Document:

Translation

    

    
      
        
          
            	
                     

                    Master
      Agreement dated 20 November
      2008

                     

                  

          

        

      

    

    

    MASTER
AGREEMENT FOR

    FINANCIAL
DERIVATIVES TRANSACTIONS

    

    Between

    
      

      
        
          
            
              
                	
                        Kronos
      Shipping I, LP

                        
                          
                            c/o
      Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand
      Cayman KY1-9002

                          

                          
                            (herinafter
      called
      “Counterparty“)                                  

                          

                        

                      

              

            

          

        

      

       

      and

       

    

    
      
        
          
            
              
                	
                        

                          Deutsche
      Schiffsbank Aktiengesellschaft, Bremen und Hamburg,

                          
                            acting
      through its office at Domshof 17, 28195 Bremen, Federal Republic of
      Germany

                          

                        

                        
                          
                            

                              (hereinafter
      called
      “Bank“)                                      

                            

                          

                        

                      

              

               

            

          

        

      

    

    the
following is agreed:

    

    
      	
              1.

            	
              Purpose
      and Scope of Agreement

            

    

    

    
      	
              (1)

            	
              In
      order to manage interest and exchange rate risks and other price risks
      arising within the scope and their business operations, the parties hereto
      intend to enter into financial derivatives transactions to object of which
      is

            

    

    

    
      	
              (a)

            	
              the
      exchange of amounts of money denominated in different currencies or
      amounts of money calculated by reference to variable or fixed interest
      rates, exchange rates, prices or other calculation bases, including
      relevant market averages (indices) relating thereto,
  or

            

    

    

    
      	
              (b)

            	
              the
      delivery or transfer of securities, other financial instruments or
      precious metals, or the performance of similar
  obligations.

            

    

    

    Financial
derivatives transactions also include options, interest rate protection and
similar transactions which provide that one party shall render performance in
advance, or that performance shall be conditional.

    

    
      	
              (2)

            	
              The
      terms and conditions set out below shall apply to each transaction which
      is entered into pursuant to this Master Agreement (hereinafter called a
      "Transaction"). All Transactions entered into pursuant to this Master
      Agreement shall among themselves and together with this Master Agreement
      constitute a single agreement (hereinafter called the "Agreement"); they
      shall be entered into in accordance with and in reliance on this
      principle, with a view to an aggregated risk
  assessment.

            

    

    

    
      	
              2.

            	
              Transactions

            

    

    
      	
              (1)

            	
              Upon
      the parties having agreed on a Transaction, the Bank shall confirm the
      terms thereof to the Counterparty in writing, by telex, telegraph,
      facsimile or in similar form.

            

    

    

    
      	
              (2)

            	
              Each
      party shall be entitled to request a signed confirmation of the
      Transaction, provided, however, that such confirmation shall not be a
      precondition of the legal validity of the
  Transaction.

            

    

    

    
      	
              (3)

            	
              The
      provisions of an individual Transaction shall prevail over the provisions
      of this Master Agreement.

            

    

    

    
      	
              3.

            	
              Payments
      and Performances of Other
Obligations

            

    

    

    
      	
              (1)

            	
              Each
      party shall make the payments and carry out the other obligations due to
      the other party by the due date (at the latest) provided for in respect of
      the relevant Transaction.

            

    

    

    
      	
              (2)

            	
              All
      payments shall be made to the payee's account specified for the
      Transaction in the contractual currency owing pursuant to the terms of the
      Transaction, free of all costs, in the manner customary for payments in
      such currency and in funds which are freely available on the due
      date.

            

    

    

    
      	
              (3)

            	
              If
      both parties are required to make payments under the Agreement in the same
      currency on the same day, the party which owes the higher amount shall pay
      to the other the difference between the amounts owed. The Bank shall, in
      due time before such payment becomes due, notify the Counterparty of the
      difference to be paid.

            

    

    

    
      	
              (4)

            	
              In
      the event of non-payment by a party on the due date, interest shall accrue
      on the amount outstanding, until such amount is received, at a rate which
      shall be equal to the interbank interest rate charged by prime banks to
      each other for call deposits at the place of payment and in the currency
      of the amount outstanding for each day on which interest is to be charged,
      plus the interest surcharge referred to in Clause 12 sub-Clause (3). The
      right to make further claims for damages is not hereby
      excluded.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 2 -

     

    
      	
              (5)

            	
              If
      any due date is not a Banking Day, payments shall be made and other
      obligations performed, as stipulated in the terms of the relevant
      Transaction, on any of the
following:

            

    

    

    
      	
              (a)

            	
              the
      immediately preceding Banking Day,
or

            

    

    
      	
              (b)

            	
              the
      immediately following Banking Day,
or

            

    

    
      	
              (c)

            	
              the
      immediately following Banking Day, unless this falls in the next calendar
      month, in which case payment shall be made or other obligation performed
      on the immediately preceding Banking
Day.

