Document:

d986138_ex4-26.htm

     

    Exhibit
4.26

    
      	
              Private & Confidential

            
	
               

               

               

               

               

               

               

               

              LOAN AGREEMENT

              for
      a Loan

              of
      up to US$15,000,000

              to

              AEGEAN
      BUNKERING SERVICES INC.

               

              provided
      by

              PIRAEUS
      BANK A.E.

               

               

               

               

               

               

               

               

               

               

               

               

            
	
              

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS AGREEMENT is
dated 8 July 2008 and made BETWEEN:

     

    
      	
              (1)

            	
              AEGEAN BUNKERING SERVICES
      INC. as Borrower; and

            

    

     

    
      	
              (2)

            	
              PIRAEUS BANK A.E. as
      Bank.

            

    

     

    IT IS AGREED as
follows:

     

    
      	
              1

            	
              Purpose
      and definitions

            

    

     

    
      	
              1.1

            	
              Purpose

            

    

     

    This
Agreement sets out the terms and conditions upon and subject to which the Bank
agrees to make available to the Borrower a loan of up to Fifteen million Dollars
($15,000,000) for the purpose of providing the Borrower with corporate
liquidity.

     

    
      	
              1.2

            	
              Definitions

            

    

     

    In this
Agreement, unless the context otherwise requires:

    

      "Aegean
III" means the motor vessel Aegean III, a 1990-built,
2,972 dwt double-hull oil tanker, registered in the
ownership of the Aegean III Owner under the laws and flag of the relevant Flag
State under Official Number 11677;

       

      "Aegean III Owner" means Aegean
Ship III Maritime Company of 42 Hatzikyriakou Avenue, 185 38, Greece and
includes its successors in title;

       

      "Aegean
VIII" means the motor vessel Aegean VIII, a 1990-built,
2,972 dwt double-hull oil tanker, registered in the ownership of the Aegean VIII
Owner under the laws and flag of the relevant Flag State under Official Number
11708;

       

      "Aegean VIII Owner" means
Aegean Ship VIII Maritime Company of 42 Hatzikyriakou Avenue, 185 38, Greece and
includes its successors in title;

       

      "Aegean
XII" means the motor vessel Aegean XII (ex Kortsopon), a 1979-built,
3,680 dwt double-hull oil tanker, registered in the
ownership of the Aegean XII Owner under the laws and flag of the relevant Flag
State under Official Number
                           ;

       

      "Aegean XII Owner" means Aegean
Ship XII Maritime Company of 42 Hatzikyriakou Avenue, 185 38, Greece and
includes its successors in title;

       

      "AMPNI Guarantee" means the
corporate guarantee executed or (as the context may require) to be executed by
the AMPNI Guarantor in favour of the Bank in the form set out in schedule
4;

       

      "AMPNI Guarantor" means Aegean
Marine Petroleum Network Inc. of Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Island MH96960 and includes its successors in
title;

       

      "Applicable Accounting
Principles" means the most recent and up-to-date US GAAP at any relevant
time;

       

      "Assignee" has the meaning
ascribed thereto in clause 14.3;

       

      "Bank" means Piraeus Bank A.E.
whose registered office is at 4 Amerikis, 105 64 Athens, Greece acting for the
purposes of this Agreement through its branch at 47-49 Akti Miaouli, Piraeus 185
36, Greece (or of such other address as may last have been notified to the
Borrower pursuant to clause 14.6) and includes its successors in title,
Assignees and/or Transferees;

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      "Banking Day" means a day on
which dealings in deposits in Dollars are carried on in the London Interbank
Eurocurrency Market and (other than Saturday or Sunday) on which banks are open
for business in London, Piraeus and New York City (or any other relevant place
of payment under clause 6);

       

      "Borrowed Money" means
Indebtedness in respect of (i) money borrowed or raised and debit balances at
banks, (ii) any bond, note, loan stock, debenture or similar debt instrument,
(iii) acceptance or documentary credit facilities, (iv) receivables sold or
discounted (otherwise than on a non-recourse basis), (v) deferred payments for
assets or services acquired, (vi) finance leases and hire purchase contracts,
(vii) swaps, forward exchange contracts, futures and other derivatives, (viii)
any other transaction (including without limitation forward sale or purchase
agreements) having the commercial effect of a borrowing or raising of money or
of any of (ii) to (vii) above and (ix) guarantees in respect of Indebtedness of
any person falling within any of (i) to (viii) above;

       

      "Borrower" means Aegean
Bunkering Services Inc. of Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH96960 and includes its successors in
title;

       

      "Borrower's Security Documents"
means, at any relevant time, such of the Security Documents as shall have been
executed by the Borrower at such time;

       

      "Classification" means, in
relation to a Ship, the highest class available to a vessel of that Ship's type
with the relevant Classification Society or such other classification as the
Bank shall, at the request of the Owner of such Ship, has agreed in writing
shall be treated as the Classification in relation to such Owner's Ship for the
purposes of the relevant Ship Security Documents;

       

      "Classification Society" means,
in relation to a Ship, such classification society (being a member of the
International Association of Classification Societies ("IACS")) which the Bank
shall, at the request of an Owner, agree in writing shall be treated as the
Classification Society in relation to such Owner's Ship for the purposes of the
relevant Ship Security Documents;

       

      "Code" means the International
Management Code for the Safe Operation of Ships and for Pollution Prevention
constituted pursuant to Resolution A. 741 (18) of the International Maritime
Organisation and incorporated into the International Convention for the Safety
of Life at Sea 1974 (as amended) and includes any amendments or extensions
thereto and any regulation issued pursuant thereto;

       

      "Commitment" means the
aggregate amount which the Bank has agreed to lend to the Borrower under
clause 2.1 as reduced by any relevant term of
this Agreement:

       

      "Compulsory Acquisition" means,
in relation to a Ship, requisition for title or other compulsory acquisition,
requisition, appropriation, expropriation, deprivation, forfeiture or
confiscation for any reason of such Ship by any Government Entity or other
competent authority, whether de jure or de facto, but shall exclude requisition
for use or hire not involving requisition of title;

       

      "Corporate Guarantees" means,
together, the AMPNI Guarantee and the Owner's Guarantees and "Corporate Guarantee" means any
of them;

       

      "Corporate Guarantors" means,
together, the Owners and the AMPNI Guarantor and "Corporate Guarantor" means any
of them;

       

      "Default" means any Event of
Default or any event or circumstance which with the giving of notice or lapse of
time or the satisfaction of any other condition (or any combination thereof)
would constitute an Event of Default;

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      "Disbursement Acknowledgement"
means an acknowledgement and confirmation of disbursement executed by the
Borrower, the Owners and the AMPNI Guarantor in the form set out in
schedule 3;

       

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

       

      "Dollars" and "$" mean the lawful currency of
the United States of America and, in respect of all payments to be made under
any of the Security Documents, mean funds which are for same day settlement in
the New York Clearing House Interbank Payments System (or such other U.S. dollar
funds as may at the relevant time be customary for the settlement of
international banking transactions denominated in U.S. dollars);

       

      "Drawdown Date" means any date,
being a Banking Day falling not later than the Termination Date, on which the
Loan is, or is to be, made available;

       

      "Drawdown Notice" means a
notice substantially in the form of schedule 1;

       

      "Earnings" means, in relation
to a Ship, all moneys whatsoever from time to time due or payable to the Owner
owning such Ship during the Security Period arising out of the use or operation
of such Ship including (but without limiting the generality of the foregoing)
all freight, hire and passage moneys, income arising under pooling arrangements,
compensation payable to the Owner of such Ship in the event of the requisition
of such Ship for hire, remuneration for salvage and towage services, demurrage
and detention moneys and damages for breach (of payments for variation or
termination) of any charterparty or other contract for the employment of such
Ship;

       

      "Encumbrance" means any
mortgage, charge (whether fixed or floating), pledge, lien, hypothecation,
assignment, trust arrangement or security interest or other encumbrance of any
kind securing any obligation of any person or any type of preferential
arrangement (including without limitation title transfer and/or retention
arrangements) having a similar effect;

       

      "Environmental Affiliate" means
any agent or employee of any Security Party or any other Relevant Party or any
person having a contractual relationship with a Security Party or any other
Relevant Party in connection with any Relevant Ship or its operation or the
carriage of cargo and/or passengers thereon and/or the provision of goods and/or
services on or from such Relevant Ship;

       

      "Environmental Approval" means
any consent, authorisation, licence or approval of any governmental or public
body or authorities or courts applicable to any Relevant Ship or its operation
or the carriage of cargo and/or passengers thereon and/or the provision of goods
and/or services on or from such Relevant Ship required under any Environmental
Law;

       

      "Environmental Claim" means any
and all enforcement, clean-up, removal or other governmental or regulatory
actions or orders instituted or completed pursuant to any Environmental Law or
any Environmental Approval together with claims made by any third party relating
to damage, contribution, loss or injury, resulting from any actual or threatened
emission, spill, release or discharge of a Pollutant from any Relevant
Ship;

       

      "Environmental Laws" means all
national, international and state laws, rules, regulations, treaties and
conventions applicable to any Relevant Ship pertaining to the pollution or
protection of human health or the environment including, without limitation, the
carriage of Pollutants and actual or threatened emissions, spills, releases or
discharges of Pollutants;

       

      "Event of Default" means any of
the events or circumstances described in clause 10.1;

       

      "Flag State" means, in relation
to each Ship, the Hellenic Republic or such other state or territory designated
in writing by the Bank, at the request of an Owner, as being the "Flag State" of such Owner's
Ship for the purposes of the relevant Ship Security Documents;

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      "General Assignment" means, in
relation to each Ship, a general assignment executed or (as the context may
require) to be executed by the relevant Owner in favour of the Bank in the form
set out in schedule 7 and "General Assignments" means any
or all of them;

       

      "Government Entity" means and
includes (whether having a distinct legal personality or not) any national or
local government authority, board, commission, department, division, organ,
instrumentality, court or agency and any association, organisation or
institution of which any of the foregoing is a member or to whose jurisdiction
any of the foregoing is subject or in whose activities any of the foregoing is a
participant;

       

      "Group" means, together, the
AMPNI Guarantor and its Subsidiaries from time to time (which, for the avoidance
of doubt, shall include the Owners and the Borrower) and "member of the Group" shall be
construed accordingly;

       

      "Indebtedness" means any
obligation for the payment or repayment of money, whether as principal or as
surety and whether present or future, actual or contingent;

       

      "Insurances" means, in relation
to a Ship, all policies and contracts of insurance (which expression includes
all entries of such Ship in a protection and indemnity or war risks association)
which are from time to time during the Security Period in place or taken out or
entered into by or for the benefit of the Owner of such Ship (whether in the
sole name of such Owner, or in the joint names of such Owner and the Bank or
otherwise) in respect of such Ship and her Earnings or otherwise howsoever in
connection with such Ship and all benefits thereof (including claims of
whatsoever nature and return of premiums);

       

      "Interest Payment Date" means
the last day of an Interest Period;

       

      "Interest Period" means each
period for the calculation of interest in respect of the Loan ascertained in
accordance with clauses 3.2 and 3.3;

       

      "ISPS Code" means the
International Ship and Port Facility Security Code constituted pursuant to
resolution A.924(22) of the International Maritime Organization now set out in
Chapter XI-2 of the International Convention for the Safety of Life at Sea 1974
(as amended) as adopted by a Diplomatic conference of the International Maritime
Organisation on Maritime Security in December 2002 and includes any amendments
or extensions thereto and any regulation issued pursuant thereto;

       

      "ISSC" means, in relation to a
Ship, an International Ship Security Certificate issued in respect of such Ship
pursuant to the ISPS Code;

       

      "LIBOR" means, in relation to
any amount and for any period, the offered rate (if any) for deposits of Dollars
for such amount and for such period which is:

       

      
        	
                 
      

              	
                (a)

              	
                the
      rate for such period, appearing on page LIBOR01 of the Reuters screen at
      or about 11:00 a.m. on the Quotation Date for such period (or such other
      page as may replace such page on such service);
  or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      the relevant page is not displayed on the Reuters screen or the Reuters
      screen is not operating at the relevant time or if no such offered rate
      appears on the Reuters screen, the rate quoted by the Bank as the Bank's
      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 such period to prime banks in the London Interbank Market at
      or about 11:00 a.m. on the Quotation Date for such
  period;

              

      

       

      "Loan" means the aggregate
principal amount owing to the Bank under this Agreement at any relevant
time;

       

      "Margin" means one point two
five per cent (1.25%) per annum;

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      "month" means a period
beginning in one calendar month and ending in the next calendar month on the day
numerically corresponding to the day of the calendar month on which it started,
provided that (a) if the period started on the last Banking Day in a
calendar month or if there is no such numerically corresponding day, it shall
end on the last Banking Day in such next calendar month and (b) if such
numerically corresponding day is not a Banking Day, the period shall end on the
next following Banking Day in the same calendar month but if there is no such
Banking Day it shall end on the preceding Banking Day and "months" and "monthly" shall be construed
accordingly;

       

      "Mortgage" means, in relation
to each Ship, the first preferred Greek mortgage over that Ship executed or (as
the context may require) to be executed by the relevant Owner in favour of the
Bank in the form set out in schedule 6, and "Mortgages" means any or all of
them;

       

      "Mortgaged Ship" means, at any
relevant time, any Ship which is at such time subject to a Mortgage and/or the
Earnings, Insurances and Requisition Compensation of which are subject to an
Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall
for the purposes of this Agreement be deemed to be a Mortgaged Ship as from the
date that the Mortgage of that Ship shall have been executed and registered in
accordance with this Agreement until whichever shall be the earlier of (i) the
payment in full of the amount required by the Bank to be paid pursuant to clause
4.3 following the sale or Total Loss of such Ship and (ii) the date on which all
moneys owing under the Security Documents have been repaid in full;

       

      "Operating Account" means, in
relation to each Owner and its Ship, a Dollar account of that Owner opened or
(as the context may require) to be opened with the Bank and includes any
sub-accounts thereof and any other account designated in writing by the Bank to
be an Operating Account for that Owner and its Ship and "Operating Accounts" means any
or all of them;

       

      "Operating Account Pledge"
means, in relation to each Operating Account, a first priority account pledge
over (inter alia) that Operating Account, executed or (as the context may
require) to be executed by the relevant Owner and the Bank, in such form as the
Bank may require in its sole discretion and "Operating Account Pledges"
means any or all of them;

       

      "Operator" means any person who
is from time to time during the Security Period concerned in the operation of a
Ship and falls within the definition of "Company" set out in rule 1.1.2 of the
Code;

       

      "Owner" means:

       

      
        	
                 
      

              	
                (a)

              	
                in
      relation to Aegean
      III, the Aegean III Owner;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      relation to Aegean
      VIII, the Aegean VIII Owner;
or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      relation to Aegean
      XII, the Aegean XII Owner,

              

      

       

      and
"Owners" means any or
all of them;

       

      "Owner's Guarantee" means, in
relation to each Owner, the guarantee executed or (as the context may require)
to be executed by that Owner in favour of the Bank in the form set out in
schedule 5 and "Owner's
Guarantees" means all of them;

       

      "Permitted Encumbrance" means
any Encumbrance in favour of the Bank created pursuant to the Security Documents
and Permitted Liens;

       

      "Permitted Liens" means, in
relation to a Ship, any lien on such Ship for master's, officer's or crew's
wages outstanding in the ordinary course of trading, any lien for salvage, and
any ship repairer's or outfitter's possessory lien for a sum not (except with
the prior written consent of the Bank) exceeding the Casualty Amount (as defined
in the Ship Security Documents for such Ship) for such Ship;

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      "Pollutant" means and includes
pollutants, contaminants, toxic substances, oil as defined in the United States
Oil Pollution Act of 1990 and all hazardous substances as defined in the United
States Comprehensive Environmental Response, Compensation and Liability Act
1980;

       

      "Quotation Date" means, in
relation to any period for which LIBOR is to be determined under this Agreement,
the day falling two (2) Banking Day before the first day of such period, unless
market practice differs in the London Interbank Market, in which case the
Quotation Date will be determined by the Bank in accordance with market practice
in the London Interbank Market;

       

      "Registry" means, in relation
to a Ship, such registrar, commissioner or representative of the relevant Flag
State who is duly authorised and empowered to register such Ship, the relevant
Owner's title to such Ship and the relevant Mortgage under the laws and flag of
the relevant Flag State;

       

      "Related Company" of a person
means any Subsidiary of such person, any company or other entity of which such
person is a Subsidiary and any Subsidiary of any such company or
entity;

       

      "Relevant Jurisdiction" means
any jurisdiction in which or where any Security Party is incorporated, resident,
domiciled, has a permanent establishment, carries on, or has a place of business
or is otherwise effectively connected;

       

      "Relevant Party" means the
Borrower, each of the Owners, any other Security Party and each member of the
Group from time to time;

       

      "Relevant Ship" means the Ships
and any other vessel from time to time (whether before or after the date of this
Agreement) owned, managed or crewed by, or chartered to, any Relevant
Party;

       

      "Repayment Date" means each of
the dates falling at three (3) monthly intervals after the Drawdown Date up to
and including the date falling sixty (60) months after the Drawdown Date and
"Repayment Dates" means
any or all of them;

       

      "Requisition Compensation"
means, in relation to a Ship, all sums of money or other compensation from time
to time payable during the Security Period by reason of the Compulsory
Acquisition of such Ship;

       

      "Security Documents" means this
Agreement, the Corporate Guarantees, the Mortgages, the General Assignments, the
Operating Account Pledges and any other documents as may have been or shall from
time to time after the date of this Agreement be executed to guarantee and/or
secure all or any part of any moneys from time to time owing by the Borrower to
the Bank pursuant to this Agreement, interest thereon and other moneys from time
to time owing by the Borrower or any other Security Party pursuant to this
Agreement and/or any other Security Document (whether or not any such document
also secures moneys from time to time owing pursuant to any other document or
agreement);

       

      "Security Party" means the
Borrower, each Owner, the AMPNI Guarantor or any other person who may at any
time be a party to any of the Security Documents (other than the
Bank);

       

      "Security Period" means the
period commencing on the date of this Agreement and terminating upon discharge
of the security created by the Security Documents by payment of all moneys
payable thereunder;

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      "Security Requirement" means
the amount in Dollars (as certified by the Bank whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower) which is,
at any relevant time, One hundred and twenty five per cent (125%) of the Loan at
such time;

       

      "Security Value" means the
amount in Dollars (as certified by the Bank whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower) which is,
at any relevant time, the aggregate of (a) the market value of the Mortgaged
Ships as most recently determined in accordance with clause 8.2.2 and (b) market value of any additional security
for the time being actually provided to the Bank pursuant to
clause 8.2;

       

      "Ship" means:

       

      
        	
                 
      

              	
                (a)

              	
                in
      relation to the Aegean III Owner, Aegean
    III;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      relation to the Aegean VIII Owner, Aegean VIII;
      or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      relation to the Aegean XII Owner, Aegean
    XII,

              

      

       

      and
"Ships" means any or all
of them;

       

      "Ship Security Documents"
means, in relation to a Ship, the Mortgage and the General Assignment in respect
of such Ship;

       

      "SMC" means, in relation to a
Ship, a safety management certificate issued in respect of such Ship in
accordance with rule 13 of the Code;

       

      "Subsidiary" of a person means
any company or entity directly or indirectly controlled by such person, and for
this purpose "control"
means either the ownership of more than fifty per cent (50%) of the voting share
capital (or equivalent rights of ownership) of such company or entity or the
power to direct its policies and management, whether by contract or
otherwise;

       

      "Taxes" includes all present
and future taxes, levies, imposts, duties, fees or charges of whatever nature
together with interest thereon and penalties in respect thereof and "Taxation" shall be construed
accordingly;

       

      "Termination Date" means 31
July 2008 or such other later date as the Bank may in its sole discretion
agree;

       

      "Total Loss" in relation to a
Ship means:

       

      
        	
                 
      

              	
                (a)

              	
                the
      actual, constructive, compromised or arranged total loss of such Ship;
      or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      Compulsory Acquisition of such Ship;
or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      hijacking, theft, condemnation, capture, seizure, arrest, detention or
      confiscation of such Ship (other than where the same amounts to the
      Compulsory Acquisition of such Ship) by any Government Entity, or by
      persons acting or purporting to act on behalf of any Government Entity,
      unless such Ship be released and restored to the relevant Owner from such
      hijacking, theft, condemnation, capture, seizure, arrest, detention or
      confiscation within thirty (30) days after the occurrence thereof;
      and

              

      

       

      "Transferee" has the meaning
given to it in clause 14.4.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                1.3

              	
                Headings

              

      

       

      Clause headings
and the table of contents are inserted for convenience of reference only and
shall be ignored in the interpretation of this Agreement.

       

      
        	
                1.4

              	
                Construction
      of certain terms

              

      

       

      In this
Agreement, unless the context otherwise requires:

       

      
        	
                1.4.1

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

              

      

       

      
        	
                1.4.2

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

              

      

       

      
        	
                1.4.3

              	
                references
      to a "regulation"
      include any present or future regulation, rule, directive, requirement,
      request or guideline (whether or not having the force of law) of any
      agency, authority, central bank or government department or any
      self-regulatory or other national or supra-national
    authority;

              

      

       

      
        	
                1.4.4

              	
                words
      importing the plural shall include the singular and vice
      versa;

              

      

       

      
        	
                1.4.5

              	
                references
      to a time of day are to London
time;

              

      

       

      
        	
                1.4.6

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

              

      

       

      
        	
                1.4.7

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

              

      

       

      
        	
                1.4.8

              	
                references
      to any enactment shall be deemed to include references to such enactment
      as re-enacted, amended or extended.

              

      

       

      
        	
                2

              	
                The
      Commitment and the Loan

              

      

       

      
        	
                2.1

              	
                Agreement
      to lend

              

      

       

      Upon
and subject to the terms of this Agreement, the Bank, relying upon each of the
representations and warranties in clause 7,
agrees to make available to the Borrower, the principal sum of up to Fifteen
million Dollars ($15,000,000) in a single drawdown, upon and subject to the
terms of this Agreement.

       

      
        	
                2.2

              	
                Drawdown

              

      

       

      Subject
to the terms and conditions of this Agreement, the Loan shall be made available
to the Borrower following receipt by the Bank from the Borrower of a Drawdown
Notice not later than 10:00 a.m. on the second Banking Day before the date on
which the Borrower proposes the Loan is made, which shall be a Banking Day
falling not later than the Termination Date.  A Drawdown Notice shall
be effective on actual receipt by the Bank and once given shall, subject as
provided in clause 3.6.1, be
irrevocable.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                2.3

              	
                Amount
      

              

      

       

      The
aggregate amount of the Loan shall not exceed the lower of (a) $15,000,000 and
(b) the amount in Dollars which is equal to 85% of the aggregate market value of
the Ships as shown in the valuations provided to the Bank under clause 9.1 and
schedule 2.

       

      
        	
                2.4

              	
                Availability

              

      

       

      Upon
receipt of a Drawdown Notice complying with the terms of this Agreement, the
Bank shall make the Loan available to the Borrower on the Drawdown Date in
accordance with clause 6.2.

