors, junior to the Collateral Obligors'
obligations under the $95M Transaction Documents;

     

    (w)           Taxes on
Payments.  all amounts payable by each of the Security Parties
to the Administrative Agent under this Credit Facility Agreement and the other
Transaction Documents may be made without any deduction for Taxes;

     

    (x)           Jurisdiction/Governing
Law.  (a) the irrevocable submission by each of the Security
Parties under this Credit Facility Agreement to the jurisdiction of the courts
of the State of New York and the United States District Court for the Southern
District of New York, agreement that this Credit Facility is governed by New
York law, and agreement not to claim any immunity to which it or its assets may
be entitled are legal, valid and binding under the laws of its jurisdiction of
incorporation; and (b) any judgment obtained in the courts of the State of New
York and the United States District Court for the Southern District of New York
will be recognized and enforceable by the courts of its jurisdiction of
incorporation, subject to any statutory or other conditions of such
jurisdiction;

     

    (y)           Charter
Hire.  none of the Borrowers has received prepayments of hire
with respect to a period of longer than one month under any Charter Party
Agreement;

     

    (z)           Compliance with
Laws.  each of the Security Parties is in compliance with all
applicable laws except where the failure to comply would not alone or in the
aggregate result in a Material Adverse Effect; and

     

    (aa)         Survival.  all
representations, covenants and warranties made herein and in any certificate or
other document delivered pursuant hereto or in connection herewith shall survive
the making of the Advances and the issuance of the Note.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

     

    3.            THE ADVANCES

     

    3.1          (a)           Purposes.  The
Lenders shall make the Advances available to the Borrowers for the purpose of
refinancing and financing the construction and delivery costs of the
Vessels.

     

             
(b)           Making of the
Advances.  

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

     

    
      
        	 	 	
                 and/or
      Tertiary Advance under any Tranche prior to the relevant Delivery Date of
      the relevant Vessel.  The Lenders' obligation to make the
      relevant Delivery Advance in respect of any Tranche hereunder shall
      terminate if the conditions precedent provided in Section 4.3 are not each
      completed to the satisfaction of the Administrative Agent upon the date of
      the relevant Delivery Advance and the Administrative Agent does not
      receive a Drawdown Notice in respect of the relevant Delivery Advance at
      least three (3) Banking Days before the Final Availability
      Date.  Notwithstanding the foregoing, the Lenders' obligation to
      make any Advance in respect of any Tranche hereunder shall terminate if
      the Vessel to which such Tranche relates is not delivered to the Borrowers
      by the Final Availability Date with respect to such
      Tranche.

              
	 	 	 
	
                 
      

              	
                (iii)

              	
                Unless
      the Administrative Agent shall have received notice from a Lender prior to
      the Drawdown Date of any Advance that such Lender will not make available
      to the Administrative Agent such Lender's share of such Advance, the
      Administrative Agent may assume that such Lender has made such share
      available to the Administrative Agent on the date of such Advance in
      accordance with this Section 3.1 and the Administrative Agent may, in
      reliance upon such assumption, make available to the Borrowers on such
      date a corresponding amount.  If and to the extent that such
      Lender shall not have so made such share available to the Administrative
      Agent, such Lender and the Borrowers (but without duplication and not if
      such Lender is an affiliate of the Administrative Agent) severally agree
      to repay to the Administrative Agent forthwith on demand such
      corresponding amount together with interest thereon, for each day from the
      date such amount is made available to the Borrowers until the date such
      amount is repaid to the Administrative Agent, at (i) in the case of
      the Borrowers, a rate per annum equal to the higher of (y) the LIBOR rate
      for overnight or weekend deposits plus the Margin and (z) the interest
      rate applicable thereto pursuant to Section 6.1 and (ii) in the
      case of such Lender, the LIBOR rate for overnight or weekend
      deposits.  If such Lender shall repay to the Administrative
      Agent such corresponding amount, such amount so repaid shall constitute
      such Lender's Advance included in such Advance for purposes of this Credit
      Facility Agreement as of the date such Advance was
      made.  Nothing in this subsection (b)(iii) shall be deemed
      to relieve any Lender of its obligation to make Advances to the extent
      provided in this Credit Facility Agreement.  In the event that
      the Borrowers are

              

      

    

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    
       

      
        	
                 
      

              	
                 

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

              

      

       

    

    3.2           Drawdown
Notice.  The Borrowers shall, at least three (3) Banking
Days before a Drawdown Date, serve a notice (a "Drawdown Notice"), substantially
in the form of Exhibit I, on the Administrative Agent, which notice shall
(a) be in writing addressed to the Administrative Agent, (b) be
effective on receipt by the Administrative Agent, (c) specify the amount of
such Advance to be drawn, (d)  specify the Banking Day on which such
Advance is to be drawn and, subject to the terms of Section 6.3 hereof, the
Interest Period, (e) specify the disbursement instructions and (f) be
irrevocable.  The Administrative Agent shall deliver the Drawdown
Notice to Lenders as soon as practicable after its receipt thereof.

     

    3.3           Effect of Drawdown
Notice.  Such Drawdown Notice shall be deemed to constitute a
warranty by the Borrowers (a) that the representations and warranties
stated in Section 2 (updated mutatis mutandis) are true
and correct on and as of the date of such Drawdown Notice and will be true and
correct on and as of the relevant Drawdown Date as if made on such date, and
(b) that no Event of Default nor any event which with the giving of notice
or lapse of time or both would constitute an Event of Default has occurred and
is continuing.

     

    3.4           Notation of
Advances.  Each Advance made by the Lenders to the Borrowers
may be evidenced by a notation of the same made by the Administrative Agent on
the grid attached to the Note, which notation, absent manifest error, shall be
prima facie evidence of
the amount of the relevant Advance.

     

    
      	
              4.

            	
              CONDITIONS

            

    

     

    4.1           Conditions Precedent to
Initial Advance.  The obligation of the Lenders to make the
Facility and any Advance available to the Borrowers under this Credit Facility
Agreement shall be expressly subject to the following conditions
precedent:

     

    (a)          Corporate
Authority.  the Administrative Agent shall have received the
following documents in form and substance satisfactory to the Administrative
Agent:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

     

    
      
        	 	 	
                 Documents
      to which it is to be a party and authorizing an appropriate officer or
      officers or attorney-in-fact or attorneys-in-fact to execute the same on
      its behalf, or other evidence of such approvals and
      authorizations;

              
	 	 	 
	
                 
      

              	
                (iii)

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

              

      

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

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

            

    

     

    (b)          Transaction
Documents.  each Security Party shall have duly executed and
delivered to the Administrative Agent the following Transaction Documents to
which it is a party:

     

    
      	
               
      

            	
              (i)

            	
              this
      Credit Facility Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Consent and Agreement;

            

    

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

     

    
      
        	 	(iv)	 the
      Guaranty;
	 	 	 
	
                 
      

              	
                (v)

              	
                the
      Account Pledge with respect to the Equity and Reserve
    Account;

              

      

    

     

    
      	
               
      

            	
              (vi)

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

            

    

     

    
      	
               
      

            	
              (vii)

            	
              the
      Collateral Account Pledges with respect to the 'Earnings Accounts' under
      the $95 M Credit Agreement;

            

    

     

    
      	
               
      

            	
              (viii)

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

            

    

     

    
      	
               
      

            	
              (ix)

            	
              the
      Collateral Mortgages;

            

    

     

    
      	
               
      

            	
              (x)

            	
              the
      Assignments of Shipbuilding Contract and Refund
  Guarantees;

            

    

     

    
      	
               
      

            	
              (xi)

            	
              the
      Collateral Earnings Assignments;

            

    

     

    
      	
               
      

            	
              (xii)

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

            

    

     

    
      	
               
      

            	
              (xiii)

            	
              the
      Collateral Assignments of Charter Party Agreements;
  and

            

    

     

    
      	
               
      

            	
              (xiv)

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

            

    

     

    (c)           Solvency.  the
Administrative Agent shall have received a certificate of an officer of the
Guarantor confirming the representations and warranties with respect to solvency
set forth in the Guaranty and containing conclusions as to the solvency of each
of the Security Parties;

     

    (d)           Approved Manager
Documents.  each Approved Manager shall have duly executed and
delivered to the Administrative Agent the Approved Manager's Undertaking
relating to each of the Collateral Vessels, if applicable;

     

    (e)           Environmental
Claims.  the Administrative Agent shall be satisfied that none
of the Security Parties nor any of their Subsidiaries or their Affiliates is
subject to any Environmental Claim;

     

    (f)           Equity and Reserve
Account.  the Borrowers shall have established an equity and
reserve account (the "Equity and Reserve Account") into which Warhol shall
make

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    a deposit
of $2,833,800, Indiana shall make a deposit of $2,863,800 and Britto shall make
a deposit of $5,727,600 (each an "Equity Deposit") and into which the Borrowers
shall, collectively, make an additional deposit of $1,000,000 (the "Additional
Deposit"), each Equity Deposit and the Additional Deposit to be made prior to
the relevant Initial Advance of the relevant Tranche relating to the respective
Vessel and to be maintained in the Equity and Reserve Account pursuant to
Section 9.1(p);

     

    (g)           Compliance
Certificate.  the Administrative Agent shall have received an
executed and completed Compliance Certificate with respect to the most recently
ended fiscal quarter; 

     

    (h)           Vessel
Appraisal.  the Administrative Agent shall have received one
recent (not older than one month) independently appraised valuations evidencing
the Fair Market Value of each Vessels and each Collateral Vessel, which
valuations shall be provided at the expense of the Borrowers;

     

    (i)           Money Laundering Due
Diligence.  the Administrative Agent shall have received such
documentation and other evidence as is reasonably requested by the
Administrative Agent in order for each of the Lenders to carry out and be
satisfied with the results of all necessary "know your client" or other checks
which is required to carry out in relation to the transactions contemplated by
the Transaction Documents;

     

    (j)           Subordination
Agreement.  the Administrative Agent shall have entered into a
subordination agreement with HSH, as agent for the $95M Lenders, and consented
to by the Security Parties, in such form and substance as shall be acceptable to
the Administrative Agent in its sole discretion, pursuant to which each of $95M
Creditors shall consent to the Collateral Mortgages and the Collateral
Assignments;

     

    (k)           Shipbuilding Contracts and
Refund Guarantees.  the Administrative Agent shall have
received certified copies of (i) each executed Shipbuilding Contract in form and
substance satisfactory to the Administrative Agent and (ii) each executed Refund
Guarantee in form and substance satisfactory to the Administrative Agent and
executed by a Refund Guarantor satisfactory to the Administrative
Agent;

     

    (l)           Charter Party Agreements and
Performance Guarantees.  the Administrative Agent shall have
received certified copies of (i) each executed Charter Party Agreement in form
and substance satisfactory to the Administrative Agent and (ii) each executed
Performance Guarantee in form and substance satisfactory to the Administrative
Agent;

     

    (m)           Mortgage Recording;
Charterer Subordination.  the Administrative Agent shall have
received evidence satisfactory to it that (i) the Collateral Mortgages have been
recorded in accordance with the laws of the relevant Permitted Jurisdiction so
as to constitute a second preferred mortgage lien under the laws of such
jurisdiction and a foreign 'preferred mortgage' under Charter 313 of Title 46 of
the United States Code (46 U.S.C. §§31301 et seq.), (ii) each Collateral Vessel
is registered in the name of the applicable Collateral Obligor and
is

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

     

    free and
clear of all registered encumbrances other than the relevant $95M Mortgage and
the relevant Collateral Mortgage executed in favor of the Security Trustee and
(iii) any charterer with respect to any such Collateral Vessel has subordinated
its rights to the rights of the Security Trustee under and pursuant to the
relevant Collateral Mortgage;

     

    (n)           ISM and ISPS
Code.  the Administrative Agent shall have received a copy of
the DOC, SMC, ISSC and IAPPC with respect to each of the Collateral
Vessels;

     

    (o)           Process
Agent.  the Administrative Agent shall have received evidence
that each of the Security Parties have appointed CT Corporation System, having
an address at 111 Eighth Avenue, New York, NY 10011, as its true and lawful
attorney-in-fact and duly authorized agent for the limited purpose of accepting
service of legal process and that each Security Party has agreed that service of
process upon such party shall constitute personal service of such process upon
such Security Party.  Each of the Security Parties shall have agreed
that such appointment shall be maintained for the duration of this Credit
Facility Agreement and that if such agent shall cease to act, the Security
Parties shall immediately designate and appoint another such agent satisfactory
to the Administrative Agent evidence in writing of such other agent's acceptance
of such appointment;

     

