Document:

EX-4.46 Credit Agreement

Exhibit 4.46

CREDIT AGREEMENT

The undersigned:

	 	 	 	 	 
	1.

	 	Adventure Two S.A., established in Majuro, Marshall Islands,	 	 
	 

	 	Adventure Three S.A., established in Majuro, Marshall Islands,	 	 
	 

	 	Adventure Seven S.A., established in Majuro, Marshall Islands,
	 	(new)
	 

	 	hereinafter (together and individually) referred to as ‘the Borrower’,	 	 
	 
	 	 	 	 
	2.

	 	HOLLANDSCHE BANK-UNIE N.V., having its registered office in Rotterdam,
	 

	 	the Netherlands, hereinafter referred to as ‘HBU’.	 	 

Have agreed as follows:

On the basis of the information supplied to HBU, the Borrower is granted a facility on the terms
and conditions and at the rates and charges stated in this agreement and the appendix hereto.
The facility is granted to finance the Borrower’s business activities.

The 8-year rollover loan is granted particularly to finance the purchase of the MV “African Protea”
t.b.r. “Free Knight”.

	 	 	 	 	 	 	 	 	 
	Facility amount

	 	USD
	 	 	34,600,000	 	 	(was USD 3,100,000)
	 
	 	 	 	 	 	 	 	 
	Breakdown of facility amount
	 	 	 	 	 	 	 	 
	Overdraft facility I

	 	USD
	 	 	3,100,000	 	 	 
	Overdraft facility II

	 	USD
	 	 	1,500,000	 	 	(new)
	Overdraft facility III

	 	USD
	 	 	3,000,000	 	 	(new)
	8-year rollover loan

	 	USD
	 	 	27,000,000	 	 	(new)

Overdraft facility I and II

These credits may also be used for drawing short-term loans in USD. The terms and conditions
governing these short-term loans will be incorporated in separate short-term loan agreement.

Reduction scheme overdraft facility I

Except for earlier alteration, the limit of the overdraft facility will be reduced in successive
three-monthly instalments according to the below schedule:

1 instalment of USD 100,000 on 27 March 2008,

2 instalments of USD 500,000, on 27 June 2008 and 27 September 2008 and

1 instalment of USD 2,000,000 on 27 December 2008

      

			
	Reduction scheme overdraft facility II
	 	(new)

Except for earlier alteration, the limit of the overdraft facility II will be reduced by
EUR 125,000 per quarter to nil, beginning three months after drawing date.

      

			
	Reduction scheme overdraft facility III
	 	(new)

Except for earlier alteration, the limit of the overdraft facility III will be reduced to nil on
1 April 2016.

1

 

			
	The 8-year rollover loan
	 	(new)

The terms and conditions governing the loan will be incorporated in a separate rollover loan
agreement. The main details and conditions applicable to the loan is stated in the appendix A.

Rates and charges

Overdraft facility I, II and III

	•	 	Current variable USD debit interest rate, based on the market rate, will be 5.93%.

(amendment)

      

					
	•
	 	Short term loans: libor + 1.30%.
	 	(amendment)

      

			
	Overdraft facility II
	 	(new)

					
	•

	 	Upfront fee:
	 	USD 3,600

The upfront fee will be charged after this Credit Agreement has been signed.

      

			
	Overdraft facility III
	 	(new)

					
	•
	 	Upfront fee:
	 	0.6% of the principal amount

The upfront fee will be charged after this Credit Agreement has been signed.

					
	•
	 	Commitment fee
	 	0.65% per annum

Commitment fee will be charged over the undrawn part of the overdraft facility III.

Security and covenants

	•	 	First preferred mortgage on the vessel m.v. “Free Destiny”, registered under the flag of the
Marshall Islands. IMO number 8128157, call letters V7GD9. Fuller details are included in the
mortgage deed. On this mortgage the laws of the Marshall Islands is applicable.
	 
	•	 	Second preferred mortgage on the vessel m.v. “Free Destiny”, registered under the flag of the
Marshall Islands. IMO number 8128157, call letters V7GD9. Fuller details are included in the
mortgage deed. On this mortgage the laws of the Marshall Islands is applicable.
	 