       

      
        	
                2.5

              	
                Termination
      of Commitment

              

      

       

      Any
part of the Commitment which remains undrawn and uncancelled by the Termination
Date shall thereupon be automatically cancelled.

       

      
        	
                2.6

              	
                Application
      of proceeds

              

      

       

      Without
prejudice to the Borrower's obligations under clause 8.1.3, the Bank shall not have any responsibility for
the application of the proceeds of the Loan or any part thereof by the
Borrower.

       

      
        	
                3

              	
                Interest

              

      

       

      
        	
                3.1

              	
                Normal
      interest rate

              

      

       

      The
Borrower shall pay interest on the Loan in respect of each Interest Period
relating thereto on each Interest Payment Date (or, in the case of Interest
Periods of more than three (3) months, by instalments, the first such instalment
payable three (3) months from the commencement of the Interest Period and the
subsequent instalments payable at intervals of three (3) months or, if shorter,
the period from the date of the preceding instalment until the Interest Payment
Date relative to such period) at the rate per annum determined by the Bank to be
the aggregate of (a) the Margin and (b) LIBOR for such Interest
Period.

       

      
        	
                3.2

              	
                Selection
      of Interest Periods

              

      

       

      The
Borrower may by notice received by the Bank not later than 10:00 a.m. on the
second Banking Day before the beginning of each Interest Period specify whether
such Interest Period shall have a duration of one (1), three (3) months, six (6)
months or nine (9) months or such other period (shorter than twelve (12) months)
which the Bank determines (in its absolute discretion) is available in the
London Interbank Market as the Borrower may select and the Bank may
agree.

       

      
        	
                3.3

              	
                Determination
      of Interest Periods

              

      

       

      Every
Interest Period shall be of the duration specified by the Borrower pursuant to
clause 3.2  but so that:

       

      
        	
                3.3.1

              	
                the
      initial Interest Period in respect of the Loan shall commence on the
      Drawdown Date and each subsequent Interest Period shall commence on the
      last day of the previous Interest
Period;

              

      

       

      
        	
                3.3.2

              	
                if
      any Interest Period would otherwise overrun a Repayment Date, in the case
      of the last Repayment Date, such Interest Period shall end on such
      Repayment Date, and, in the case of any other Repayment Date or Repayment
      Dates, the Loan shall be divided into parts so that there is one part in
      the amount of the repayment instalment due on each Repayment Date falling
      during that Interest Period and having an Interest Period ending on the
      relevant Repayment Date and another part in the amount of the balance of
      the Loan having an Interest Period ascertained in accordance with
      clause 3.2 and the other provisions of this clause 3.3;
      and

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                3.3.3

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

              

      

       

      
        	
                3.4

              	
                Default
      interest

              

      

       

      If the
Borrower fails to pay any sum (including, without limitation, any sum payable
pursuant to this clause 3.4) on its due date for payment under any of the
Security Documents, the Borrower shall pay interest on such sum on demand from
the due date up to the date of actual payment (as well after as before judgment)
at a rate determined by the Bank pursuant to this clause 3.4.  The period beginning on such due date
and ending on such date of payment shall be divided into successive periods of
not more than six (6) months as selected by the Bank, each of which (other than
the first, which shall commence on such due date) shall commence on the last day
of the preceding such period.  The rate of interest applicable to each
such period shall be the aggregate (as determined by the Bank) of (a) two per
cent (2%) per annum, (b) the Margin and (c) LIBOR for such
period.  Default interest shall be due and payable on the last day of
each such period as determined by the Bank pursuant to this clause 3.4 or, if earlier, on the date on which the sum in
respect of which such default interest is accruing shall actually be
paid.  If, for the reasons specified in clause 3.6.1, the Bank is unable to determine a rate in
accordance with the foregoing provisions of this clause 3.4, interest on any sum not paid on its due date for
payment shall be calculated at a rate determined by the Bank to be two per cent
(2%) per annum above the aggregate of the Margin and the cost of funds to the
Bank.

       

      
        	
                3.5

              	
                Notification
      of interest rate

              

      

       

      The
Bank shall notify the Borrower promptly of each rate of interest (or, as the
case may be default interest) determined by it under this
clause 3.

       

      
        	
                3.6

              	
                Market
      disruption; non-availability

              

      

       

      
        	
                3.6.1

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

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Bank shall have determined (which determination shall, in the absence of
      manifest error, be conclusive) that adequate and fair means do not exist
      for ascertaining LIBOR during such Interest Period or that LIBOR does not
      accurately reflect the cost to the Bank of obtaining such deposits;
      or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                that
      deposits in Dollars are not available to the Bank in the London Interbank
      Market in the ordinary course of business in sufficient amounts to fund
      the Loan for such Interest Period;

              

      

       

      the
Bank shall forthwith give notice (a "Determination Notice") thereof
to the Borrower.  A Determination Notice shall contain particulars of
the relevant circumstances giving rise to its issue.  After the giving
of any Determination Notice the undrawn and uncancelled amount of the Commitment
shall not be borrowed until notice to the contrary is given to the Borrower by
the Bank.

       

      
        	
                3.6.2

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

              

      

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	
                4

              	
                Repayment
      and prepayment

              

      

       

      
        	
                4.1

              	
                Repayment

              

      

       

      The
Borrower shall repay the Loan by twenty (20) repayment instalments, one such
instalment to be repaid on each of the Repayment Dates.  Subject to
provisions of this Agreement, the amount of each of the first to nineteenth
instalments (inclusive) shall be Five hundred thousand Dollars ($500,000) and
the amount of the twentieth and final instalment shall be Five million five
hundred thousand Dollars ($5,500,000) (comprising a repayment instalment of Five
hundred thousand Dollars ($500,000) and a balloon payment of Five million
Dollars ($5,000,000)).  If the Commitment is not drawn down in full,
the amount of each repayment instalment (including the balloon payment) shall be
reduced proportionately.

       

      
        	
                4.2

              	
                Voluntary
      prepayment

              

      

       

      The
Borrower may prepay the Loan in whole or part (being Two hundred thousand
Dollars ($200,000) or any larger sum which is an integral multiple of Two
hundred thousand Dollars ($200,000)) on any Interest Payment Date relating to
the part of the Loan to be repaid without premium or penalty.

       

      
        	
                4.3

              	
                Prepayment
      on Total Loss or sale

              

      

       

      
        	
                4.3.1

              	
                Before
      first drawdown

              

      

       

      On a
Ship becoming a Total Loss (or suffering damage or being involved in an incident
which, in the opinion of the Bank, may result in such Ship subsequently being
determined to be a Total Loss), before the Loan is drawn down, the obligation of
the Bank to advance the Loan (or any part thereof) shall immediately cease and
the Commitment shall be reduced to zero.

       

      
        	
                4.3.2

              	
                After
      first drawdown

              

      

       

      On the
Disposal Reduction Date for a Mortgaged Ship (and in the case of sale of a
Mortgaged Ship, on or immediately prior to the completion of such sale), the
Borrower shall prepay:

       

      
        	
                 
      

              	
                (a)

              	
                if
      a Default shall have occurred, such part of the Loan as the Bank may
      thereupon require to be prepaid;
and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      no Default shall have occurred, such part of the Loan as is equal to the
      Relevant Amount.

              

      

       

      
        	
                4.3.3

              	
                Defined
      terms

              

      

       

      For the
purposes of this clause 4.3:

       

      
        	
                 
      

              	
                (a)

              	
                "Applicable Fraction"
      means, in relation to a Mortgaged Ship, a fraction having a numerator of
      an amount equal to the market value of such Mortgaged Ship (as most
      recently determined in accordance with clause 8.2.2) and a denominator of
      an amount equal to the market values of all Mortgaged Ships (as most
      recently determined in accordance with clause 8.2.2), in each case as at
      the Disposal Reduction Date of such Mortgaged
  Ship;

              

      

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (b)

              	
                "Disposal Reduction Date"
    means:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                in
      relation to a Mortgaged Ship which has become a Total Loss, its Total Loss
      Reduction Date; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                in
      relation to a Mortgaged Ship which is sold in accordance with the
      provisions of the relevant Ship Security Documents, the date of completion
      of such sale by the transfer of title to such Mortgaged Ship to the
      purchaser in exchange for payment of the relevant purchase
      price;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                "Total Loss Reduction Date" means,
      in relation to a Mortgaged Ship which has become a Total Loss, the earlier
      of:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      date falling one hundred and twenty (120) days after that on which such
      Mortgaged Ship became a Total Loss;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      date upon which the insurance proceeds are, or Requisition Compensation
      (as defined in the relevant Ship Security Documents) is, received by the
      relevant Owner (or the Bank pursuant to the relevant Ship Security
      Documents); and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                "Relevant Amount" means,
      in relation to a Mortgaged Ship which has become a Total Loss or is sold,
      the amount in Dollars which is equal to the Applicable Fraction of the
      Loan outstanding as of the Disposal Reduction Date for such relevant
      Mortgaged Ship.

              

      

       

      
        	
                4.3.4

              	
                For
      the purpose of this Agreement, a Total Loss in respect of a Ship shall be
      deemed to have occurred:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                in
      the case of an actual total loss of a Ship, on the actual date and at the
      time such Ship was lost or, if such date is not known, on the date on
      which such Ship was last reported;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      the case of a constructive total loss of a Ship, upon the date and at the
      time notice of abandonment of such Ship is given to the insurers of such
      Ship for the time being;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      the case of a compromised or arranged total loss of a Ship, on the date
      upon which a binding agreement as to such compromised or arranged total
      loss has been entered into by the insurers of such
  Ship;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                in
      the case of Compulsory Acquisition of a Ship, on the date upon which the
      relevant requisition of title or other compulsory acquisition of such Ship
      occurs; and

              

      

       

      
        	
                 
      

              	
                (e)

              	
                in
      the case of hijacking, theft, condemnation, capture, seizure, arrest,
      detention or confiscation of a Ship (other than where the same amounts to
      Compulsory Acquisition of such Ship) by any Government Entity, or by
      persons purporting to act on behalf of any Government Entity, which
      deprives the relevant Owner of the use of such Ship for more than thirty
      (30) days, upon the expiry of the period of thirty (30) days after the
      date upon which the relevant hijacking, theft, condemnation, capture,
      seizure, arrest, detention or confiscation
  occurred.

              

      

       

      
        	
                4.4

              	
                Amounts
      payable on prepayment

              

      

       

      Any
prepayment of all or part of the Loan under this Agreement shall be made
together with (a) accrued interest on the amount to be prepaid to the date
of such prepayment, (b) any additional amount payable under
clauses 6.6 or 12.2 and (c) all other sums payable by the Borrower to
the Bank under this Agreement or any of the other Security Documents including,
without limitation, any amounts payable under clause 11.

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	
                4.5

              	
                Notice
      of prepayment; reduction of repayment
  instalments

              

      

       

      
        	
                4.5.1

              	
                No
      prepayment may be effected under clause 4.2 unless the Borrower shall
      have given the Bank at least fifteen (15) days' notice in writing of its
      intention to make such prepayment.

              

      

       

      
        	
                4.5.2

              	
                Every
      notice of prepayment shall be effective only on actual receipt by the
      Bank, shall be irrevocable, shall specify the amount to be prepaid and
      shall oblige the Borrower to make such prepayment on the date
      specified.

              

      

       

      
        	
                4.5.3

              	
                Any
      amount prepaid pursuant to clauses 4.2, 4.3 or 8.2.1(a) shall be
      applied in reduction of the repayment instalments under clause 4.1
      (including the balloon payment)
proportionately.

              

      

       

      
        	
                4.5.4

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

              

      

       

      
        	
                4.5.5

              	
                No
      amount prepaid under this Agreement may be
  re-borrowed.

              

      

       

      
        	
                5

              	
                Fees
      and expenses

              

      

       

      
        	
                5.1

              	
                Fees
      

              

      

       

      The
Borrower shall pay to the Bank on the date of this Agreement, an arrangement fee
in the amount of $37,500.  The fee referred to in this clause 5.1 shall be payable by the Borrower to the Bank
whether or not any part of the Commitment is ever advanced and shall be, in each
case, non-refundable.

       

      
        	
                5.2

              	
                Expenses

              

      

       

      The
Borrower shall pay to the Bank on a full indemnity basis on demand:

       

      
        	
                5.2.1

              	
                all
      expenses (including legal, printing and out-of-pocket expenses) incurred
      by the Bank in connection with the negotiation, preparation, execution
      and, where relevant, registration of the Security Documents and of any
      amendment or extension of or the granting of any waiver or consent under,
      any of the Security Documents; and

              

      

       

      
        	
                5.2.2

              	
                all
      expenses (including legal, printing and out-of-pocket expenses) incurred
      by the Bank in contemplation of, or otherwise in connection with, the
      enforcement of, or preservation of any rights under, any of the Security
      Documents, or otherwise in respect of the moneys owing under any of the
      Security Documents,

              

      

       

      together
with interest at the rate referred to in clause 3.4 from the date on which such expenses were incurred
to the date of payment (as well after as before judgment).

       

      
        	
                5.3

              	
                Value
      added tax

              

      

       

      All
fees and expenses payable pursuant to this clause 5 shall be paid together with
value added tax or any similar tax (if any) properly chargeable
thereon.  Any value added tax chargeable in respect of any services
supplied by the Bank under this Agreement shall, on delivery of the value added
tax invoice, be paid in addition to any sum agreed to be paid
hereunder.

       

      
        	
                5.4

              	
                Stamp
      and other duties

              

      

       

      The
Borrower shall pay all stamp, documentary, registration or other like duties or
taxes (including any duties or taxes payable by the Bank) imposed on or in
connection with any of the Security Documents, the Loan or any part thereof and
shall indemnify the Bank against any liability arising by reason of any delay or
omission by the Borrower to pay such duties or taxes.

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                6

              	
                Payments
      and taxes; accounts and
calculations

              

      

       

      
        	
                6.1

              	
                No
      set-off or counterclaim

              

      

       

      The
Borrower acknowledges that in performing its obligations under this Agreement,
the Bank will be incurring liabilities to third parties in relation to the
funding of amounts to the Borrower, such liabilities matching the liabilities of
the Borrower to the Bank and that it is reasonable for the Bank to be entitled
to receive payments from the Borrower gross on the due date in order that the
Bank is put in a position to perform its matching obligations to the relevant
third parties.  All payments to be made by the Borrower under any of
the Security Documents shall be made in full, without any set-off or
counterclaim whatsoever and, subject as provided in clause 6.6, free and clear of any deductions or withholdings,
in Dollars on the due date to such account at such Bank and in such place as the
Bank may from time to time specify for this purpose.

       

      
        	
                6.2

              	
                Payment
      by the Bank

              

      

       

      All
sums to be advanced by the Bank to the Borrower under this Agreement shall be
remitted in Dollars on the Drawdown Date and shall be paid by the Bank to the
account specified in the Drawdown Notice.

       

      
        	
                6.3

              	
                Non-Banking
      Days

              

      

       

      When
any payment under any of the Security Documents would otherwise be due on a day
which is not a Banking Day, the due date for payment shall be extended to the
next following Banking Day unless the Banking Day falls in the next calendar
month in which case payment shall be made on the immediately preceding Banking
Day.

       

      
        	
                6.4

              	
                Calculations

              

      

       

      All
interest and other payments of an annual nature under any of the Security
Documents shall accrue from day to day and be calculated on the basis of actual
days elapsed and a three hundred and sixty (360) day year.

       

      
        	
                6.5

              	
                Certificates
      conclusive

              

      

       

      Any
certificate or determination of the Bank as to any rate of interest or any other
amount pursuant to and for the purposes of any of the Security Documents shall,
in the absence of manifest error, be conclusive and binding on the
Borrower.

       

      
        	
                6.6

              	
                Grossing-up
      for Taxes

              

      

       

      If at
any time the Borrower is required to make any deduction or withholding in
respect of Taxes from any payment due under any of the Security Documents for
the account of the Bank, the sum due from the Borrower in respect of such
payment shall be increased to the extent necessary to ensure that, after the
making of such deduction or withholding, the Bank receives on the due date for
such payment (and retains, free from any liability in respect of such deduction
or withholding), a net sum equal to the sum which it would have received had no
such deduction or withholding been required to be made and the Borrower shall
indemnify the Bank against any losses or costs incurred by it by reason of any
failure of the Borrower to make any such deduction or withholding or by reason
of any increased payment not being made on the due date for such
payment.  The Borrower shall promptly deliver to the Bank any
receipts, certificates or other proof evidencing the amounts (if any) paid or
payable in respect of any deduction or withholding as aforesaid.

       

      
        	
                6.7

              	
                Loan
      account

              

      

       

      The
Bank shall maintain, in accordance with its usual practice, an account
evidencing the amounts from time to time lent by, owing and paid to it under the
Security Documents.  Such account shall, in the absence of manifest
error, be conclusive as to the amount from time to time owing by the Borrower
under the Security Documents.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      
        	
                7

              	
                Representations
      and warranties

              

      

       

      
        	
                7.1

              	
                Continuing
      representations and warranties

              

      

       

      The
Borrower represents and warrants to the Bank that:

       

      
        	
                7.1.1

              	
                Due
      incorporation

              

      

       

      each of
the Borrower, the Owners, the Corporate Guarantor and each of the other Security
Parties are duly incorporated and validly existing in good standing under the
laws of their respective countries of incorporation as a corporation or as a
company with limited liability, and have power to carry on their respective
businesses as they are now being conducted and to own their respective property
and other assets;

       

      
        	
                7.1.2

              	
                Corporate
      power

              

      

       

      the
Borrower has power to execute, deliver and perform its obligations under the
relevant Security Documents to which it is or is to be a party and to borrow the
Commitment and each of the other Security Parties has power to execute and
deliver and perform its obligations under the Security Documents to which it is
or is to be a party; all necessary corporate, shareholder and other action has
been taken to authorise the execution, delivery and performance of the same and
no limitation on the powers of the Borrower to borrow will be exceeded as a
result of borrowing the Loan;

       

      
        	
                7.1.3

              	
                Binding
      obligations

              

      

       

      the
Security Documents constitute or will, when executed, constitute valid and
legally binding obligations of the relevant Security Parties enforceable in
accordance with their respective terms;

       

      
        	
                7.1.4

              	
                No
      conflict with other obligations

              

      

       

      the
execution and delivery of, the performance of its obligations under, and
compliance with the provisions of, the Security Documents by the relevant
Security Parties will not (i) contravene any existing applicable law, statute,
rule or regulation or any judgment, decree or permit to which the Borrower or
any other Security Party is subject, (ii) conflict with, or result in any breach
of any of the terms of, or constitute a default under, any agreement or other
instrument to which the Borrower or any other Security Party is a party or is
subject or by which it or any of its property is bound, (iii) contravene or
conflict with any provision of the constitutional documents of the Borrower or
any other Security Party or (iv) result in the creation or imposition of or
oblige the Borrower or any of its Related Companies or any other Security Party
or any of its Related Companies to create any Encumbrance (other than a
Permitted Encumbrance) on any of the undertakings, assets, rights or revenues of
the Borrower or any of its Related Companies or any other Security
Party;

       

      
        	
                7.1.5

              	
                No
      litigation

              

      

       

      no
litigation, arbitration or administrative proceeding is taking place, pending
or, to the knowledge of the officers of the Borrower, threatened against the
Borrower or any other Relevant Party which could have a material adverse effect
on the business, assets or financial condition of the Borrower or any other
Security Party or any other member of the Group or the Group as a
whole;

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	
                7.1.6

              	
                No
      filings required

              

      

       

      save
for the registration of each Mortgage under the laws of the relevant Flag State
through the relevant Registry, it is not necessary to ensure the legality,
validity, enforceability or admissibility in evidence of any of the Security
Documents that they or any other instrument be notarised, filed, recorded,
registered or enrolled in any court, public office or elsewhere in any Relevant
Jurisdiction or that any stamp, registration or similar tax or charge be paid in
any Relevant Jurisdiction on or in relation to any of the Security Documents and
each of the Security Documents is in proper form for its enforcement in the
courts of each Relevant Jurisdiction;

       

      
        	
                7.1.7

              	
                Choice
      of law

              

      

       

      the
choice of (a) English law to govern the Security Documents (other than the
Mortgages and the Operating Account Pledges), (b) the laws of the relevant Flag
State to govern each Mortgage and (c) the laws of Greece to govern the Operating
Account Pledges, and the submissions by the Security Parties to the
non-exclusive jurisdiction of the English courts or, in the case of the
Operating Account Pledges, the courts of Piraeus, are valid and
binding;

       

      
        	
                7.1.8

              	
                No
      immunity

              

      

       

      neither
the Borrower nor any other Security Party nor any of their respective assets is
entitled to immunity on the grounds of sovereignty or otherwise from any legal
action or proceeding (which shall include, without limitation, suit, attachment
prior to judgement, execution or other enforcement);

       

      
        	
                7.1.9

              	
                Consents
      obtained

              

      

       

      every
consent, authorisation, licence or approval of, or registration with or
declaration to, governmental or public bodies or authorities or courts required
by any Security Party to authorise, or required by any Security Party in
connection with, the execution, delivery, validity, enforceability or
admissibility in evidence of each of each of the Security Documents to which it
is a party or the performance by each Security Party of its obligations under
the Security Documents to which it is a party, has been obtained or made and is
in full force and effect and there has been no default in the observance of any
of the conditions or restrictions (if any) imposed in, or in connection with,
any of the same;

       

      
        	
                7.1.10

              	
                Shareholdings

              

      

       

      each of
the Borrower and the Owners are wholly-owned direct or indirect Subsidiaries of
the AMPNI Guarantor;

       

      
        	
                7.1.11

              	
                Financial
      statements correct and complete

              

      

       

      the
unaudited consolidated financial statements of the Group in respect of the
financial quarter ended on 31 March 2008 as delivered to the Bank have been
prepared in accordance with the Applicable Accounting Principles and present
fairly and accurately the consolidated financial position of the Group as at
such date and the consolidated results of the operations of the Group for the
financial year ended on such date and, as at such date neither the AMPNI
Guarantor nor any member of the Group had any significant liabilities
(contingent or otherwise) or any unrealised or anticipated losses which are not
disclosed by, or reserved against or provided for in, such financial statements;
and

       

      
        	
                7.1.12

              	
                No
      material adverse change

              

      

       

      there
has been no material adverse change in the financial position or the operations
of the Borrower or the Corporate Guarantors or any other member of the Group or
the Group as a whole, from that described by the Borrower or any other Security
Party to the Bank in the negotiation of this Agreement.