    (p)           Legal
Opinions.  the Administrative Agent, on behalf of the Agents
and the Lenders, shall have received legal opinions addressed to the
Administrative Agent from (i) G.C. Economou & Associates, counsel for the
Security Parties in respect of, inter alia, no material
litigation or breach of contract by the Security Parties and no filings are
required in Greece, and (ii) Seward & Kissel LLP, special United
States, New York, Liberian and Marshall Islands counsel to the Agents and
Lenders in respect of inter alia, the corporate
authority of the Security Parties and the enforceability of the Transaction
Documents, in each case in such form as the Administrative Agent may require, as
well as such other legal opinions as the Administrative Agent shall have
required as to all or any matters under the laws of the United States of
America, the State of New York, the Republic of Greece, the Republic of Liberia,
the Republic of the Marshall Islands and the Republic of Malta covering the
representations and conditions which are the subjects of Section 2 and this
Section 4; and

     

    (q)           Know Your Customer
Requirements.  the Administrative Agent shall have received
documentation to its satisfaction in connection with its know your customer
requirements, including but not limited to:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              certified
      list of directors, including titles, business and residential addresses
      and dates of birth;

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    
      
        	 	(iv)	 certificate
      of ultimate beneficial ownership, certified by the respective secretary of
      such entity, from the Borrowers with respect to each other Security Party;
      and
	 	 	 
	
                 
      

              	
                (v)

              	
                non-resident
      declaration forms;

              

      

    

     

    (t)           UCC Financing
Statements.  the Administrative Agent shall have received such
Uniform Commercial Code Financing Statements for filing with the District of
Columbia and such other jurisdictions as the Administrative Agent may reasonably
require;

     

    4.2           Conditions Precedent to
Secondary Advances and Tertiary Advances.  The obligation of
the Lenders to make each Secondary Advance and each Tertiary Advance in respect
of a Tranche available to the Borrowers under this Credit Facility Agreement
shall be expressly and separately subject to the following further conditions
precedent on the relevant Drawdown Date:

     

    (a)           Builder
Invoices.  The Administrative Agent shall have
received:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

                             
(b)           Evidence of Construction
Milestone.  The Administrative Agent shall have received such
evidence (including, for example without limitation, a certificate from the
Builder as to the status of construction of the relevant Vessel) as it shall
reasonably require to demonstrate that the applicable construction milestone
(i.e. keel laying or launching) under the applicable Shipbuilding Contract has
been completed to the satisfaction of the Administrative Agent.

     

    4.3           Conditions Precedent to
Delivery Advances.  The obligation of the Lenders to make each
Delivery Advance in respect of a Tranche available to the Borrowers under this
Credit Facility Agreement shall be expressly and separately subject to the
following further conditions precedent on the relevant Drawdown
Date:

     

    (a)           The
Vessels.  the Administrative Agent shall have received evidence
satisfactory to it that the relevant Vessel:

     

    
      	
               
      

            	
              (i)

            	
              has
      been delivered to the relevant
Borrower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              is
      in the sole and absolute ownership of the relevant Borrower and duly
      registered in such Borrower's name under the flag of
  a

            

    

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

     

    
      
        	 	 	Permitted
      Jurisdiction, respectively, unencumbered, save and except for the
      Mortgage, recorded against it and as otherwise permitted
      thereby;
	 	 	 
	
                 
      

              	
                (iv)

              	
                is
      classed in the highest classification and rating for vessels of the same
      age and type with the respective Classification Society as set forth in
      Schedule 2 without any material outstanding
    recommendations;

              

      

    

     

    
      	
               
      

            	
              (v)

            	
              is
      operationally seaworthy and in every way fit for its intended service;
      and

            

    

     

    
      	
               
      

            	
              (vi)

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

            

    

     

    (b)           Vessel
Documents.  the relevant Borrower shall have duly executed (as
appropriate) and delivered to the Administrative Agent: 

     

    
      	
               
      

            	
              (i)

            	
              the
      Mortgage over its Vessel;

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Earnings Assignment with respect to its
Vessel;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      Assignment of Charter Party Agreement with respect to its
      Vessel;

            

    

     

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      Assignment Notices with respect to the above-indicated Assignments;
      and

            

    

     

    
      	
               
      

            	
              (vii)

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

            

    

     

    (c)           Mortgage Recording;
Recording Prior to Delivery to Charterer.  the Administrative
Agent shall have received evidence satisfactory to it that (i) the Mortgage over
the Vessel to which such Delivery Advance relates has been recorded in
accordance with the laws of the relevant Permitted Jurisdiction so as to
constitute a first preferred mortgage lien under the laws of such jurisdiction
and a foreign 'preferred mortgage' under Charter 313 of Title 46 of the United
States Code (46 U.S.C. §§31301 et seq.) and (ii) such Mortgage was
duly

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

     

    recorded
prior to delivery of the relevant Vessel to the Charterer under the applicable
Charter Party Agreement;

     

    (d)          Accounts.  the
relevant Borrower shall have:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    (e)          Additional
Documents.  the relevant Borrower shall have delivered to the
Administrative Agent each of the following documents:

     

    
      	
               
      

            	
              (i)

            	
              an
      executed management agreement with an Approved Manager, if applicable;
      and

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    (f)           Vessel
Liens.  the Administrative Agent shall have received evidence
satisfactory to it and to its legal advisor that, save for the liens created by
the Mortgage and the Assignments relating to such Vessel, there are no liens,
charges or encumbrances of any kind whatsoever on such Vessel or on its earnings
except as permitted hereby or by any of the Security Documents;

     

    (g)           Vessel
Appraisals.  the Administrative Agent shall have received two
(three if the first two received differ by more than fifteen percent) recent
(not older than one month) independently appraised valuations evidencing the
Fair Market Value of each of the Vessels, which valuations shall be provided at
the expense of the Borrowers;

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    (h)          
ISM and ISPS
Code.  the Administrative Agent shall have received a copy of
the DOC, SMC, ISSC and IAPPC for the Vessel to which such Delivery Advance
relates;

     

    (i)           Approved Manager
Documents.  each Approved Manager shall have duly executed and
delivered to the Administrative Agent the Approved Manager's Undertaking
relating to the relevant Vessel, if applicable;

     

    (j)           Legal
Opinions.  the Administrative Agent, on behalf of the Agents
and the Lenders, shall have received legal opinions addressed to the
Administrative Agent from (i) G.C. Economou & Associates, counsel for the
Security Parties in respect of, inter alia, no material
litigation or breach of contract by the Security Parties and no filings are
required in Greece, (ii) counsel for the Security Parties, which counsel shall
be acceptable to the Lenders in their sole discretion, in respect of, inter alia, the
enforceability, proper execution and recordation of the applicable Mortgages in
the Republic of Malta and (iii) Seward & Kissel LLP, special United States,
New York, Liberian and Marshall Islands counsel to the Agents and Lenders in
respect of, inter alia, the corporate
authority of the relevant Borrower and the enforceability of the relevant
Security Documents, in each case in such form as the Administrative Agent may
require, as well as such other legal opinions as the Administrative Agent shall
have required as to all or any matters under the laws of the United States of
America, the Republic of Greece, the State of New York, the Republic of Liberia
and the Republic of Malta or any other relevant Permitted Jurisdiction covering
the representations and conditions which are the subjects of Sections 2 and this
Section 4.

     

    4.4           Further Conditions
Precedent.  The obligation of the Lenders to make any Advance
available to the Borrower under this Credit Facility Agreement shall be
expressly and separately subject to the following further conditions precedent
on the relevant Drawdown Date:

     

    (a)           Drawdown
Notice.  the Administrative Agent having received a Drawdown
Notice in accordance with the terms of Section 3.2;

     

    (b)           Representations and
Warranties.  the representations stated in
Section 2  (updated mutatis mutandis to such date) being true and
correct as if made on and as of that date;

     

    (c)           No Event of
Default.  no Event of Default having occurred and being
continuing and no event having occurred and being continuing which, with the
giving of notice or lapse of time, or both, would constitute an Event of
Default;

     

    (d)           No Change in
Laws.  the Administrative Agent being satisfied that no change
in any applicable laws, regulations, rules or in the interpretation thereof
shall have occurred which make it unlawful for any Security Party to make any
payment as required under the terms of the Transaction Documents or any of
them;

     

    (e)           No Material Adverse
Effect.  there having been no Material Adverse Effect since the
date hereof; and

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    (f)          
Fees.  the
Administrative Agent shall have received payment in full of all fees and
expenses then due to the Agents and/or the Lenders under Section 13 and the Fee
Letter (including, without limitation, payment in full of the Arrangement Fee
(as defined in the Fee Letter)).

     

    4.5           Conditions
Subsequent.  The Borrowers shall deliver to the Administrative
Agent:

     

    (a)           within
ten (10) days after the date of first Advance made under this Agreement, duly
executed acknowledgements (in form and substance satisfactory to the
Administrative Agent) from each of the Builder and the Refund Guarantor (as
applicable) to the applicable Assignment Notice given pursuant to any Assignment
of Shipbuilding Contract and Refund Guarantee; and

     

    (b)           within
ten (10) days after the date of first Advance made under this Agreement, duly
executed acknowledgements (in form and substance satisfactory to the
Administrative Agent) from each applicable charterer and insurer of a Collateral
Vessel (as applicable) to the applicable Assignment Notice given pursuant to any
Collateral Assignment.

     

    (c)           within
ten (10) days after each Delivery Advance, the signed acknowledgment of the
relevant Charterer to the applicable Assignment of Charter Party
Agreement;

     

    (d)           within
ten (10) days after each Delivery Advance, the signed acknowledgment of the
relevant insurers with respect to the applicable Insurances
Assignment;

     

    4.6           Breakfunding
Costs.  In the event that, on the date specified for the making
of an Advance in any Drawdown Notice, the Lenders shall not be obliged under
this Credit Facility Agreement to make such Advance available, the Borrowers
shall indemnify and hold the Lenders fully harmless against any losses which the
Lenders (or any thereof) may sustain as a result of borrowing or agreeing to
borrow funds to meet the drawdown requirement of such Drawdown Notice and the
certificate of the relevant Lender or Lenders shall, absent manifest error, be
conclusive and binding on the Borrowers as to the extent of any such
losses.

     

    4.7           Satisfaction after
Drawdown.  Without prejudice to any of the other terms and
conditions of this Credit Facility Agreement, in the event the Lenders, in their
sole discretion, make any Advance prior to the satisfaction of all or any of the
conditions referred to in this Section 4, each of the Borrowers hereby covenants
and undertakes to satisfy or procure the satisfaction of such condition or
conditions within fourteen (14) days after the relevant Drawdown Date (or
such longer period as the Lenders, in their sole discretion, may
agree).

     

    
      	
              5.

            	
              REPAYMENT AND
      PREPAYMENT

            

    

     

    5.1           Repayment.  (a)
Subject to the provisions of this Section 5 regarding prepayments and the
application thereof and subject to repayment of the Facility at the Lenders'
demand pursuant to Section 6.1(b), the Borrowers shall, on the Payment Dates,
repay the principal amount of that portion of the Facility attributable
to:

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

     

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

              
	 	 	 
	
                 
      

              	
                (ii)

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

              

      

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    
       

      
        	
                 
      

              	
                 

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

              

      

       

    

    (b)      
In the event that any Delivery Advance under any Tranche is not drawn down by
the Final Availability Date with respect to such Tranche, such Tranche shall be
repaid in full on the Final Availability Date with respect to such Tranche
together with accrued interest and breakage costs as applicable.

     

    5.2          Voluntary Prepayment; No
Re-Borrowing.  The Borrowers may prepay, upon seven (7) Banking
Days written notice, any outstanding Advance or any portion thereof, without
penalty, provided that if such prepayment is made on a day other than the last
day of the Interest Period of such Advance such prepayment shall be made
together with the costs and expenses provided for in Section
5.5.  Each prepayment shall be in a minimum amount of One Million
Dollars ($1,000,000) plus any One Million Dollar ($1,000,000) multiple thereof
or the full amount of the then outstanding Tranches.  Prepayments
shall be applied to the remaining payments on a pro-rata basis and will not be
available for re-borrowing.

     

    5.3          Mandatory Prepayment Upon
Sale or Loss of Vessel.  On (i) any sale of a Vessel or (ii)
the earlier of (x) one hundred eighty (180) days after the Total Loss of a
Vessel or (y) the date on which the insurance proceeds in respect of such loss
are received by the Borrowers or the Security Trustee as assignee thereof or
(iii) any of the Borrowers is released from its obligations hereunder, the
Borrowers shall prepay the Facility and/or any commitment of the Lenders under
the Facility will be reduced in an amount equal to the greater of (i) the
amounts outstanding under the Tranche to which such Vessel relates and (ii) the
amount required to ensure that the Hull Cover Ratio in relation to the remaining
Vessels is not less than the Required Percentage.   Any
prepayment under this Section 5.3 shall be applied towards the remaining
scheduled installments in inverse order of maturity.