	•	 	First preferred mortgage of USD 6,000,000 plus 40% for cost and interest on the m.v. “Free
Envoy”, registered under the flag of the Marshall Islands. Official number 2161, call letters
V7GR6. Fuller details are included in the mortgage deed. On this mortgage the laws of the
Marshall Islands is applicable.
	 
	•	 	Second preferred mortgage on the m.v. “Free Envoy”, registered under the flag of the
Marshall Islands. Official number 2161, call letters V7GR6. Fuller details are included in the
mortgage deed. On this mortgage the laws of the Marshall Islands is applicable.
	 
	•	 	First preferred mortgage of USD 38,500,000 plus 40% for cost and interest on the m.v.
“African Protea” t.b.r. “Free Knight”, registered under the flag of the Common wealth of the
Bahamas. Official number 9300831`, call letters VRCC3. Fuller details are included in the mortgage
deed. On this mortgage the laws of the Marshall Islands is applicable.

2

 

	•	 	Joint and several liability of all parties named under 1. above, pursuant to I.4 of the HBU
General Credit Provisions.
	 
	•	 	Independent Corporate Guarantee of USD 34,600,000, plus interest and costs, from FreeSeas
Inc., established in Majuro, Marshall Islands.

(amendment)

	•	 	Pledge of rights and earnings under time charter contracts concluded or to be concluded.
	 
	•	 	Pledge of rights under hull and machinery insurance policy.
	 
	•	 	Pledge of rights under protection and indemnity risk insurance policy.
	 
	•	 	To the extent the Borrower is not already obliged to do so on any other basis, the Borrower hereby further undertakes to
provide HBU with all of the following security as security for the obligations referred to in I.3.1 of the HBU General
Credit Provisions:

	 	•	 	a right of pledge on all assets referred to in Article 18 of the General Banking
Conditions of HBU.
	 
	 	 	 	In order to effectuate the above, the Borrower hereby pledges to HBU, to the extent not already
pledged to HBU pursuant to Article 18 of the General Banking Conditions of HBU, the present and
future debts owing — as regards future debts, the pledge being made in advance — by HBU to
the Borrower as security as stated above. The Borrower hereby grants HBU a power of attorney to
pledge these debts, at any time and repeatedly, to itself on behalf of the Borrower. This power
of attorney is unconditional and irrevocable.
	 
	 	•	 	a right of pledge on the rights of recourse and the subrogated rights arising pursuant to
the joint and several liability referred to in I.4.3 of the HBU General Credit Provisions.
	 
	 	 	 	In order to effectuate the above, the Borrower hereby pledges to HBU, to the extent not already
pledged to HBU in accordance with I.4.3. of the HBU General Credit Provisions, his
aforementioned rights of recourse as security as stated above. If the Borrower is subrogated to
the rights of HBU, HBU reserves a pledge on the subrogated rights as security as stated above.

	 	 	HBU hereby accepts the above rights of pledge. This Credit Agreement constitutes a notice of
these pledges to the other parties referred to as the Borrower and to HBU.

Other provisions

	 	 	 	 	 
	•

	 	With a view to the continuity of the Borrower’s business, HBU deems it necessary that, as from the
end 2008:
	 	(new)

	 	•	 	the Interest Coverage Ratio of Freeseas Inc. must amount to at least 2.5;
	 
	 	•	 	the Debt Service Cover Ratio of Freeseas Inc. is not less than 1.1.
	 
	 	•	 	the Gearing of Freeseas Inc. must amount to maximum 2.5;

These criteria must be satisfied throughout the facility period.