            

    

    

    
      	
              4.

            	
              Banking
      Day

            

    

    

    
      "Banking
Day" for the purpose of this Agreement shall mean each day (other than a
Saturday or a Sunday) on which banks are open for business, including trading in
foreign currency and acceptance of foreign currency deposits, at the financial
centre(s) specified in respect of the Transaction.

    

    

    
      	
              5.

            	
              Reference
      Basis

            

    

    

    
      	
              (1)

            	
              Where
      a variable interest rate, exchange rate, price or other calculation basis
      ("Variable Basis") has been agreed in respect of a Translation, the Bank
      shall notify the Counterparty of the underlying reference basis on the day
      on which such Variable Basis is to be determined ("Determination Date") or
      promptly thereafter.

            

    

    

    
      	
              (2)

            	
              Should
      it not be possible on a Determination Date to ascertain the reference
      basis agreed in respect of the relevant Transaction, the parties shall
      determine such reference basis using bases of calculation which
      approximate, as closely as possible, to those agreed in respect of such
      Transaction. If the reference basis is an interbank interest rate which
      has not been determined by mutual agreement within 20 days, the reference
      basis shall be the arithmetic mean of the interest rates at which two
      banks of international repute to be named by the Bank have offered time
      deposits in the contractual currency with equivalent maturities to
      first-class banks on the interbank market for amounts approximate to the
      reference amount at about 11.00 a. m. (local time on the interbank market
      concerned) on the Determination
Date.

            

    

    

    
      	
              (3)

            	
              An
      interest rate used as a reference basis ("Base Rate") shall, if not
      already such a multiple, be rounded upwards to the nearest multiple of one
      hundred-thousandth of a percentage
point.

            

    

    

    
      	
              6.

            	
              Method
      of Calculation

            

    

    

    
      	
              (1)

            	
              Each
      variable amount to be paid in respect of any Transaction shall be the
      product of (a) the reference amount agreed for such Transaction, (b) the
      variable interest rate ("Variable Rate") calculated in accordance with
      Clause 5 and the terms of such Transaction, expressed as a decimal figure,
      and (c) the Quotient within the meaning of sub-Clause (5)
      below.

            

    

    

    
      	
              (2)

            	
              Each
      fixed amount to be paid in respect of any Transaction shall be the amount
      stated in the terms of the Transaction, if the amount is specified as a
      figure. Otherwise it shall be the product of (a) the reference amount
      agreed for such Transaction, (b) the fixed interest rate ("Fixed Rate")
      agreed for such Transaction, expressed as a decimal figure, and (c) the
      Quotient within the meaning of sub-Clause (5)
  below.

            

    

    

    
      	
              (3)

            	
              In
      the case of rate protection transactions, the Variable Rate shall be in
      each case subject to the terms of the relevant Transaction and without
      prejudice to the provisions of sub-Clause (4)
  below,

            

    

    

    
      	
              (a)

            	
              for
      payments by the party designated as surplus payer (or Cap or FRA seller),
      the agreed Base Rate less the rate which is stated in the terms of the
      Transaction as the maximum rate (or Cap rate) or as the forward rate,
      and

            

    

    

    
      	
              (b)

            	
              for
      payments by the party designated as deficit payer (or Floor seller or FRA
      buyer), the rate which is stated in the terms of the Transaction as the
      minimum rate (or Floor rate) or as the forward rate, less the agreed Base
      Rate.

            

    

    

    
      	
              (4)

            	
              If
      a payment is not made upon expiration of the relevant Computation Period,
      but at the commencement thereof, the amount to be determined in accordance
      with sub-Clauses (1) and (2) above shall be discounted by dividing such
      amount by an amount which is calculated in the case of a Computation
      Period of one year or less according to the
  formula

            

    

    

    
      
        
          	
                  1 + 

                	
                  L x D

                
	
                  B

                

        

      

    

    

    
      and in
the case of a Computation Period of more than one year according to the
formula

    

    

    
      
        	
                D

              
	
                B

              

      

    

    

    
      (1 +
L)

    

    

    
      where

    

    
      	
              L

            	
              means
      the Base Rate determined, or other discount rate agreed, in respect of the
      relevant Computation Period, expressed as a decimal figure (i.e. 0.07, for
      instance, in the case of a Base Rate or discount rate of 7
    %);

            

    

    
      	
              D

            	
              means
      the number of days comprised in such Computation
  Period;

            

    

    
      	
              B

            	
              means
      360, unless the agreed contractual currency is a currency for which it is
      market practice to calculate the Base Rate or other agreed discount rate
      on the basis of 365 or, for leap years, 366 days; in such case B means 365
      or 366, respectively.

            

    

    
      The
provisions set forth above shall, unless agreed otherwise, generally apply to
Forward Rate Agreements. In the case of other transactions, they shall apply
only if the terms of the Transaction provide for discounting.