     

    5.4          Sale or Loss of Collateral
Vessel.  On (i) any sale of a Collateral Vessel or (ii) the
earlier of (x) one hundred eighty (180) days after the Total Loss of a
Collateral Vessel or (y) the date on which the insurance proceeds in respect of
such loss are received by the Collateral Obligors or the Security Trustee as
assignee thereof, the Borrowers shall ensure that any sale or insurance proceeds
with respect to such Collateral Vessel, to the extent that any such proceeds
remain after giving effect to the prepayment provisions with respect to such
Collateral Vessel in the $95M Transaction Documents, are deposited in the Equity
and Reserve Account and any such funds shall, at the election of the Borrowers,
either (A) remain in the Equity and Reserve Account until the Borrowers'
obligations under this Credit Facility Agreement, the Note and the Security
Documents have been satisfied in full or (B) be used to prepay the
Facility.

     

    5.5        Interest and Costs with
Prepayments/Application of Prepayments.  Any prepayment of the
Advances made hereunder (including, without limitation, those made pursuant to
Sections 5 and 9.4) shall be subject to the condition that on the date of
prepayment all accrued interest to the date of such prepayment shall be paid in
full with respect to the Advances or portions thereof being 

     

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    prepaid,
together with any and all costs or expenses incurred by any Lender in connection
with any breaking of funding (as certified by such Lender, which certification
shall, absent any manifest error, be conclusive and binding on the
Borrowers).  

     

    6.            
INTEREST AND RATE

     

    6.1           Applicable
Rate.  (a) Each Advance shall bear interest at the Applicable
Rate, which shall be defined as the rate per annum which is equal to the
aggregate of (1) LIBOR for the relevant Interest Period, plus (2)
 Mandatory Costs, plus (3) the Margin.  The Applicable Rate shall
be determined by the Administrative Agent two (2) Banking Days prior to the
first (1st) day of
the relevant Interest Period and the Administrative Agent shall promptly notify
the Borrowers in writing of the Applicable Rate as and when
determined.  Each such determination, absent manifest error, shall be
conclusive and binding upon the Borrowers.

     

    (b)           The
Lenders and the Borrowers shall negotiate in good faith to determine the Margin
for the period following the Margin Final Date; provided, however, that should
an agreement on the Margin for the period following the Margin Final Date not be
reached between the Lenders and the Borrowers by two (2) days before the Margin
Final Date, the Lenders shall as of the Margin Final Date be entitled to demand
immediate repayment of the outstanding Facility together with accrued interest
thereon.

     

    6.2           Default
Rate.  Any amounts due under this Credit Facility Agreement,
not paid when due, whether by acceleration or otherwise, shall bear interest
thereafter from the due date thereof until the date of payment at a rate per
annum equal to (i) the Applicable Rate, plus two percent (2%) per annum
(the "Default Rate").  In addition, following the occurrence of any
Event of Default  and until such Event of Default is cured to the
satisfaction of the Majority Lenders, the Facility shall bear interest at the
Default Rate.

     

    6.3           Interest
Periods.  The Borrowers shall give the Administrative Agent an
Interest Notice specifying the Interest Period selected for the next subsequent
Interest Period at least three (3) Banking Days prior to the end of any
then existing Interest Period, which notice the Administrative Agent agrees to
forward on to all Lenders on a same day basis or as soon as
practicable.  If at the end of any then existing Interest Period the
Borrowers fail to give an Interest Notice, the relevant Interest Period shall be
three (3) months.  The Borrowers' right to select an Interest
Period shall be subject to the restriction that no selection of an Interest
Period shall be effective unless each Lender is satisfied that the necessary
funds will be available to such Lender for such period and that no Event of
Default or event which, with the giving of notice or lapse of time, or both,
would constitute an Event of Default shall have occurred and be continuing, in
which case the Interest Period shall be determined by the Administrative Agent
in its sole discretion.  Interest Periods for each Tranche hereunder
shall be consolidated as soon as practicable, but in no event later than thirty
(30) days after the delivery of the Vessel to which such Tranche
relates.  The Borrowers shall reimburse the Lenders for any and all
costs or expenses incurred by the Lenders in connection with any breaking of
funding (as certified by each Lender, which certification, absent manifest
error, shall be conclusive and binding on the Borrowers) as a consequence of
such consolidation.  Unless and until the Borrowers and the Lenders
agree to a Margin for the period following the Margin Final Date, no Interest
Period shall extend beyond the Margin Final Date.

     

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

     

    6.4           Interest
Payments.  Accrued interest on the Facility shall be payable in
arrears on the last day of each Interest Period, except that if the Borrowers
shall select an Interest Period in excess of three (3) months, accrued interest
shall be payable during such Interest Period on each three (3) month
anniversary of the commencement of such Interest Period and upon the end of such
Interest Period (each an "Interest Payment Date"). 

     

    
      	
              7.

            	
              PAYMENTS

            

    

     

    7.1           Place of Payments, No Set
Off.  All payments to be made hereunder by the Borrowers shall
be made to the Administrative Agent, not later than 10 a.m. New York time (any
payment received after 10 a.m. New York time shall be deemed to have been paid
on the next Banking Day) on the due date of such payment, at its office located
at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or to such other office
of the Administrative Agent as the Administrative Agent may direct, without
set-off or counterclaim and free from, clear of, and without deduction or
withholding for, any Taxes, provided, however, that if the Borrowers shall at
any time be compelled by law to withhold or deduct any Taxes from any amounts
payable to the Lenders hereunder, then the Borrowers shall pay such additional
amounts in Dollars as may be necessary in order that the net amounts received
after withholding or deduction shall equal the amounts which would have been
received if such withholding or deduction were not required and, in the event
any withholding or deduction is made, whether for Taxes or otherwise, the
Borrowers shall promptly send to the Administrative Agent such documentary
evidence with respect to such withholding or deduction as may be required from
time to time by the Lenders, including evidence that the Borrowers have duly
paid the withholding or deductions as required.

     

    7.2           Tax
Credits.  If any Lender obtains the benefit of a credit against
the liability thereof for federal income taxes imposed by any taxing authority
for all or part of the Taxes as to which the Borrowers have paid additional
amounts as aforesaid in Section 7.1, then such Lender shall pay an amount
to the Borrowers which that Lender determines will leave it (after such payment)
in the same position as it would have been had the Tax payment not been made by
the Borrowers.  

     

    7.3           Sharing of
Setoffs.  Each Lender agrees that if it shall, through the
exercise of a right of banker's lien, setoff or counterclaim or pursuant to a
secured claim under Section 506 of the Federal Bankruptcy Code or other security
or interest arising from, or in lieu of, such secured claim, exercised or
received by such Lender under any applicable bankruptcy, insolvency or other
similar law or otherwise, or by any other means, obtain payment (voluntary or
involuntary) in respect of any Advance or Advances as a result of which its
funded Commitment shall be proportionately less than the funded Commitment of
any other Lender, it shall be deemed simultaneously to have purchased from such
other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the funded Commitment of such other
Lender so that the aggregate funded Commitment of each Lender shall be in the
same proportion to the aggregate funded Commitments then outstanding as its
funded Commitment prior to such exercise of banker's lien, setoff or
counterclaim or other event was to the principal amount of all funded
Commitments outstanding prior to such exercise of banker's lien, setoff or
counterclaim or other event; provided, however, that, if any
such purchase or purchases or adjustments shall be made pursuant to this Section
7.3 and the payment giving rise thereto shall thereafter be recovered, such
purchase or purchases or adjustments shall be rescinded to the extent of such
recovery and the purchase price or 

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

     

    prices or
adjustment restored without interest.  Any Lender holding a
participation in a funded Commitment deemed to have been so purchased may
exercise any and all rights of banker's lien, setoff or counterclaim with
respect to any and all moneys owing to such Lender by reason thereof as fully as
if such Lender had made an Advance in the amount of such
participation.  Each of the Borrowers expressly consent to the
foregoing arrangement.

     

    7.4           Computations; Banking
Days.  (A)    All computations of interest and
fees shall be made by the Administrative Agent or the Lenders, as the case may
be, on the basis of a 360-day year, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period for
which interest or fees are payable.  Each determination by the
Administrative Agent or the Lenders of an interest rate or fee hereunder shall
be conclusive and binding for all purposes, absent manifest error;

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
              8.

            	
              EVENTS OF
      DEFAULT

            

    

     

    8.1           Events of
Default.  The occurrence of any of the following events shall
be an Event of Default:

     

    (a)           Non-Payment of
Principal.  any payment of principal is not paid when due;
or

     

    (b)           Non-Payment of Interest or
Other Amounts.  any interest or any other amount becoming
payable to any of the Finance Parties under any of the Transaction Documents is
not paid within three (3) Banking Days of the due date or date of demand (as the
case may be); or

     

    (c)           Representations.  any
representation, warranty or other statement made by any of the Borrowers in this
Credit Facility Agreement or by any Security Party in any of the Transaction
Documents or in any other instrument, document or other agreement delivered in
connection herewith or therewith proves to have been untrue or misleading in any
material respect as at the date as of which made or confirmed; or

     

    (d)           Impossibility;
Illegality.  it becomes impossible or unlawful for any of the
Security Parties to fulfill any of its covenants or obligations hereunder, under
the Note or under any of the Transaction Documents or for any of the Finance
Parties to exercise any of the rights vested in any of them hereunder, under the
Note or under any of the other Transaction Documents; or

     

     

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    (e)           Mortgage.  there
is an event of default under any Mortgage or Collateral Mortgage; or

    (f)           
Covenants.  any
Security Party (i) defaults in the due and punctual observance or performance of
Sections 9.1(c), 9.1(h), 9.1(j), 9.1(k), 9.1(m), 9.1(n), 9.2(h) or 9.2(k) and
such default continued unremedied for a period of sixty (60) days or (ii)
defaults under any other term, covenant or agreement contained in any of the
Transaction Documents or in any other instrument, document or other agreement
delivered in connection herewith or therewith, or there occurs any other event
which constitutes a default under any of the Transaction Documents, in each case
other than an Event of Default referred to elsewhere in this Section 8.1;
or

     

    (g)           Debt.  any
Security Party shall default in the payment when due of any Debt or of any other
debt, in either case, in the outstanding principal amount equal to or exceeding
Five Hundred Thousand Dollars ($500,000) or such debt or debt is, or by reason
of such default is subject to being, accelerated or any party becomes entitled
to enforce the security for any such Debt or debt and such party shall take
steps to enforce the same, unless such default or enforcement is being contested
in good faith and by appropriate proceedings or other acts and the Security
Party, Subsidiary or Affiliate of the Guarantor, as the case may be, shall set
aside on its books adequate reserves with respect thereto; or

     

    (h)           Ownership of Borrowers or
Collateral Obligors.  the Guarantor shall cease to own directly
or indirectly, one hundred percent (100%) of any of the Borrowers or the
Collateral Obligors; or

     

    (i)           Bankruptcy.  any
Security Party or any Subsidiary or any Affiliate of the Guarantor commences any
proceeding under any reorganization, arrangement or readjustment of debt,
dissolution, winding up, adjustment, composition, bankruptcy or liquidation law
or statute of any jurisdiction, whether now or hereafter in effect (a
"Proceeding"), or there is commenced against any thereof any Proceeding and such
Proceeding remains undismissed or unstayed for a period of thirty (30) days or
any receiver, trustee, liquidator or sequestrator of, or for, any thereof or any
substantial portion of the property of any thereof is appointed and is not
discharged within a period of thirty (30) days or any thereof by any act
indicates consent to or approval of or acquiescence in any Proceeding or the
appointment of any receiver, trustee, liquidator or sequestrator of, or for,
itself or of, or for, any substantial portion of its property; or

     

    (j)           Termination of Operations;
Sale of Assets.  except as expressly permitted under this
Credit Facility Agreement, any Security Party ceases its operations or sells or
otherwise disposes of all or substantially all of its assets or all or
substantially all of the assets of any Security Party are seized or otherwise
appropriated; or

     

    (k)           Judgments.  any
judgment or order is made, the effect whereof would be to render ineffective or
invalid any of the Transaction Documents or any material provision thereof, or
any Security Party asserts that any such agreement or provision thereof is
invalid; or

     

    
 

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

     

    
       

      (l)           Inability to Pay
Debts.  any Security Party or any Subsidiary or any Affiliate
of the Guarantor is unable to pay or admits its inability to pay its debts as
they fall due or a moratorium shall be declared in respect of any material
indebtedness of any Security Party or any Affiliate of the Guarantor;
or

    

    (m)         
Change in Financial
Position.  any change in the financial position of any Security
Party or any Affiliate of the Guarantor which, in the opinion of the Majority
Lenders, shall have a Material Adverse Effect; or

     

    (n)           Change in
Control.  a Change of Control shall occur with respect to the
Guarantor; or 

     

    (o)           Cross-Default.  any
Security Party or any Subsidiary or any Affiliate of the Guarantor defaults
under any material contract or material agreement, including, without
limitation, any $95M Transaction Document, to which it is a party or by which it
is bound.