	 	 	 	 	 
	•

	 	All definitions concerning this Credit Agreement are stated in the Appendix B.
	 	(new)
	 
	 	 	 	 
	•

	 	In case of a sale of the MV “Free Envoy” or the MV “Free Destiny” any outstanding
balance under Borrower’s overdraft facility I or II wil be fully repaid and under the
rollover loan an extra repayment of USD 2,000,000 each will be made.
	 	(new)
	 
	 	 	 	 
	•

	 	The vessels will be safely operated and maintained and will in any case always
be in class (acceptable IACS members) during the loan period.
	 	(new)

3

 

	 	 	 	 	 
	•

	 	Borrower will give HBU a time charter agreement with respect to the m.v.
“African Protea” t.b.r. “Free Knight” for inspection. The contents, a contract
of at least 1 year at a rate of at least USD 25,000 a day, must be acceptable to HBU.
	 	(new)
	 
	 	 	 	 
	•

	 	Borrower will give HBU the time charter agreements for inspection. The contents
thereof must be acceptable to HBU.	 	 
	 
	 	 	 	 
	•

	 	The loan to value must be lower than 60% at any moment. The loan to value means the
total outstanding facilities of the Borrower with HBU divided by actual valuation
results of the vessels mortgaged in favour of HBU.
	 	(amendment)
	 
	 	 	 	 
	•

	 	The Borrower will submit once a year to HBU a valuation report of the mortgaged vessels.
The contents must be acceptable to HBU.	 	 
	 
	 	 	 	 
	•

	 	All relations between the Borrower and HBU shall be subject to the General Banking
Conditions of HBU. In addition, the credit relationship concerned shall also be subject
to the HBU General Credit Provisions of July 2006, attached to this Credit Agreement.
By signing this Credit Agreement the Borrower declares that he has received a copy of the
General Banking Conditions and the HBU General Credit Provisions and is fully aware of
the contents thereof.	 	 

      

      

Signature:

Rotterdam, 21 January 2008

HOLLANDSCHE BANK-UNIE N.V.

	 	 	 	 	 
	/s/ Illegible                                                                            
	 	 	 	 
	Majuro,               2008
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Ion G. Varouxakis                                                            

	 	/s/ Ion G. Varouxakis                                                            	 
	Adventure Two S.A.

	 	Adventure Three S.A.

	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Ion G. Varouxakis                                                            
	 	 	 	 
	Adventure Seven S.A.
	 	 	 	 

4

 

Appendix A to the Credit Agreement dated 21 January 2008

Re: main details of roll-over loan

	 	 	 
	1. Borrower

	 	Adventure Two S.A.
	 

	 	Adventure Three S.A.
	 

	 	Adventure Seven S.A.
	 
	 	 
	2. Amount

	 	USD 27,000,000
	 
	 	 
	3. Term

	 	8-year loan
	 
	 	 
	4. Purpose

	 	the purchase of the m.v. “African Protea”
t.b.r. “Free Knight”
	 
	 	 
	5. Drawing

	 	in one amount, not later than 1 April 2008.
	 
	 	 
	6. Interest

	 	LIBOR (London Inter-Bank Offered Rate) increased by a margin of 1.3%.
	 

	 	HBU has the right to review this margin after five years.
	 
	 	 
	7. Fixed rate period

	 	3, 6 or, subject to the approval of HBU, 12 months.
	 
	 	 
	8. Upfront fee

	 	0.60% of the loan amount, payable when the loan agreement referred to in 14 below
is signed.
	 
	 	 
	9. Commitment fee

	 	0.65% per annum.
	 

	 	Commitment fee will be charged over the principal amount of
the loan from the first full calendar month after the
signing of this Credit Agreement until the loan has been
drawn, and be payable for the first time on 1 April 2008.
	 
	 	 
	10. Repayment

	 	in 4 successive three-monthly instalments of
USD 1,750,000, the first instalment beginning three months
after drawing date, then followed by 26 instalments of USD
750,000 and 1 instalment of USD 500,000.
	 
	 	 
	11. Premature repayment

	 	permitted on interest fixing dates taking into account the following
compensation to be paid over the repayment amount: within two years
of the drawing date: 0.375% and thereafter 0.25%.
	 
	 	 
	12. Security and Covenants

	 	See the Credit Agreement.
	 
	 	 
	13. Special provisions

	 	See the Credit Agreement (insofar as applicable).
	 