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        	
                7.2

              	
                Initial
      representations and warranties

              

      

       

      The
Borrower further represents and warrants to the Bank that:

       

      
        	
                7.2.1

              	
                Pari
      passu

              

      

       

      the
obligations of the Borrower under this Agreement are direct, general and
unconditional obligations of the Borrower and rank at least pari passu with all
other present and future unsecured and unsubordinated Indebtedness of the
Borrower with the exception of any obligations which are mandatorily preferred
by law and not by contract;

       

      
        	
                7.2.2

              	
                No
      default under other Indebtedness

              

      

       

      neither
the Borrower nor any other Security Party nor any other member of the Group is
(nor would with the giving of notice or lapse of time or the satisfaction of any
other condition or combination thereof be) in breach of or in default under any
agreement relating to Indebtedness to which it is a party or by which it may be
bound;

       

      
        	
                7.2.3

              	
                Information

              

      

       

      the
information, exhibits and reports furnished by any Security Party to the Bank in
connection with the negotiation and preparation of the Security Documents are
true and accurate in all material respects and not misleading, do not omit
material facts and all reasonable enquiries have been made to verify the facts
and statements contained therein; there are no other facts the omission of which
would make any fact or statement therein misleading;

       

      
        	
                7.2.4

              	
                No
      withholding Taxes

              

      

       

      no
Taxes are imposed by withholding or otherwise on any payment to be made by any
Security Party under the Security Documents or are imposed on or by virtue of
the execution or delivery by the Security Parties of the Security Documents or
any other document or instrument to be executed or delivered under any of the
Security Documents;

       

      
        	
                7.2.5

              	
                No
      Default

              

      

       

      no
Default has occurred and is continuing;

       

      
        	
                7.2.6

              	
                The
      Ships

              

      

       

      each
Ship will, on the Drawdown Date, be:

       

      
        	
                 
      

              	
                (a)

              	
                in
      the absolute ownership of the relevant Owner who will, on and after such
      date, be the sole, legal and beneficial owner of such
  Ship;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                permanently
      registered through the relevant Registry as a ship under the laws and flag
      of the relevant Flag State;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                operationally
      seaworthy and in every way fit for service;
and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                classed
      with the relevant Classification free of all requirements and
      recommendations of the relevant Classification
  Society;

              

      

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      
        	
                7.2.7

              	
                Ships'
      employment

              

      

       

      no Ship
is nor will, on or before the Drawdown Date, be subject to any charter or
contract or to any agreement to enter into any charter or contract which, if
entered into after the date of the relevant Ship Security Documents, would have
required the consent of the Bank and, on or before the date when the Mortgage
over such Ship is registered, there will not be any agreement or arrangement
whereby the Earnings of such Ship may be shared with any other
person;

       

      
        	
                7.2.8

              	
                Freedom
      from Encumbrances

              

      

       

      none of
the Ships, nor its Earnings, Insurances, Requisition Compensation nor the
Operating Accounts nor any other properties or rights which are, or are to be,
the subject of any of the Security Documents nor any part thereof will be, on
the Drawdown Date, subject to any Encumbrance (other than Permitted
Liens);

       

      
        	
                7.2.9

              	
                Compliance
      with Environmental Laws and
Approvals

              

      

       

      except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Bank:

       

      
        	
                 
      

              	
                (a)

              	
                the
      Borrower and the other Relevant Parties and, to the best of the Borrower's
      knowledge and belief (having made due enquiry), their respective
      Environmental Affiliates have complied with the provisions of all
      Environmental Laws;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      Borrower and the other Relevant Parties and, to the best of the Borrower's
      knowledge and belief (having made due enquiry), their respective
      Environmental Affiliates have obtained all Environmental Approvals and are
      in compliance with all such Environmental Approvals;
  and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                neither
      the Borrower nor any other Relevant Party nor, to the best of the
      Borrower's knowledge and belief (having made due enquiry), any of their
      respective Environmental Affiliates have received notice of any
      Environmental Claim that the Borrower or any other Relevant Party or any
      such Environmental Affiliate is not in compliance with any Environmental
      Law or any Environmental Approval;

              

      

       

      
        	
                7.2.10

              	
                No
      Environmental Claims

              

      

       

      except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Bank, there is no Environmental Claim pending
or, to the best of the Borrower's knowledge and belief, threatened against the
Borrower or any of the Ships or any other Relevant Party or any other Relevant
Ship or, to the best of the Borrower's knowledge and belief (having made due
enquiry), any of their respective Environmental Affiliates;

       

      
        	
                7.2.11

              	
                No
      potential Environmental Claims

              

      

       

      except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Bank, there has been no emission, spill, release
or discharge of a Pollutant from any of the Ships or any other Relevant Ship
owned by, managed or crewed by or chartered to any Relevant Party nor, (having
made due enquiry) to the best of the Borrower's knowledge and belief, from any
Relevant Ship owned by, managed or crewed by or chartered to any other Relevant
Party, which could give rise to an Environmental Claim;

       

      
        	
                7.2.12

              	
                ISPS
      Code

              

      

       

      on the
Drawdown Date, the Owner of each Ship shall have a valid and current ISSC in
respect of such Ship and each Ship shall be in compliance with the ISPS
Code;  and

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      
        	
                7.2.13

              	
                Borrower's
      own account

              

      

       

      in
relation to the borrowing by the Borrower of the Loan, the performance and
discharge of its obligations and liabilities under the Security Documents and
the transactions and other arrangements effected or contemplated by this
Agreement, the Borrower is acting for its own account and the foregoing will not
involve or lead to a contravention of any law, official requirement or other
regulatory measure or procedure which has been implemented by any relevant
regulatory authority or otherwise to combat "money laundering" (as defined
in Article 1 of the Directive (91/308/EEC) of the Council of the European
Communities (as amended)).

       

      
        	
                7.3

              	
                Repetition
      of representations and warranties

              

      

       

      On and
as of the Drawdown Date and (except in relation to the representations and
warranties in clause 7.2) on each Interest
Payment Date, the Borrower shall:

       

      
        	
                 
      

              	
                (a)

              	
                be
      deemed to repeat the representations and warranties in clauses 7.1 and 7.2 as if
      made with reference to the facts and circumstances existing on such day;
      and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                be
      deemed to further represent and warrant to the Bank that the then latest
      audited financial statements delivered to the Bank under clause 8.1.5 (if
      any) have been prepared in accordance with the Applicable Accounting
      Principles and practices which have been consistently applied and present
      fairly and accurately the consolidated financial position of the Group as
      at the end of the financial period to which the same relate and the
      consolidated results of the operations of the Group for the financial
      period to which the same relate and, as at the end of such financial
      period, neither the AMPNI Guarantor nor any other member of the Group had
      any significant liabilities (contingent or otherwise) or any unrealised or
      anticipated losses which are not disclosed by, or reserved against or
      provided for in, such financial
statements.

              

      

       

      
        	
                8

              	
                Undertakings

              

      

       

      
        	
                8.1

              	
                General

              

      

       

      The
Borrower undertakes with the Bank that, from the date of this Agreement and so
long as any moneys are owing under any of the Security Documents and while all
or any part of the Commitment remains outstanding, it will:

       

      
        	
                8.1.1

              	
                Notice
      of Default

              

      

       

      promptly
inform the Bank of any occurrence of which it becomes aware which might
materially and adversely affect the ability of any Security Party to perform its
obligations under any of the Security Documents and, without limiting the
generality of the foregoing, will inform the Bank of any Default forthwith upon
becoming aware thereof and will from time to time, if so requested by the Bank,
confirm to the Bank in writing that, save as otherwise stated in such
confirmation, no Default has occurred and is continuing;

       

      
        	
                8.1.2

              	
                Consents
      and licences

              

      

       

      without
prejudice to clauses 7.1 and 9, obtain or
cause to be obtained, maintain in full force and effect and comply in all
material respects with the conditions and restrictions (if any) imposed in, or
in connection with, every consent, authorisation, licence or approval of
governmental or public bodies or authorities or courts and do, or cause to be
done, all other acts and things which may from time to time be necessary or
desirable under applicable law for the continued due performance of all the
obligations of the Security Parties under each of the Security
Documents;

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      
        	
                8.1.3

              	
                Use
      of proceeds

              

      

       

      use the
Loan exclusively for the purposes specified in clause 1.1;

       

      
        	
                8.1.4

              	
                Pari
      passu

              

      

       

      ensure
that its obligations under this Agreement shall, without prejudice to the
provisions of clause 8.3, at all times rank at
least pari passu with all its other present and future unsecured and
unsubordinated Indebtedness with the exception of any obligations which are
mandatorily preferred by law and not by contract;

       

      
        	
                8.1.5

              	
                Financial
      statements 

              

      

       

      prepare
or cause to be prepared:

       

      
        	
                 
      

              	
                (a)

              	
                consolidated
      financial statements of the Group in accordance with the Applicable
      Accounting Principles consistently applied in respect of each financial
      year and cause the same to be reported on by its auditors;
    and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                unaudited
      consolidated financial statements of the Group in respect of each
      financial half-year, on the same basis as the audited
      statements,

              

      

       

      and
deliver to the Bank as many copies of the same as the Bank may reasonably
require as soon as practicable but not later than one hundred and eighty (180)
days (in the case of annual statements) or sixty (60) days (in the case of
semi-annual statements) after the end of the financial period to which they
relate;

       

      
        	
                8.1.6

              	
                Delivery
      of reports

              

      

       

      deliver
to the Bank as many copies as the Bank may reasonably require of every report,
circular, notice, notification, filing or like document issued by the Borrower
to its shareholders or creditors in general;

       

      
        	
                8.1.7

              	
                Provision
      of further information

              

      

       

      provide
the Bank with such financial and other information concerning the Borrower, the
other Security Parties, any other member of the Group, the Group and their
respective commitments, operations and affairs, as the Bank may from time to
time reasonably require;

       

      
        	
                8.1.8

              	
                Obligations
      under Security Documents

              

      

       

      and
will procure that each of the other Security Parties will, duly and punctually
perform each of the obligations expressed to be assumed by it under the Security
Documents to which it is a party;

       

      
        	
                8.1.9

              	
                Compliance
      with Code

              

      

       

      and
will procure that any Operator will, comply with and ensure that each Ship, its
Owner and any Operator at all times complies with the requirements of the Code,
including (but not limited to) the maintenance and renewal of valid certificates
pursuant thereto throughout the Security Period;

       

      
        	
                8.1.10

              	
                Withdrawal
      of DOC and SMC

              

      

       

      and
will procure that any Operator will, immediately inform the Bank if there is any
threatened or actual withdrawal of its Operator's DOC or the SMC in respect of
any Ship;

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      
        	
                8.1.11

              	
                Issuance
      of DOC and SMC

              

      

       

      and
will procure that any Operator will, promptly inform the Bank upon the issuance
to any Operator of a DOC and to each Ship of an SMC or the receipt by the
relevant Owner or any Operator of notification that its application for the same
has been refused; and

       

      
        	
                8.1.12

              	
                ISPS
      Code compliance

              

      

       

      and
will procure that any Operator will,

       

      
        	
                 
      

              	
                (a)

              	
                from
      the Drawdown Date and at all times thereafter, maintain a valid and
      current ISSC respect of each Ship;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                immediately
      notify the Bank in writing of any actual or threatened withdrawal,
      suspension, cancellation or modification of the ISSC in respect of any
      Ship; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                procure
      that, from the Drawdown Date and at all times thereafter, each Ship
      complies with the ISPS Code.

              

      

       

      
        	
                8.2

              	
                Security
      value maintenance

              

      

       

      
        	
                8.2.1

              	
                Security
      Shortfall

              

      

       

      If at
any time the Security Value shall be less than the Security Requirement, the
Bank shall give notice to the Borrower requiring that such deficiency be
remedied and then the Borrower shall either:

       

      
        	
                 
      

              	
                (a)

              	
                prepay,
      within a period of fifteen (15) days of the date of receipt by the
      Borrower of the Bank's said notice, such sum in Dollars as will result in
      the Security Requirement after such prepayment (taking into account any
      other prepayment of the Loan (or part thereof) made between the date of
      the notice and the date of such prepayment) being equal to the Security
      Value; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                within
      fifteen (15) days of the date of receipt by the Borrower of the Bank's
      said notice, constitute to the satisfaction of the Bank such further
      security for the Loan as shall be acceptable to the Bank, having a value
      for security purposes (as determined by the Bank in its absolute
      discretion) at the date upon which such further security shall be
      constituted which, when added to the Security Value, shall not be less
      than the Security Requirement as at such
date.

              

      

       

      The
provisions of clauses 4.4 and any relevant provisions of 4.5 shall apply to
prepayments made under this clause 8.2.1(a).

       

      
        	
                8.2.2

              	
                Valuation
      of Ships

              

      

       

      Each of
the Mortgaged Ships shall, for the purposes of this Agreement, be valued in
Dollars as and when the Bank shall require, by an independent firm of
shipbrokers appointed by the Bank in its sole discretion. Each such valuation
shall be addressed to the Bank and made without, unless required by the Bank,
physical inspection and on the basis of a sale for prompt delivery for cash at
arm's length on normal commercial terms as between a willing buyer and a willing
seller without taking into account the benefit of any charterparty or other
engagement concerning the Mortgaged Ship.  Such valuation shall
constitute the value of such Mortgaged Ship for the purposes of this clause
8.2.

       

      The
value of each Mortgaged Ship determined in accordance with the provisions of
this clause 8.2 shall be binding upon the parties hereto until such time as any
such further valuation shall be obtained.

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      
        	
                8.2.3

              	
                Information

              

      

       

      The
Borrower undertakes with the Bank to supply to the Bank and to any such firm of
shipbrokers such information concerning each Mortgaged Ship and its condition as
such firm of shipbrokers may require for the purpose of making any such
valuation.

       

      
        	
                8.2.4

              	
                Costs

              

      

       

      All
costs in connection with the Bank obtaining any valuation of each of the
Mortgaged Ships referred to in clause 8.2.2 and all costs in connection with any
valuation of the Ships obtained pursuant to schedule 2, and any valuation either
of any additional security for the purposes of ascertaining the Security Value
at any time or necessitated by the Borrower electing to constitute additional
security pursuant to clause 8.2.1(b), shall be borne by the
Borrower.

       

      
        	
                8.2.5

              	
                Valuation
      of additional security

              

      

       

      For the
purpose of this clause 8.2, the market value of any additional security
provided or to be provided to the Bank shall be determined by the Bank in its
absolute discretion without any necessity for the Bank assigning any reason
thereto.

       

      
        	
                8.2.6

              	
                Documents
      and evidence

              

      

       

      In
connection with any additional security provided in accordance with this
clause 8.2, the Bank shall be entitled to receive such evidence and
documents of the kind referred to in schedule 2 as may in the Bank's
opinion be appropriate and such favourable legal opinions as the Bank shall in
its absolute discretion require.

       

      
        	
                8.3

              	
                Negative
      undertakings

              

      

       

      The
Borrower undertakes with the Bank that, from the date of this Agreement and so
long as any moneys are owing under the Security Documents and while all or any
part of the Commitment remains outstanding, the Borrower will not:

       

      
        	
                8.3.1

              	
                Negative
      pledge

              

      

       

      permit
any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be
created or extended over all or any part of its present or future undertaking,
assets, rights or revenues to secure or prefer any present or future
Indebtedness or other liability or obligation of any of the Security Parties or
any other person;

       

      
        	
                8.3.2

              	
                No
      merger

              

      

       

      merge
or consolidate with any other company or person or enter into any de-merger,
amalgamation, corporate reconstruction or corporate redomiciliation of any kind
whatsoever;

       

      
        	
                8.3.3

              	
                Disposals

              

      

       

      sell,
transfer, abandon lend or otherwise dispose of or cease to exercise direct
control over any part (being either alone or, when aggregated with all other
disposals falling to be taken into account pursuant to this clause 8.3.3,
material in the opinion of the Bank in relation to the undertaking, assets,
rights and revenues of the Borrower taken as a whole) of its present or future
undertaking, assets, rights or revenues (otherwise than by transfers, sales or
disposals for full consideration in the ordinary course of trading) whether by
one or a series of transactions related or not;

       

      
        	
                8.3.4

              	
                Other
      business

              

      

       

      undertake
any business other than that conducted by it on the date of this
Agreement;

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

       

      
        	
                8.3.5

              	
                No
      borrowing

              

      

       

      incur
any Borrowed Money except for Borrowed Money pursuant to the Security
Documents;

       

      
        	
                8.3.6

              	
                Repayment
      of borrowings

              

      

       

      repay
or prepay the principal of, or pay interest on or any other sum in connection
with, any of its Borrowed Money except for (a) Borrowed Money pursuant to the
Security Documents and (b) Borrowed Money existing on the date of this Agreement
advised by the Borrower to the Bank in writing prior to the date of this
Agreement;

       

      
        	
                8.3.7

              	
                Guarantees

              

      

       

      issue
any guarantees or indemnities or otherwise become directly or contingently
liable for the obligations of any person, firm, or corporation except pursuant
to the Security Documents (except for guarantees or indemnities from time to
time required in the ordinary course by any protection and indemnity or war
risks association with which a Ship is entered, guarantees required to procure
the release of a Ship from any arrest, detention, attachment or levy or
guarantees or undertakings required for the salvage of a Ship);

       

      
        	
                8.3.8

              	
                Loans

              

      

       

      make
any loans or grant any credit to any person or agree to do so save for normal
trade credit in the ordinary course of business, or loans or advances made to
any other member of the Group on an arm's length basis and in the ordinary
course of business;

       

      
        	
                8.3.9

              	
                Sureties

              

      

       

      permit
any of its Indebtedness to be guaranteed or otherwise assured against financial
loss by any person (save for guarantees or indemnities from time to time
required in the ordinary course by any protection and indemnity or war risks
association with which a Ship is entered, guarantees required to procure the
release of a Ship from any arrest, detention, attachment or levy or guarantees
or undertakings required for the salvage of a Ship);

       

      
        	
                8.3.10

              	
                Share
      capital and distribution

              

      

       

      
        	
                 
      

              	
                (a)

              	
                purchase
      or otherwise acquire for value any shares of its capital or distribute any
      of its present or future assets, undertakings, rights or revenues to any
      of its shareholders; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                declare
      or pay any dividends to any of its shareholders if an Event of Default has
      occurred or will or, in the opinion of the Bank, is likely to occur as a
      result of, or following, the declaration or payment of
      dividends;

              

      

       

      
        	
                8.3.11

              	
                Subsidiaries

              

      

       

      form or
acquire any Subsidiaries;

       

      
        	
                8.3.12

              	
                Shareholdings

              

      

       

      change,
cause or permit any change in, the legal and/or beneficial ownership of any of
the shares in the Borrower or any Owner which would result in any such Security
Party ceasing to be a wholly-owned direct or indirect Subsidiary of the AMPNI
Guarantor; or

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      
        	
                8.3.13

              	
                Constitutional
      documents

              

      

       

      permit,
cause or agree to any material amendments or variation of its constitutional
documents or any change of its corporate name.

       

      
        	
                9

              	
                Conditions

              

      

       

      
        	
                9.1

              	
                Documents
      and evidence

              

      

       

      
        	
                9.1.1

              	
                The
      obligation of the Bank to make the Commitment available shall be subject
      to the condition that the Bank or its duly authorised representative shall
      have received, not later than two (2) Banking Days before the date of this
      Agreement, the documents and evidence specified in Part 1 of schedule 2 in
      form and substance satisfactory to the
Bank.

              

      

       

      
        	
                9.1.2

              	
                The
      obligation of the Bank to advance the Loan shall be subject to the
      condition that the Bank or its duly authorised representative shall have
      received, on or prior to the drawdown of the Loan, the documents and
      evidence specified in Part 2 of schedule 2, in form and substance
      satisfactory to the Bank.

              

      

       

      
        	
                9.2

              	
                General
      conditions precedent

              

      

       

      The
obligation of the Bank to make the Loan available shall be subject to the
further conditions that, at the time of the giving of the Drawdown Notice, and
at the time of the making of the Loan:

       

      
        	
                9.2.1

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

              

      

       

      
        	
                9.2.2

              	
                no
      Default shall have occurred and be continuing or would result from the
      making of the Loan.

              

      

       

      
        	
                9.3

              	
                Waiver
      of conditions precedent

              

      

       

      The
conditions specified in this clause 9 are inserted solely for the benefit
of the Bank and may be waived by the Bank in whole or in part and with or
without conditions.

       

      
        	
                9.4

              	
                Further
      conditions precedent

              

      

       

      Not
later than five (5) Banking Days prior to the Drawdown Date and not later than
five (5) Banking Days prior to each Interest Payment Date, the Bank may request
and the Borrower shall, not later than two (2) Banking Days prior to such date,
deliver to the Bank on such request further favourable certificates and/or
favourable opinions as to any or all of the matters which are the subject of
clauses 7, 8, 9 and 10.