     

    Upon and
during the continuance of any Event of Default, the Lenders' obligation to make
any Advance available shall cease and the Administrative Agent may, and on the
instructions of the Majority Lenders shall, by notice to the Borrowers, declare
the entire unpaid balance of the then outstanding Advances, accrued interest and
any other sums payable by the Borrowers hereunder or under the Note due and
payable, whereupon the same shall forthwith be due and payable without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived; provided that upon the happening of an event specified in
subsections (i) or (l) of this Section 8.1 with respect to the
Borrowers, the Note shall be immediately due and payable without declaration or
other notice to the Borrowers.  In such event, the Lenders may proceed
to protect and enforce their rights by action at law, suit in equity or in
admiralty or other appropriate proceeding, whether for specific performance of
any covenant contained in any Transaction Document, or in aid of the exercise of
any power granted herein or therein, or the Lenders may proceed to enforce the
payment of the Note or to enforce any other legal or equitable right of the
Lenders, or proceed to take any action authorized or permitted under the terms
of any Transaction Document or by applicable law for the collection of all sums
due, or so declared due, on the Note.  Without limiting the foregoing,
each of the Borrowers agrees that during the continuance of any Event of Default
each of the Lenders shall have the right to appropriate and hold or apply
(directly, by way of set-off or otherwise) to the payment of the obligations of
the Borrowers to the Lenders hereunder and/or under the Note (whether or not
then due) all moneys and other amounts of the Borrowers then or thereafter in
possession of any Lender, the balance of any deposit account (demand or time,
mature or unmatured) of the Borrowers then or thereafter with any Lender and
every other claim of the Borrowers then or thereafter against any of the
Lenders.

     

    8.2           Indemnification.  Each
of the Borrowers agrees to, and shall, indemnify and hold the Finance Parties
harmless against any loss, as well as against any costs or expenses (including
legal fees and expenses), which any of the Finance Parties sustains or incurs as
a consequence of any default in payment of the principal amount of the Facility,
interest accrued thereon or any other amount payable hereunder, under the Note
or under any Transaction Document, including, but not limited to, all actual
losses incurred in liquidating or re-employing fixed deposits made by third
parties or funds acquired to effect or maintain the Facility or any portion
thereof.  Any Finance 

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

     

     

    Party's certification of such costs and expenses shall, absent any manifest
error, be conclusive and binding on the Borrowers.

       

      8.3           Application of
Moneys.  Except as otherwise provided in any Transaction
Document, all moneys received by the Agents or the Lenders under or pursuant to
this Credit Facility Agreement, the Note
or any of the other Transaction Documents after the happening of any Event of
Default (unless cured to the satisfaction of the Majority Lenders) shall be
applied by the Administrative Agent in the following manner:

    

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

            	
              second,
      in or towards payment of any interest owing in respect of the
      Facility,

            

    

     

    
      	
               
      

            	
              (C)

            	
              third,
      in or towards repayment of principal owing in respect of the
      Facility,

            

    

     

    
      	
               
      

            	
              (D)

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

            

    

     

    
      	
               
      

            	
              (E)

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

            

    

     

    
      	
               
      

            	
              (F)

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

            

    

     

    
      	
              9.

            	
              COVENANTS

            

    

     

    9.1           Affirmative
Covenants.  Each of the Borrowers (and the Guarantor and each
of the Collateral Obligors by its execution of the Consent and Agreement annexed
hereto), hereby covenant and undertake with the Lenders that, from the date
hereof and so long as any principal, interest or other moneys are owing in
respect of any of the Transaction Documents, it will:

     

    (a)           Performance of
Agreements.  duly perform and observe, and procure the
observance and performance by all other parties thereto (other than the Agents
and the Lenders) of, the terms of the Transaction Documents;

     

    
      
        
           

        

        
          47

          
            

          

        

        
           

        

      

    (b)           Notice of Default,
etc.  promptly upon, and in any event no later than three (3)
Banking Days after, obtaining knowledge thereof, inform the Administrative Agent
of the occurrence of (a) any Event of Default or of any event which, with
the giving of notice or lapse of time, or both, would constitute an Event of
Default, (b) any litigation or governmental proceeding
pending or threatened against it or against any of its Subsidiaries which could
reasonably be expected to have a Material Adverse Effect, including but not
limited to, in respect of any Environmental Claim, (c) the withdrawal of any
Vessel's rating by its Classification Society or the issuance by the
Classification Society of any material recommendation or notation affecting
class and (d) any other event or condition which is reasonably likely to
have a Material Adverse Effect;

     

    (c)          Obtain
Consents.  without prejudice to Section 2.1 and this
Section 9.1, obtain and maintain every consent and do all other acts and
things which may from time to time be necessary or advisable for the continued
due performance of all its and the other Security Parties' respective
obligations under the Transaction Documents;

     

    (d)          Financial
Information.  deliver to each Lender:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    

      
        
           

        

        
          48

          
            

          

        

        
           

        

      

    

     

     

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

                  
	 	 	 
	
                     
      

                  	
                    (iv)

                  	
                    promptly
      upon the mailing thereof to the shareholders of the Guarantor, copies of
      all financial statements, reports, proxy statements and other
      communications provided to the Guarantor's
  shareholders;

                  

          

        

      

    

     

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

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

            

    

     

    (e)           Vessel
Valuations.  reimburse the Administrative Agent for the cost of
appraisals of the Fair Market Value of the Vessels.  The
Administrative Agent shall be entitled to obtain such valuations (1) in
connection with the Vessels from two ship brokers approved by the Lenders one
time per Vessel in each calendar year, to be delivered on each six month
anniversary of the date of the Initial Advance relating to the Tranche for such
Vessel, (2) in connection with the Collateral Vessels from one ship broker
approved by the Lenders one time per Vessel in each calendar year, to be
delivered on each anniversary of the date of this Agreement and (3) upon the
occurrence of an Event of Default;

     

    (f)           Corporate
Existence.  do or cause to be done, and procure that each
Subsidiary of the Guarantor shall do or cause to be done, all things necessary
to preserve and keep in full force and effect its corporate existence, or
limited liability company existence, as the case may be, and all licenses,
franchises, permits and assets necessary to the conduct of its
business;

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

     

     

    
      (g)           Books and
Records.  at all times keep, and cause each Subsidiary of the
Guarantor to keep, proper books of record and account into which full and
correct entries shall be made in accordance with GAAP;

       

      (h)           Taxes and
Assessments.  pay and discharge, and cause each Subsidiary of
the Guarantor to pay and discharge, all taxes, assessments and governmental
charges or levies imposed upon it or upon its income or property prior to the
date upon which penalties attach
thereto; provided, however, that it
shall not be required to pay and discharge, or cause to be paid and discharged,
any such tax, assessment, charge or levy so long as the legality thereof shall
be contested in good faith and by appropriate proceedings or other acts and it
shall set aside on its books adequate reserves with respect
thereto;

    

     

    (i)           Inspection.  allow,
and cause each Subsidiary to allow, upon ten (10) Banking Days notice from the
Administrative Agent, any representative or representatives designated by the
Administrative Agent, subject to applicable laws and regulations, to visit and
inspect any of its properties, and, on request, to examine its books of account,
records, reports, agreements and other papers and to discuss its affairs,
finances and accounts with its officers, all at such times and as often as the
Administrative Agent requests;

     

    (j)           Inspection and Survey
Reports.  if the Lenders shall so request, permit the Lenders
to inspect any Vessel or any Collateral Vessel and shall provide the Lenders
with copies of all internally generated inspection or survey reports on the
Vessels and the Collateral Vessels, provided, however, that if the
Vessels and the Collateral Vessels are found in satisfactory condition, the cost
of such inspections shall be borne by the Borrowers not more than once a
year;

     

    (k)           Compliance with Statutes,
Agreements, etc.  do or cause to be done, and cause each
Subsidiary to do and cause to be done, all things necessary to comply with all
contracts or agreements to which it, or any Subsidiary is a party, and all laws,
and the rules and regulations thereunder, applicable to the Borrowers, the
Guarantor or such Subsidiary, including, without limitation, those laws, rules
and regulations relating to employee benefit plans and environmental
matters;

     

    (l)           Environmental
Matters.  promptly upon the occurrence of any of the following
conditions, provide to the Administrative Agent a certificate of an executive
officer thereof, specifying in detail the nature of such condition and its
proposed response or the response of its Environmental
Affiliates:  (a) its receipt or the receipt by any other Security
Party or any Environmental Affiliates of the Borrowers or any other Security
Party of any written communication whatsoever that alleges that such Person is
not in compliance with any applicable Environmental Law or Environmental
Approval, if such noncompliance could reasonably be expected to have a Material
Adverse Effect, (b) knowledge by it, or by any other Security Party or any
Environmental Affiliates of the Borrowers or any other Security Party that there
exists any Environmental Claim pending or threatened against any such Person,
which could reasonably be expected to have a Material Adverse Effect, or
(c) any release, emission, discharge or disposal of any material that could
form the basis of any Environmental Claim against it, any other Security Party
or against any Environmental Affiliates of the 

     

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

     

    Borrowers
or any other Security Party, if such Environmental Claim could reasonably be
expected to have a Material Adverse Effect.  Upon the written request
by the Administrative Agent, it will submit to the Administrative Agent at
reasonable intervals, a report providing an update of the status of any issue or
claim identified in any notice or certificate required pursuant to this
subsection; 

     

    (m)          
Vessel
Management.  cause each of the Vessels to be technically and
commercially managed properly and maintained according to shipping industry
standards.  At the termination of any of the Charter Party Agreements,
cause the respective Vessel to be managed commercially by Top Tanker Management
Inc., which may subcontract the technical management of such Vessel to V. Ships
or Hanseatic or any other management company acceptable to the Majority
Lenders;

     

    (n)           ISM Code, ISPS Code, MTSA
and Annex VI Matters.  (i) procure that the Operator will
comply with and ensure each of the Vessels and Collateral Vessels will comply
with the requirements of the ISM Code, ISPS Code, MTSA and Annex VI in
accordance with the implementation schedule thereof, including (but not limited
to) the maintenance and renewal of valid certificates and when required,
security plans, pursuant thereto; and (ii) will procure that the Operator will
immediately inform the Administrative Agent if there is any threatened or actual
withdrawal of its DOC, SMC, the ISSC or IAPPC in respect of any Vessel or any
Collateral Vessel; and upon the request of the Administrative Agent (iii) will
procure that the Operator will promptly inform the Administrative Agent upon the
issuance to the Borrowers or Operator of a DOC and the issuance to any Vessel or
any Collateral Vessel of an SMC, ISSC or IAPPC;

     

    (o)           Brokerage Commissions,
etc.  indemnify and hold each of the Agents and the Lenders
harmless from any claim for any brokerage commission, fee, or compensation from
any broker or third party resulting from the transactions contemplated
hereby;

     

    (p)           Deposit Accounts;
Assignment.  , in the case of each of the Borrowers, (i) on and
after its establishment pursuant to Section 4.3(d) maintain an Earnings Account
and deposit therein all Assigned Monies (other than as provided in this Section
9.1(p)); (ii) maintain the Equity and Reserve Account and maintain the funds
deposited therein pursuant to Section 4.1(f); provided, however, that the
Additional Deposit shall be released to the Borrowers on the date of the
Delivery Advance with respect to the last delivered Vessel; provided, further, that such
funds from the Equity Deposits shall be remitted to the Builder from time to
time upon satisfaction of the conditions set forth in Section 4.2 for payment of
the relevant Borrower's equity portion of the third (keel laying) or fourth
(launching) installment under the relevant Shipbuilding Contract; provided further that the
Administrative Agent shall not release: (A) funds from the Equity Deposits in an
aggregate amount of more than (1) $2,083,800 to Warhol (2) $2,113,800 to
Indiana, and (3) $4,977,600 to Britto (for the avoidance of doubt, $750,000 per
Vessel of the Equity Deposits shall remain deposited in the Equity and Reserve
Account throughout the tenor of the Facility and shall thereafter be remitted to
the relevant Borrowers (1/3 each) upon repayment of the Facility); or (B) the
Additional Deposit unless in accordance with the provision above; or (C) the
proceeds of any sale or loss of a Collateral Vessel received into the Equity and
Reserve Account pursuant to 