	 	 
	14. Documents

	 	These main details as well as the terms and conditions commonly applied by HBU will
be incorporated in a loan agreement, which will be sent to the Borrower as soon as possible
after the signing of the Credit Agreement.

5

 

APPENDIX B

Definitions

Adjusted Balance Sheet Total means, total assets minus the sum of (a) intangible assets, (b)
deferred tax assets, (c) participating interests, (d) receivables from shareholders and/or
directors and (e) shares held in the own company, as shown in the Annual Accounts.

Annual Accounts means, Freeseas Inc.’s annual accounts, consisting of the consolidated balance
sheet, profit and loss account and accompanying notes, including an unqualified audit certificate,
drawn up by Price Waterhouse Coopers or comparable (acceptable to HBU) in accordance with the
calculation bases and accounting principles applied in the Freeseas Inc.’s consolidated annual
accounts for the financial year 2006;

Capital Expenditure means, expenditure that should be treated as capital expenditure in accordance
with GAAP.

Consolidated EBIT means, in respect of any Relevant Period, the consolidated net operating profit
of FreeSeas Inc. plus corporation tax or other taxes on income or gains, plus Net Interest Expense
in respect of that Relevant Period, plus extraordinary and/or non-operational costs and charges
less extraordinary and/or non-operational income or gains in respect of that Relevant Period.

Consolidated EBITDA means, in respect of any Relevant Period, Consolidated EBIT for that Relevant
Period plus depreciation and the amount attributable to amortisation of goodwill and any other
intangible assets (including capitalised transaction costs) during that Relevant Period.

Consolidated Net Finance Charges means, for any Relevant Period, the aggregate amount of the
accrued interest, arrangement fee and other amounts in the nature of interest in respect of all
borrowings whether paid, payable or capitalised by FreeSeas Inc. in respect of that Relevant
Period:

excluding any such obligations owed to FreeSeas Inc.;

including the interest element of leasing and hire purchase payments under any such contract
which would, in accordance with the accounting principles, be treated as a finance or capital
lease;

including any accrued commission, fees, discounts and other finance payments payable by
FreeSeas Inc. under any interest rate hedging arrangement, if any;

deducting any accrued commission, fees, discounts and other finance payments owing to FreeSeas
Inc. under any interest rate hedging instrument, if any;

deducting any accrued interest owing to FreeSeas Inc. on any deposit or bank account;

excluding any acquisition costs.

Consolidated Total Bank Debt means, at any time, the aggregate amount of all obligations of
FreeSeas Inc. for or in respect of borrowings with any bank but:

excluding any such obligations to FreeSeas Inc.;

including, in the case of finance leases, only the capitalised value therefore (no amount shall
be excluded or included more than once),

less the total amount of the credit balance of the accounts which Borrower holds with HBU.

6

 

Consolidated Total Bank Debt/Consolidated EBITDA Ratio means, in relation to any Relevant Period,
the Consolidated Total Bank Debt divided by Consolidated EBITDA for such Relevant Period.

Debt Service Cover Ratio means, in relation to any Relevant Period, Free Operating Cash Flow for
such Relevant Period divided by Net Total Debt Service for such Relevant Period.

Excess Cash means, in respect of any Relevant Period, Free Operating Cash Flow for that Relevant
Period minus Net Total Debt Service for that Relevant Period minus any voluntary prepayments made
in respect of this Credit Agreement in that Relevant Period.

Financial Indebtedness means, without double counting:

	 	•	 	any indebtedness for or in respect of indebtedness for borrowed money;
	 
	 	•	 	any documentary credit facility;
	 
	 	•	 	any treasury transaction or any other transaction entered into in connection
with protection against or benefit from fluctuation in any rate or price and the amount
of the financial indebtedness in relation to any such transaction shall be calculated
by reference to the marked-to-market valuation of such transaction at the relevant
time; and
	 
	 	•	 	any guarantee, indemnity, bond, standby letter of credit or any other
instrument issued in connection

     with the performance of any contract or other obligation.

Financial Year means, annual accounting period of FreeSeas Inc. ending on 31 December in each year.