       

      
        	
                10

              	
                Events
      of Default

              

      

       

      
        	
                10.1

              	
                Events

              

      

       

      There
shall be an Event of Default if:

       

      
        	
                10.1.1

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

              

      

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      
        	
                10.1.2

              	
                Breach of Insurances and
      certain other obligations: the relevant Owner or, as the case may
      be, any other person fails to obtain and/or maintain the Insurances (in
      accordance with the requirements of the relevant Ship Security Documents)
      for any of the Mortgaged Ships or if any insurer in respect of any such
      Insurances cancels such Insurances or disclaims liability by reason, in
      either case, of mis-statement in any proposal for such Insurances or for
      any other failure or default on the part of any of the Owners or any other
      person, or the Borrower commits any breach of or omits to observe any of
      the obligations or undertakings expressed to be assumed by it under
      clauses 8.2 or 8.3 of this Agreement or any
      of the Corporate Guarantors commits any breach of or omits to observe any
      of the obligations or undertakings expressed to be assumed by it under
      clause 5.2 or 5.3 of the Corporate Guarantee to which it is a party;
      or

              

      

       

      
        	
                10.1.3

              	
                Breach of other
      obligations: any Security Party commits any breach of or omits to
      observe any of its obligations or undertakings expressed to be assumed by
      it under any of the Security Documents to which it is a party (other than
      those referred to in clauses 10.1.1 and
      10.1.2 above) and, in respect of any such breach or omission which in the
      opinion of the Bank is capable of remedy, such action as the Bank may
      require shall not have been taken within fourteen (14) days of the Bank
      notifying the relevant Security Party of such default and of such required
      action; or

              

      

       

      
        	
                10.1.4

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

              

      

       

      
        	
                10.1.5

              	
                Cross-default: any
      Indebtedness of any Relevant Party is not paid when due or any
      Indebtedness of any Relevant Party becomes (whether by declaration or
      automatically in accordance with the relevant agreement or instrument
      constituting the same) due and payable prior to the date when it would
      otherwise have become due (unless as a result of the exercise by the
      relevant Relevant Party of a voluntary right of prepayment), or any
      creditor of any Relevant Party becomes entitled to declare any such
      Indebtedness due and payable or any facility or commitment available to
      any Relevant Party relating to Indebtedness is withdrawn, suspended or
      cancelled by reason of any default (howsoever described) of the person
      concerned unless the relevant Relevant Party shall have satisfied the Bank
      that such withdrawal, suspension or cancellation will not affect or
      prejudice in any way such Relevant Party's ability to pay its debts as
      they fall due and fund its commitments, or any guarantee given by any
      Relevant Party in respect of Indebtedness is not honoured when due and
      called upon; or

              

      

       

      
        	
                10.1.6

              	
                Legal process: any
      judgment or order made against any Relevant Party is not stayed or
      complied with within seven (7) days or a creditor attaches or takes
      possession of, or a distress, execution, sequestration or other process is
      levied or enforced upon or sued out against, any of the undertakings,
      assets, rights or revenues of any Relevant Party and is not discharged
      within seven (7) days; or

              

      

       

      
        	
                10.1.7

              	
                Insolvency: any Relevant
      Party is unable or admits inability to pay its debts as they fall due;
      suspends making payments on any of its debts or announces an intention to
      do so; becomes insolvent; has assets the value of which is less than the
      value of its liabilities (taking into account contingent and prospective
      liabilities); or suffers the declaration of a moratorium in respect of any
      of its Indebtedness; or

              

      

       

      
        	
                10.1.8

              	
                Reduction or loss of
      capital: a meeting is convened by any Relevant Party for the
      purpose of passing any resolution to reduce or redeem any of its share
      capital or, in the case of any of the Owners or the Borrower, to purchase
      any of its share capital; or

              

      

       

      
        	
                10.1.9

              	
                Winding up: any
      corporate action, legal proceedings or other procedure or step is taken
      for the purpose of winding-up any Relevant Party or an order is made or
      resolution passed for the winding up of any Relevant Party or a notice is
      issued convening a meeting for the purpose of passing any such resolution;
      or

              

      

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      
        	
                10.1.10

              	
                Administration: any
      petition is presented, notice given or other step is taken for the purpose
      of the appointment of an administrator of any Relevant Party or the Bank
      believes that any such petition or other step is imminent or an
      administration order is made in relation to any Relevant Party;
      or

              

      

       

      
        	
                10.1.11

              	
                Appointment of receivers and
      managers: any administrative or other receiver is appointed of any
      Relevant Party or any part of its assets and/or undertaking or any other
      steps are taken to enforce any Encumbrance over all or any part of the
      assets of any Relevant Party; or

              

      

       

      
        	
                10.1.12

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

              

      

       

      
        	
                10.1.13

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

              

      

       

      
        	
                10.1.14

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

              

      

      
         

        
          	
                  10.1.15

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

                

        

         

      

      
        	
                10.1.16

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

              

      

       

      
        	
                10.1.17

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

              

      

       

      
        	
                10.1.18

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

              

      

       

      
        	
                10.1.19

              	
                Encumbrances
      enforceable: any Encumbrance (other than Permitted Liens) in
      respect of any of the property (or part thereof) which is the subject of
      any of the Security Documents becomes enforceable;
  or

              

      

       

      
        	
                10.1.20

              	
                Material adverse change:
      there occurs, in the opinion of the Bank, a material adverse change in the
      financial condition or the operations of any Security Party or any other
      member of the Group, or the Group as a whole, by reference to their
      respective financial condition and operations existing on the date of this
      Agreement as described by any Security Party to the Bank in the
      negotiation of this Agreement; or

              

      

       

      
        	
                10.1.21

              	
                Arrest: any Mortgaged
      Ship is arrested, confiscated, seized, taken in execution, impounded,
      forfeited, detained in exercise or purported exercise of any possessory
      lien or other claim or otherwise taken from the possession of the relevant
      Owner and the relevant Owner shall fail to procure the release of such
      Mortgaged Ship within a period of seven (7) days thereafter;
      or

              

      

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      
        	
                10.1.22

              	
                Registration: the
      registration of any Ship under the laws and flag of the relevant Flag
      State is cancelled or terminated without the prior written consent of the
      Bank; or

              

      

       

      
        	
                10.1.23

              	
                Unrest: the Flag State
      of any Ship becomes involved in hostilities or civil war or there is a
      seizure of power in such Flag State by unconstitutional means if, in any
      such case, such event could in the opinion of the Bank reasonably be
      expected to have a material adverse effect on the security constituted by
      any of the Security Documents; or

              

      

       

      
        	
                10.1.24

              	
                Environment: the
      Borrower, any of the Owners and/or any other Relevant Party and/or any of
      their respective Environmental Affiliates fails to comply with any
      Environmental Law or any Environmental Approval or any of the Ships or any
      other Relevant Ship is involved in any incident which gives rise or may
      give rise to an Environmental Claim if, in any such case, such
      non-compliance or incident or the consequences thereof could, in the
      opinion of the Bank, reasonably be expected to have a material adverse
      effect on the business, assets, operations, property or financial
      condition of the Borrower or any other member of the Group or any other
      Relevant Party or the Group as a whole or on the security constituted by
      any of the Security Documents; or

              

      

       

      
        	
                10.1.25

              	
                P&I: the Borrower or
      any of the Owners or any other person fails or omits to comply with any
      requirements of the protection and indemnity association or other insurer
      with which any Ship is entered for insurance or insured against protection
      and indemnity risks (including all P&I risks) to the effect that any
      cover (including, without limitation, any cover in respect of liability
      for Environmental Claims arising in jurisdictions where any Ship operates
      or trades) is or may be liable to cancellation, qualification or exclusion
      at any time; or

              

      

       

      
        	
                10.1.26

              	
                Shareholdings: there is any
      change in the legal and/or beneficial ownership of any of the shares in
      any of the Owners or the Borrower which results in any such Security Party
      ceasing to be a wholly-owned direct or indirect Subsidiary of the AMPNI
      Guarantor; or

              

      

       

      
        	
                10.1.27

              	
                Accounts: moneys are
      withdrawn from any Operating Account other than in accordance with clause
      5 of the relevant Owner's Guarantee;
or

              

      

       

      
        	
                10.1.28

              	
                Manager: any Ship is
      managed by any person, other than its Owner or in respect of matters set
      out in the Code, the Operator, without the prior written consent of the
      Bank; or

              

      

       

      
        	
                10.1.29

              	
                De-listing etc.: the
      shares of the AMPNI Guarantor are de-listed, or cease to trade or are
      suspended from trading (whether permanently or temporarily) on, the New
      York Stock Exchange; or

              

      

       

      
        	
                10.1.30

              	
                Licenses,
      etc:  any license, authorisation, consent or approval at
      any time necessary to enable any Security Party to comply with its
      obligations under the Security Documents is revoked or withheld or
      modified or is otherwise not granted or fails to remain in full force and
      effect or if any exchange control or other law or regulation shall exist
      which would make any transaction under the Security Documents or the
      continuation thereof, unlawful or would prevent the performance by any
      Security Party of any term of any of the Security Documents;
      or

              

      

       

      
        	
                10.1.31

              	
                Material events: any
      other event occurs or circumstance arises which, in the reasonable opinion
      of the Bank, is likely materially and adversely to affect either (i) the
      ability of any Security Party to perform all or any of its obligations
      under or otherwise to comply with the terms of any of the Security
      Documents to which it is a party or (ii) the security created by any of
      the Security Documents.

              

      

       

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      
        	
                10.2

              	
                Acceleration

              

      

       

      The
Bank shall, without prejudice to any other rights of the Bank, at any time after
the happening of an Event of Default by notice to the Borrower declare
that:

       

      
        	
                10.2.1

              	
                the
      obligation of the Bank to make the Commitment available shall be
      terminated, whereupon the Commitment at the time shall be reduced to zero
      forthwith; and/or

              

      

       

      
        	
                10.2.2

              	
                the
      Loan and all interest accrued and all other sums payable under the
      Security Documents have become due and payable, whereupon the same shall,
      immediately or in accordance with the terms of such notice, become due and
      payable.

              

      

       

      
        	
                10.3

              	
                Demand
      basis

              

      

       

      If,
pursuant to clause 10.2.2, the Bank declares
the Loan to be due and payable on demand, the Bank may by written notice to the
Borrower (a) call for repayment of the Loan on such date as may be specified
whereupon the Loan shall become due and payable on the date so specified
together with all interest accrued and all other sums payable under this
Agreement or (b) withdraw such declaration with effect from the date specified
in such notice.

       

      
        	
                11

              	
                Indemnities

              

      

       

      
        	
                11.1

              	
                Miscellaneous
      indemnities

              

      

       

      The
Borrower shall on demand indemnify the Bank, without prejudice to any of the
Bank's other rights under any of the Security Documents, against any loss
(including loss of Margin) or expense which the Bank shall certify as sustained
or incurred by it as a consequence of:

       

      
        	
                11.1.1

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

              

      

       

      
        	
                11.1.2

              	
                the
      occurrence of any other Event of
Default;

              

      

       

      
        	
                11.1.3

              	
                any
      prepayment of the Loan (or any part thereof) being made under clauses 4.2,
      4.3, 8.2.1(a) or 12.1 or any other prepayment
      or repayment of the Loan (or part thereof) being made otherwise than on an
      Interest Payment Date relating to the part of the Loan being prepaid or
      repaid; or

              

      

       

      
        	
                11.1.4

              	
                the
      Loan not being made for any reason (excluding any default by the Bank)
      after the Drawdown Notice has been
given,

              

      

       

      including,
in any such case, but not limited to any loss or expense sustained or incurred
by the Bank in maintaining or funding the Commitment or any part thereof or in
liquidating or re-employing deposits from third parties acquired to effect or
maintain the Commitment or any part thereof or any other amount owing to the
Bank.

       

      
        	
                11.2

              	
                Currency
      indemnity

              

      

       

      If any
sum due from the Borrower under any of the Security Documents or any order or
judgment given or made in relation thereto has to be converted from the currency
(the "first currency")
in which the same is payable under the relevant Security Document or under such
order or judgment into another currency (the "second currency") for the
purpose of (a) making or filing a claim or proof against the Borrower, (b)
obtaining an order or judgment in any court or other tribunal or (c) enforcing
any order or judgment given or made in relation to any of the Security
Documents, the Borrower shall indemnify and hold harmless the Bank from and
against any loss suffered as a result of any difference between (i) the rate of
exchange used for such purpose to convert the sum in question from the first
currency into the second currency and (ii) the rate or rates of exchange at
which the Bank may in the ordinary course of business purchase the first
currency with the second currency upon receipt of a sum paid to it in
satisfaction, in whole or in part, of any such order, judgment, claim or
proof.

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      Any
amount due from the Borrower under this clause 11.2 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 any of the Security Documents and the term "rate of exchange" includes any
premium and costs of exchange payable in connection with the purchase of the
first currency with the second currency.

       

      
        	
                11.3

              	
                Environmental
      indemnity

              

      

       

      The
Borrower shall indemnify the Bank on demand and hold it harmless from and
against all costs, expenses, payments, charges, losses, demands, liabilities,
actions, proceedings (whether civil or criminal), penalties, fines, damages,
judgements, orders, sanctions or other outgoings of whatever nature which may be
suffered, incurred or paid by, or made or asserted against the Bank at any time,
whether before or after the repayment in full of principal and interest under
this Agreement, relating to, or arising directly or indirectly in any manner or
for any cause or reason whatsoever out of an Environmental Claim made or
asserted against the Bank if such Environmental Claim would not have been, or
been capable of being, made or asserted against the Bank if it had not entered
into any of the Security Documents and/or exercised any of its rights, powers
and discretions thereby conferred and/or performed any of its obligations
thereunder and/or been involved in any of the transactions contemplated by the
Security Documents.

       

      
        	
                11.4

              	
                Central
      Bank or European Central Bank reserve requirements
    indemnity

              

      

       

      The
Borrower shall on demand promptly indemnify the Bank against any cost incurred
or loss suffered by the Bank as a result of its complying with the minimum
reserve requirements of the European Central Bank and/or with respect to
maintaining required reserves with the relevant national central bank to the
extent that such compliance relates to the Commitment or the Loan or part
thereof or deposits obtained by it to fund or maintain the whole or part of the
Loan and such cost or loss is not recoverable by the Bank under clause
12.2.

       

      
        	
                12

              	
                Unlawfulness
      and increased costs

              

      

       

      
        	
                12.1

              	
                Unlawfulness

              

      

       

      If it
is or becomes contrary to any law or regulation for the Bank to make the Loan
available or maintain its Commitment or fund the Loan, the Bank shall promptly
give notice to the Borrower whereupon (a) the Commitment shall be reduced to
zero and (b) the Borrower shall be obliged to prepay the Loan either (i)
forthwith or (ii) on a future specified date not being earlier than the latest
date permitted by the relevant law or regulation together with interest accrued
to the date of prepayment and all other sums payable by the Borrower under this
Agreement.

       

      
        	
                12.2

              	
                Increased
      costs

              

      

       

      If the
result of any change in, or in the interpretation or application of, or the
introduction of, any law or any regulation, request or requirement (whether or
not having the force of law, but, if not having the force of law, with which the
Bank or, as the case may be, its holding company habitually complies), including
(without limitation) those relating to Taxation, capital adequacy, liquidity,
reserve assets, cash ratio deposits and special deposits, is to:

       

      
        	
                12.2.1

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

              

      

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      
        	
                12.2.2

              	
                increase
      the cost to, or impose an additional cost on, the Bank or its holding
      company in making or keeping the Loan available or maintaining or funding
      all or part of the Loan; and/or

              

      

       

      
        	
                12.2.3

              	
                reduce
      the amount payable or the effective return to the Bank under any of the
      Security Documents; and/or

              

      

       

      
        	
                12.2.4

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

              

      

       

      
        	
                12.2.5

              	
                require
      the Bank or its holding company to make a payment or forego a return on or
      calculated by reference to any amount received or receivable by the Bank
      under any of the Security Documents;
and/or

              

      

       

      
        	
                12.2.6

              	
                require
      the Bank or its holding company to incur or sustain a loss (including a
      loss of future potential profits) by reason of being obliged to deduct all
      or part of the Loan from its capital for regulatory
    purposes,

              

      

       

      then
and in each such case (subject to clause 12.3):

       

      
        	
                 
      

              	
                (a)

              	
                the
      Bank shall notify the Borrower in writing of such event promptly upon its
      becoming aware of the same; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      Borrower shall on demand made at any time whether or not the Loan
      outstanding has been repaid, pay to the Bank the amount which the Bank
      specifies (in a certificate setting forth the basis of the computation of
      such amount but not including any matters which the Bank or its holding
      company regards as confidential) is required to compensate the Bank and/or
      (as the case may be) its holding company for such liability to Taxes,
      cost, reduction, payment, foregone return or
  loss.

              

      

       

      For the
purposes of this clause 12.2 "holding company" means the
company or entity (if any) within the consolidated supervision of which the Bank
is included.

       

      
        	
                12.3

              	
                Exception

              

      

       

      Nothing
in clause 12.2 shall entitle the Bank to
receive any amount in respect of compensation for any such liability to Taxes,
increased or additional cost, reduction, payment, foregone return or loss to the
extent that the same is the subject of an additional payment under
clause 6.6.

       

      
        	
                13

              	
                Security
      and set-off

              

      

       

      
        	
                13.1

              	
                Application
      of moneys

              

      

       

      All
moneys received by the Bank under or pursuant to any of the Security Documents
and expressed to be applicable in accordance with the provisions of this
clause 13.1 shall be applied in the following
manner:

       

      
        	
                13.1.1

              	
                first,
      in or toward payment of all unpaid costs, expenses, fees and commissions
      which may be owing to the Bank under any of the Security
      Documents;

              

      

       

      
        	
                13.1.2

              	
                secondly,
      in or towards payment of any arrears of interest owing in respect of the
      Loan or any part thereof;

              

      

       

      
        	
                13.1.3

              	
                thirdly,
      in or towards repayment of the Loan (whether the same is due and payable
      or not);

              

      

       

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

      
        	
                13.1.4

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

              

      

       

      
        	
                13.1.5

              	
                fifthly,
      in or towards payment to the Bank of any other sums owing to it under any
      of the Security Documents; and

              

      

       

      
        	
                13.1.6

              	
                sixthly,
      the surplus (if any) shall be paid to the Borrower or to whomsoever else
      may be entitled to receive such
surplus.

              

      

       

      
        	
                13.2

              	
                Set-off

              

      

       

      
        	
                13.2.1

              	
                The
      Borrower authorises the Bank (without prejudice to any of the Bank's
      rights at law, in equity or otherwise), at any time and without notice to
      the Borrower, to apply any credit balance to which the Borrower is then
      entitled standing upon any account of such Borrower with any branch of the
      Bank in or towards satisfaction of any sum due and payable from the
      Borrower to the Bank under any of the Security Documents.  For
      this purpose, the Bank is authorised to purchase with the moneys standing
      to the credit of such account such other currencies as may be necessary to
      effect such application.

              

      

       

      
        	
                13.2.2

              	
                The
      Bank shall not be obliged to exercise any right given to it by this
      clause 13.2.  The Bank shall notify the Borrower forthwith
      upon the exercise or purported exercise of any right of set-off giving
      full details in relation thereto.

              

      

       

      
        	
                13.2.3

              	
                Nothing
      in this clause 13.2 shall be effective to create an Encumbrance or any
      other security interest.

              

      

       

      
        	
                13.3

              	
                Further
      assurance

              

      

       

      The
Borrower undertakes that the Security Documents shall, both at the date of
execution and delivery thereof and so long as any moneys are owing under any of
the Security Documents, be valid and binding obligations of the respective
parties thereto and rights of the Bank enforceable in accordance with their
respective terms and that it will, at its expense, execute, sign, perfect and
do, and will procure the execution, signing, perfecting and doing by each of the
other Security Parties of, any and every such further assurance, document, act
or thing as in the reasonable opinion of the Bank may be necessary or desirable
for perfecting the security contemplated or constituted by the Security
Documents.

       

      
        	
                13.4

              	
                Conflicts

              

      

       

      In the
event of any conflict between this Agreement and any of the other Borrower's
Security Documents, the provisions of this Agreement shall prevail.

       

      
        	
                14

              	
                Assignment,
      transfer and lending office

              

      

       

      
        	
                14.1

              	
                Benefit
      and burden

              

      

       

      This
Agreement shall be binding upon, and enure for the benefit of, the Bank and the
Borrower and their respective successors in title.

       

      
        	
                14.2

              	
                No
      assignment by Borrower

              

      

       

      The
Borrower may not assign or transfer any of its rights or obligations under this
Agreement.

       

      
        	
                14.3

              	
                Assignment
      by Bank

              

      

       

      The
Bank may assign all or any part of its rights under this Agreement or under any
of the other Security Documents to any other bank or financial institution (an
"Assignee") without the
consent of the Borrower (the Borrower consenting to such assignment by its
execution of this Agreement).

       

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      
        	
                14.4

              	
                Transfer

              

      

       

      The
Bank may transfer all or any part of its rights, benefits and/or obligations
under this Agreement and/or any of the other Security Documents to any one or
more banks or other financial institutions (a "Transferee") without the
consent of the Borrower (the Borrower consenting to such transfer by its
execution of this Agreement) and if the Transferee, by delivery of such
undertaking as the Bank may approve, becomes bound by the terms of this
Agreement and agrees to perform all or, as the case may be, part of the Bank's
obligations under this Agreement.

       

      
        	
                14.5

              	
                Documenting
      assignments and transfers

              

      

       

      If the
Bank assigns all or any part of its rights or transfers all or any part of its
rights, benefits and/or obligations as provided in clause 14.3 or 14.4 the
Borrower undertakes, immediately on being requested to do so by the Bank and at
the cost of the Bank, to enter into, and procure that the other Security Parties
shall enter into, such documents as may be necessary or desirable to transfer to
the Assignee or Transferee all or the relevant part of the Bank's interest in
the Security Documents and all relevant references in this Agreement to the Bank
shall thereafter be construed as a reference to the Bank and/or its Assignee or
Transferee (as the case may be) to the extent of their respective
interests.

       

      
        	
                14.6

              	
                Lending
      office

              

      

       

      The
Bank shall lend through its office at the address specified in the definition of
"Bank" in clause 1.2 or
through any other office of the Bank selected from time to time by it through
which the Bank wishes to lend for the purposes of this Agreement.  If
the office through which the Bank is lending is changed pursuant to this
clause 14.6, the Bank shall notify the
Borrower promptly of such change.

       

      
        	
                14.7

              	
                Disclosure
      of information

              

      

       

      The
Bank may disclose to a prospective assignee, transferee or to any other person
who may propose entering into contractual relations with the Bank in relation to
this Agreement such information about the Borrower and the other Security
Parties or any of them as the Bank shall consider appropriate.

       

      
        	
                15

              	
                Notices
      and other matters

              

      

       

      
        	
                15.1

              	
                Notices

              

      

       

      Every
notice, request, demand or other communication under this Agreement or (unless
otherwise provided therein) under any of the other Security Documents
shall:

       

      
        	
                15.1.1

              	
                be
      in writing delivered personally or by first-class prepaid letter (airmail
      if available) or facsimile transmission or other means of
      telecommunication in permanent written
form;

              

      

       

      
        	
                15.1.2

              	
                be
      deemed to have been received, subject as otherwise provided in the
      relevant Security Document, in the case of a letter, when delivered
      personally or five (5) days after it has been put in to the post and, in
      the case of a facsimile transmission or other means of telecommunication
      in permanent written form, at the time of despatch (provided that if the
      date of despatch is not a business day in the country of the addressee or
      if the time of despatch is after the close of business in the country of
      the addressee it shall be deemed to have been received at the opening of
      business on the next such business day);
and

              

      

       

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      
        	
                15.1.3

              	
                be
      sent:

              

      

       

      (a)         
if to the Borrower at:

       

      42
Hatzikyriakou Avenue

      185 38
Piraeus

      Greece

       

      Fax
No:        +30 210 458 6242

      Attn:            Mr
Apostolos Manitsas

       

      
        	
                 
      

              	
                (b)

              	
                if
      to the Bank at:

              

      

       

      Piraeus
Bank A.E.

      47-49
Akti Miaouli street

      185 36
Piraeus

      Greece

       

      Fax
No:        +30 210 429 2601

      Attention:      Relationship
Manager

       

      or to
such other address and/or numbers as is notified by one party to the other party
under this Agreement.

       

      
        	
                15.2

              	
                No
      implied waivers, remedies
cumulative

              

      

       

      No
failure or delay on the part of the Bank to exercise any power, right or remedy
under any of the Security Documents shall operate as a waiver thereof, nor shall
any single or partial exercise by the Bank of any power, right or remedy
preclude any other or further exercise thereof or the exercise of any other
power, right or remedy.  The remedies provided in the Security
Documents are cumulative and are not exclusive of any remedies provided by
law.

       

      
        	
                15.3

              	
                English
      language

              

      

       

      All
certificates, instruments and other documents to be delivered under or supplied
in connection with any of the Security Documents shall be in the English
language or shall be accompanied by a certified English translation upon which
the Bank shall be entitled to rely.