    

    

    
      	
              (5)

            	
              "Quotient"
      means, as stipulated in the terms of the relevant Transaction, any of the
      following:

            

    

    
      	
              (a)

            	
              the
      number of days actually elapsed within the Computation Period for which
      the amount is to be calculated, divided by 360, ("365/360")
    or

            

    

    
      	
              (b)

            	
              the
      number of days elapsed within such Computation Period, calculated on the
      basis of a 360-day year with 12 months of 30 days each, divided by 360,
      ("360/360") or

            

    

    
      	
              (c)

            	
              the
      number of days actually elapsed within such Computation Period, divided by
      365 or, in the case of a leap year, 366, ("365/365")
  or

            

    

    
      	
              (d)

            	
              the
      number of days actually elapsed within such Computation Period, divided by
      365 ("366/365").

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 3 -

    
      	
              (6)

            	
              "Computation
      Period" means the period beginning with, and including, the commencement
      date of the Transaction, or a Payment Date, and ending with, but
      excluding, the next following Payment Date or the termination date, or,
      where the parties have stipulated "Due Date/Due Date" in the terms of the
      Transaction with respect to variable amounts, the period beginning with,
      and including, the commencement date of the Transaction, or a Due Date,
      and ending with, but excluding, the next following Due Date or the
      termination date. For the purposes of this Agreement, "Payment Date" means
      the day on which the payment is actually to be made, where applicable
      after adjustment in accordance with Clause 3 sub-Clause (5), and "Due
      Date" means the contractually agreed day for payment, ignoring any such
      adjustment.

            

    

    

    
      	
              (7)

            	
              If
      a variable amount, or a fixed amount to be calculated pursuant to
      sub-Clause (2) above, sentence 2, is payable, the Bank shall notify the
      Counterparty of such amount together with, in the former case, the then
      applicable reference basis.

            

    

    

    
      	
              7.

            	
              Termination

            

    

    

    
      	
              (1)

            	
              Where
      Transactions have been entered into and not yet fully settled, the
      Agreement can only be terminated by either party for serious cause.
      Serious cause includes circumstances where payment or other performance
      due has not been received, for whatever reason, by the party entitled
      thereto within five Banking Days after the party liable to pay or to
      perform has been notified of non-receipt of the payment or other
      non-performance. Such notification, as well as the notice of termination,
      must be given in writing, by telex, telegraph, facsimile or in similar
      form. Partial termination, in particular a termination of some, but not
      all Transactions, is not permissible, without prejudice, however, to the
      provisions of Clause 12 sub-Clause (5)
(B).

            

    

    

    
      	
              (2)

            	
              The
      Agreement shall terminate, without notice, on the occurrence of
      insolvency. Insolvency occurs if an application is filed for the
      commencement of bankruptcy or other insolvency proceedings against the
      assets of either party and such party either has filed the application
      itself or is generally unable to pay its debts as they fall du or is
      otherwise in a situation which justifies the commencement of such
      proceedings.

            

    

    

    
      	
              (3)

            	
              In
      the event of termination upon notice by either party or upon insolvency
      (hereinafter called "Termination"), neither party shall be obliged to make
      any further payment or perform any other obligation under Clause 3
      sub-Clause (1) which would have become due on the same day or later; the
      relevant obligations shall be replaced by compensation claims in
      accordance with Clauses 8 and 9.

            

    

    

    
      	
              8.

            	
              Claims
      for Damages and Compensation for Benefits
  Received

            

    

    

    
      	
              (1)

            	
              In
      the event of Termination, the party giving notice or the solvent party, as
      the case may be, (hereinafter called "Party Entitled to Damages") shall be
      entitled to claim damages. Damages shall be determined on the basis of
      substitute transactions, to be effected without undue delay, which provide
      the Party Entitled to Damages with all payments and the performance of all
      other obligations to which it would have been entitled had the Agreement
      been properly performed. Such party shall be entitled to enter into
      contracts which, in its opinion, are suitable for this purpose. If it
      refrains from entering into such substitute transactions, it may base the
      calculation of damages on that amount which it would have needed to pay
      for such substitute transactions on the basis of interest rates, forward
      rates, exchange rates, market prices, indices and other calculation bases,
      as well as costs and expensed, at the time of giving notice or upon
      becoming aware of the insolvency, as the case may be. Damages shall be
      calculated by taking into account all Transactions; any financial benefit
      arising from the Termination of Transactions (including those in respect
      of which the Party Entitled to Damages has already received all payments
      and performance of all other obligations by the other party) shall be
      taken into account as a reduction of damages otherwise
      determined.

            

    

    

    
      	
              (2)

            	
              If
      the Party Entitled to Damages obtains an overall financial benefit from
      the Termination of Transactions, it shall owe the other party, subject to
      Clause 9 sub-Clause (2) and, where agreed, Clause 12 sub-Clause (4), a sum
      corresponding to the amount of such benefit, but not exceeding the amount
      of damages incurred by the other party. When calculating such financial
      benefit, the principles of sub-Clause (1) as to the calculation of damages
      shall apply mutatis mutandis.