Free Operating Cash Flow means, in respect of any Relevant Period, Consolidated EBITDA for that
Relevant Period after:

     adding:

	 	•	 	any decrease in the amount of Working Capital;
	 
	 	•	 	any cash receipt in respect of any exceptional or extraordinary item
(including, without limitation, the proceeds of the sale of any assets other than
material part of the business disposal proceeds or the proceeds from the disposal of a
material asset);
	 
	 	•	 	any increase in provisions, other non-cash debits and other non-cash charges
taken into account in establishing Consolidated EBITDA;

     and deducting:

	 	•	 	any amount of Capital Expenditure actually made by FreeSeas Inc.;
	 
	 	•	 	any increase in the amount of Working Capital;
	 
	 	•	 	any cash payment in respect of any exceptional or extraordinary item;
	 
	 	•	 	any amount actually paid or due and payable in respect of taxes on the profits
of FreeSeas Inc.;
	 
	 	•	 	any decrease in provisions and other non-cash credits taken into account in
establishing Consolidated EBITDA;

and so that no amount shall be included more than once.

7

 

Gearing means, total debt divided by Tangible Net Worth.

Interest Coverage Ratio means, in relation to any Relevant Period, Consolidated EBIT for such
Relevant Period divided by the sum of Consolidated Net Finance Charges for such Relevant
Period.

Interest Expense means, in respect of any Relevant Period and any Financial Indebtedness of
FreeSeas Inc. referred to in the definition of Total Net Debt, the aggregate of all continuing,
regular or periodic costs, charges and expenses incurred in effecting, servicing or maintaining
such Financial Indebtedness in respect of such relevant period (but not agency or underwriting
fees) including:

	 	•	 	gross interest and arrangement fee on any form of such Financial Indebtedness which has
accrued as an obligation of FreeSeas Inc. during that Relevant Period, including the
interest element of finance leases; and
	 
	 	•	 	the consideration given by FreeSeas Inc. during that Relevant Period by way of discount
in connection with such Financial Indebtedness by way of acceptance credit, bill
discounting or other like arrangement.

GAAP means the generally accepted accounting principles in the Netherlands.

Net Interest Expense means, in respect of any Relevant Period, Interest Expense for such Relevant
Period less interest, commission, fees, discounts and other finance charges receivable during that
Relevant Period (including interest, commission, fees, discounts and other finance charges
receivable under the hedging arrangement).

Net Total Debt Service means, in respect of any Relevant Period, the aggregate of:

	 	•	 	Net Interest Expense for such Relevant Period; and
	 
	 	•	 	all scheduled repayments of capital or principal under the terms of any Financial
Indebtedness of FreeSeas Inc. (excluding any Financial Indebtedness owed by FreeSeas Inc.
to any other member of FreeSeas Inc.) in each case which fall due during that Relevant
Period.

Quarterly Accounts means Borrower’s consolidated balance sheet, profit and loss account, and
compliance certificate, in accordance with the calculation bases and accounting principles applied
in the Borrowers consolidated Annual Accounts for the Financial Year.

Relevant Period means each period of twelve months ending on the last day of each of FreeSeas
Inc.’s calendar quarter starting with the period of twelve months ending on 31 December 2006.

Total Net Debt means, in respect of any Relevant Period, the aggregate of all outstanding Financial
Indebtedness of FreeSeas Inc. as at the last day of such Relevant Period and less all Cash as at
the last day of such Relevant Period.

8

 

Tangible Net Worth means, issued and paid-up share capital plus reserves, deferred tax liabilities
and loans subordinated to Freeseas Inc.’s debts to HBU, minus intangible assets, deferred tax
assets, participating interests, receivables from shareholders and/or directors and shares Freeseas
Inc. holds in his own company, as shown in the annual accounts.