     

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

     

    Section
5.4 unless in repayment of the Facility or until the Borrowers' obligations
under this Credit Facility Agreement, the Note and the Security Documents have
been satisfied in full; and (iii) on and after its establishment pursuant to
Section 4.3(d) maintain the Retention Account and shall ensure that the
Retention Amount is transferred each month (from its Earnings Accounts or from
such other account(s) of the Borrower(s)) to the Retention Account;

     

    (q)       
Insurance.  (i)
maintain, and cause each other Security Party to maintain, with financially
sound and reputable insurance companies satisfactory to the Administrative
Agent, insurance on all their respective properties and against all such risks
and in at least such amounts as are usually insured against by companies of
established reputation engaged in the same or similar business from time to
time, including, but not limited to (A) hull and machinery insurance (fire,
marine and other risks, including excess risks and war risks) in an amount of
not less than 120% of the Facility or the Fair Market Value of the Vessels,
whichever is higher, and (B) protection and indemnity insurance at the highest
possible cover available (as of the date of this Credit Facility Agreement,
$1,000,000,000 for oil pollution claims) and with a P&I club satisfactory to
the Administrative Agent, and (ii) reimburse the Security Trustee for all costs
of acquiring and maintaining (A) mortgagee's interest insurance ("MII") in an
amount of not less than 120% of the Facility and (B) mortgagee's additional
perils pollution insurance ("MAP") in an  amount of not less than 110%
of the Facility;

     

    (r)           Interest Rate
Agreements.  provide the Swap Provider with a right of first
refusal to quote for interest rate swap contracts and all other interest rate
hedging related instruments with respect to the Facility.  The
Borrowers further undertake with the Swap Provider to hedge at least 75% of the
amount of the Facility for a period ending on August 30, 2013 which hedge shall
commence within two (2) months of the date on which the first Advance is drawn
under the Facility; and

     

    (s)           Subordination of General and
Administrative Costs.  take such steps are necessary and as may
be advisable to ensure that all general and administrative costs (including,
without limitation, ship management fees due and payable to an Approved Manager
under any management agreement, if applicable) incurred in connection with the
ownership and operation of the Vessels shall be subordinated to the Borrowers'
debt service obligations with respect to the Facility.

     

    9.2           Negative
Covenants.  Each of the Borrowers (and the Guarantor and each
of the Collateral Obligors by its execution of the Consent and Agreement annexed
hereto) hereby covenants and undertakes with the Lenders that, from the date
hereof and so long as any principal, interest or other moneys are owing in
respect of any of the Transaction Documents, it will not, without the prior
written consent of the Majority Lenders (or all of the Lenders if required by
Section 14.8): 

     

    (a)           Liens.  create,
assume or permit to exist, any mortgage, pledge, lien, charge, encumbrance or
any security interest whatsoever upon any Collateral or other property
except:

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

    
      
         

        
          	
                   
      

                	
                  (i)

                	
                  the
      Mortgages, the Collateral Mortgages, the Assignments, the Collateral
      Assignments and other liens in favor of the Security
    Trustee;

                

        

         

        
          	
                   
      

                	
                  (ii)

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

                

        

         

      

      
        	
                 
      

              	
                (iii)

              	
                liens,
      charges and encumbrances on the Collateral Vessels in connection with the
      $95M Transaction Documents;

              

      

    

     

    (b)           Debt.  (i)
with respect to each of the Borrowers and the Collateral Obligors, incur any
Debt, excluding Debt to the Agents or any of the Lenders hereunder, other than
under the $95M Transaction Documents or in the ordinary course of business, and
with respect to the Guarantor, incur any Debt that would violate Section 9.3,
(ii) permit any Subsidiary of the Guarantor to incur any Debt that would cause
the Guarantor to be in default under any provision of Section 9.3 or (iii)
permit the Guarantor to make advances or extend credit to, or become obligated,
contingently or otherwise, in respect of any Debt of, any
Subsidiary;

     

    (c)           Change of Flag, Class,
Management or Ownership.  change the flag of any Vessel or
Collateral Vessel other than to a Permitted Jurisdiction, their Classification
Society other than to another member of the International Association of
Classification Societies designated by the Borrowers and approved by the
Administrative Agent, the technical management of any Vessel other than to one
or more technical management companies acceptable to the Majority Lenders or the
immediate or ultimate ownership of any Vessel or Collateral Vessel;

     

    (d)           Chartering.  (i)
enter into any bareboat charter with any party other than the Charterers or a
Subsidiary or an Affiliate of the Borrowers or the Guarantor, with respect to
any of the Vessels having a duration of, including any options to extend such
charter, more than twelve (12) months and (ii) with respect to the Charter Party
Agreements and the Performance Guarantees, amend, alter, terminate, assign or
otherwise adversely effect the rights of the Lenders hereunder, without the
prior consent of the Administrative Agent (acting on behalf of the Majority
Lenders); 

     

    (e)           Change in
Business.  materially change the nature of its business or
commence any business materially different from its current
business;

     

    (f)           Sale or Pledge of
Shares.  with respect to the Guarantor, sell, assign, transfer,
pledge or otherwise convey or dispose of any of the shares (including by way of
spin-off, installment sale or otherwise) of the capital stock, or limited
liability company interests, as the case may be of any of the Borrowers or
Collateral Obligors;

     

    (g)           Sale of
Assets.  with respect to each of the Borrowers or Collateral
Obligors, sell, or otherwise dispose of, any Vessel or Collateral Vessel (unless
otherwise in 

    
 

    
      
        
           

        

        
          53

          
            

          

        

        
           

        

      

    

     

    accordance with this Credit Facility Agreement) or any other asset
(including  by way of spin-off, installment sale or otherwise) which
is substantial in relation to its assets taken as a whole, other than such sales
by the one Borrower to another;

     

    (h)           Changes in
Offices.  change the location of the chief executive office of
any Security Party, the office of the chief place of business of any such
parties or the office of the Security Parties in which the records relating to
the earnings or insurances of any Vessel are kept unless the Lenders shall have
received thirty (30) days prior written notice of such change;

    (i)    Consolidation and
Merger.  consolidate with, or merge into, any corporation or
other entity, or merge any corporation or other entity into it; 

     

    (j)           Change Fiscal
Year.  change its fiscal year;

     

    (k)           Limitations on Ability to
Make Distributions.  create or otherwise cause or permit to
exist or become effective any consensual encumbrance or restriction on the
ability of any Borrower to (i) pay dividends or make any other
distributions on its capital stock or limited liability company interests, as
the case may be, to the Guarantor or any Borrower or pay any Debt owed to the
Guarantor, (ii) make any loans or advances to the Guarantor, or
(iii) transfer any of its property or assets to the Guarantor;

     

    (l)           Use of Corporate
Funds.  permit any Borrower to pay out any funds to any Person
except (i) in the ordinary course of business in connection with the
management of the business of the Guarantor and its Subsidiaries, including the
operation and/or repair of any of the Vessels and other vessels owned or
operated by such parties and (ii) the servicing of the Debt permitted
hereunder;

     

    (m)           Issuance of
Shares.  permit any Borrower or Collateral Obligor to issue or
dispose of any shares of its own capital stock or limited liability company
interests, as the case may be, to any Person other than the
Guarantor;

     

    (n)           No Money
Laundering.  in connection with any of the Transaction
Documents, contravene or permit any Borrower or Collateral Obligor or any
Subsidiary of the Guarantor to contravene, any law, official requirement or
other regulatory measure or procedure implemented to combat "money laundering"
(as defined in Article 1 of the Directive (91/308/EEC) of the Council of the
European Communities) and comparable United States Federal and state
laws.  In addition, each of the Borrowers confirm that they are the
beneficiary (within the meaning of Section 8 of the German Money Laundering Act
(Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten
(Geldwäschegesetz)) for each Advance made or to be made available to it. The
Borrowers will promptly inform the Lenders (by written notice to the
Administrative Agent) if any of the Borrowers are not or ceases to be the
beneficiary and will provide in writing the name and address of the
beneficiary.  Each of the Borrowers agrees that it will submit any
documentation on request, if such documentation is required by any of the
Lenders to comply with their Anti-Money Laundering/legal identification
requirements;

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

    
       

                     
(o)           Accounts.  will
not establish any operating accounts or earnings accounts in respect of the
Assigned Moneys with any Lender or with any other financial institution other
than the Administrative Agent;

       

                     (p)           Dividends and Distributions
to the Guarantor.  with respect to the Borrowers, declare or
pay dividends or make any distributions to its shareholders in any form
whatsoever in excess of 70% of its net income per year, as evidenced by such
Borrower's relevant financial statements;

       
(q)   Use of
Proceeds.  will not use the proceeds of Advances in violation
of Regulation T, U or X; and

     

    9.3           Financial
Covenants.  The Guarantor, by its execution of the Consent and
Agreement annexed hereto, hereby covenants and undertakes with the Lenders that,
from the date hereof and so long as any principal or interest are outstanding or
other moneys are owing in respect of any of the Transaction Documents, the
Guarantor will:

     

    (a)           Adjusted Net
Worth.  maintain at all times an Adjusted Net Worth of not less
than Two Hundred Fifty Million Dollars ($250,000,000) and such Adjusted Net
Worth shall not be less than Thirty Five Percent (35%) of the Total
Assets;

     

    (b)           EBITDA to Fixed
Charges.  ensure that EBITDA shall at all times exceed 120% of
the aggregate amount of Fixed Charges; and

     

    (c)           Minimum
Liquidity.  at all times maintain Liquid Funds in the greater
of Twenty Five Million Dollars ($25,000,000), or Five Hundred Thousand Dollars
($500,000) per vessel directly or indirectly owned or bareboat chartered-in
and/or leased-back by the Guarantor (the "Minimum Liquidity").

     

    Each of
the financial covenants set forth in this Section 9.3 shall be tested on the
basis of the quarterly, semi-annual and annual financial statements of the
Guarantor and shall be accompanied by a Compliance Certificate, substantially in
the form of Exhibit H hereto, detailing all appropriate calculations, prepared
and signed by a duly authorized representative of the Guarantor.  In
addition, the Guarantor shall provide any information on their financial
condition, commitments and operations which any Lender may reasonably
require.

     

    9.4           Asset
Maintenance.  If at any time during the term of the Credit
Facility Agreement, the Fair Market Value of Vessels is less than the Required
Percentage, the Borrowers shall, within a period of thirty (30) days
following receipt by the Borrowers of written notice from the Administrative
Agent notifying the Borrowers of such shortfall and specifying the amount
thereof (which amount shall, in the absence of manifest error, be deemed to be
conclusive and binding on the Borrowers), either (i) deliver to the
Security Trustee such additional collateral as may be satisfactory to the
Lenders in their sole discretion of sufficient value to make the aggregate Fair
Market Value of said Vessels plus the additional collateral, equal to the
Required Percentage or (ii) the Borrowers shall prepay such amount of the
Facility (together with interest thereon and any other monies payable in

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

     

    respect of such prepayment pursuant to Section 5.5) as shall result in the
Fair Market Value of the Vessels being not less than the Required Percentage.

    
       

      
        	
                10.

              	
                ASSIGNMENT

              

      

       

      This
Credit Facility Agreement shall be binding upon, and inure to the benefit of,
the Borrowers and the Lenders, the Agents and their respective successors and
assigns, except that the Borrowers may not assign any of its rights or
obligations hereunder.  Each Lender shall be entitled to assign its
rights and obligations under this Credit Facility Agreement or grant
participation(s) in the Facility to any third party without the consent of the
Borrowers.  Each Lender may transfer all or any part of its
rights, benefits and its obligations under this Credit Facility Agreement and
any of the other Transaction Documents to any third party (the "Transferee") if
the Transferee, by delivery of such undertaking, becomes bound by the terms of
this Credit Facility Agreement and agrees to perform all or, as the case may be,
part of such Lender's obligations under this Credit Facility
Agreement.  Each Lender may disclose to a prospective assignee,
transferee or to any other Person who may propose entering into contractual
relations with such Lender in relation to the Credit Facility Agreement and such
information about each if the Borrowers and the Guarantor as such Lender shall
consider appropriate.  The Borrowers will take all actions requested
by the Agents or any Lender to effect such assignment, including, without
limitation, the execution of a written consent to any Assignment and Assumption
Agreement.

    

     

    
      	
              11.

            	
              ILLEGALITY, INCREASED
      COST, NON-AVAILABILITY, ETC.