            

    

    

    
      	
              9.

            	
              Final
      Payment

            

    

    

    
      	
              (1)

            	
              Any
      claims for overdue payments and for performance of other overdue
      obligations, and the damages which are payable, shall be combined by the
      Party Entitled to Damages into a single compensation claim denominated in
      Euro, for which purpose a money equivalent in Euro shall determined, in
      accordance with the principles set forth in Clause 8 sub-Clause (1)
      sentences 2 to 4, in respect of claims for performance of such other
      overdue obligations.

            

    

    

    
      	
              (2)

            	
              A
      compensation claim against the Party Entitled to Damages shall become due
      and payable only to the extent that such party does not, for any legal
      reason whatsoever, have any claims against the other party
      ("Counterclaims"). If Counterclaims exist, their value shall be deducted
      from the total amount of the compensation claim in order to determine the
      portion of the compensation claim that is due and payable. For the purpose
      of calculating the value of the Counterclaims, the Party Entitled to
      Damages shall (i) to the extent that they are not payable in Euro, convert
      such Counterclaims into Euro at a selling rate to be determined, if
      possible, on the basis of the official foreign-exchange rate applicable on
      the day of computation, (ii) to the extent that they are not claims for
      the payment of money, convert them into a claim for damages expressed in
      Euro and (iii) to the extent that they are not yet due and payable, take
      them into account at their present value (also having regard to interest
      claims). The Party Entitled to Damages may set off the compensation claim
      of the other party against the Counterclaims calculated in accordance with
      sentence 3. To the extent that it fails to do so, the compensation claim
      shall become due and payable as soon as and to the extent that it exceeds
      the aggregate amount of
Counterclaims.

            

    

    

    
      	
              10.

            	
              Transfer

            

    

    

    
      The
transfer of rights or obligations arising from the Agreement shall require in
each case the prior consent of the other party, communicated in writing, by
telex, telegraph, facsimile or in similar form. The provisions of Clause 2
sub-Clause (2) shall apply mutatis mutandis.

    

    

    
      	
              11.

            	
              Miscellaneous

            

    

    

    
      	
              (1)

            	
              If
      any provision of the Agreement is invalid or not capable of performance,
      the remaining provisions shall remain unaffected thereby. Any deficiency
      in the Agreement resulting therefrom shall be amended by way of
      interpretation of the Agreement, having due regard to the parties'
      interests.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 4 -
 

    
      	
              (2)

            	
              The
      Agreement is subject to the law of the Federal Republic of
      Germany.

            

    

    

    
      	
              (3)

            	
              The
      courts of the location of the office of the Bank through which the
      Agreement is made shall have non-exclusive
  jurisdiction.

            

    

    

    
      	
              (4)

            	
              The
      Master Agreement in the version hereby agreed shall also apply to all
      Transactions, if any, of the parties under the Master Agreement in an
      earlier version. Such Transactions shall be regarded as Transactions under
      the Master Agreement in this new version. However, the previous version
      shall remain authoritative for such Transactions to the extent that this
      is necessary in order to determine the proper meaning of the provisions
      thereof.

            

    

    

    
      	
              12.

            	
              Special
      Provisions

            

    

    

    
      	
              (1)

            	
              The
      following sub-Clauses (2) to (5) shall apply only to the extent that the
      appropriate spaces below have been marked with a cross or
      completed.

            

    

    

    
      
        	
                x

              	
                (2)    In
      Clause 3 sub-Clause (3) the words "under the same Transaction" are
      substituted for the words "under the
Agreement".

              

      

      

      
        	
                x

              	
                (3)    The
      interest surcharge provided for in Clause 3 sub-Clause (4) shall
      be

              

      

    

    
      
        
          
            	
                    1
      % p. a.

                  

          

        

      

    

    

    
      	
              (4)

            	
              After
      Clause 8 sub-Clause (2), sentence 1 the following sentence is
      inserted:

            

    

    

    
       ̈
his
shall, without prejudice to Clause 12 sub-Clause (5) (C) (a), apply only if, in
relation to at least one Transaction, the Party Entitled to Damages (i) has
finally and incontestably received all payments or other performances owed by
the other party and (ii) would still have unconditional or conditional payment
or other obligations itself if the Agreement were to
continue,

    

    

    
      or

    

    

    
       ̈
his
shall, without prejudice to Clause 12 sub-Clause (5) (C) (a), apply only if the
Party Entitled to Damages (i) has finally and incontestably received, in
relation to all Transactions, all payments or other performances owed by the
other party and (ii) would still have unconditional or conditional payment or
other obligations itself if the Agreement were to continue.