Test Date means, in respect of any Relevant Period, the dates on which HBU shall review the Annual
Accounts and/or Quarterly Accounts in order to assess the Excess Cash, Consolidated Total Bank
Debt/Consolidated EBITDA Ratio, Debt Service Cover Ratio, Interest Cover Ratio and any other
financial ratio which HBU deems necessary with a view to the continuity of the Borrower’s business.
HBU shall assess the Consolidated Total Bank Debt/Consolidated EBITDA Ratio, Debt Service Cover
Ratio and Interest Cover Ratio quarterly on a rolling 12 month basis and based on the Quarterly
Accounts. HBU shall assess the Excess Cash once a year based on the Annual Accounts. Said
assessment shall always take place within 30 days after receipt by HBU of the Annual Accounts
and/or Quarterly Accounts.

Working Capital means trade and other debtors in respect of operating items of any member of
FreeSeas Inc., plus prepayments and stock, less trade and other creditors in respect of operating
items of FreeSeas Inc. and less accrued expenses and accrued costs of FreeSeas Inc.

9EX-4.47 Short Term Loan Agreement

Exhibit 4.47

SHORT-TERM LOAN AGREEMENT IN EUROS

AND OPTIONAL CURRENCIES

This agreement is made between the undersigned:

	1.	 	Adventure Two S.A., established in Majuro, Marshall Islands,

Adventure Three S.A., established in Majuro, Marshall Islands,

Adventure Seven S.A., established in Majuro, Marshall Islands,

hereinafter (together and individually) referred to as ‘the Borrower’,

and

	2.	 	HOLLANDSCHE BANK-UNIE N.V.,

having its registered office in Rotterdam,

hereinafter referred to as ‘the Bank’.

Whereas:

The Bank has offered by the Credit Agreement dated 11 January 2008 to grant the Borrower, until
further notice, a short-term loan facility, subject to the terms and conditions mentioned in that
Credit Agreement, including the conclusion of a relevant agreement between the parties.

It is hereby agreed as follows:

	 	 	Article 1 Loan period and currency
	 
	1.1	 	Under the short-term loan facility, the Borrower shall be entitled to draw short-term loans
at the Bank in euros or optional currencies for periods ranging from fourteen days to twelve
months, as determined by the Borrower. Short-term loans drawn for periods longer than three
months shall require the Bank’s prior consent.
	 
	1.2	 	In this agreement, optional currency shall mean a currency that is freely convertible into
euros and freely transferable and which in the opinion of the Bank is generally and freely
dealt in on the London interbank money market.
	 
	1.3	 	The Bank shall not be obliged to grant a short-term loan upon the occurrence of any event
mentioned in 6.1 below.
	 
	 	 	Article 2 Loan amount
	 
	2.1	 	Short-term loans shall be a minimum of EUR 500,000 (five hundred thousand euros) or the
equivalent in the relevant optional currency. In addition, short-term loans may only be drawn
in a multiple of EUR 100,000 (one hundred thousand euros) or the equivalent in the relevant
optional currency (to be rounded in the manner to be determined by the Bank).
	 
	2.2	 	The equivalent of optional currencies shall be calculated at the Bank’s spot buying rate for
the conversion of euros into the optional currency in question at the time when the short-term
loan is concluded, two business days prior to the drawing of the short-term loan in question.
With a view to the exchange risk on short-term optional currency loans, the available amount
under the

-1-

 

	 	 	short-term loan facility shall be reduced by a certain percentage of any short-term optional
currency loan amount. This percentage shall be determined by the Bank for each short-term
loan individually.
	 
	 	 	Article 3 Fixing of interest on euro loans
	 
	3.1	 	If the Borrower wishes to draw a short-term loan in euros
under the short-term loan facility, he shall notify the Bank by telephone before 11.30 a.m. (Central
European Time) on the day of the intended drawing and at the same time state loan amount,
currency and loan period.
	 
	3.2	 	During, or immediately after the telephone call referred to in 3.1 above, the Bank shall
quote the interest rate at which it is willing to grant the short-term loan requested. If the
Bank and the Borrower then reach agreement upon the interest rate,
the Bank shall confirm the short-term loan it has granted to the Borrower in writing or by fax or another customer
datacommunication system of the Bank’s choice to which the Borrower is linked, stating loan
amount, currency, loan period and interest rate as well as the account on which the
short-term loan shall be made available to the Borrower. If the parties shall fail to reach
agreement, this shall mean a return to the situation prior to the notice by telephone
referred to in 3.1 above.
	 