            

    

     

    11.1           Illegality.  In
the event that by reason of any change in any applicable law, regulation or
regulatory requirement or in the interpretation thereof, a Lender has a basis to
conclude that it has become unlawful for any Lender to maintain or give effect
to its obligations as contemplated by this Credit Facility Agreement, such
Lender shall inform the Administrative Agent and the Borrowers to that effect,
whereafter the liability of such Lender to make its Commitment available shall
forthwith cease and the Borrowers shall be required either to repay to such
Lender that portion of the Facility advanced by such Lender immediately or, if
such Lender so agrees, to repay such portion of the Facility to such Lender on
the last day of any then current Interest Period in accordance with and subject
to the provisions of Section 11.5.  In any such event, but
without prejudice to the aforesaid obligations of the Borrowers to repay such
portion of the Facility, the Borrowers and the relevant Lender shall negotiate
in good faith with a view to agreeing on terms for making such portion of the
Facility available from another jurisdiction or otherwise restructuring such
portion of the Facility on a basis which is not unlawful.

     

    11.2           Increased
Costs.  If as a result of the implementation of the
International Convergence of Capital Measurement and Capital Standards: A
Revised Framework (Basel II) or any other change in applicable law, regulation
or regulatory requirement (including any applicable law, regulation or
regulatory requirement which relates to capital adequacy or liquidity controls
or which affects the manner in which any Lender allocates capital resources
under this Credit Facility Agreement), or in the interpretation or application
thereof by any governmental or other authority, shall:

     

    
      	
               
      

            	
              (i)

            	
              subject
      any Lender to any Taxes with respect to its income from the Facility, or
      any part thereof; or

            

    

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

    
       

      
        	
                 
      

              	
                (ii)

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

              

      

       

    

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (iv)

            	
              impose
      on any Lender any other condition affecting the Facility or any part
      thereof;

            

    

     

    and the
result of the foregoing is either to increase the cost to such Lender of making
available or maintaining its Commitment or any part thereof or to reduce the
amount of any payment received by such Lender, then and, in any such case, if
such increase or reduction, in the opinion of such Lender, materially affects
the interests of such Lender under or in connection with this Credit Facility
Agreement:

     

    
      	
               
      

            	
              (i)

            	
              the
      Lender shall notify the Administrative Agent and the Borrowers of the
      happening of such event, and

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    11.3           Nonavailability of
Funds.  If the Administrative Agent shall determine (i) that,
by reason of circumstances affecting the London Interbank Market generally,
adequate and reasonable means do not or will not exist for ascertaining the
Applicable Rate for the Facility for any Interest Period or (ii) (after
consultation with the Lenders) that the Lenders are not able to borrow Dollars
from leading banks in the London Interbank Market in the ordinary course of
business at published LIBOR rates, the Administrative Agent shall give notice of
such determination to the Borrowers.  The Majority Lenders shall then
determine the interest rate and/or Interest Period to be substituted for those
which would otherwise have applied under this Credit Facility
Agreement.  If the Majority Lenders are unable to agree upon such a
substituted interest rate and/or Interest Period within thirty (30) days of
the giving of such determination notice, the Administrative Agent shall set an
interest rate and Interest Period to take effect from the expiration of the
Interest Period in effect at the date of determination, which rate shall be
equal to the Margin plus the cost to the Lenders (as certified by each Lender)
of funding the Facility.  In the event the state of affairs referred
to in this 

    
 

    
      
        
           

        

        
          57

          
            

          

        

        
           

        

      

    

     

    Section 11.3 shall extend beyond the end of the Interest
Period, the foregoing procedure shall continue to apply until, as the case may
be, circumstances are such that the Applicable Rate may be determined pursuant
to Section 6 or the Lenders are able to borrow Dollars from leading banks
in the London Interbank Market in the ordinary course of business at published
LIBOR rates.

     

    11.4           Lender's Certificate
Conclusive.  A certificate or determination notice of any
Lender as to any of the matters referred to in this Section 11 shall,
absent manifest error, be conclusive and binding on the Borrowers.

     

    11.5   Compensation for
Losses.  Where the Facility or any portion thereof is to be
repaid by the Borrowers pursuant to this Section 11, the Borrowers agree
simultaneously with such repayment to pay to the relevant Lender all accrued
interest to the date of actual payment on the amount repaid and all other sums
then payable by the Borrowers to the relevant Lender pursuant to this Credit
Facility Agreement, together with such amounts as may be certified by the
relevant Lender to be necessary to compensate such Lender for any actual loss,
premium or penalties incurred or to be incurred thereby on account of funds
borrowed to make, fund or maintain its Commitment or such portion thereof for
the remainder (if any) of the then current Interest Period or Interest Periods,
if any, but otherwise without penalty or premium.

     

    
      	
              12.

            	
              CURRENCY
      INDEMNITY

            

    

     

    12.1           Currency
Conversion.  If, for the purpose of obtaining or enforcing a
judgment in any court in any country, it becomes necessary to convert into any
other currency (the "judgment currency") an amount due in Dollars under the
Transaction Documents, then the conversion shall be made, in the discretion of
the Administrative Agent, at the rate of exchange prevailing either on the date
of default or on the day before the day on which the judgment is given or the
order for enforcement is made, as the case may be (the "conversion date"),
provided that the Administrative Agent shall not be entitled to recover under
this section any amount in the judgment currency which exceeds at the conversion
date the amount in Dollars due under the Transaction Documents.

     

    12.2           Change in Exchange
Rate.  If there is a change in the rate of exchange prevailing
between the conversion date and the date of actual payment of the amount due,
the Borrowers shall pay such additional amounts (if any, but, in any event, not
a lesser amount) as may be necessary to ensure that the amount paid in the
judgment currency, when converted at the rate of exchange prevailing on the date
of payment, will produce the amount then due under the Transaction Documents in
Dollars; any excess over the amount due received or collected by the Lenders
shall be remitted to the Borrowers.

     

    12.3           Additional Debt
Due.  Any amount due from the Borrowers under this
Section 12 shall be due as a separate debt and shall not be affected by
judgment being obtained for any other sums due under or in respect of the
Transaction Documents.

     

    12.4           Rate of
Exchange.  The term "rate of exchange" in this Section 12
means the rate at which the Administrative Agent  in accordance with
its normal practices is able on the relevant date to purchase Dollars with the
judgment currency and includes any premium and costs of exchange payable in
connection with such purchase.

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

    
       

      
        	
                13.

              	
                FEES AND
      EXPENSES

              

      

       

      13.1           Fees.  During
the period beginning from August 29, 2008 (which is the signing date of the
Commitment Letter (as such term is defined in the Fee Letter)) and ending on the
Final Availability Date with respect to the last delivered Vessel, the Borrowers
shall pay, quarterly in arrears, with the final payment to be made on the Final
Availability Date of the last delivered Vessel, to the Administrative Agent (for
the account of the Lenders), a non-refundable commitment fee (the "Commitment
Fee") of fifty hundredths of one percent (0.50%) per annum payable on the
average undrawn amount of the Facility.  The Borrowers shall also pay
the Lenders such fees as the parties have agreed pursuant to the Fee
Letter.

       

    

    13.2           Expenses.  The
Borrowers agree, whether or not the transactions hereby contemplated are
consummated, on demand to pay, or reimburse the Agents for their payment of, the
expenses of the Agents and (after the occurrence and during the continuance of
an Event of Default) the Lenders incident to said transactions (and in
connection with any supplements, amendments, waivers or consents relating
thereto or incurred in connection with the enforcement or defense of any of the
Agents' and the Lenders' rights or remedies with respect thereto or in the
preservation of the Agent's and the Lenders' priorities under the documentation
executed and delivered in connection therewith), including, without limitation,
all costs and expenses of preparation, negotiation, execution and administration
of this Credit Facility Agreement and the documents referred to herein
(including, but not limited to, any value added tax imposed on any Lender
related to those expenses), the fees and disbursements of the Agents' and
Lenders' counsel in connection therewith (including, without limitation, any
expenses incurred by the Agents or the Lenders with respect to any legal opinion
to be delivered in connection with Section 4 hereof or in connection with any
amendment to this Credit Facility Agreement), as well as the fees and expenses
of any independent appraisers, surveyors, engineers, inspectors and other
consultants retained by the Agents in connection with this Credit Facility
Agreement and the transactions contemplated hereby and under the other
Transaction Documents, all costs and expenses, if any, in connection with the
enforcement of the Transaction Documents and stamp and other similar taxes, if
any, incident to the execution and delivery of the documents (including, without
limitation, the Note) herein contemplated and to hold the Agents and the Lenders
free and harmless in connection with any liability arising from the nonpayment
of any such stamp or other similar taxes.  Such taxes and, if any,
interest and penalties related thereto as may become payable after the date
hereof shall be paid immediately by the Borrowers to the Agents or the Lenders,
as the case may be, when liability therefor is no longer contested by such party
or parties or reimbursed immediately by the Borrowers to such party or parties
after payment thereof (if the Agents or the Lenders, at their sole discretion,
chooses to make such payment).

     

    
      	
              14.

            	
              THE
      AGENTS

            

    

     

    14.1           Appointment of
Agents.  Each of the Lenders and the Swap Provider irrevocably
appoints and authorizes the Agents severally each to take such action as agent
on its behalf and to exercise such powers under the Transaction Documents as are
delegated to such Agent by the terms hereof and thereof.  No Agent nor
any of their respective directors, officers, employees or agents shall be liable
for any action taken or omitted to be taken by it or them under the Transaction
Documents or in connection therewith, except for its or their own gross
negligence or willful misconduct.  No 

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

     

    party to this Credit Facility Agreement (other than the respective
Agent) may take any action or institute any proceeding against any current or
former director, officer, employee or agent of such Agent in respect of any
claim it may have against such Agent or in respect of any act or omission of any
kind by that current or former director, officer, employee or agent in relation
to any Transaction Document or any other documents in connection therewith, and
any current or former director, officer, employee or agent of the Agents may
rely on this Section 14.1.

     

    14.2   Security Trustee as
Trustee.  Each of the Lenders and the Swap Provider irrevocably
appoints the Security Trustee as trustee on its behalf with regard to
(i) the security, powers, rights, titles, benefits and interests (both
present and future) constituted by and conferred on the Lenders or any of them
or for the benefit thereof under or pursuant to any of the Transaction Documents
(including, without limitation, the benefit of all covenants, undertakings,
representations, warranties and obligations given, made or undertaken to any
Finance Party in any Transaction Document),  (ii) all moneys, property
and other assets paid or transferred to or vested in any Finance Party or any
agent of any Finance Party or received or recovered by any Finance Party or any
agent of any Finance Party pursuant to, or in connection with, the Transaction
Documents whether from any Security Party or any other Person and (iii) all
money, investments, property and other assets at any time representing or
deriving from any of the foregoing, including all interest, income and other
sums at any time received or receivable by any Finance Party or any agent of any
Finance Party in respect of the same (or any part thereof).  The
Security Trustee hereby accepts such appointment.

     

    14.3           Distribution of
Payments.  Whenever any payment is received by the
Administrative Agent from the Borrowers or any other Security Party for the
account of the Finance Parties, or any of them, whether of principal or interest
on the Note, commissions, fees under Section 13 or otherwise, it will
thereafter cause to be distributed on the same day if received before
3 p.m. Hamburg time, or on the next day if received thereafter, like funds
relating to such payment ratably to the Lenders according to their respective
Commitments or, if applicable, to such other Finance Parties, in each case to be
applied according to the terms of this Credit Facility Agreement.  The
Administrative Agent shall not be liable for any delay (or any related
consequences ) in crediting an account with an amount required under the Credit
Facility Agreement to be paid by the Administrative Agent if the Administrative
Agent has taken all necessary steps to comply with the regulations or operating
procedures of any recognized clearing or settlement system used by the Agent for
that purpose.

     

    14.4           Holder of Interest in
Note.  The Agents may treat each Lender as the holder of all of
the interest of such Lender in the Note.

     

    14.5           No Duty to Examine,
Etc.  The Agents shall not be under a duty to examine or pass
upon the validity, enforceability, sufficiency, effectiveness or genuineness of
any of the Transaction Documents or any instrument, document or communication
furnished pursuant to this Credit Facility Agreement or in connection therewith
or in connection with any other Transaction Document, and the Agents shall be
entitled to assume that the same are valid, effective and genuine, have been
signed or sent by the proper parties and are what they purport to be. Nothing
contained in this Credit Facility Agreement shall oblige any Agent to carry out
any "know your customer" or other checks in relation to any Person on behalf of
any Lender and each Lender confirms to the Agents that it is solely responsible
for such checks and may not rely on any statement in relation thereto made by
any Agent.