       

      
        	
                15.4

              	
                Waiver
      of Borrower's rights

              

      

       

      The
Borrower agrees with the Bank that, from the date of this Agreement and so long
as any moneys are owing under any of the Security Documents and while all or any
part of the Commitment remains outstanding, it will not, without the prior
written consent of the Bank:

       

      
        	
                15.4.1

              	
                exercise
      any right of subrogation, reimbursement and indemnity against any Owner or
      any other person liable under the Security Documents, whether in respect
      of any Indebtedness or intra-Group loans or
  otherwise;

              

      

       

      
        	
                15.4.2

              	
                demand
      or accept repayment in whole or in part of any Indebtedness (including
      intra-Group loans) now or hereafter due to such Borrower from any Owner or
      from any other person liable under the Security Documents or demand or
      accept any guarantee, indemnity or other assurance against financial loss
      or any document or instrument created or evidencing an Encumbrance in
      respect of the same or dispose of the
same;

              

      

       

      
        	
                15.4.3

              	
                take
      any steps to enforce any right against any Owner or any other person
      liable under the Security Documents in respect of any such moneys;
      or

              

      

       

      
        	
                15.4.4

              	
                claim
      any set-off or counterclaim against any Owner or any other person liable
      under the Security Documents or claiming or proving in competition with
      the Bank in the liquidation of any Owner or any other person liable under
      the Security Documents or have the benefit of, or share in, any payment
      from or composition with, any Owner or any other person liable under the
      Security Documents or any other Security Document now or hereafter held by
      the Bank for any moneys owing under this Agreement or for the obligations
      or liabilities of any other person liable but so that, if so directed by
      the Bank, it will prove for the whole or any part of its claim in the
      liquidation of any Owner or other person liable under the Security
      Documents on terms that the benefit of such proof and all money received
      by it in respect thereof shall be held on trust for the Bank and applied
      in or towards discharge of any moneys owing under this Agreement in such
      manner as the Bank shall deem
appropriate.

              

      

       

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      
        	
                16

              	
                Governing
      law and jurisdiction

              

      

       

      
        	
                16.1

              	
                Law

              

      

       

      This
Agreement is governed by, and shall be construed in accordance with, English
law.

       

      
        	
                16.2

              	
                Submission
      to jurisdiction

              

      

       

      The
Borrower agrees, for the benefit of the Bank, that any legal action or
proceedings arising out of or in connection with this Agreement against the
Borrower or any of its assets may be brought in the English
courts.  The Borrower irrevocably and unconditionally submits to the
jurisdiction of such courts and irrevocably designates, appoints and empowers
Messrs. Riches Consulting at present of Old Jarretts Farmhouse, Brantridge Lane,
Balcombe, West Sussex RH17 6JR, England to receive for it and on its behalf,
service of process issued out of the English courts in any such legal action or
proceedings.  The submission to such jurisdiction shall not (and shall
not be construed so as to) limit the right of the Bank to take proceedings
against the Borrower in the courts of any other competent jurisdiction nor shall
the taking of proceedings in any one or more jurisdictions preclude the taking
of proceedings in any other jurisdiction, whether concurrently or
not.

       

      The
parties further agree that only the courts of England and not those of any other
State shall have jurisdiction to determine any claim which the Borrower may have
against the Bank arising out of or in connection with this
Agreement.

       

      
        	
                16.3

              	
                Contracts
      (Rights of Third Parties) Act 1999

              

      

       

      No term
of this Agreement is enforceable under the Contracts (Rights of Third Parties)
Act 1999 by a person who is not a party to this Agreement.

       

      IN WITNESS whereof the
parties to this Agreement have caused this Agreement to be duly executed on the
date first above written.

       

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

      

       

      

      
        	
                SIGNED by YPAPANTI KOUMBIADOU

              	
                )

              	 
      
	
                for
      and on behalf of

              	
                )

              	
                /s/ YPAPANTI KOUMBIADOU

              
	
                AEGEAN
      BUNKERING SERVICES INC.

              	
                )

              	
                Authorised
      Signatory

              
	
                as
      Borrower

              	
                )

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                SIGNED by NARIA
      YOURYI

              	
                )

              	
                /s/
      NARIA YOURYI

              
	
                and
      by GEORGE GAZIS

              	
                )

              	
                Authorised
      Signatory

              
	
                for
      and on behalf of

              	
                )

              	 
      
	
                PIRAEUS
      BANK A.E.

              	
                )

              	
                /s/
      GEORGE GAZIS

              
	
                as
      Bank

              	
                )

              	
                Authorised
      Signatory

              

      

      

      
        
           

        

        
          35d986156_ex4-27.htm

    

    Exhibit
4.27

    

    
      	
              Private
      & Confidential

            
	
               

               

              Dated
      16 March 2009

               

            
	
               

               

               

               

              SUPPLEMENTAL
      AGREEMENT

              relating
      to a Revolving Credit Facility and a Guarantee

              and
      Letter of Credit Facility of

              up
      to (originally) US$1,000,000,000

              to

              AEGEAN
      MARINE PETROLEUM S.A.

              as
      Borrower

               

              provided
      by

              THE
      BANKS AND FINANCIAL INSTITUTIONS

              listed
      in schedule 1

              as
      Banks

               

              Mandated
      Lead Arranger and Bookrunner

              HSH
      NORDBANK AG

              Agent,
      Security Agent, Issuing Bank and Account Bank

              THE
      ROYAL BANK OF SCOTLAND PLC

               

               

               

               

            
	 
      	 
      	 
      
	 
      

    

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    THIS SUPPLEMENTAL AGREEMENT is
dated 16 March 2009 and made BETWEEN:

     

    
      	
              (1)

            	
              AEGEAN MARINE PETROLEUM
      S.A., a corporation incorporated in the Republic of Liberia whose
      registered office is at 80 Broad Street, Monrovia, Liberia (the “Borrower”);

            

    

     

    
      	
              (2)

            	
              THE BANKS AND FINANCIAL
      INSTITUTIONS listed in schedule 1 as Banks (together the “Banks”);

            

    

     

    
      	
              (3)

            	
              THE ROYAL BANK OF SCOTLAND PLC
      as agent (the “Agent”);

            

    

     

    
      	
              (4)

            	
              THE ROYAL BANK OF SCOTLAND PLC
      as account bank (the “Account
      Bank”);

            

    

     

    
      	
              (5)

            	
              THE ROYAL BANK OF SCOTLAND PLC
      as security agent (the “Security
      Agent”);

            

    

     

    
      	
              (6)

            	
              THE ROYAL BANK OF SCOTLAND PLC
      as issuing bank (the “Issuing
      Bank”);

            

    

     

    
      	
              (7)

            	
              HSH NORDBANK AG as
      mandated lead arranger and bookrunner (the “Arranger”);

            

    

     

    
      	
              (8)

            	
              THE COMPANIES listed in
      schedule 2 as Owners (together the “Owners” and each an
      “Owner”);

            

    

     

    
      	
              (9)

            	
              AEGEAN BUNKERING SERVICES
      INC., a corporation incorporated in the Marshall Islands whose
      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake
      Island, Majuro, Marshall Islands MH96960 (the “Manager”);

            

    

     

    
      	
              (10)

            	
              AEGEAN MANAGEMENT SERVICES
      M.C., a company incorporated in the Hellenic Republic whose
      registered office is at 42 Hatzikiriakou Street, 185 38 Piraeus, Greece
      (the “New
      Manager”); and

            

    

     

    
      	
              (11)

            	
              AEGEAN MARINE PETROLEUM NETWORK
      INC., a corporation incorporated in the Marshall Islands whose
      registered office is at Trust Company Complex, Ajeltake Road, Ajeltake
      Island, Majuro, Marshall Islands MH96960 (the “Corporate
      Guarantor”).

            

    

     

    WHEREAS:

     

    
      	
              (A)

            	
              this
      Agreement is supplemental to a loan agreement dated 30 September 2008 as
      amended and supplemented by various supplemental letters and agreements
      (together, the “Principal
      Agreement”) made between (1) the Borrower as borrower, (2) the
      Banks, (3) the Agent, (4) the Arranger, (5) the Security Agent, (6) the
      Account Bank and (7) the Issuing Bank, relating to a secured credit
      facility of up to One billion Dollars ($1,000,000,000), made available by
      the Banks to the Borrower upon the terms and conditions set out therein;
      and

            

    

     

    
      	
              (B)

            	
              the
      Borrower has requested that (inter alia) the Banks agree to the extension
      of the Final Maturity Date for all the Facilities and that certain other
      changes are made to the Principal Agreement and this Agreement sets out
      (inter alia) the terms and conditions upon which the Creditors shall, at
      the request of the Borrower, agree to such
  changes.

            

    

     

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              NOW IT IS HEREBY AGREED
      as follows:

            

    

     

    
      	
               
      

            	
              1

            	
              Definitions

            

    

     

    
      	
              1.1

            	
              Defined
      expressions

            

    

     

    Words
and expressions defined in the Principal Agreement shall unless the context
otherwise requires or unless otherwise defined herein, have the same meanings
when used in this Agreement.

     

    
      	
              1.2

            	
              Definitions

            

    

     

    In
this Agreement, unless the context otherwise requires:

     

    “Creditors” means the Agent,
the Arranger, the Security Agent, the Banks, the Account Bank and the Issuing
Bank and “Creditor”
means any of them;

     

    “Effective Date” means the
date, no later than 20 March 2009, on which the Agent notifies the Borrower in
writing that the Agent has received the documents and evidence specified in
clause 5 and schedule 4 in a form and substance
satisfactory to it;

     

    “Loan Agreement” means the
Principal Agreement as amended and restated by this Agreement;

     

    “Mortgage Addendum” means, in
relation to a Ship subject to an existing Mortgage (which is a Liberian or a
Panamanian mortgage), the addendum executed or (as the context may require) to
be executed by the relevant Owner of that Ship in favour of the
Security Agent or the Banks (as the case may be) and supplemental to the
existing Mortgage, executed by such Owner of such Ship in the form required by
the Agent in its sole discretion, and “Mortgage Addenda” means all of
them;

     

    “New Corporate Guarantee” means
the corporate guarantee executed or (as the context may require) to be executed
by the Corporate Guarantor in favour of the Security Agent in the form set out
in schedule 6;

     

    “New Security Documents” means,
together, the Mortgage Addenda, the New Corporate Guarantee and the Overdraft
Account Pledge;

     

    “Overdraft Account” means the
interest bearing Dollar account of the Borrower opened or (as the context may
require) to be opened by the Borrower with HSH Nordbank AG as Bank and includes
any sub-accounts thereof and any other account designated in writing by such
Bank to be an Overdraft Account for the purposes of this Agreement;

     

    “Overdraft Account Pledge”
means the pledge of the Overdraft Account executed or (as the context may
require) to be executed by the Borrower in favour of the Banks in such form as
the Banks may in their absolute discretion require;

     

    “Relevant Documents” means this
Agreement and the New Security Documents;

     

    “Relevant Parties” means the
Borrower, the Owners, the Manager, the New Manager and the Corporate Guarantor
or, where the context so requires or permits, means any or all of them;
and

     

    “Ship” means each of the
vessels listed in schedule 3 (being the Ships referred to in the Principal
Agreement).

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    1.3     Principal
Agreement

     

    References
in the Principal Agreement to “this Agreement” shall, with
effect from the Effective Date and unless the context otherwise requires, be
references to the Principal Agreement as amended by this Agreement and words
such as “herein”, “hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in
the Principal Agreement, shall be construed accordingly.

     

    
      	
              1.4

            	
              Headings

            

    

     

    Clause headings
and the table of contents are inserted for convenience of reference only and
shall be ignored in the interpretation of this Agreement.

     

    
      	
              1.5

            	
              Construction
      of certain terms

            

    

     

    Clauses
1.2 to 1.5 (inclusive) of the Principal Agreement shall apply to this agreement
(mutatis mutandis) as if set out herein and as if references therein to “this Agreement” were
references to this Agreement.

     

    
      	
               
      

            	
              2

            	
              Consent
      of the Creditors

            

    

     

    
      	
              2.1

            	
              The
      Creditors, relying upon the representations and warranties made by each of
      the Relevant Parties in clause 4, agree with the Borrower that,
      subject to the terms and conditions of this Agreement and in particular,
      but without prejudice to the generality of the foregoing, fulfilment on or
      before 20 March 2009 of the conditions contained in clause 5 and
      schedule 4, the Creditors agree to the amendment of the Principal
      Agreement on the terms set out in
clause 3.

            

    

     

    
      	
              2.2

            	
              The
      Agent (acting on the instructions of all the Banks) shall advise the
      Borrower in writing of the Effective
Date.

            

    

     

    
      	
               
      

            	
              3

            	
              Amendments
      to Principal Agreement

            

    

     

    
      	
              3.1

            	
              Amendments
      to Principal Agreement

            

    

     

    The
Principal Agreement shall, with effect on and from the Effective Date, be (and
it is hereby) amended so as to read in accordance with the form of the amended
and restated Loan Agreement set out in schedule 5 and (as so amended) will
continue to be binding upon the Creditors and the Borrower in accordance with
its terms as so amended and restated.

     

    
      	
              3.2

            	
              Continued
      force and effect

            

    

     

    Save
as amended by this Agreement, the provisions of the Principal Agreement shall
continue in full force and effect and the Principal Agreement and this Agreement
shall be read and construed as one instrument.

     

    
      	
               
      

            	
              4

            	
              Representations
      and warranties

            

    

     

    
      	
              4.1

            	
              Primary
      representations and warranties

            

    

     

    Each
of the Relevant Parties represents and warrants to the Creditors
that:

     

    
      	
              4.1.1

            	
              Existing
      representations and warranties

            

    

     

    the
representations and warranties set out in clause 7 of the Principal Agreement
and clause 4 of the Corporate Guarantee and each Owner’s Guarantee were true and
correct on the date of the
Principal Agreement and are true and correct, including to the extent that they
may have been or shall be amended by this Agreement, as if made on the date of
this Agreement with reference to the facts and circumstances existing on such
date;

     

    
      	
              4.1.2

            	
              Corporate
      power

            

    

     

    each
of the Relevant Parties has power to execute, deliver and perform its
obligations under the Relevant Documents to which it is or is to be a party; all
necessary corporate, shareholder and other action has been taken by each of the
Relevant Parties to authorise the execution, delivery and performance of the
Relevant Documents to which it is or is to be a party;

     

    
      	
              4.1.3

            	
              Binding
      obligations

            

    

     

    the
Relevant Documents to which it is or is to be a party are duly executed by the
Relevant Parties and constitute valid and legally binding obligations of each of
the Relevant Parties enforceable in accordance with their terms;

     

    
      	
              4.1.4

            	
              No
      conflict with other obligations

            

    

     

    the
execution, delivery and performance of the Relevant Documents to which it is or
is to be a party by each of the Relevant Parties will not (i) contravene any
existing law, statute, rule or regulation or any judgment, decree or permit to
which any of the Relevant Parties is subject, (ii) conflict with, or result
in any breach of any of the terms of, or constitute a default under, any
agreement or other instrument to which any of the Relevant Parties is a party or
is subject or by which it or any of its property is bound or
(iii) contravene or conflict with any provision of the constitutional
documents of any of the Relevant Parties or (iv) result in the creation or
imposition of or oblige any of the Relevant Parties to create any Encumbrance
(other than a Permitted Encumbrance) on any of the undertaking, assets, rights
or revenues of any of the Relevant Parties;

     

    
      	
              4.1.5

            	
              No
      filings required

            

    

     

    save
for the registration of the Mortgage Addenda with the relevant ship registry, it
is not necessary to ensure the legality, validity, enforceability or
admissibility in evidence of any of the Relevant Documents that they or any
other instrument be notarised, filed, recorded, registered or enrolled in any
court, public office or elsewhere in any Relevant Jurisdiction or that any
stamp, registration or similar tax or charge be paid in any Relevant
Jurisdiction on or in relation to the Relevant Documents and each of the
Relevant Documents is in proper form for its enforcement in the courts of each
Relevant Jurisdiction;

     

    
      	
              4.1.6

            	
              Choice
      of law

            

    

     

    the
choice of English law to govern the Relevant Documents (other than the Mortgage
Addenda and the Overdraft Account Pledge), the choice of the law of the relevant
Flag State to govern each of the Mortgage Addenda, the choice of German law to
govern the Overdraft Account Pledge and the submissions by the Relevant Parties
to the non-exclusive jurisdiction of the English courts are valid and binding;
and

     

    
      	
              4.1.7

            	
              Consents
      obtained

            

    

     

    every
consent, authorisation, licence or approval of, or registration or declaration
to, governmental or public bodies or authorities or courts required by any of
the Relevant Parties in connection with the execution, delivery, validity,
enforceability or admissibility in evidence of the Relevant Documents to which
it is or will become a party or the performance by any of the Relevant
Parties of their respective obligations under such documents has been obtained
or made and is in full force and effect and there has been no default in the
observance of any conditions or restrictions (if any) imposed in, or in
connection with, any of the same.

     

    
      	
              4.2

            	
              Repetition
      of representations and warranties

            

    

     

    Each
of the representations and warranties contained in clause 4.1 of this
Agreement and clause 7 of the form of the amended and restated Loan Agreement
set out in schedule 5, shall be deemed to be repeated by the Relevant Parties on
the Effective Date as if made with reference to the facts and circumstances
existing on such day.

     

    
      	
               
      

            	
              5

            	
              Conditions

            

    

     

    
      	
              5.1

            	
              Documents
      and evidence

            

    

     

    The
consent of the Creditors referred to in clause 2 shall be subject to the receipt
by the Agent or its duly authorised representative of the documents and evidence
specified in schedule 4 in form and substance satisfactory to the
Agent.

     

    
      	
              5.2

            	
              General
      conditions precedent

            

    

     

    The
consent of the Creditors referred to in clause 2 shall be further subject
to:

     

    
      	
              5.2.1

            	
              the
      representations and warranties in clause 4 being true and correct on
      the Effective Date as if each was made with respect to the facts and
      circumstances existing at such time;
and

            

    

     

    
      	
              5.2.2

            	
              no
      Event of Default having occurred and continuing at the time of the
      Effective Date.

            

    

     

    
      	
              5.3

            	
              Waiver
      of conditions precedent

            

    

     

    The
conditions specified in this clause 5 are inserted solely for the benefit
of the Banks and the Agent and may be waived by the Agent (acting on the
instructions of all the Banks) in whole or in part with or without
conditions.

     

    
      	
               
      

            	
              6

            	
              Relevant
      Parties' confirmations

            

    

     

    Each
of the Relevant Parties hereby confirms its consent to the amendments to the
Principal Agreement contained in this Agreement and agrees that:

     

    
      	
              6.1

            	
              each
      of the Security Documents to which it is a party, and its obligations
      thereunder, shall remain in full force and effect notwithstanding the
      amendments made to the Principal Agreement by this Agreement;
    

            

    

     

    
      	
              6.2

            	
              its
      obligations under the relevant Security Documents to which it is a party
      includes any and all amounts owing by the Borrower under the Principal
      Agreement as amended and restated by this Agreement;
  and

            

    

     

    
      	
              6.3

            	
              with
      effect from the Effective Date, references to “the Agreement” or the
      “the Loan Agreement”, or the
      “Facility
      Agreement” (or equivalent references) in any of the Security
      Documents to which it is a party, shall henceforth be references to the
      Principal Agreement as amended and restated by this Agreement and as from
      time to time hereafter amended.

            

    

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              7

            	
              Expenses

            

    

     

    
      	
              7.1

            	
              Expenses

            

    

     

    The
Borrower agrees to pay to the Agent on a full indemnity basis on demand all
expenses (including legal and out-of-pocket expenses) incurred by the Creditors
or any of them:

     

    
      	
              7.1.1

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

            

    

     

    
      	
              7.1.2

            	
              in
      contemplation of, or otherwise in connection with, the enforcement of, or
      preservation of any rights under this Agreement or the New Security
      Documents or otherwise in respect of the monies owing and obligations
      incurred under this Agreement and the New Security
    Documents,

            

    

     

    together
with interest at the rate and in the manner referred to in clause 3.4 of the
Principal Agreement from the date on which such expenses were incurred to the
date of payment (as well after as before judgment).

     

    
      	
              7.2

            	
              Value
      Added Tax

            

    

     

    All
expenses payable pursuant to this clause 7 shall be paid together with value
added tax or any similar tax (if any) properly chargeable
thereon.  Any value added tax chargeable in respect of any services
supplied by the Creditors or any of them under this Agreement shall, on delivery
of the value added tax invoice, be paid in addition to any sum agreed to be paid
hereunder.

     

    
      	
              7.3

            	
              Stamp
      and other duties

            

    

     

    The
Borrower agrees to pay to the Agent on demand all stamp, documentary,
registration or other like duties or taxes (including any duties or taxes
payable by the Creditors or any of them) imposed on or in connection with this
Agreement and the New Security Documents and shall indemnify the Creditors
against any liability arising by reason of any delay or omission by the Borrower
to pay such duties or taxes.

     

    
      	
               
      

            	
              8

            	
              Miscellaneous
      and notices

            

    

     

    
      	
              8.1

            	
              Notices

            

    

     

    The
provisions of clause 17 of the Principal Agreement shall extend and apply to the
giving or making of notices or demands hereunder as if the same were expressly
stated herein and for this purpose any notices to be sent to the Relevant
Parties or any of them hereunder shall be sent to the same address as the
address indicated for the “Borrower” in the said clause 17.

     

    
      	
              8.2

            	
              Counterparts

            

    

     

    This
Agreement may be executed in any number of counterparts and by the different
parties on separate counterparts, each of which when so executed and delivered
shall be an original but all counterparts shall together constitute one and the
same instrument.

     

    
      	
               
      

            	
              9

            	
              Applicable
      law

            

    

     

    
      	
              9.1

            	
              Law

            

    

     

    This
Agreement and any non-contractual obligations in connection with this Agreement
are governed by and shall be construed in accordance with English
law.

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    9.2     Submission
to jurisdiction

     

    Each
of the Relevant Parties agrees, for the benefit of the Creditors, that any legal
action or proceedings arising out of or in connection with this Agreement
(including any non-contractual obligations connected with this Agreement)
against any of the Relevant Parties or any of its assets may be brought in the
English courts.  Each of the Relevant Parties irrevocably and
unconditionally submits to the jurisdiction of such courts and irrevocably
designates, appoints and empowers Riches Consulting at present of Old Jarretts
Farmhouse, Brantridge Lane, Balcombe, West Sussex RH17 6JR, England to receive
for it and on its behalf, service of process issued out of the English courts in
any such legal action or proceedings.  The submission to such
jurisdiction shall not (and shall not be construed so as to) limit the right of
the Creditors or any of them to take proceedings against any of the Relevant
Parties in the courts of any other competent jurisdiction nor shall the taking
of proceedings in any one or more jurisdictions preclude the taking of
proceedings in any other jurisdiction, whether concurrently or
not.  The parties further agree that only the Courts of England and
not those of any other State shall have jurisdiction to determine any claim
which any of the Relevant Parties may have against the Creditors or any of them
arising out of or in connection with this Agreement (including any
non-contractual obligations connected with this Agreement).

     

    
      	
              9.3

            	
              Contracts
      (Rights of Third Parties) Act 1999

            

    

     

    No
term of this Agreement is enforceable under the Contracts (Rights of Third
Parties) Act 1999 by a person who is not a party to this Agreement.

     

    IN WITNESS whereof the parties
to this Agreement have caused this Agreement to be duly executed on the date
first above written.