	 	 	Article 4 Fixing of interest on optional currency loans
	 
	4.1	 	If the Borrower wishes to draw a short-term loan in an optional currency under the short-term
facility, he shall notify the Bank by telephone before 3.30 p.m. (Central European Time) two
business days prior to the day of the intended drawing and at the same time state loan amount,
currency and loan period. In this section, business day shall mean a day on which banking
institutions in London, New York and the country where the optional currency in question is
the national unit, are open for business.
	 
	4.2	 	During, or immediately after the telephone call referred to in 4.1 above, the Bank shall
quote the interest rate at which it is willing to grant the short-term loan requested. If the
Bank and the Borrower then reach agreement upon the interest rate,
the Bank shall confirm the short-term loan it has granted to the Borrower in writing or by fax or another customer
datacommunication system of the Bank’s choice to which the Borrower is linked, stating loan
amount, currency, loan period and interest rate as well as the account on which the
short-term loan shall be made available to the Borrower. If the parties shall fail to reach
agreement, this shall mean a return to the situation prior to the notice by telephone
referred to in 4.1 above.
	 
	 	 	Article 5 Interest and principal
	 
	 	 	The Borrower shall pay interest on any short-term loan at the rate fixed in the way described
in 3 and 4 above, together with the repayment of the short-term loan in question. Interest
shall be calculated on the basis of the actual number of days elapsed and a year of 360 days
or 365 days, dependent on the desired currency. Each short-term loan shall be repaid on the
last day of the loan period. Premature repayment is not permitted.
	 
	 	 	Article 6 Events of default
	 
	6.1	 	All short-term loans together with accrued interest and any other sum due from the Borrower
under this agreement will be due to the Bank forthwith and in full, without demand notice or
any other formality being required:

-2-

 

	 	a.	 	if the Borrower defaults on any obligation towards the Bank at the time and in
the manner required;
	 
	 	b.	 	if the Borrower’s legal structure is changed and/or the Borrower effects a merger
or demerger, ceases to exist, ceases to pursue the corporate objects set out in his
memorandum and articles of association, decides to liquidate his business or loses his
legal status;
	 
	 	c.	 	if the Borrower applies for a moratorium or other judicial postponement of
payment of debts, presents a bankruptcy or winding-up petition, is adjudicated bankrupt
or wound-up or proposes an extrajudicial arrangement or composition with his creditors;
	 
	 	d.	 	if any immovable properties of the Borrower or his consolidated subsidiaries are
taken in execution or attached by way of security and this attachment is not lifted or
discharged within thirty days; if the whole or, in the opinion of the Bank, a
substantial part of the movable and/or immovable properties is lost, damaged,
expropriated or confiscated;

	 	 	without prejudice to the Bank’s right at any time to take all such measures provided by law
as it shall deem necessary or appropriate to protect its rights or to recover the Borrower’s
debt to it.
	 
	6.2	 	The Borrower shall forthwith notify the Bank of the occurrence of any circumstances mentioned
under b, c and d in 6.1 above.
	 
	 	 	Article 7 Compensation
	 
	 	 	If the Bank calls in the short-term loan by virtue of the provisions contained in 6.1 above,
the Borrower shall be due to the Bank lump sum compensation of 1.5% (one and a half per cent)
of the amount the payment of which is demanded by the Bank.
	 
	 	 	Article 8 Default Interest
	 
	 	 	Without prejudice to the provisions contained in 6 and 7 above, the Borrower shall be liable,
in the event of late payment of any sum due under this agreement, to pay default interest on
the overdue amount as from the due date until the date of actual payment in full. The rate of
such default interest shall be 2 percentage points above the interest rate applicable to the
short-term loan in question as referred to in 5 above and may be further increased by the
difference adverse to the Bank between the interest rate referred to in 5 above and, in the
case of a short-term loan in euros, the weighted average of the official offered rate (Euro
Overnight Index Average) as determined on each day of late payment at 7.00 p.m. (Central
European Time) or, in the case of short-term optional currency loans, the debit interest rate
charged to the Bank in the country where the optional currency in question is the national
unit, plus any additional costs and expenses. Default interest resulting from this article
shall be due and calculated as from the due date until the date of actual payment.
	 