     

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

    
      14.6           Agents as
Lenders.  With respect to that portion of the Facility made
available by it, each Agent shall have the same rights and powers hereunder as
any other Lender and may exercise the same as though it were not an Agent, and
the term "Lender" or "Lenders" shall include each Agent in its capacity as a
Lender.  Each Agent and its affiliates may accept deposits from, lend
money to and generally engage in any kind of business with, the Borrowers and
the other Security Parties, as if it was not an Agent.

       
14.7   Acts of the
Agents.  Each Agent shall have duties and reasonable
discretion, and shall act as follows:

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (C)

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

            

    

     

    
      	
               
      

            	
              (D)

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

            

    

     

    
      	
               
      

            	
              (E)

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

            

    

     

    
      
         

      

      
        61

        
          

        

      

      
         

      

    

     

    
       

      
        	
                 
      

              	
                 

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

              

      

       

    

     

    14.8    Certain
Amendments.  Neither this Credit Facility Agreement, the
Consent and Agreement, the Note, nor any Security Document nor any terms hereof
or thereof may be amended unless such amendment is approved by the Borrowers and
the Majority Lenders, provided that no such amendment shall, without the written
consent of each Lender affected thereby, (i)  reduce the interest rate or
extend the time of a scheduled payment of principal or interest or fees on the
Facility, or reduce the principal amount of the Facility or any fees hereunder,
(ii) increase or decrease the Commitment of any Lender or subject any
Lender to any additional obligation (it being understood that a waiver of any
Event of Default, other than a payment default, or any mandatory repayment of
Facility shall not constitute a change in the terms of any Commitment of any
Lender), (iii) amend, modify or waive any provision of this Section 14.8,
(iv) amend the definition of Majority Lenders or any other definition
referred to in this Section 14.8, (v) consent to the assignment or transfer
by the Borrowers of any of their rights and obligations under this Credit
Facility Agreement, (vi) accept payment for the obligations of the Security
Parties under this Credit Facility Agreement in any currency other than Dollars,
(vii) waive the requirements regarding the delivery of audited financial
statements under Section 9.1(d), (viii) release any Security Party from any
of its obligations under any Security Document except as expressly provided
herein or in such Security Document or (ix) amend any provision relating to
the maintenance of collateral under Section 9.4; provided, further, that
approval by all Lenders shall be required for any amendment or waivers with
respect to Section 5.3 of this Credit Facility Agreement.  All
amendments approved by the Majority Lenders under this Section 14.8 must be
in writing and signed by the Borrowers, each of the Lenders comprising the
Majority Lenders and, if applicable, each Lender affected thereby and any such
amendment shall be binding on all the Lenders; provided, however, that any
amendments or waivers with respect to Section 5.3 of this Credit Facility
Agreement must be in writing and signed by the Borrowers and all of the
Lenders.

     

    14.9           Assumption re Event of
Default.  Except as otherwise provided in Section 14.15,
the Administrative Agent shall be entitled to assume that no Event of Default,
or event which with the giving of notice or lapse of time, or both, would
constitute an Event of Default, has occurred and is continuing, unless the
Administrative Agent has been notified by any Security Party of such fact, or
has been notified by a Lender that such Lender considers that an Event of
Default or such an event (specifying in detail the nature thereof) has occurred
and is continuing.  In the event that the Administrative Agent shall
have been notified, in the manner set forth in the preceding sentence, by any
Security Party or any Lender of any Event of Default or of an event which with
the giving of notice or lapse of time, or both, would constitute an Event of
Default, the Administrative Agent shall notify the Lenders and shall take action
and assert such rights under the Transaction Documents as the Majority Lenders
(or the in the case of any Interest Rate Agreement, the Swap Provider) shall
request in writing.

     

    
      
         

      

      
        62

        
          

        

      

      
         

      

    

    14.10       
 Limitations of
Liability.  Neither any Agent nor any of the Lenders shall be
under any liability or responsibility whatsoever:

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (C)

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

            

    

     

    14.11        Indemnification of the
Agents.  The Lenders and, with respect to any Interest Rate
Agreement, the Swap Provider agree to indemnify each Agent (to the extent not
reimbursed by the Security Parties or any thereof), pro rata according to the
respective amounts of their Commitments, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever (including
legal fees and expenses incurred in investigating claims and defending itself
against such liabilities) which may be imposed on, incurred by or asserted
against, such Agent in any way relating to or arising out of any Transaction
Document, any action taken or omitted by such Agent thereunder or the
preparation, administration, amendment or enforcement of, or waiver of any
provision of, any Transaction Document, except that no Lender shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such
Agent's gross negligence or willful misconduct.

     

    14.12        Consultation with
Counsel.  Each of the Agents may consult with legal counsel
reasonably selected by such Agent and shall not be liable for any action taken,
permitted or omitted by it in good faith in accordance with the advice or
opinion of such counsel.

     

    14.13        Resignation.  Any
Agent may resign at any time by giving thirty (30) days' written notice thereof
to the other Agents, the Lenders and the Borrowers.  Upon any such
resignation, the Lenders shall have the right to appoint a successor
Agent.  If no successor Agent shall have been so appointed by the
Lenders and shall have accepted such appointment within thirty (30) days after
the retiring Agent's giving notice of resignation, then the retiring Agent may,
on behalf of the Lenders, appoint a successor Agent which shall be a bank or
trust company of recognized standing.  Any resignation by an Agent
pursuant to this Section 14.13 shall be effective only upon the appointment of a
successor Agent. After any retiring Agent's resignation as Agent hereunder, the
provisions of this Section 14 shall continue in effect for its benefit with
respect to any actions taken or omitted by it while acting as
Agent. 

     

    
      
         

      

      
        63

        
          

        

      

      
         

      

    

     

     

    this Section 14.13 shall be effective only upon the appointment of a
successor Agent. After any retiring Agent's resignation as Agent hereunder, the
provisions of this Section 14 shall continue in effect for its benefit with
respect to any actions taken or omitted by it while acting as
Agent. 

    14.14       Representations of
Lenders.  Each Lender represents and warrants to each other
Lender and each Agent that:

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

            	
              so
      long as any portion of its Commitment remains outstanding, it will
      continue to make its own independent evaluation of the financial condition
      and affairs of the Security
Parties.

            

    

     

    14.15       Notification of Event of
Default.  The Administrative Agent hereby undertakes to
promptly notify the Lenders, and the Lenders hereby promptly undertake to notify
the Administrative Agent and the other Lenders, of the existence of any Event of
Default, which shall have occurred and be continuing, of which the
Administrative Agent or Lender has actual knowledge which, for purposes of this
Section 14.15, shall mean the actual knowledge of an officer having
responsibility for the transactions contemplated by this Credit Facility
Agreement.

     

    14.16       No Agency or Trusteeship if
not Syndicated.  Unless and until the Facility is syndicated or
at any other time HSH is the only Lender, all references to the terms "Agent"
and "Security Trustee" shall be deemed to be references to HSH as Lender and not
as agent or security trustee.

     

    14.17       Nature of
Duties.  The Agents shall have no duties or responsibilities
except those expressly set forth in the Transaction
Documents.  Neither the Agents nor any of their respective officers,
directors, agents, employees or affiliates shall be liable for any action taken
or omitted by it or them hereunder or under any of the Security Documents or in
connection herewith or therewith, unless caused by such Person's gross
negligence or willful misconduct (any such liability limited to the applicable
Agent to whom such Person relates).  The duties of each of the Agents
shall be mechanical and administrative in nature; neither of the Agents shall
have by reason of this Credit Facility Agreement or any of the other Transaction
Documents, any fiduciary relationship in respect of any Lender or the holder or
any Note; and nothing in this Credit Facility Agreement or any of the other
Transaction Documents, expressed or implied, is intended to or shall be
construed as to impose upon either of the Agents any obligations in respect of
this Credit Facility Agreement or any of the other Transaction Documents except
as expressly set forth herein or therein.

     

    14.18       Delegation of
Power.  The Agents shall be entitled at any time and as often
as may be expedient to delegate all or any of the powers and discretions vested
in it by this Credit Facility Agreement and each of the other Transaction
Documents in such manner and upon such terms and to such Persons as the Agents
in their absolute discretion may deem advisable.

     

    
      
         

      

      
        64

        
          

        

      

      
         

      

    

    15.    NOTICES AND DEMANDS

     

    15.1         Notices.  All
notices, requests, demands and other communications to any party hereunder shall
be in writing (including prepaid overnight courier, facsimile transmission,
electronic transmission or similar writing) and shall be given to any Security
Party, the Administrative Agent or the Security Trustee at the address,
facsimile number or email address of each set forth below and to the Lenders at
each such Lender's address, facsimile numbers or email address set forth in
Schedule 1 or at such other address, facsimile number or email address as
such party may hereafter specify for the purpose by notice to each other party
hereto.  Any notice sent by facsimile or electronic transmission shall
be confirmed by letter dispatched as soon as practicable
thereafter.

     

    If to any
Security Party:

    c/o Top Tanker Management
Inc.

    1 Vassillissis Sofias Str. &
Meg. Alexandrou Str.

    151 24, Maroussi,
Greece

    Attention: Legal
Department

    Facsimile  No.:  + 30
210 614 1272

    Email:
legal@toptman.com

    

    If to the
Administrative Agent

     or
Security Trustee:

    HSH
Nordbank AG

    Gerhart-Hauptmann-Platz
50

    20095
Hamburg, Germany

    Attention:
Shipping, Greek Clients

    Facsimile
No.:  + 49 40 3333 34121

    

    

    Every
notice or other communication shall, except so far as otherwise expressly
provided by this Credit Facility Agreement, be deemed to have been received
(provided that it is received prior to 2 p.m. local time; otherwise it shall be
deemed to have been received on the next following Banking Day) (i) if
given by facsimile or electronic transmission, on the date of dispatch thereof
(provided further that if the date of dispatch is not a Banking Day in the
locality of the party to whom such notice or demand is sent, it shall be deemed
to have been received on the next following Banking Day in such locality) or
(ii) if given by mail, prepaid overnight courier or any other means, when
received at the address specified in this Section or when delivery at such
address is refused.

     

    
      	
              16.

            	
              MISCELLANEOUS

            

    

     

    16.1           Time of
Essence.  Time is of the essence with respect to this Credit
Facility Agreement but no failure or delay on the part of any Lender or any
Agent to exercise any power or right under this Credit Facility Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise by any
Lender or any Agent of any power or right hereunder preclude any other or
further exercise thereof or the exercise of any other power or
right.  The remedies provided herein are cumulative and are not
exclusive of any remedies provided by law.

     

    
      
         

      

      
        65

        
          

        

      

      
         

      

    

    16.2   Invalidity.  If
any provision of this Credit Facility Agreement shall at any time, for any
reason, be declared invalid, void or otherwise inoperative by a court of
competent jurisdiction, such declaration or decision shall not affect the
validity of any other provision or provisions of this Credit Facility Agreement,
or the validity of this Credit Facility Agreement as a whole and, to the fullest
extent permitted by law, the other provisions hereof shall remain in full force
and effect in such jurisdiction and shall be liberally construed in favor of the
Agents and the Lenders in order to carry out the intentions of the parties
hereto as nearly as may be possible.  The invalidity and
unenforceability of any provision hereof in any jurisdiction shall not affect
the validity or enforceability of such provision in any other
jurisdiction.

     

    16.3           Further
Assurances.  Each of the Security Parties agrees that if this
Credit Facility Agreement or any Security Document shall, in the reasonable
opinion of the Lenders, at any time be deemed by the Lenders for any reason
insufficient in whole or in part to carry out the true intent and spirit hereof
or thereof, it will execute or cause to be executed such other and further
assurances and documents as in the opinion of the Lenders may be required in
order to more effectively accomplish the purposes of this Credit Facility
Agreement, the Note or any other Transaction Document.

     

    16.4           Prior Agreements,
Merger.  Any and all prior understandings and agreements
heretofore entered into between the Security Parties on the one part, and the
Agents or the Lenders, on the other part, whether written or oral, other than
the Fee Letter, are superseded by and merged into this Credit Facility Agreement
and the other agreements (the forms of which are exhibited hereto) to be
executed and delivered in connection herewith to which the Security Parties, the
Agents and/or the Lenders are parties, which alone fully and completely express
the agreements between the Security Parties, the Agents and the Lenders.

     

    16.5           Entire Agreement;
Amendments.  This Credit Facility Agreement constitutes the
entire agreement of the parties hereto, including all parties added hereto
pursuant to an Assignment and Assumption Agreement.   Subject to
Section 14.8, any provision of this Credit Facility Agreement, the Consent and
Agreement, the Note or any Security Document may be amended or waived if, but
only if, such amendment or waiver is in writing and is signed by the Borrowers,
the Agents and the Majority Lenders.  This Credit Facility Agreement
may be executed in any number of counterparts, each of which shall be deemed an
original, but all such counterparts together shall constitute one and the same
instrument.  