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    

     

    Schedule 1

     

    Names
and lending offices of the Banks

     

    

    
      
        	
                 

                Name

                 

              	
                 

                Lending
      Office

              
	
                 

                The
      Royal Bank of Scotland plc

              	
                 

                45
      Akti Miaouli

                185
      36 Piraeus

                Greece

                 

              
	
                 

                HSH
      Nordbank AG

              	
                 

                Gerhart-Hauptmann-

                Platz
      50

                20095
      Hamburg

                Germany

                 

              

      

    

    

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    

    Schedule 2

     

    The
Owners

     

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	 	
                                                  (1)

                                                  Owner

                                                	
                                                  (2)

                                                  Country
      of Incorporation

                                                	
                                                  (3)

                                                  Registered
      office

                                                
	 	1	 	
                                                  Aegean
      Daisy Maritime Company

                                                	
                                                  Greece

                                                	
                                                  44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                
	 	2	 	
                                                  Aegean
      Rose Maritime Company

                                                	
                                                  Greece

                                                	
                                                  44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                
	 	3	 	
                                                  Baltic
      Navigation Company

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                
	 	4	 	
                                                  Carnaby
      Navigation Inc.

                                                	
                                                  Liberia

                                                	
                                                  80
      Broad Street, Monrovia, Republic of Liberia

                                                
	 	5	 	
                                                  Mare
      Vision S.A.

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                
	 	6	 	
                                                  Aegean
      Tanking S.A.

                                                	
                                                  Liberia

                                                	
                                                  80
      Broad Street, Monrovia, Republic of Liberia

                                                
	 	7	 	
                                                  Ouranos
      Tanking S.A.

                                                	
                                                  Liberia

                                                	
                                                  80
      Broad Street, Monrovia, Liberia

                                                
	 	8	 	
                                                  Sea
      Breezer Marine S.A.

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                
	 	9	 	
                                                  Aegean
      Breeze Maritime Company

                                                	
                                                  Greece

                                                	
                                                  44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                
	 	10	 	
                                                  Aegean
      Tiffany Maritime Company

                                                	
                                                  Greece

                                                	
                                                  44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                
	 	11	 	
                                                  Aegean
      X Maritime Inc.

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                
	 	12	 	
                                                  Pontos
      Navigation Inc.

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                
	 	13	 	
                                                  Aegean
      Marine Petroleum LLC 

                                                  (Collateral
      Owner A)

                                                	
                                                  United
      Arab Emirates

                                                	
                                                  P.O.
      Box 2688, Khorfakkan, Emirate of Sharjah, United Arab
    Emirates

                                                
	 	14	 	
                                                  Aegean
      Seven Maritime Inc. 

                                                  (Collateral
      Owner B)

                                                	
                                                  Liberia

                                                	
                                                  80
      Broad Street, Monrovia, Republic of Liberia

                                                
	 	15	 	
                                                  Venus
      Holding Company 

                                                  (Collateral
      Owner C)

                                                	
                                                  Marshall
      Islands

                                                	
                                                  Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    

     

    Schedule 3

     

    The
Ships and their details

     

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 	 	
                                                (1)

                                                Name/Hull
      Number

                                              	
                                                (2)

                                                Flag
      State

                                              	 	
                                                (3)

                                                IMO
      No.

                                              	 	
                                                (4)

                                                Owning
      Company

                                              
	 	1	 	
                                                Aegean
      Daisy

                                              	
                                                Greek

                                              	 	 	7729007	 	
                                                Aegean
      Daisy Maritime Company

                                              
	 	2	 	
                                                Aegean
      Rose

                                              	
                                                Greek

                                              	 	 	7729019	 	
                                                Aegean
      Rose Maritime Company

                                              
	 	3	 	
                                                Aegean
      Force

                                              	
                                                Liberia

                                              	 	 	8007080	 	
                                                Baltic
      Navigation Company

                                              
	 	4	 	
                                                Aegean
      Pride I

                                              	
                                                Liberia

                                              	 	 	8027195	 	
                                                Carnaby
      Navigation Inc.

                                              
	 	5	 	
                                                Aegean
      XI

                                              	
                                                Gibraltar

                                              	 	 	8411255	 	
                                                Mare
      Vision S.A.

                                              
	 	6	 	
                                                Fos

                                              	
                                                Liberia

                                              	 	 	8033314	 	
                                                Aegean
      Tanking S.A.

                                              
	 	7	 	
                                                Ouranos

                                              	
                                                Liberia

                                              	 	 	8138683	 	
                                                Ouranos
      Tanking S.A.

                                              
	 	8	 	
                                                Aegean
      Princess

                                              	
                                                Liberia

                                              	 	 	8821759	 	
                                                Sea
      Breezer Marine S.A.

                                              
	 	9	 	
                                                Aegean
      Breeze I

                                              	
                                                Greek

                                              	 	 	9314466	 	
                                                Aegean
      Breeze Maritime Company

                                              
	 	10	 	
                                                Aegean
      Tiffany

                                              	
                                                Greek

                                              	 	 	9314478	 	
                                                Aegean
      Tiffany Maritime Company

                                              
	 	11	 	
                                                Aegean
      X

                                              	
                                                Panama

                                              	 	 	8209664	 	
                                                Aegean
      X Maritime Inc.

                                              
	 	12	 	
                                                Leader

                                              	
                                                Panama

                                              	 	 	8400000	 	
                                                Pontos
      Navigation Inc.

                                              
	 	13	 	
                                                Aegean Flower
      

                                                (Collateral
      Ship A)

                                              	
                                                United
      Arab Emirates

                                              	 	 	8978394	 	
                                                Aegean
      Marine Petroleum LLC

                                              
	 	14	 	
                                                Aegean VII (Collateral
      Ship B)

                                              	
                                                Liberia

                                              	 	 	8313544	 	
                                                Aegean
      Seven Maritime Inc.

                                              
	 	15	 	
                                                Aegean IX (Collateral
      Ship C)

                                              	
                                                Panama

                                              	 	 	7402623	 	
                                                Venus
      Holding
Company

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    

    

    

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    

     

    

     

    Schedule 5

     

    Form
of Amended and Restated Loan Agreement

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

    
      	
              Private & Confidential

            
	
               

               

               

              FACILITY
      AGREEMENT

              for
      a Revolving Credit Facility

              and
      a Guarantee and Letter of Credit Facility

              of
      up to US$1,000,000,000

              to

              AEGEAN
      MARINE PETROLEUM S.A.

               

              provided
      by

              THE
      BANKS AND FINANCIAL INSTITUTIONS SET OUT IN SCHEDULE 1

               

              Mandated
      Lead Arranger and Bookrunner

              HSH
      NORDBANK AG

               

              Agent,
      Security Agent and Account Bank

              THE
      ROYAL BANK OF SCOTLAND PLC

               

               

               

               

               

               

               

               

               

               

               

               

            

    

    

    

    
      
        
          
            ATH-#2531092-v4

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Contents

     

    
      	
              Clause

            	 
      	
              Page

            
	 
      	 
      	 
      
	
              1

            	
              Purpose
      and definitions

            	
              1

            
	 
      	 
      	 
      
	
              2

            	
              The
      Facilities

            	
              22

            
	 
      	 
      	 
      
	
              3

            	
              Interest
      and Interest Periods

            	
              41

            
	 
      	 
      	 
      
	
              4

            	
              Indemnities;
      repayments; cancellations; prepayments

            	
              44

            
	 
      	 
      	 
      
	
              5

            	
              Fees,
      commissions and expenses

            	
              48

            
	 
      	 
      	 
      
	
              6

            	
              Payments
      and taxes; accounts and calculations

            	
              50

            
	 
      	 
      	 
      
	
              7

            	
              Representations
      and warranties

            	
              55

            
	 
      	 
      	 
      
	
              8

            	
              Undertakings

            	
              61

            
	 
      	 
      	 
      
	
              9

            	
              Conditions

            	
              72

            
	 
      	 
      	 
      
	
              10

            	
              Events
      of Default

            	
              73

            
	 
      	 
      	 
      
	
              11

            	
              Indemnities

            	
              79

            
	 
      	 
      	 
      
	
              12

            	
              Unlawfulness
      and increased costs

            	
              81

            
	 
      	 
      	 
      
	
              13

            	
              Security,
      set off and pro-rata payments

            	
              83

            
	 
      	 
      	 
      
	
              14

            	
              Accounts

            	
              86

            
	 
      	 
      	 
      
	
              15

            	
              Assignment,
      transfer and lending office

            	
              88

            
	 
      	 
      	 
      
	
              16

            	
              Arranger,
      Agent, Security Agent and Reference Banks

            	
              91

            
	 
      	 
      	 
      
	
              17

            	
              Notices
      and other matters

            	
              102

            
	 
      	 
      	 
      
	
              18

            	
              Governing
      law and jurisdiction

            	
              104

            
	 
      	 
      	 
      
	
              Schedule
      1 The Banks and their Percentages

            	
              105

            
	 
      	 
      
	
              Schedule
      2 Documents and evidence required as conditions precedent

            	
              106

            
	 
      	 
      
	
              Schedule
      3 The Owners and their Ships

            	
              111

            
	 
      	 
      
	
              Schedule
      4 Transfer Certificate

            	
              114

            
	 
      	 
      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              Clause

            	 
      	
              Page

            
	 
      	 
      	 
      
	
              The
      Schedule

            	
              117

            
	 
      	 
      
	
              Schedule
      5 Form of Drawdown Notice and Issue Request

            	
              118

            
	 
      	 
      
	
              Schedule
      6 Mandatory Cost formula

            	
              121

            
	 
      	 
      
	
              Schedule
      7 Form of Insurance Letter

            	
              123

            
	 
      	 
      
	
              Schedule
      8 Form of Trust Deed

            	
              124

            
	 
      	 
      
	
              Schedule
      9 Conditions subsequent

            	
              125

            
	 
      	 
      
	
              Schedule
      10 Form of Borrowing Base Report

            	
              131

            

    

    

     

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    THIS AGREEMENT is dated 30
September 2008 as amended and supplemented by several supplemental agreements
and as further amended and restated by a supplemental agreement dated 16 March
2009 and made BETWEEN:

     

    
      	
              (1)

            	
              AEGEAN MARINE PETROLEUM
      S.A. as Borrower;

            

    

     

    
      	
              (2)

            	
              THE ROYAL BANK OF SCOTLAND
      PLC as Agent, Security Agent and Account
  Bank;

            

    

     

    
      	
              (3)

            	
              HSH NORDBANK AG as
      Arranger; and

            

    

     

    
      	
              (4)

            	
              THE BANKS AND FINANCIAL
      INSTITUTIONS whose names and addresses are set out in schedule 1 as
      Banks.

            

    

     

    IT IS AGREED as
follows:

     

    
      	
               
      

            	
              1

            	
              Purpose and definitions

            

    

     

    
      	
              1.1

            	
              Purpose

            

    

     

    This
Agreement sets out the terms and conditions upon and subject to which the Banks
agree, according to their several obligations, to make available to the
Borrower:

     

    
      	
               
      

            	
              1.1.1

            	
              a
      reducing revolving credit facility in the amount of up to the Applicable
      RCF 1 Limit, for the purpose of assisting the Borrower to finance the
      working capital needs of the Borrower and any other members of the Group
      in connection with trade related
activities;

            

    

     

    
      	
               
      

            	
              1.1.2

            	
              a
      multi-currency revolving guarantee and letter of credit facility in the
      amount of up to the Applicable Guarantee Facility Limit (inclusive of the
      limit of the revolving credit facility referred to in clause 1.1.3 below),
      for the purpose of assisting the Borrower to finance the purchase and
      transportation of fuel cargoes and the payment of other expenses
      incidental to the supply of bunkers and lubricants to its customers;
      and

            

    

     

    
      	
               
      

            	
              1.1.3

            	
              a
      revolving credit facility in the amount of up to the Applicable RCF 2
      Limit, for the purpose of assisting the Borrower to finance the working
      capital needs of the Borrower and any other members of the Group in
      connection with trade related
activities.

            

    

     

    
      	
              1.2

            	
              Definitions

            

    

     

    In
this Agreement, unless the context otherwise requires:

     

    “Account Bank” means The Royal
Bank of Scotland plc, whose registered office is at 36 St. Andrew Square,
Edinburgh EH2 2YB, Scotland acting for the purposes of this Agreement through
its branch at 45 Akti Miaouli, 185 36 Piraeus, Greece (or of such other address
as may last have been notified to the other parties to this Agreement pursuant
to clause 17.1.3) or such other bank as may be designated by the Agent as the
Account Bank for the purposes of this Agreement and includes its successors in
title;

     

    “Account Pledges” means,
together, the Operating Account Pledge, the Cash Collateral Account Pledge, the
Overdraft Account Pledge and any Illegality Security Account Pledge and “Account Pledge” means any of
them;

     

    “Accounts” means, together, the
Operating Account, the Manager’s Operating Account, the Cash Collateral Account,
the Overdraft Account and any Illegality Security Account and “Account” means any of
them;

     

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    “Actual Exposure” means, at any
relevant time, the aggregate of:

     

    
      	
               
      

            	
              (a)

            	
              the
      Loan;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      other Outstandings of all Banks;
and

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    “Additional Mortgage Date”
means, in relation to each Additional Owner and the Additional Ship owned by it,
the date when the Borrower has actually delivered the documents and evidence
specified in clause 8.5.3 in connection with such Additional Ship in accordance
with the terms of such clause 8.5.3;

     

    “Additional Owner” means, in
relation to an Additional Ship, the member of the Group which is the registered
owner of such Additional Ship at any relevant time, and “Additional Owners” means any
or all of them;

     

    “Additional Ship” means each vessel owned
by a member of the Group, if and to the extent it has been designated by the
Borrower and accepted by the Agent (acting on the instructions of the Majority
Banks in their absolute discretion) pursuant to clause 8.5.3 to become an
“Additional Ship” for the purpose of this Agreement and “Additional Ships” means any or all of
them;

     

    “Advance” means, in relation to
each RC Facility, each borrowing by the Borrower of a portion of such RC
Facility or (as the context may require) the principal amount of such borrowing
outstanding at any relevant time and “Advances” means any or all of
them;

     

    “Aegean Bunkering” means Aegean
Bunkering Services Inc. of the Marshall Islands and includes its successors in
title;

     

    “Agent” means The Royal Bank of
Scotland plc, whose registered office is at 36 St. Andrew Square, Edinburgh EH2
2YB, Scotland acting for the purposes of this Agreement through its branch at 45
Akti Miaouli, 185 36 Piraeus, Greece (or of such other address as may last have
been notified to the other parties to this Agreement pursuant to clause 17.1.3)
or such other person as may be appointed as agent by the Banks pursuant to
clause 16 and includes its successors in title;

     

    “Aggregate Liabilities” means,
at any relevant time, the aggregate of the Loan and the Outstandings of all the
Banks;

     

    “Ancillary Bank” means HSH
Nordbank AG of Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany as the Bank
that is the lender of the Ancillary Facility (or of such other address as may
last have been notified to the other parties to this Agreement pursuant to
clause 17.1.3) and includes its successors in title;

     

    Ancillary Commencement Date
means the date on which the Ancillary Facility is first made available in
accordance with clause 2.20, which date shall be a Banking Day within the
Availability Period for the Guarantee Facility and RCF 2;

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    Ancillary Commitment means
$15,000,000 (or such other maximum amount which the Ancillary Bank has agreed
with the prior written consent of all the Banks) (whether or not subject to
satisfaction of conditions precedent) to make available from time to time under
the Ancillary Facility and which has been authorised as such under clause 2.20,
to the extent that amount is not cancelled or reduced under this Agreement or
the Ancillary Documents;

     

    Ancillary Document means each
document relating to or evidencing the terms of the Ancillary
Facility;

     

    Ancillary Facility means the
overdraft facility made or (as the context may require) to be made available by
the Ancillary Bank in accordance with clause 2.20;

     

    Ancillary Outstandings means,
at any time, the aggregate of the principal amount outstanding under the
Ancillary Facility (net of any credit balances on the Overdraft Account to the
extent that the credit balances are freely available (including under the terms
of this Agreement) to be set off by the Ancillary Bank against liabilities owed
to it by the Borrower under the Ancillary Facility), as determined by the
Ancillary Bank acting reasonably in accordance with its normal banking practice
and in accordance with the relevant Ancillary Documents;

     

    “Applicable Accounting
Principles” means, at any relevant time, the most recent and up-to-date
US GAAP;

     

    “Applicable Guarantee Facility
Limit” means, at any relevant time, the sum of:

     

    
      	
               
      

            	
              (a)

            	
              the
      GF Relevant Amount or the equivalent thereof in Optional Currencies, as
      the same may be increased from time to time under and in accordance with
      clause 2.16 but not exceeding the Maximum Guarantee Facility
      Limit,

            

    

     

    minus

     

    
      	
               
      

            	
              (b)

            	
              the
      outstanding Advances under RCF 2 at the relevant time;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      total amount of the Ancillary Commitment for as long as the Ancillary
      Facility remains available under the Ancillary Documents and this
      Agreement,

            

    

     

    as
the same may be reduced by any of the terms of this Agreement;

     

    “Applicable Limit” means, in
relation to a Facility at any relevant time:

     

    (a)     in
relation to the Guarantee Facility, the Applicable Guarantee Facility Limit at
such time;

     

    (b)     in
relation to RCF 1, the Applicable RCF 1 Limit at such time; or

     

    (c)     in
relation to RCF 2, the Applicable RCF 2 Limit at such time,

     

    and
Applicable Limits means
any or all of them;

     

    “Applicable RCF 1 Limit” means
$102,500,000 as the same may be reduced from time to time pursuant to the terms
of this Agreement (including under clause 4.3.1);

     

    “Applicable RCF 2 Limit” means,
at any relevant time, the lower of:

     

    
      	
               
      

            	
              (a)

            	
              the
      RCF 2 Relevant Amount (or such other higher or lower sum as may be
      approved in writing by all the Banks in their absolute discretion not
      exceeding the then Applicable Guarantee Facility Limit), as the same may
      be increased from time to time under and in accordance with clause 2.16
      but not exceeding the Maximum RCF 2 Limit;
and

            

    

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

     

    
      	
               
      

            	
              (b)

            	
              the
      amount in Dollars which is equal to the available and unutilised portion
      of the Applicable Guarantee Facility Limit at the relevant
      time;

            

    

     

    minus

     

    
      	
               
      

            	
              (c)

            	
              the
      total amount of the Ancillary Commitment for as long as the Ancillary
      Facility remains available under the Ancillary Documents and this
      Agreement,

            

    

     

    as
the same may be reduced by any of the terms of this Agreement;

     

    “Arranger” means HSH Nordbank
AG of Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, in its capacities as
mandated lead arranger and bookrunner (or of such other address as may last have
been notified to the other parties to this Agreement pursuant to clause 17.1.3)
and includes its successors in title;

     

    “Availability Period” means, in
relation to each Facility, the period commencing on the date of this Agreement
and ending on the earlier of:

     

    
      	
               
      

            	
              (a)

            	
              the
      date falling seven (7) days before the Final Maturity Date (or such later
      date as the Banks may agree with the Borrower);
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      date on which the Banks’ obligation to make the relevant Facility
      available is fully cancelled or terminated under the terms of this
      Agreement;

            

    

     

    “Available Amount” means, at
any time and in relation to each RC Facility, the amount by which the Applicable
Limit for such Facility exceeds the aggregate of all Advances outstanding at
such time under such RC Facility;

     

    “Banking Day” means a day on
which banks are open in London, Hamburg and Piraeus and, in respect of a day on
which payment is required to be made or other dealing is due to take place under
this Agreement:

     

    
      	
               
      

            	
              (a)

            	
              in
      Dollars, a day on which banks are open in New York
  City;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      euros, a Target Day,

            

    

     

    or
any other relevant place of payment under clause 6;

     

    “Banks” means the banks and
financial institutions set out in schedule 1 and includes their respective
successors in title and Transferee Banks and “Bank” means any of
them;

     

    “Basel 2 Accord” means the
“International Convergence of Capital Measurement and Capital Standards, a
Revised Framework” published by the Basel Committee on Banking Supervision in
June 2004 in the form existing on the date of this Agreement;

     

    “Basel 2 Approach” means either
the Standardised Approach or the relevant Internal Ratings Based Approach (each
as defined in the Basel 2 Accord) adopted by a Bank (or its holding company) for
the purposes of implementing or complying with the Basel 2 Accord;

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    “Basel 2 Regulation” means (a)
any law or regulation implementing the Basel 2 Accord or (b) any Basel 2
Approach adopted by a Bank;

     

    “Beneficiary” means, in
relation to a L/C, the person in whose favour the L/C has been issued under this
Agreement;

     

    “Borrowed Money” means, in
relation to a person (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 or any
      other agreement having the commercial effect of a borrowing or raising of
      money by the debtor;

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
               
      

            	
              (f)

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

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      other Indebtedness which would be regarded as debt pursuant to the
      Applicable Accounting Principles,

            

    

     

    and,
in calculating the Borrowed Money of any person, none of the above items shall
be deducted or added or otherwise taken into account more than once in any such
calculation;

     

    “Borrower” means Aegean Marine
Petroleum S.A. of 80 Broad Street, Monrovia, Republic of Liberia and includes
its successors in title;

     

    “Borrowing Base Report” means
each report in the form set out in schedule 10;

     

    “Capital Adequacy Law” means
any law or any regulation (whether or not having the force of law, but, if not
having the force of law, with which a Bank or, as the case may be, its holding
company habitually complies), including (without limitation) those relating to
Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits and
special deposits or other banking or monetary controls or requirements which
affect the manner in which that Bank allocates capital resources to its
obligations hereunder (including, without limitation, those resulting from the
implementation or application of or compliance with the Basel 2 Accord or any
Basel 2 Regulation);

     

    “Cash Collateral Account” means
an interest bearing account of the Borrower opened by the Borrower with the
Account Bank and includes any sub-accounts thereof and any other account
designated in writing by the Agent to be a “Cash Collateral Account” for the
purposes of this Agreement;

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    “Cash Collateral Account
Pledge” means the pledge of the Cash Collateral Account executed or (as
the context may require) to be executed by the Borrower in favour of the Banks
and the Agent in such form as the Banks may in their absolute discretion
require;

     

    “Casualty Amount” means, in
relation to each Ship, Two hundred and fifty thousand Dollars ($250,000) or the
equivalent in any other currency;

     

    “Classification” means, in
relation to each Ship, the highest classification for a vessel of such Ship’s
type with the Classification Society or such other classification as the Agent
(acting on the instructions of the Majority Banks) shall, at the request of an
Owner, have agreed in writing shall be treated as the Classification for such
Owner’s Ship for the purposes of the Security Documents;

     

    “Classification Society” means,
in relation to each Ship, any classification society which is a member of the
International Association of Classification Societies (IACS) or such other
classification society which the Agent (acting on the instructions of the
Majority Banks) shall, at the request of an Owner, have agreed in writing shall
be treated as the Classification Society for such Owner’s Ship for the purposes
of the Security Documents;

     