    

    

    
      	
              x

            	
              (5)
      International transactions

            

    

    

    
      (A) If a
party is or will be obliged to deduct or withhold a tax amount or other fiscal
charge from a payment which it is to make, it shall pay to the other party such
additional amounts as are necessary to ensure that the other party receives the
full amount to which it would have been entitled at the time of such payment if
no deduction or withholding had been required. This shall not apply if the tax
or fiscal charge concerned is imposed or levied by the home state of the payee
or by a tax authority resident in such state. Home state means the state in
which the payee has its domicile or is considered to be resident or in which the
office of the payee through which it is acting for the relevant Transaction is
located.

    

    

    
      (B) If,
as a result of any change in law, or in the application or official
interpretation thereof, which occurs after the trade dated of a
Transaction

    

    

    
      (a)     
it
is to be anticipated that, on the next due date, either party will have to pay
additional amounts pursuant to the preceding sub-Clause (A) with regard to a
payment which it is required to make, other than with regard to interest payable
pursuant to Clause 3 sub-Clause (4), or

    

    

    
      (b)     
either
party is no longer permitted to perform the Agreement,

    

    

    
      such
party (hereinafter called the "Affected Party"), and in the case of (b) also the
other party (hereinafter called the "Other Party"), may, by giving not less than
two weeks' notice, terminate the Transaction affected by such change with effect
as form a date to be designated by it, provided that such date may not be
earlier than one month before the date on which such change becomes effective.
In the event of such notice of termination, Clause 7 sub-Clause (3) shall apply
only with respect to the Transaction(s) concerned. However, the Other Party or,
in the event of the termination notice being given by the Other Party, the
Affected Party may, within one week after receipt of the notice of termination,
decide, by a declaration to that effect addressed to the party having given the
notice of termination that the Agreement  as a whole is terminated.
For the form of the notice of termination and the declaration according to
sentence 3, Clause 7 sub-Clause (1), sentence 3 shall apply.

    

    

    
      	
              (C)

            	
              In
      the event of a termination notice being given on the basis of any of the
      grounds for termination mentioned in sub-Clause (B), Clause 8 shall apply
      subject to the following:

            

    

    

    
      	
              
              

            	
              (a)

            	
              The
      Other Party shall be regarded as the Party Entitled to Damages. Clause 12
      sub-Clause (4), where agreed, shall not
apply.

            

    

    

    
      	
              
              

            	
              (b)

            	
              If
      both parties are Affected Parties and either of them suffers damage, the
      party which obtains an overall benefit from the termination or which
      suffers the lesser damage shall pay to the other party a sum amounting to
      half the difference between such benefit and such damage, or between the
      greater and the lesser damage, as the case may be. The payment of such sum
      shall also be due if the notice of termination in accordance with
      sub-Clause (B), sentence 1, letter (b) or the declaration in accordance
      with sub-Clause (B), sentence 3 is made by the Other
  Party.

            

    

    

    
      	
              
              

            	
              (c)

            	
              For
      the purpose of calculating its own benefit or damage, each party shall, in
      the case of (b) above, be considered to be a Party Entitled to
      Damages.

            

    

    

    
      	
              (D)

            	
              For
      any legal dispute or other proceedings before German courts, the
      Counterparty hereby appoints as authorised agent for the service of
      process the person named for such purpose below or the person, if any,
      named for such purpose in relation to at least one
      Transaction.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 5 -

     

    
      	
              (E)

            	
              Each
      party hereby irrevocably undertakes not to claim, and hereby irrevocably
      waives, with respect to any proceedings regarding itself or its assets,
      any immunity based on sovereignty or similar rights from legal action,
      judgement, execution, attachment (whether before or after judgement) or
      other proceedings.

            

    

    

    
      	
              (F)

            	
              Address
      of the person authorised to accept service of process in the Federal
      Republic of Germany:

            

    

    

    
      
        
          
            	
                     

                     

                  

          

        

      

    

    

    
      	
              (6)

            	
              Other
      provisions:

            

    

     

    
      
        
          
            
              
                	
                         

                        a)  It
      is agreed that a Transaction as per Clause 2 (2) will be confirmed in
      English language.
      
                          
                            b)  In
      Clause 9 replace Euro by United States Dollars as the case may
      be.

                          

                        

                         

                      

              

            

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    	
                            Signatures

                          	 
      	
                            Signatures

                          
	
                            on
      behalf of the Counterparty

                          	 
      	
                            on
      behalf of the Bank

                          
	 
      	 
      	 
      
	
                            Kronos
      Shipping I, LP

                          	 
      	
                            Deutsche
      Schiffsbank

                          
	 
      	 
      	
                            Aktiengesellschaft

                          
	 
      	 
      	 
      
	
                            /S/

                          	
                              

                          	
                            /S/Unassociated Document

    
       

      /Berenberg
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      Confidential!