     

    16.6           Indemnification.  Each
of the Borrowers and, by its execution and delivery of the Consent and Agreement
set forth below, the Guarantor and each of the Collateral Obligors, jointly and
severally agree to indemnify each Lender and each Agent, their respective
successors and assigns, and their respective officers, directors, employees,
representatives and agents (each an "Indemnitee") from, and hold each of them
harmless against, any and all losses, liabilities, claims, damages, expenses,
obligations, penalties, actions, judgments, suits, costs or disbursements of any
kind or nature whatsoever (including, without limitation, the fees and
disbursements of counsel for such Indemnitee in connection with any
investigative, administrative or judicial proceeding commenced or threatened,
whether or not such Indemnitee shall be designated a party thereto) that may at
any time (including, without limitation, at any time following the payment of
the obligations of the Borrowers hereunder) be imposed on, asserted against or
incurred by, any Indemnitee as a result of, or arising out of or in any way
related to or by reason of, (a) any violation by any Security

     

    
      
         

      

      
        66

        
          

        

      

      
         

      

    

    Party (or
any charterer or other operator of any Vessel) of any applicable Environmental
Law, (b) any Environmental Claim arising out of the management, use,
control, ownership or operation of property or assets by any Security Party (or,
after foreclosure, by any Lender or any Agent or any of their respective
successors or assigns), (c) the breach of any representation, warranty or
covenant set forth in Sections 2.1 (p) or 9.1(l), (d) the Facility
(including the use of the proceeds of the Facility and any claim made for any
brokerage commission, fee or compensation from any Person), or (e) the
execution, delivery, performance or non-performance of any Transaction Document,
or any of the documents referred to herein or contemplated hereby (whether or
not the Indemnitee is a party thereto).  If and to the extent that the
obligations of the Security Parties under this Section are unenforceable for any
reason, the Borrowers and, by its execution and delivery of the Consent and
Agreement set forth below, the Guarantor, jointly and severally agree to make
the maximum contribution to the payment and satisfaction of such obligations
which is permissible under applicable law.  The obligations of the
Security Parties under this Section 16.6 shall survive the termination of
this Credit Facility Agreement and the repayment to the Lenders of all amounts
owing thereto under or in connection herewith.

     

    16.7           Remedies Cumulative and Not
Exclusive; No Waiver.  Each and every right, power and remedy
herein given to the Agents shall be cumulative and shall be in addition to every
other right, power and remedy of the Agents now or hereafter existing at law, in
equity or by statute, and each and every right, power and remedy, whether herein
given or otherwise existing, may be exercised from time to time, in whole or in
part, and as often and in such order as may be deemed expedient by the Agents,
and the exercise or the beginning of the exercise of any right, power or remedy
shall not be construed to be a waiver of the right to exercise at the same time
or thereafter any other right, power or remedy.  No failure, delay or
omission by the Agents or any of the Lenders in the exercise of any right or
power or in the pursuance of any remedy accruing upon any breach or default by
any Security Party shall impair any such right, power or remedy or be construed
to be a waiver of any such right, power or remedy or to be an acquiescence
therein; nor shall the acceptance by the Agents or any of the Lenders of any
security or of any payment of or on account of any of the amounts due from the
any Security Party to the Agents or the Lenders and maturing after any breach or
default or of any payment on account of any past breach or default be construed
to be a waiver of any right with respect to any future breach or default or of
any past breach or default not completely cured thereby.  In addition
to the rights and remedies granted to it in this Credit Facility Agreement and
in any other instrument or agreement securing, evidencing or relating to any of
the obligations of any Security Party hereunder, the Agents shall have rights
and remedies of a secured party under the UCC.

     

    16.8           Successors and
Assigns.  This Credit Facility Agreement and all obligations of
each of the Security Parties hereunder shall be binding upon its successors and
assigns and shall, together with the rights and remedies of the Finance Parties
hereunder, inure to the benefit of the Finance Parties and their respective
successors and assigns.

     

    16.9                      Counterparts; Electronic
Delivery.  This Credit Facility Agreement may be executed in
any number of counterparts, each of which shall be deemed an original, but all
such counterparts together shall constitute one and the same
instrument.  Delivery of an executed counterpart of this Credit
Facility Agreement by facsimile or electronic transmission shall be deemed as
effective as 

    
      
         

      

      
        67

        
          

        

      

      
         

      

    

     

    delivery of an originally executed counterpart.  In the event
that any Security Party delivers an executed counterpart of this Credit Facility
Agreement (or Consent and Agreement thereto) by facsimile or electronic
transmission, such Security Party shall also deliver an originally executed
counterpart as soon as practicable, but the failure of such Security Party to
deliver an originally executed counterpart shall not affect the validity or
effectiveness of this Credit Facility Agreement.

    16.10          References.  References
herein to Sections, Exhibits and Schedules are to be construed as references to
sections of, exhibits to, and schedules to, this Credit Facility Agreement,
unless the context otherwise requires.

     

    16.11        Headings.  In
this Credit Facility Agreement, section headings are inserted for convenience of
reference only and shall not be taken into account in the interpretation of this
Credit Facility Agreement.

     

    
      	
              17.

            	
              APPLICABLE LAW,
      JURISDICTION AND WAIVERS

            

    

     

    17.1           Applicable
Law.  This Credit Facility Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to principles of conflicts of laws thereof other than Section 5-1402 and 5-1402
of the General Obligations Law of the State of New York.

     

    17.2           Jurisdiction.  Each
of the Borrowers (and each of the Guarantor and the Collateral Obligors by its
execution of the Consent and Agreement annexed hereto) hereby irrevocably
submits to the jurisdiction of the courts of the State of New York and of the
United States District Court for the Southern District of New York in any action
or proceeding brought against it by any of the Lenders or the Agents under this
Credit Facility Agreement or under any document delivered hereunder and hereby
irrevocably agrees that valid service of summons or other legal process on it
may be effected by serving a copy of the summons and other legal process in any
such action or proceeding on such Security Party, by mailing or delivering the
same by hand to such Security Party at the address indicated for notices in
Section 15.1 or its agent as designated in Section 4.1(o).  The
service, as herein provided, of such summons or other legal process in any such
action or proceeding shall be deemed personal service and accepted by each
Security Party as such, and shall be legal and binding upon such Security Party
for all the purposes of any such action or proceeding.  Final judgment
(a certified or exemplified copy of which shall be conclusive evidence of the
fact and of the amount of any indebtedness of the Borrowers to the Lenders or
the Administrative Agent) against any Security Party in any such legal action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment.  Each Security Party will advise the
Administrative Agent promptly of any change of address for the purpose of
service of process.  Notwithstanding anything herein to the contrary,
the Lenders may bring any legal action or proceeding in any other appropriate
jurisdiction.

     

    17.3           Waiver of Jury
Trial.  IT IS
MUTUALLY AGREED BY AND AMONG THE BORROWERS, THE OTHER SECURITY PARTIES, THE
ADMINISTRATIVE AGENT AND THE LENDERS THAT EACH OF
THEM HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO ON ANY MATTER
WHATSOEVER 

    
      
         

      

      
        68

        
          

        

      

      
         

      

    

     

    ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS CREDIT FACILITY
AGREEMENT, THE NOTE OR THE SECURITY DOCUMENTS.

    17.4          Waiver of
Immunity.  TO
THE EXTENT THAT ANY SECURITY PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY
FROM SUIT, JURISDICTION OF ANY COURT OR ANY LEGAL PROCESS (WHETHER THROUGH
ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OF A
JUDGMENT, OR FROM ANY OTHER LEGAL PROCESS OR REMEDY) WITH RESPECT TO ITSELF OR
ITS PROPERTY, SUCH SECURITY PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN
RESPECT OF ITS OBLIGATIONS UNDER THIS CREDIT FACILITY AGREEMENT AND THE OTHER
TRANSACTION DOCUMENTS.

     

    
      
         

      

      
        69

        
          

        

      

      
         

      

    

    IN
WITNESS whereof, the parties hereto have caused this Credit Facility Agreement
to be duly executed by their duly authorized representatives as of the day and
year first above written.

     

    
      
        	 
      	 
      	
                WARHOL
      SHIPPING COMPANY LIMITED

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 /s/
      Gary Wolfe 
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                INDIANA
      SHIPPING COMPANY LIMITED

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 /s/
      Gary Wolfe 
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                BRITTO
      SHIPPING COMPANY LIMITED

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      /s/ Gary Wolfe
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                HSH
      NORDBANK AG,

                as
      Mandated Lead Arranger, Underwriter, Swap Provider, Administrative Agent
      and Security Trustee

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      /s/ Matthew Cooley
	 
      	 
      	 
      	
                Name:
      Matthew Cooley

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                The
      Lenders:

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                HSH
      NORDBANK AG

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 /s/
      Matthew Cooley 
	 
      	 
      	 
      	
                Name:
      Matthew Cooley

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    CONSENT AND
AGREEMENT

     

    The
undersigned, referred to in the foregoing Credit Facility Agreement as the
"Guarantor" or as a "Collateral Obligor", as the case may be, hereby consents
and agrees to said Credit Facility Agreement and to the documents contemplated
thereby and to the provisions contained therein relating to conditions to be
fulfilled and obligations to be performed by the undersigned pursuant to or in
connection with said Credit Facility Agreement and agrees particularly to be
bound by the representations, warranties and covenants relating to the
undersigned contained in Sections 2 and 9 of said Credit Facility Agreement to
the same extent as if the undersigned were a party to said Credit Facility
Agreement.

     

    
      
        	 
      	 
      	
                Guarantor:

              
	 
      	 
      	 
      
	 
      	 
      	
                TOP
      SHIPS INC.

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 /s/
      Gary Wolfe 
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Collateral
      Obligors:

              
	 
      	 
      	 
      
	 
      	 
      	
                AMALFI
      SHIPPING COMPANY LIMITED

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      /s/ Gary Wolfe
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                JEKE
      SHIPPING COMPANY LIMITED

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      /s/ Gary Wolfe
	 
      	 
      	 
      	
                Name:
      Gary Wolfe

              
	 
      	 
      	 
      	
                Title:
      Attorney-in-Fact

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
1

     

     

    
      
        
          	 	 	 
	Lenders	Commitment	 
	 
      	 
      	 
      
	
                  HSH
      Nordbank AG

                  Gerhart-Hauptmann-Platz
      50

                  20095
      Hamburg, Germany

                  Attn:
      Shipping, Greek Clients

                  Facsimile
      No.:  + 49 40 3333 34121

                	 
      

                  $121,286,500

                	
                   

                
	 
      	 
      	 
      
	 
      	 
      	 
      

        

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
2

    

    THE
VESSELS

     

    

    
      	
              Name of Vessel

            	
               

               

              Owner

            	
              Hull Number

            	
              Flag

            	
               

               

              DWT

            	
               

               

              Classification Society

            
	
              WARHOL

            	
              Warhol
      Shipping Company Limited

               

            	
              S-1025

            	
              Liberia

            	
              50,000

            	
              Det
      Norske Veritas ("DNV")

            
	
              INDIANA

            	
              Indiana
      R Shipping Company Limited

               

            	
              S-1029

            	
              Malta

            	
              50,000

            	
              DNV

            
	
              BRITTO

            	
              Britto
      Shipping Company Limited

               

            	
              S-1031

            	
              Liberia

            	
              50,000

            	
              DNV

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
3

    

    Indebtedness of each
Security Party as of October 1, 2008:

    

    $95M
Credit Agreement

    

    RBS Loan
Agreement to TOP SHIPS INC. (f/k/a Top Tankers Inc.) dated 1 November 2005 for
USD 545,656,899.82 (as same has been amended from time to time)

    

    Emporiki
Bank of Greece S.A. loan agreement dated 5th March
2008 for a secured floating interest rate loan facility of up to US$50,000,000 –
mv Pepito - JAPAN I SHIPPING COMPANY LIMITED, of Liberia and Emporiki Bank of
Greece S.A.

     

    Alpha
Bank A.E. US$48,000,000 Secured Loan Agreement dated 17th
December 2007 - mv Cyclades - Between Alpha Bank A.E. - JAPAN III SHIPPING
COMPANY LIMITED, of Liberia

     

    DVB Bank
US$48,000,000 dated 24th April
2008 - mv Astrale - Between DVB BANK AG and JAPAN II SHIPPING COMPANY LIMITED,
of Liberia

     

    Alpha
Bank A.E. Loan Agreement dated 18th August
2008 - for Hull no S1026 - Between Alpha Bank A.E. and Lichtenstein Shipping
Company Limited, of Liberia

    

    

    SK 23116 0005
1007905

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