    “Code” means the International
Management Code for the Safe Operation of Ships and for Pollution Prevention
constituted pursuant to Resolution A. 741(18) of the International Maritime
Organisation and incorporated into the International Convention for the Safety
of Life at Sea 1974 (as amended) and includes any amendments or extensions
thereto and any regulation issued pursuant thereto;

     

    “Collateral Mortgage Date”
means, in relation to each Collateral Owner and the Ship owned by it, the latest
date when the Borrower is required to deliver the documents and evidence
specified in clause 8.1.14 in connection with such Collateral Ship in accordance
with the terms of such clause 8.1.14;

     

    “Collateral Owner”
means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to Collateral Ship A, the Collateral Owner
  A;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to Collateral Ship B, the Collateral Owner B;
  or

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to Collateral Ship C, the Collateral Owner
  C,

            

    

     

    and
“Collateral Owners”
means any or all of them;

     

    “Collateral Owner A” means
Aegean Marine Petroleum LLC of P.O. Box 2688, Khorfakkan, Emirate of Sharjah,
United Arab Emirates and includes its successors in title;

     

    “Collateral Owner B” means
Aegean Seven Maritime Inc. of 80 Broad Street, Monrovia, Liberia and includes
its successors in title;

     

    “Collateral Owner C” means
Venus Holding Company of Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH 96960 and includes its successors in
title;

     

    “Collateral Ship”
means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to Collateral Owner A, the Collateral Ship
  A;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to Collateral Owner B, the Collateral Ship
  B;

            

    

     

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (c)

            	
              in
      relation to Collateral Owner C, the Collateral Ship
  C;

            

    

     

    and
“Collateral Ships” means
any or all of them;

     

    “Collateral Ship A” means the
Ship owned by the Collateral Owner A, as described in more detail in row 13 of
Part B of schedule 3;

     

    “Collateral Ship B” means the
Ship owned by the Collateral Owner B, as described in more detail in row 14 of
Part B of schedule 3;

     

    “Collateral Ship C” means the
Ship owned by the Collateral Owner C, as described in more detail in row 15 of
Part B of schedule 3;

     

    “Commitment” means, in relation
to each Bank:

     

    
      	
               
      

            	
              (a)

            	
              in
      connection with a RC Facility at any relevant time, the amount in Dollars
      equal to such Bank’s Percentage of the Applicable Limit of that RC
      Facility at such time; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      connection with both RC Facilities at any relevant time, the amount in
      Dollars equal to such Bank’s Percentage of the Applicable Limits of both
      RC Facilities at such time,

            

    

     

    (but,
in each case in relation to RCF 2 only, for the purposes of this definition
without deducting from the Applicable RCF 2 Limit the amount of the Ancillary
Commitment as would be required by paragraph (c) of the definition “Applicable
RCF 2 Limit” in this clause 1.2),

     

    in
each case as reduced or increased by any relevant term of this
Agreement;

     

    “Compulsory Acquisition” means,
in relation to a Ship, requisition for title or other compulsory acquisition,
requisition, appropriation, expropriation, deprivation, forfeiture or
confiscation for any reason of that Ship by any Government Entity or other
competent authority, whether de jure or de facto, but shall exclude requisition
for use or hire not involving requisition of title;

     

    “Contribution” means, in
relation to each Bank, the principal amount of the Loan owing to such Bank at
any relevant time;

     

    “Corporate Guarantee” means the
corporate guarantee executed or (as the context may require) to be executed by
the Corporate Guarantor in favour of the Security Agent in the form set out in
schedule 6 of the Supplemental Agreement;

     

    “Corporate Guarantor” means
Aegean Marine Petroleum Network Inc. of Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Marshall Islands MHJ96960 and includes its successors
in title;

     

    “Creditors” means, together,
the Arranger, the Agent, the Account Bank, the Security Agent, the Ancillary
Bank and the Banks and “Creditor” means any of
them;

     

    “Customer” means each person
from whom Receivables are due to the Borrower at any relevant time and “Customers” means any or all of
them;

     

    “Default” means any Event of
Default or any event or circumstance which with the giving of notice or lapse of
time or the satisfaction of any other condition (or any combination thereof)
would constitute an Event of Default;

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    “Direct Credit Substitute”
means a letter of credit or bank guarantee issued or to be issued by a Bank in
favour of a Beneficiary in such form as is agreed between that Bank and the
Borrower which is required by the Borrower in the ordinary course of its
business and which is neither a Documentary L/C nor a Transaction Related
Standby L/C;

     

    “Documentary L/C” means a letter of credit
issued or to be issued by a Bank in favour of a Beneficiary in such form as is
agreed between that Bank and the Borrower which directly relates to the purchase
of Oil Products by the Borrower and which imposes on that Bank a primary
obligation to pay upon presentation of specified documents as specified in such
letter of credit;

     

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

     

    “Dollars” and “$” mean the lawful currency of
the United States of America and in respect of all payments to be made under any
of the Security Documents mean funds which are for same day settlement in the
New York Clearing House Interbank Payments System (or such other U.S. dollar
funds as may at the relevant time be customary for the settlement of
international banking transactions denominated in U.S. dollars);

     

    “Drawdown Date” means, in
relation to each Advance, any date, being a Banking Day falling during the
Availability Period, on which such Advance is, or is to be, made
available;

     

    “Drawdown Notice” means, in
relation to each Advance, a notice substantially in the form of schedule 5,
Part A in respect of such Advance;

     

    “Earnings” means, in relation
to a Ship, all moneys whatsoever from time to time due or payable to the Owner
of such Ship during the Security Period arising out of the use or operation of
such Ship including (but without limiting the generality of the foregoing) all
freight, hire and passage moneys, income arising out of pooling arrangements,
compensation payable to such Owner in the event of requisition of such Ship for
hire, remuneration for salvage or towage services, demurrage and detention
moneys and damages for breach (or payment for variation or termination) of any
charterparty or other contract for the employment of such Ship;

     

    “Effective Date” means the
Effective Date as defined in the Supplemental Agreement;

     

    “EMU Legislation” means
legislative measures of the Council of the European Union for the introduction
of, changeover to, or operation of, a single or unified European Currency being
part of the implementation of the Third Stage;

     

    “Encumbrance” means any
mortgage, charge (whether fixed or floating), pledge, lien, hypothecation,
assignment, trust arrangement or security interest or other encumbrance of any
kind securing any obligation of any person or any type of preferential
arrangement (including without limitation title transfer and/or retention
arrangements having a similar effect);

     

    “Environmental Affiliate” means
any agent or employee of the Borrower or any other Relevant Party or any person
having a contractual relationship with the Borrower or any other Relevant Party
in connection with any Relevant Ship or its operation or the carriage of cargo
and/or passengers thereon and/or the provision of goods and/or services on or
from such Relevant Ship;

     

    “Environmental Approval” means
any consent, authorisation, licence or approval of any governmental or public
body or authorities or courts applicable to any Relevant Ship or
its

     

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    operation
or the carriage of cargo and/or passengers thereon and/or the provision of goods
and/or services on or from such Relevant Ship required under any Environmental
Law;

     

    “Environmental Claim” means any
and all material enforcement, clean-up, removal or other governmental or
regulatory actions or orders instituted or completed pursuant to any
Environmental Law or any Environmental Approval together with claims made by any
third party relating to damage, contribution, loss or injury, resulting from any
actual or threatened emission, spill, release or discharge of a Pollutant from
any Relevant Ship;

     

    “Environmental Laws” means all
national, international and state laws, rules, regulations, treaties and
conventions applicable to any Relevant Ship pertaining to the pollution or
protection of human health or the environment including, without limitation, the
carriage of Pollutants and actual or threatened emissions, spills, releases or
discharges of Pollutants;

     

    “EURIBOR” means, in relation to
a particular period:

     

    
      	
               
      

            	
              (a)

            	
              the
      applicable Screen Rate; or

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    as
of 11:00 a.m. (Brussels time) on the Quotation Date for the offering of deposits
in euro for a period comparable to that period;

     

    “euro” and “euros” means, for the time
being, the single currency of Participating Member States as provided in the EMU
Legislation;

     

    “Event of Default” means any of
the events or circumstances described in clause 10.1;

     

    “Expiry Date” means, in
relation to a L/C, the expiry date specified in the Issue Request relating
thereto and initially applicable thereto or, as the context may require, any
extended expiry date requested and agreed to by the Bank that issued such L/C
pursuant to clause 2.6 and/or clause 2.13 provided that in no circumstances
shall the expiry date of a L/C be a date falling after the Final Maturity Date
for the Guarantee Facility, except in accordance with clause 2.13;

     

    “Extension Notice” shall have
the meaning given to it in clause 4.3.2(b);

     

    “Facilities” means, together,
RCF 1, RCF 2 and the Guarantee Facility and “Facility” means any of
them;

     

    “Final Maturity Date” means 30
January 2011 or such other later date as all the Banks may agree in their
absolute and unfettered discretion and the Agent notifies to the Borrower by an
Extension Notice sent pursuant to clause 4.3.2;

     

    “Flag State” means, in relation
to each Ship (other than an Additional Ship), such state or territory (if any)
specified opposite such Ship’s name in the column headed “Flag State” in Part B of
schedule 3 or such state or territory designated in writing by the Majority
Banks in their absolute discretion, at the request of an Owner as being the
“Flag State” of such Owner’s Ship for the purpose of the Security
Documents;

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    “General Assignment” means, in
relation to each Ship, a general assignment or a deed of covenant (as the case
may be) collateral to the Mortgage of that Ship executed or (as the context may
require) to be executed by the relevant Owner in favour of the Security Agent or
any of the other Creditors in such form as the Banks may in their absolute
discretion require, and “General Assignments” means any
or all of them;

     

    “GF Relevant Amount” means the
aggregate of:

     

    
      	
               
      

            	
              (a)

            	
              until
      the RBS Reduction Date $197,500,000 or, with effect from the RBS Reduction
      Date and at all times thereafter,
$147,500,000;

            

    

     

    plus

     

    
      	
               
      

            	
              (b)

            	
              with
      effect from the date of any reduction of the Applicable RCF 1 Limit under
      clause 4, the amount of such reduction;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              with
      effect from the date of any prepayment of RCF 1 under clause 8.2.1, the
      amount of such prepayment;

            

    

     

    “Government Entity” means and
includes (whether having a distinct legal personality or not) any national or
local government authority, board, commission, department, division, organ,
instrumentality, court or agency and any association, organisation or
institution of which any of the foregoing is a member or to whose jurisdiction
any of the foregoing is subject or in whose activities any of the foregoing is a
participant;

     

    “Group” means, together, the
Corporate Guarantor and its Subsidiaries from time to time (which, for the
avoidance of doubt, includes all other Security Parties) and “member of the Group” shall be
construed accordingly;

     

    “Guarantee Facility” means the
multi-currency revolving guarantee and letter of credit facility referred to in
clause 2.1.1(a)(ii) in the amount of up to the Applicable Guarantee Facility
Limit and made available by the Banks to the Borrower pursuant to this
Agreement;

     

    “Guarantee Facility Commitment”
means, in relation to each Bank at any relevant time, the amount in Dollars
equal to such Bank’s Percentage of the Applicable Guarantee Facility Limit at
such time (but, for the purposes of this definition, without deducting therefrom
the amount of the Ancillary Commitment as would be required by paragraph (c) of
the definition of “Applicable Guarantee Facility Limit” in this clause 1.2), as
reduced or increased by any relevant term of this Agreement;

     

    “Illegality Security Account”
means, in respect of a L/C, each account opened or (as the context may require)
to be opened by the Borrower with the Account Bank following the Agent’s request
pursuant to clause 14.7 in respect of that L/C and includes any sub-accounts
thereof and “Illegality
Security Accounts” means any or all of them;

     

    “Illegality Security Account
Pledge” means, in respect of an Illegality Security Account, the pledge
of such account executed or (as the context may require) to be executed by the
Borrower in favour of the Bank that issued the L/C to which such Illegality
Security Account relates, in such form as that Bank may in its absolute
discretion require and “Illegality Security Account
Pledges” means any or all of them;

     

    “Increase Notice” shall have
the meaning given to it in clause 2.16;

     

    “Increasing Bank” shall have the meaning
given to it in clause 2.16;

     

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    “Indebtedness” means any
obligation for the payment or repayment of money, whether as principal or as
surety and whether present or future, actual or contingent;

     

    “Insurance Letter” means, in
respect of a Ship, a letter from the Owner of such Ship in the form set out in
schedule 7;

     

    “Insurances” means, in relation
to a Ship, all policies and contracts of insurance (which expression includes
all entries of that Ship in a protection and indemnity or war risks association)
which are from time to time during the Security Period in place or taken out or
entered into by or for the benefit of the relevant Owner (whether in the sole
name of such Owner, or in the joint names of such Owner and the Security Agent
or otherwise) in respect of such Owner’s Ship and her Earnings or otherwise
howsoever in connection with such Ship and all benefits thereof (including
claims of whatsoever nature and return of premiums);

     

    “Interest Payment Date” means
the last day of an Interest Period;

     

    “Interest Period” means, in
relation to an Advance, each period for the calculation of interest in respect
of such Advance ascertained in accordance with clauses 3.2 and
3.3;

     

    “ISPS Code” means the
International Ship and Port facility Security Code constituted pursuant to
resolution A.924(22) of the International Maritime Organization now set out in
Chapter XI-2 of the International Convention for the Safety of Life at Sea 1974
(as amended) as adopted by a Diplomatic conference of the International Maritime
Organisation on Maritime Security in December 2002 and includes any amendments
or extensions thereto and any regulation issued pursuant thereto;

     

    “ISSC” means, in relation to
each Ship, an International Ship Security Certificate issued in respect
of  that Ship pursuant to the ISPS Code;

     

    “Issue Date” means, in relation
to a L/C, the date, being a Banking Day falling within the Availability Period,
on which the Borrower requests that such L/C be issued, as specified in the
Issue Request for such L/C or (as the context may require) the date on which
such L/C is actually issued;

     

    “Issue Request” means, in
relation to a L/C, a notice in the form or substantially in the form of schedule
5, Part B;

     

    “L/C” means:

     

    
      	
               
      

            	
              (a)

            	
              a
      Documentary L/C; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Transaction Related Standby L/C; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      Direct Credit Substitute;

            

    

     

    “L/C Valuation Date” has the
meaning given to that term in clause 2.8;

     

    “LIBOR” means in relation to a
particular period:

     

    
      	
               
      

            	
              (a)

            	
              in
      respect of any amount outstanding hereunder in Dollars or in an Optional
      Currency (other than euros), the rate for deposits of the relevant
      currency for a period equivalent to such period at or about 11:00 a.m. on
      the Quotation Date for such period as displayed on Reuters page LIBOR 01
      (British Bankers’ Association Interest Settlement Rates) (or such other
      page as may replace such page LIBOR 01 on such system or on any other
      system of

            

    

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    the
information vendor for the time being designated by the British Bankers’
Association to calculate the BBA Interest Settlement Rate (as defined in the
British Bankers’ Association’s Recommended Terms and Conditions (“BBAIRS” terms) applicable at
the relevant time)); or

     

    
      	
               
      

            	
              (b)

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

            

    

     

    “Loan” means the aggregate
principal amount owing to the Banks under this Agreement at any relevant time
under the Advances of both RC Facilities;

     

    “Majority Banks” means, at any
relevant time, Banks the aggregate of whose Percentages equals to or exceeds
sixty per cent (60%);

     

    “Management Agreement” means,
in relation to each Ship, the management agreement made or (as the context may
require) to be made between the relevant Owner and the Manager of that Ship in a
form previously approved in writing by the Majority Banks, providing (inter alia) for the relevant
Manager to manage that Ship and “Management Agreements” means
any or all of them;

     

    “Manager” means, in relation to
each Ship, Aegean Bunkering Services Inc. of Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH96960 or Aegean Management
Services M.C. of 42 Hatzikiriakou Street, 185 38 Piraeus, Greece or any other
person appointed by the Owner of such Ship, with the prior written consent of
the Majority Banks, as the manager of such Ship and, in each such case, includes
their respective successors in title and “Managers” means any or all of
them;

     

    “Manager’s Operating Account” means an
interest bearing Dollar account of Aegean Bunkering opened by Aegean Bunkering
with the Account Bank and includes any sub-accounts thereof and any other
account designated in writing by the Agent to be a “Manager’s Operating Account”
for the purposes of this Agreement;

     

    “Manager’s Undertaking” means,
in relation to each Ship, the first priority undertaking and assignment in
relation to that Ship executed or (as the context may require) to be executed by
the Manager of that Ship in favour of the Security Agent in such form as the
Banks may require in their sole discretion and “Manager’s Undertakings” means
any or all of them;

     

    “Margin” means, in relation to
the Loan, two point five per cent (2.5%) per annum;

     

    “Mandatory Cost” means, in
relation to any period, a percentage calculated by the Agent for such period at
an annual rate determined by the application of the formula set out in schedule
6;

     

    “Maximum Guarantee Facility
Limit” means $897,500,000 or the equivalent thereof in Optional
Currencies;

     

    “Maximum RCF 1 Limit” means
$102,500,000;

     

    “Maximum RCF 2 Limit” means
$730,800,000;

     

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

     

    “month” means a period
beginning in one calendar month and ending in the next calendar month on the day
numerically corresponding to the day of the calendar month on which it started,
provided that (a) if the period started on the last Banking Day in a
calendar month or if there is no such numerically corresponding day, it shall
end on the last Banking Day in such next calendar month and (b) if such
numerically corresponding day is not a Banking Day, the period shall end on the
next following Banking Day in the same calendar month but if there is no such
Banking Day it shall end on the preceding Banking Day and “months” and “monthly” shall be construed
accordingly;

     

    “Mortgage” means, in relation
to each Ship, the first priority or (as the case may be) first preferred
mortgage of that Ship executed or (as the context may require) to be executed by
the relevant Owner in favour of the Security Agent or any of the other Creditors
in such form as the Banks may in their absolute discretion require, and “Mortgages” means any or all of
them;

     

    “Mortgage Addendum” means each
addendum to a Mortgage entered into or (as the context may require) to be
entered into pursuant to the terms of the Supplemental Agreement and “Mortgage Addenda” means any or
all of them;

     

    “Mortgaged Ship” means, at any
relevant time, any Ship which is at such time subject to a Mortgage and/or the
Earnings, Insurances and Requisition Compensation of which are subject to an
Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall,
for the purposes of this Agreement, be deemed to be a Mortgaged Ship as from
whichever shall be the earlier of (a) the date that the General Assignment for
such Ship shall have been executed in accordance with this Agreement and (b) the
date that the Mortgage of that Ship shall have been executed and registered in
accordance with this Agreement, until whichever shall be the earlier of (i) the
payment in full of the amount (if any) required to be paid by the Borrower
and/or required to be placed to the credit of the Cash Collateral Account
pursuant to clause 4.4 following the Total Loss of such Ship and (ii) the
date on which all moneys owing under the Security Documents have been repaid in
full;

     

    “Oil Products” means oil
bunkering products and lubricants used in the maritime industry;

     

    “Oil Products Security Deed”
means a deed creating security over (inter alia) Oil Products executed or (as
the context may require) to be executed by the Borrower in favour of the
Security Agent in such form as the Banks may in their absolute discretion
require;

     

    “Operating Account” means an
interest bearing account of the Borrower opened by the Borrower with the Account
Bank and includes any sub-accounts thereof and any other account designated in
writing by the Agent to be an “Operating Account” for the purposes of this
Agreement;

     

    “Operating Account Pledge”
means the pledge of the Operating Account executed or (as the context may
require) to be executed by the Borrower in favour of the Banks and the Agent in
such form as the Banks may in their absolute discretion require;

     

    “Operator” means any person who
is from time to time during the Security Period concerned in the operation of a
Ship and falls within the definition of “Company” set out in rule 1.1.2
of the Code;

     

    “Optional Currency” means the
euro and any other currency (other than Dollars) which is acceptable to all the
Banks and is, for the time being, freely transferable and convertible into
Dollars in the London Foreign Exchange Market;

     

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    “Optional Currency L/C” means a
L/C denominated in an Optional Currency;

     

    “Original Dollar Amount” means,
in relation to a L/C:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    as
reduced from time to time by reductions of such L/C under this
Agreement;

     

    “Outstanding Amount” means, in
relation to a L/C issued by a Bank, the maximum amount (whether of principal or
interest or otherwise) determined by the Agent (following advice by the relevant
Bank) to be that for which such L/C was issued and, in relation to an Optional
Currency L/C, the amount in Dollars last determined by the Agent (following
advice by the relevant Bank) as the Outstanding Amount in accordance with clause
2.8.2, in each case less the aggregate amount of all reductions to such L/C
which have been made in accordance with the provisions of clause 2.9 (subject
always to clause 10.5);

     

    “Outstandings” means, at any
relevant time and in relation to a Bank, the aggregate of (a) the Outstanding
Amounts for all L/Cs issued by it and (b) any amounts paid by that Bank under
L/Cs issued by it and which have not been fully paid or reimbursed by the
Borrower under this Agreement (subject always to clause 10.5);

     

    “Overdraft Account” means the
interest bearing Dollar account of the Borrower opened or (as the context may
require) to be opened by the Borrower with the Ancillary Bank and includes any
sub-accounts thereof and any other account designated in writing by the
Ancillary Bank to be an Overdraft Account for the purposes of this
Agreement;

     

    “Overdraft Account Pledge”
means the pledge of the Overdraft Account executed or (as the context may
require) to be executed by the Borrower in favour of the Banks in such form as
the Banks may in their absolute discretion require;

     

    “Owner” means each of the
companies listed in Part A of schedule 3 in the column headed “Owner”, each being a company
incorporated in such jurisdiction as specified opposite such company’s name in
the column headed “Country of
Incorporation” in Part A of schedule 3 and whose registered office is as
specified opposite such company’s name in the column headed “Registered Office” in Part A
of schedule 3 and, in relation to a Ship, means the company set out opposite the
name of such Ship in the column headed “Owning Company” in Part B of
schedule 3 or, in the case of an Additional Ship, the relevant Additional Owner
owning such Ship and it includes each Owner’s successors in title and “Owners” means any or all of
them;

     

    “Owner’s Guarantee” means, in
relation to each Owner and its Ship, the corporate guarantee executed or (as the
context may require) to be executed by such Owner in favour of the Security
Agent or any of the other Creditors in such form as the Banks may in their sole
discretion require and “Owner’s
Guarantees” means any or all of them;

     

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    “Participating Member State”
means each state so described in any EMU Legislation;

     

    “Participation” means, in
relation to a Bank, the aggregate of that Bank’s Contribution and Outstandings
at any relevant time;

     

    “Percentage” means, in relation
to a Bank:

     

    
      	
               
      

            	
              (a)

            	
              until
      the RBS Reduction Date, the percentage set opposite its name in schedule 1
      under the heading “Percentage - Pre-RBS
      Reduction”; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              with
      effect from the RBS Reduction Date and at all times thereafter, the
      percentage set opposite its name in schedule 1 under the heading “Percentage - Post-RBS
      Reduction”,

            

    