	 	 	Article 9 Payments
	 
	9.1	 	The Borrower shall make all payments due under this agreement on the due dates at the Bank’s
branch where the short-term loan is accounted for or at any other address for payment the Bank
has notified to the Borrower. The Bank reserves the right to designate other addresses for
payment. The Borrower shall make the payments without set-off or counterclaim and without any
deduction for or on account of any taxes of whatever nature now or hereafter imposed or levied
by or under the authority of the government of any country in which the Borrower shall be
resident. This shall not apply, however, if any such taxes shall at any time be required to be

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	 	 	withheld or deducted from any payment to be made by the Borrower, in which case the Borrower
shall pay such additional amounts as shall be necessary to ensure that the net amount
received by the Bank equals the amount payable under the terms and conditions of this
agreement.
	 
	9.2	 	If a euro amount shall become payable on a day on which banking institutions in the
Netherlands are closed and which is not a Saturday, such payment shall be made on the next
succeeding day on which those institutions are open for business. If the result of such
extension would be to carry the payment over into another calendar month, payment shall be
made on the last day of the relevant month on which those banking institutions are open for
business.
	 
	9.3	 	If any optional currency amount shall become payable on a day on which banking institutions
in London, New York and/or the country where the currency in question is the national unit,
are closed, such payment shall be made on the next succeeding day on which those institutions
are open for business. If the result of such extension would be to carry the payment over into
another calendar month, payment shall be made on the last day of the relevant month on which
those banking institutions are open for business.
	 
	9.4	 	The Bank shall be entitled but not obliged to debit all amounts that are due and payable by
the Borrower to the Bank in respect of the short-term loans, from the Borrower’s current
account at the Bank, without prejudice to the Borrower’s obligation to ensure that such debit
would not cause the current account to show an unauthorised debit balance.
	 
	 	 	Article 10 Appropriation of payments
	 
	 	 	The Bank shall apply all net payments it receives under this agreement (i.e. after deduction
of all costs and expenses) in reduction or settlement of the Borrower’s indebtedness as
follows: firstly costs and expenses incurred, secondly fees and commissions, next
compensation and default interest, then interest and finally principal.
	 
	 	 	Article 11 Evidence
	 
	 	 	The Bank’s records shall be conclusive evidence of the Borrower’s indebtedness to the Bank,
unless the Borrower shall be able to furnish proof to the contrary. In the case of
disagreement on any amount due and payable by the Borrower according to the records of the
Bank, the Borrower shall not be entitled to refuse or postpone payment of the whole or any
part of such amount but this shall not affect the Bank’s obligation to refund any amount it
should appear to have received in excess.
	 
	 	 	Article 12 Amendments and additions
	 
	 	 	In the case of any amendments or additions to the short-term loan facility referred to under
‘Whereas’ at the beginning of this agreement, or replacement by a similar short-term loan
facility, the provisions contained in this agreement shall continue to apply, without any
rider to this agreement or a separate agreement being required.
	 
	 	 	Article 13 General Banking Conditions
	 
	 	 	Except where this agreement expressly provides otherwise, the legal relationship between the
Borrower and the Bank shall be subject to the Bank’s General Banking Conditions. The Borrower
declares that he has received a copy of these General Banking Conditions and to be aware of
the content thereof.

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Signature:

	 	 	 
	Majuro, 11 January 2008

	 	Rotterdam,                      2008
	 
	 	 
	 

	 	HOLLANDSCHE BANK-UNIE N.V.

/s/ Ion G. Varouxakis 

Adventure Two S.A.

/s/ Ion G. Varouxakis 

Adventure Three S.A.

/s/ Ion G. Varouxakis 

Adventure Seven S.A.

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