      Suresh
Capital Maritime Partners

      Germany
GmbH

      Garrelstraße
14

      26789
Leer

      

      
        
          
            	
                    Stefan
      Bülau

                  	
                    Phone

                  	
                    +49
      40 350 60-743

                  	
                    29 November
      2006

                  
	
                    International
      Shipping

                  	
                    Fax

                  	
                    +49
      40 35 21 32

                  	 
	
                    Department

                  	
                    E-Mail

                  	
                    Stephan.Buelau@Berenberg.de

                  	 

          

        

      

      

      Credit
Facility

       

      Dear
Sirs,

       

      We refer
to our discussions with you and confirm on the basis of our General Business
Conditions that we will make available to you the credit facility set out
below:

      

      Credit
Amount

       

      Up to the
maximum of EUR 26,400,000.00 (written in full: Euros twenty six million four
hundred thousand 0/100) including all accrued interest during the lifetime of
the loan.

       

      Drawings

       

      Drawings
of up to the credit
amount may be made by debiting your accounts with the Master-No. 52751 as fixed-rate
borrowing.

       

      Purpose

       

      Partial
pre-delivery financing of 4 Anker Handling Tugs (each “Vessel”).

       

      Term

       

      This
facility (the “Facility”) will be made available in several tranches (the
“Tranche”) with each Tranche being directly related to a vessel and a certain
status of construction of the relevant vessel.

       

      Neuer
Jungfernstieg 20 - 20354 Hamburg (Germany)

      Phone +49
40 350 60-0 - Fax +49 40 35 21 32  - info@berenberg.de – Telex
215 781

      Head
office:  Hamburg Amßgericht Hamburg HRH 42659

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

       

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      2

                  29
      November 2006

                

        

      

       

      We will
keep those Tranches available to you until the date of the delivery of the
relevant Anker Handling Tug but in no case longer than up to 30 December 2008.
At the end of the term all outstanding principal plus accrued interest and costs
shall be immediately due for repayment.

       

      You
hereby undertake to pay to us from the day of the relevant drawdown is made
interest on the principal amount of the loan outstanding from time to time and
on any accrued and unpaid interest (both before and after judgement) on the loan
at any time outstanding.

       

      Interest
shall be paid at the interest rate being the sum of the relevant LIBOR or
EURIBOR as amongst banks prevailing plus the applicable margin of 35 basis
points (the “Interest Rate).

       

      We will
notify you in writing, not later than the first day of the interest period, of
the amount of interest payable in relation to such interest period. All accrued
interest in relation to an interest period shall be debited to the current
account (the “Account) at the end of such interest period.

       

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

       

      Interest
shall always be due and payable in arrears on the interest payment date, being
the last day of the relevant fixed interest period (the “Interest Period”),
provided , however, that if an Interest Period would otherwise end on a day
which is not a banking day, that Interest Period shall be extended to the next
succeeding day which is a banking day, unless the result of such extension would
be to carry such Interest Period over into another calendar month, in which
event such Interest Period shall end on the preceding banking day.

       

      It is
agreed that the Interest Period for each Tranche of the loan will be fixed from
the day of the relevant drawdown for a period of three months. The Interest
Periods will be automatically extended at the end of each of the previous
Interest Periods for another term of three months including the so far accrued
Interest. The extensions shall be repeated until the day of the prospective
delivery of the relevant Vessel. In case the duration of the last relevant
Interest Period does not match the day of the delivery of the relevant Vessel,
the bank shall be entitled to amend the last Interest Periods in order to adjust
the maturity date to the date of the delivery of the relevant Vessel. The same
procedure and periods shall be applied to the collateral
deposit.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

      

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      3

                  29
      November 2006

                

        

      

       

      In
addition, the bank shall be entitled to an arrangement fee amounting to EUR
15,000.00 which shall become due and payable upon acceptance of this credit
facility by you. We shall have the right to debit your Account with us
accordingly.

       

      After
completion, however in any case no later than six months after the balance sheet
date, you will submit to us your respective audited annual accounts (in
fulfilment of the Bank’s statutory duties under § 18 KWG to gain an up-to-date
view of the commercial situation).

       

      All other
credit terms and conditions will be agreed separately from case to
case.

       

      Costs,
Fees and Expenses

       

      You shall
pay to us on demand all reasonable fees, costs and expenses (including, without
limitation, out-of-pocket expenses, fees, costs and expenses of independent
advisers such as external legal counsels to us, which independent advisers and
fees shall be approved by us)

       

      
        	
                 
      

              	
                (i)

              	
                incurred
      by us in connection with the negotiation, preparation and execution of
      this credit facility, the collateral agreement (Declaration of Pledging
      for the Securities and Credit Balances of III to I Maritime Partners
      Cayman I, LP, Exhibit 1) and any related documents (such as legal
      opinions); and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                incurred
      by us in connection with the preservation or enforcement of any of our
      rights arising from this facility, the collateral agreement (Declaration
      of Pledging for the Securities and Credit Balances of III to I Maritime Partners
      Cayman I, LP as per Exhibit 1 hereto) and
      any related documents.

              

      

       

      You
hereby irrevocably authorise us to debit the Account up to the amount neccessary
for the payment and/or reimbursement of the above fees, costs and
expenses.

       

      Taxes

       

      All
amounts of whatsoever nature payable by you under this Credit Facility shall be
paid free and clear of and without any deduction for any and all present or
future taxes, levies, imposts, deductions, charges or withholdings (the
“Taxes”).

       

      If you
were required by law to deduct any Taxes from or in respect of any sum payable
to us hereunder, (i) the sum payable shall be increased as may be necessary so
that after making all required deductions we will receive an amount equal to the
sum we would have received, if no such deduction had been made; and (ii) you
shall make such deduction; and (iii) you shall pay the full amount deducted to
the relevant tax authorities in accordance with applicable
laws.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

      

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      4

                  29
      November 2006

                

        

      

       

      Within 30
days after the date of any payment of Taxes you will furnish to us, at the
address indicated herein, the original or a certified copy of a receipt
evidencing the payment thereof (to the extent that such receipt has been
provided by the relevant taxing authority).

       

      Collateral

       

      For the
credit facility granted in this letter, you must provide the following item(s)
of collateral to the Bank:

       

      
        	
                 
      

              	
                ·

              	
                Declaration
      of pledging for the securities and credit balances kept with us under
      Master-No. 22820
      of III to I Maritime Partners Cayman I, LP (the “Pledgor”) in the form and
      substance as per Exhibit
      1, in two executed copies.

              

      

      Kindly
forward all copies to the Pledgor and request that all copies will be returned
to us duly signed. We will send you a copy of the declaration which is meant for
Pledgor’s files as soon as such copy will have been duly countersigned by
us.

       

      Before
you may draw on the credit facility agreed with this letter, we must have
received the aforementioned duly signed collateral agreements.

       

      This does
not affect our right to be provided with additional collateral, nor does this
effect our right to realise the collateral pursuant to the terms and conditions
stipulated in the relevant provisions or our General Business
Conditions.

       

      Conditions
Precedent

       

      Our
obligation to disburse the credit amount or parts thereof to you shall be
subject to the following conditions precedent the occurrence of which shall be
(to the extent applicable) proven by evidence to our satisfaction (each document
in form and substance to our satisfaction):

       

      
        	
                 
      

              	
                ·

              	
                Receipt
      of one executed copy of this Credit Facility Letter duly countersigned on
      your behalf by one or more authorised signatories and duly endorsed by and
      on behalf of Pledgor;

              

      

      
        	
                 
      

              	
                ·

              	
                Receipt
      of the declaration of pledging for the securities and credit balances
      (Exhibit 1) duly
      signed by and on behalf of the
Pledgor;

              

      

      
        	
                 
      

              	
                ·

              	
                Receipt
      of Process Agent agreement duly signed and executed on behalf of the
      Pledgor and duly countersigned by authorised representatives of the
      Process Agent;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

      

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      5

                  29
      November 2006

                

        

      

      

      
        	
                 
      

              	
                ·

              	
                Receipt
      of a legal opinion issued by a reputable law firm satisfactory to us, in
      the Cayman Islands (for the Pledgor) which shall be in form and substance
      satisfactory to us, particularly confirming, among other items, the
      validity and enforceability of the terms and conditions stipulated in this
      Letter Agreement and the declaration of pledging for the securities and
      credit balances (Exhibit
      1) and the existence and good standing for III to I Maritime
      Partners Cayman I, LP as the Pledgor, possessing the capacity to sue or be
      sued in its own name and having the power to own its assets and carry on
      its business as contemplated by the Loan Agreement as per the date
      hereof;

              

      

      
        	
                 
      

              	
                ·

              	
                Receipt
      of the opening balance sheet of Suresh Capital Maritime Partners Germany
      GmbH duly signed on your behalf;

              

      

      
        	
                 
      

              	
                ·

              	
                Three
      (3) days prior to the draw down of each Tranche we will receive a duly
      signed draw down notice which will include details as the amount to be
      drawn, the name or notation of the relevant Vessel and the special purpose
      of this Tranche;

              

      

      
        	
                 
      

              	
                ·

              	
                Prior
      to every draw down there shall be sufficient funds on the accounts of the
      Pledgor under master no. 22820 which funds shall at no time be less than
      100% of the amount outstanding and in addition 100% of the amount to be
      drawn on each of the relevant draw down
dates.

              

      

      

      Events
of Default

       

      Notwithstanding
the relevant provisions of our General Business Conditions, if any of, but not
limited to, the following events (“Event(s) of Default”) shall
occur and be continuing:

       

      
        	
                 
      

              	
                a)

              	
                if
      you fail to pay when due any principal or interest amounts or other sums
      payable hereunder within five (5) Business Days of written notice of such
      failure from us;

              

      

      
        	
                 
      

              	
                b)

              	
                if
      you default in the performance or observance of any other obligation or
      term contained in this Credit Facility and such failure is not remedied
      within fifteen (15) Business Days of written notice of such failure from
      us;

              

      

      
        	
                 
      

              	
                c)

              	
                if
      the Credit Facility or part thereof has not been utilised for the purpose
      stipulated herein.

              

      

      
        	
                 
      

              	
                d)

              	
                if
      it becomes unlawful for you to pay your debts
  hereunder;

              

      

      
        	
                 
      

              	
                e)

              	
                if
      you, and/or the Pledgor (as the case may be), challenge or contest in any
      action, suit or proceeding the validity or enforceability of this Credit
      Facility, the validity or enforceability of any of the obligations or the
      validity or enforceability of the declaration of pledging for the
      securities and credit balances (Exhibit 1) or the perfection or priority
      of the relevant lien created for our
benefit;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

      

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      6

                  29
      November 2006

                

        

      

      

      
        	
                 
      

              	
                f)

              	
                if
      a material adverse change with respect to your and/or Pledgor’s financial
      condition occurs which results, in our good faith credit judgment, in a
      material impairment of the repayment of the credit facility and/or the
      enforceability and/or realisation of the collateral
      respectively;

              

      

      
        	
                 
      

              	
                g)

              	
                if
      you or the Pledgor become or threaten to become insolvent or bankrupt or
      become or threaten to become unable to pay your or Pledgor’s debts as they
      mature or make any composition with or assignment for the benefit of your
      or Pledgor’s creditors or apply for or consent to or sustain the
      appointment of a trustee or receiver in respect of your or Pledgor’s
      assets or a substantial part thereof or cease or threaten to case to carry
      on business;

              

      

      
        	
                 
      

              	
                h)

              	
                if
      without our prior written consent, there is any change in the ultimate
      beneficial ownership of Suresh Capital Maritime Partners Germany GmbH
      and/or III to I Maritime Partners Cayman I, LP causing loss of control by
      the main shareholders of its
founders;

              

      

      then, and
in any such event, we may declare this Credit Facility and all amounts payable
under this Letter Agreement including principal, interest and costs to be
forthwith due and payable, whereupon the respective amounts shall become and be
forthwith due and payable.

       

      Statement
under § 8 German Money Laundering Act (“Geldwäschegesetz”)

       

      With
regard to the German Money Laundering Act we assume on the basis of the
information you provided when opening your account that you act in your own name
in taking out this credit. If this is incorrect or if it changes in the future,
you will promptly inform us of this.

       

      Governing
law and legal venue

       

      This
agreement shall be governed by and construed in accordance with the laws of the
Federal Republic of Germany.  Non-exclusive place of jurisdiction for
all and any claims and disputes arising under and in connection with this
agreement shall be Hamburg, Germany unless provided otherwise by mandatory
law.  Nothing in this credit facility shall affect our right to serve
legal process in any other manner permitted by law nor shall it affect our right
to bring any litigation, action or proceeding against you, and or the Pledgor,
or the respective property in the courts of other competent
jurisdictions.

       

      No
Waiver

       

      No
failure or delay on our part to exercise any power or right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise by us of
any such power or right preclude any other or further exercises therof or the
exercise of any other right.  The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      /Berenberg
Bank Logo/

      

      
        
          	
                  Letter
      to Suresh Capital Maritime Partners Germany GmbH

                   

                	
                  Page
      7

                  29
      November 2006

                

        

      

       

      Severability

       

      If any of
the above provisions are or become invalid or unperformable as a whole or in any
part, then this shall not affect the remaining agreement set out
above.

       

      Acceptance

       

      We
request that you confirm your acceptance of the contents of this letter by duly
signing the enclosed execution copies and returning to us one copy of it duly
signed on behalf of all relevant parties.

       

      
        
          
            
              
                	
                        Yours
      faithfully

                      	 
	 
      	 
	
                        Joh.
      Berenberg, Gossler & Co. KG

                      	 
	 
      	 
      	 
	
                        /S/

                      	
                        /S/

                      	 
	
                        (Engelmann)

                      	
                        (Speer)

                      	 

              

            

          

        

      

       

      Accepted:

       

      
        
          	
                  Place/date

                	 
      	
                  (Suresh
      Capital Maritime Partners Germany GmbH)

                
	 
      	
                    

                	
                  /S/

                

        

      

       

      Acknowledgement:

       

      We, the
Pledgor, acknowledge by signature the contents of this Letter Agreement and
confirm having received one copy of it for our files.

       

      
        
          	
                  Place/date

                	 
      	
                  (III
      to I Maritime Partners Cayman I, LP)

                
	
                  Dallas,
      TX 11/30/06

                	
                    

                	
                  /S/

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