     

    or,
as the case may be, the percentage set opposite its name in any relevant
Transfer Certificate, in each case as the same may be reduced or increased by
any relevant term of this Agreement;

     

    “Permitted Encumbrance” means
any Encumbrance in favour of the Security Agent or any of the other Creditors
created pursuant to the Security Documents and Permitted Liens;

     

    “Permitted Liens” means, in
relation to each Ship, any lien on that Ship for master’s, officer’s or crew’s
wages outstanding in the ordinary course of trading, any lien for salvage and
any ship repairer’s or outfitter’s possessory lien for a sum not (except with
the prior written consent of the Majority Banks) exceeding the relevant Casualty
Amount;

     

    “Pollutant” means and includes
pollutants, contaminants, toxic substances, oil as defined in the United States
Oil Pollution Act of 1990 and all hazardous substances as defined in the United
States Comprehensive Environmental Response, Compensation and Liability Act
1980;

     

    “Qualifying Receivables” means
Receivables which, at the relevant time:

     

    
      	
               
      

            	
              (a)

            	
              have
      been assigned to the Security Agent pursuant to the Receivables
      Assignment;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    (ii)
in the case of Receivables due in respect of oil bunkering, are payable within
30 days of the date of the relevant receipt and are not overdue for payment by
more than 15 days;

     

    “Quotation Date” means, in
relation to any period for which an interest rate is to be determined under any
provision of this Agreement or any other Security Documents:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    
       “RC Facility” means RCF 1 or
RCF 2 and “RC
Facilities” means either or both of them;

    

     

    “RBS Reduction Date” means 31
March 2009 or such other later date as The Royal Bank of Scotland plc in its
capacity as Bank may in its sole discretion agree in writing;

     

    “RCF 1” means the reducing
revolving credit facility referred to in clause 2.1.1(a)(i) in the amount of up
to the Applicable RCF 1 Limit and made available by the Banks to the Borrower
pursuant to this Agreement;

     

    “RCF 1 Reduction Dates” means,
subject to clause 6.3, each of 31 March 2009, 30 September 2009, 31 March
2010, 30 September 2010 and 30 January 2011;

     

    “RCF 2” means the revolving
credit facility referred to in clause 2.1.1(a)(iii) in the amount of up to the
Applicable RCF 2 Limit and made available by the Banks to the Borrower pursuant
to this Agreement;

     

    “RCF 2 Relevant Amount” means
the aggregate of:

     

    
      	
               
      

            	
              (a)

            	
              until
      the RBS Reduction Date $147,500,000 or, with effect from the RBS Reduction
      Date and at all times thereafter,
$105,750,000;

            

    

     

    plus

     

    
      	
               
      

            	
              (b)

            	
              with
      effect from the date of any reduction of the Applicable RCF 1 Limit under
      clause 4, the amount of such reduction;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              with
      effect from the date of any prepayment of RCF 1 under clause 8.2.1, the
      amount of such prepayment;

            

    

     

    “Receivables” means sums due
and owing at any relevant time to the Borrower by its customers in respect of
oil bunkering and/or lubricant sales;

     

    “Receivables Assignment” means
an assignment of the Receivables executed or (as the context may require) to be
executed by the Borrower in favour of the Security Agent in such form as the
Banks may in their sole discretion require;

     

    “Reference Banks” in relation
to LIBOR, EURIBOR and Mandatory Cost, means the Agent, HSH Nordbank AG and any
other bank or financial institution appointed as such by the Agent from time to
time in its discretion;

     

    “Registry” means, in relation
to a Ship, any registrar, consul, commissioner or representative of the relevant
Flag State who is duly authorised and empowered to register such Ship, the
relevant Owner’s title to such Ship and the relevant Mortgage under the laws and
flag of the relevant Flag State;

     

    “Related Company” of a person
means any Subsidiary of that person, any company or other entity of which that
person is a Subsidiary and any Subsidiary of any such company or
entity;

     

    “Relevant Amount” shall have
the meaning given to it in clause 2.16;

     

    “Relevant Jurisdiction” means
any jurisdiction in which or where any Security Party is incorporated, resident,
domiciled, has a permanent establishment, carries on, or has a place of business
or is otherwise effectively connected;

     

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

    

    “Relevant Party” means the
Borrower, any other Security Party and each member of the Group from time to
time;

     

    “Relevant Proportion” means, in
relation to each Bank and in connection with a RC Facility at any relevant time,
the proportion which that Bank’s part of the Commitment relating to that RC
Facility bears to the parts of the Commitments of all the Banks relating to that
RC Facility at such time;

     

    “Relevant Ship” means the Ships
and any other vessel from time to time (whether before or after the date of this
Agreement) owned, managed or crewed by, or chartered to, any Relevant
Party;

     

    “Requisition Compensation”
means, in relation to a Ship, all sums of money or other compensation from time
to time payable during the Security Period by reason of the Compulsory
Acquisition of such Ship;

     

    “Reset Date” has the meaning
given in clause 2.5;

     

    “Schedule of Receivables” means
a Schedule in the form of a schedule to the Receivables Assignment (or in such
other form as the Agent may approve) and submitted or to be submitted to the
Agent pursuant to clause 2.4 or clause 8.2.1(b);

     

    “Screen Rate” means, for the
purposes of determining EURIBOR, the percentage rate per annum determined by the
Banking Federation of the European Union for the relevant period, displayed on
the appropriate page (being EURIBOR01 on the date of this Agreement) of the
Reuters screen.  If the agreed page is replaced or service ceases to
be available, the Agent may specify another page or service displaying the
appropriate rate after consultation with the Borrower;

     

    “Security Agent” means The
Royal Bank of Scotland plc, whose registered office is at 36 St. Andrew Square,
Edinburgh EH2 2YB, Scotland acting for the purposes of this Agreement through
its branch at 45 Akti Miaouli, 185 36 Piraeus, Greece (or of such other address
as may last have been notified to the other parties to this Agreement pursuant
to clause 17.1.3) or such other person as may be appointed as security agent and
trustee by the Banks and the Agent pursuant to clause 16 and includes its
successors in title;

     

    “Security Documents” means this
Agreement, the Supplemental Agreement, the Corporate Guarantee, the Owner’s
Guarantees, the Mortgages, the Mortgage Addenda, the General Assignments, the
Manager’s Undertakings, the Receivables Assignment, any Schedule of Receivables,
the Account Pledges, the Oil Products Security Deed, any Ancillary Document and
any other agreement or document as may have been or shall from time to time
after the date of this Agreement be executed to guarantee and/or secure all or
any part of the Aggregate Liabilities, interest thereon and other moneys from
time to time owing by the Borrower or any other Security Party pursuant to this
Agreement and/or any other Security Document (whether or not any such document
also secures moneys from time to time owing pursuant to any other document or
agreement);

     

    “Security Party” means each
Borrower, the Corporate Guarantor, each Owner and each Manager or any other
person who may at any time be a party to any of the Security Documents (other
than the Creditors);

     

    “Security Period” means the
period commencing on the date hereof and terminating upon the later of (a) the
date when there shall be no Aggregate Liabilities and the security created by
the

     

    

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

    

    Security
Documents shall have been discharged by payment of all monies payable
thereunder, whether actually or contingently and (b) the latest Expiry
Date;

     

    “Settlement Amount” means, in
relation to each demand made under a L/C, the amount payable by the Bank that
issued such L/C to the Beneficiary in respect of such demand, in Dollars or, in
the case of a L/C issued in an Optional Currency, in such Optional
Currency;

     

    “Settlement Date” means, in
relation to each demand made under a L/C, the date on which payment of the
Settlement Amount is due to the Beneficiary in respect of the
demand;

     

    “Ship” means each of the motor
vessels listed in Part B of schedule 3 in the column headed “Name/Hull Number”, each
registered in the name and under the ownership of the relevant Owner under the
relevant Flag State, in each case with the IMO number (if any) specified
opposite such vessel’s name in the column headed “IMO No.” in Part B of schedule
3 and it includes each Additional Ship, and “Ships” means any or all of
them;

     

    “Ship Security Documents”
means, in relation to a Ship, the Owner’s Guarantee, the Mortgage, the General
Assignment and the Manager’s Undertaking relevant to such Ship;

     

    “SMC” means, in relation to a
Ship, a safety management certificate issued in respect of that Ship in
accordance with rule 13 of the Code;

     

    “Subsidiary” of a person means
any company or entity directly or indirectly controlled by such person, and for
this purpose “control”
means either the ownership of more than fifty per cent (50%) of the voting share
capital (or equivalent rights of ownership) of such company or entity or the
power to direct its policies and management, whether by contract or
otherwise;

     

    “Supplemental Agreement” means
the agreement dated 16 March 2009 supplemental to this Agreement made between
(inter alios) the Borrower, the Agent and the Banks;

     

    “Target Day” means a day on
which the Trans-European Automated Real Time Gross Settlement Express Transfer
System is open;

     

    “Taxes” includes all present
and future taxes, levies, imposts, duties, fees or charges of whatever nature
together with interest thereon and penalties in respect thereof and “Taxation” shall be construed
accordingly;

     

    “Third Stage” means the third
stage of European economic and monetary union pursuant to the Treaty on European
Union;

     

    “Tolerance Level” means
$5,000,000 or such other higher amount as all Banks may agree at any relevant
time;

     

    “Total Commitment” means, at
any relevant time, the aggregate of the Commitments of all the Banks in respect
of both RC Facilities at such time;

     

    “Total Loss” means, in respect
of a Ship:

     

    
      	
               
      

            	
              (a)

            	
              the
      actual, constructive, compromised or arranged total loss of such Ship;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Compulsory Acquisition of such Ship;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      hijacking, theft, condemnation, capture, seizure, arrest, detention or
      confiscation of such Ship (other than where the same amounts to the
      Compulsory Acquisition of such

            

    

     

    

    
      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              Ship)
      by any Government Entity, or by persons acting or purporting to act on
      behalf of any Government Entity, unless such Ship be released and restored
      to the relevant Owner from such hijacking, theft, condemnation, capture,
      seizure, arrest, detention or confiscation within thirty (30) days after
      the occurrence thereof;

            

    

     

    “Transaction Related Standby
L/C”  means a letter of credit, letter of guarantee or bank
guarantee issued or to be issued by a Bank in favour of a Beneficiary in such
form as is agreed between that Bank and the Borrower which relates directly to
the purchase of Oil Products by the Borrower and which imposes on that Bank an
obligation to pay (a) only upon default in payment by the Borrower under its
contract with the supplier of such Oil Products and (b) upon presentation of
specified documents as specified in such letter of credit, letter of guarantee
or bank guarantee (as the case may be);

     

    “Transfer Certificate” means a
certificate substantially in the form set out in schedule 4;

     

    “Transferee Bank” has the
meaning ascribed thereto in clause 15.3;

     

    “Transferor Bank” has the
meaning ascribed thereto in clause 15.3;

     

    “Treaty on European Union”
means the Treaty of Rome of 25 March 1957, as amended by the Single European Act
1986 and the Maastricht Treaty of 7 February 1992;

     

    “Trust Deed” means a trust deed
in the form, or substantially in the form, set out in schedule 8;

     

    “Trust Property” means (a) the
security, powers, rights, titles, benefits and interests (both present and
future) constituted by and conferred on the Security Agent under or pursuant to
the Security Documents (including, without limitation, the benefit of all
covenants, undertakings, representations, warranties and obligations given, made
or undertaken to the Security Agent in the Security Documents), (b) all moneys,
property and other assets paid or transferred to or vested in the Security Agent
or any agent of the Security Agent or any receiver or received or recovered by
the Security Agent or any agent of the Security Agent or any receiver pursuant
to, or in connection with, any of the Security Documents whether from any
Security Party or any other person and (c) 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 the Security Agent or any agent of the Security Agent in respect of the same
(or any part thereof);

     

    “Uncommitted Limit” means, in
relation to a Facility at any relevant time:

     

    
      	
               
      

            	
              (a)

            	
              in
      respect of the Guarantee Facility, the Maximum Guarantee Facility Limit
      minus the maximum amount of the Applicable Guarantee Facility Limit at
      such time;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      respect of RCF 1, the Maximum RCF 1 Limit minus the maximum amount of the
      Applicable RCF 1 Limit at such time;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      respect of RCF 2, the Maximum RCF 2 Limit minus the maximum amount of the
      Applicable RCF 2 Limit at such time;
and

            

    

     

    “Underlying Documents” means,
together, the Management Agreements and “Underlying Document” means any
of them.

     

    

    
      
        
           

        

        
          19

          
            

          

        

        
           

        

      

    

    

    
      	
              1.3

            	
              Headings

            

    

     

    
      	
               
      

            	
              Clause
      headings and the table of contents are inserted for convenience of
      reference only and shall be ignored in the interpretation of this
      Agreement.

            

    

     

    
      	
              1.4

            	
              Construction
      of certain terms

            

    

     

    In
this Agreement, unless the context otherwise requires:

     

    
      	
               
      

            	
              1.4.1

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

            

    

     

    
      	
               
      

            	
              1.4.2

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

            

    

     

    
      	
               
      

            	
              1.4.3

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

            

    

     

    
      	
               
      

            	
              1.4.4

            	
              words
      importing the plural shall include the singular and vice
      versa;

            

    

     

    
      	
               
      

            	
              1.4.5

            	
              references
      to a time of day are to London
time;

            

    

     

    
      	
               
      

            	
              1.4.6

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

            

    

     

    
      	
               
      

            	
              1.4.7

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

            

    

     

    
      	
               
      

            	
              1.4.8

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

            

    

     

    
      	
               
      

            	
              1.4.9

            	
              references
      to a “demand”
      include any requirement to make payment in accordance with the terms of a
      L/C; and

            

    

     

    
      
        	 	
                1.4.10

              	
                an
      amount borrowed includes any amount utilised under the Ancillary
      Facility.

              

      

    

     

    
      	
              1.5

            	
              Majority
      Banks

            

    

     

    Where
this Agreement or any other Security Document provides for any matter to be
determined by reference to the opinion of the Majority Banks or to be subject to
the consent or request of the Majority Banks or for any action to be taken on
the instructions in writing of the Majority Banks, such opinion, consent,
request or instructions shall (as between the Banks) only be regarded as having
been validly given or issued by the Majority Banks if all the Banks shall have
received prior notice of the matter on which such opinion, consent, request or
instructions are required to be obtained and the relevant majority of Banks
shall have given or issued such opinion, consent, request or instructions but so
that (as between the Borrower and the Banks) the Borrower shall be entitled (and
bound) to assume that such notice shall have been duly received by each Bank and
that the relevant majority shall have been obtained to constitute Majority Banks
whether or not this is in fact the case.

     

    

    
      
        
           

        

        
          20

          
            

          

        

        
           

        

      

    

    

    
      	
              2

            	
              The
      Facilities

            

    

     

    
      	
              2.1

            	
              The
      Facilities; amounts; obligations and interests
  several

            

    

     

    
      	
               
      

            	
              2.1.1

            	
              Amounts

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      reducing revolving credit facility for the purposes described in clause
      1.1.1, in an aggregate amount not exceeding at any one time the Applicable
      RCF 1 Limit;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      multi-currency revolving guarantee and letter of credit facility for the
      purposes described in clause 1.1.2, in an amount not exceeding at any one
      time the Applicable Guarantee Facility Limit;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      revolving credit facility for the purposes described in clause 1.1.3, in
      an amount not exceeding at any one time the Applicable RCF 2
      Limit.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      aggregate amount made available under the Guarantee Facility and RCF 2
      shall not exceed at any time the lower
of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Applicable Guarantee Facility Limit;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      total of:

            

    

     

    
      	
               
      

            	
              (A)

            	
              90%
      of the face value of all Qualifying Receivables at such time,
      plus

            

    

     

    
      	
               
      

            	
              (B)

            	
              75%
      of the total market value of the total volume of Oil Products which are
      owned by the Borrower and subject to the Oil Products Security Deed at
      such time (as such total volume is shown in the then most recent Borrowing
      Base Report available to the Agent),
plus

            

    

     

    
      	
               
      

            	
              (C)

            	
              any
      amount then standing to the credit of the Cash Collateral Account and any
      Illegality Security Account (and any such amount in an Optional Currency
      shall be calculated by the Agent in its Dollar equivalent by using the
      relevant spot rate of exchange referred to in clause 2.8 as of the date of
      any relevant calculation), minus

            

    

     

    
      	
               
      

            	
              (D)

            	
              any
      amounts on account of trade payables then owing by the Borrower to
      suppliers of Oil Products but excluding any part of such amounts which are
      financed or secured by the utilization of L/Cs under the Guarantee
      Facility and while the relevant L/Cs remain
  outstanding,

            

    

     

    as
such values and amounts are most recently determined by the Agent in its
absolute discretion in accordance with the provisions of clause 8.2.2 and the
other provisions of this Agreement including, without limitation and where
applicable, by reference to the then most recent Borrowing Base Report available
to the Agent.

     

    
      	
               
      

            	
              (c)

            	
              The
      maximum amount made available under RCF 1 shall not exceed at any time the
      lower of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Applicable RCF 1 Limit; and

            

    

     

    

    
      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (ii)

            	
              83%
      of the market value of the Mortgaged Ships as most recently determined in
      accordance with the provisions of clause
8.2.2.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      obligation of each Bank under this Agreement in respect of a RC Facility
      shall be to contribute that Bank’s Relevant Proportion of each Advance
      under that RC Facility, as at the Drawdown Date of such
      Advance.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Subject
      to the terms of this Agreement and the Ancillary Documents, the Ancillary
      Bank may, in accordance with clause 2.20, make available the Ancillary
      Facility to the Borrower in place of (i) a part of its Guarantee Facility
      Commitment and (ii) an equal part of its Commitment relating to RCF
      2.

            

    

     

    
      	
               
      

            	
              2.1.2

            	
              Obligations
      several

            

    

     

    The
obligations of the Creditors under this Agreement are several; the failure of
any Creditor to perform such obligations shall not relieve any other Creditor or
the Borrower of any of their respective obligations or liabilities under this
Agreement nor shall any Creditor be responsible for the obligations of any other
Creditor (except for its own obligations, if any, as a Bank) under this
Agreement.

     

    
      	
               
      

            	
              2.1.3

            	
              Interests
      several

            

    

     

    Notwithstanding
any other term of this Agreement (but without prejudice to the provisions of
this Agreement relating to or requiring action by the Majority Banks) the
interests of the Creditors are several and the amount due to any Creditor is a
separate and independent debt.  No Creditor however shall have the
right to protect and enforce its rights arising out of this Agreement other than
with the prior written consent of the Majority Banks but, provided such consent
has been obtained, it shall not be necessary for any other Creditor to be joined
as an additional party in any proceedings for this purpose.

     

    
      	
              2.2

            	
              Terms
      of RC Facilities

            

    

     

    
      	
               
      

            	
              2.2.1

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

            

    

     

    
      	
               
      

            	
              2.2.2

            	
              The
      Borrower shall be entitled to draw down each RC Facility in several
      Advances.

            

    

     

    
      	
               
      

            	
              2.2.3

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

            

    

     

    
      	
               
      

            	
              (a)

            	
              of
      an amount exceeding the Available Amount of such RC Facility on such day;
      or

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              if
      the drawdown of such Advance would result in (i) more than two (2)
      Advances having been drawn down under both RC Facilities during the same
      calendar week or (ii) more than four (4) utilisations (including issuance
      of L/Cs and drawings of

            

    

     

    

    
      
        
           

        

        
          22

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              Advances)
      having been made available under the RC Facilities and the Guarantee
      Facility during the same calendar week;
or

            

    

     

    
      	
               
      

            	
              (d)

            	
              if
      a Default has occurred and is continuing on such
  day.

            

    

     

    
      	
               
      

            	
              2.2.4

            	
              Each
      Advance shall be denominated and advanced in Dollars
  only.

            

    

     

    
      	
               
      

            	
              2.2.5

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

            

    

     

    
      	
               
      

            	
              2.2.6

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

            

    

     

    
      	
               
      

            	
              2.2.7

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

            

    

     

    
      	
               
      

            	
              2.2.8

            	
              No
      drawing may be made under a RC Facility (nor under the Ancillary Facility)
      unless the Agent has confirmed in writing to the Borrower and the Banks
      and (in the case of a drawing under the Ancillary Facility) to the
      Ancillary Bank, that such drawing will not cause the Borrower to be in
      breach of clauses 2.1.1 or 8.2.1(a) nor to be in breach of clause 8.2.1(a)
      immediately after such drawing.  In relation to a drawing
      proposed to be made under the Ancillary Facility, the Agent shall not
      unreasonably delay its response to the request of the Ancillary
      Bank for such confirmation.

            

    

     

    
      	
              2.3

            	
              Terms
      of Guarantee Facility

            

    

     

    
      	
               
      

            	
              2.3.1

            	
              Subject
      to the terms of clause 2.18 and subject to the fulfilment of the
      conditions precedent contained in clause 9 and the conditions contained in
      clause 2.3.4, the Borrower may request the issuance of a L/C by ensuring
      that the Agent and the Bank requested to issue that L/C receive a
      completed Issue Request:

            

    

     

    
      	
               
      

            	
              (a)

            	
              not
      later than 11.00 a.m. (Greek time) on the intended Issue Date, if the
      relevant L/C is to be issued by The Royal Bank of Scotland plc;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              not
      later than 10.00 a.m. (German time) on the intended Issue Date, if the L/C
      is to be issued by HSH Nordbank AG.

            

    

     

    
      	
               
      

            	
              2.3.2

            	
              The
      Borrower undertakes with each Bank to use each L/C only for the purpose
      stated in clause 1.1.2.

            

    

     

    
      	
               
      

            	
              2.3.3

            	
              The
      Guarantee Facility shall terminate on the last day of the Availability
      Period.

            

    

     

    
      	
               
      

            	
              2.3.4

            	
              The
      conditions referred to in clause 2.3.1 are
that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              an
      Issue Date has to be a Banking Day during the Availability
      Period;

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      L/C shall be denominated in Dollars or in an Optional
      Currency;

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    

    
      
        
           

        

        
          23

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Applicable Guarantee Facility Limit;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              such
      amount as shall ensure that the Borrower is in compliance with clause
      2.1.1(b) and clause 8.2.1(a) and shall remain in compliance with clause
      8.2.1(a) immediately after the issuance of the relevant
    L/C;

            

    

     

    
      	
               
      

            	
              (e)

            	
              each
      L/C shall specify an Expiry Date and that Expiry Date shall be a date
      falling not later than the Final Maturity Date for the Guarantee
      Facility;

            

    

     

    
      	
               
      

            	
              (f)

            	
              no
      L/C will be issued unless the Agent has confirmed to the Borrower and the
      relevant Bank that will issue such L/C, that the issuance of the relevant
      L/C would be in compliance with paragraph (d)(ii) above;
    and

            

    

     

    
      	
               
      

            	
              (g)

            	
              no
      more than four (4) utilisations (including issuance of L/Cs and drawings
      of Advances) may be made within the same calendar
  week.

            

    

     

    
      	
               
      

            	
              2.3.5

            	
              Each
      Issue Request must be signed by a duly authorised signatory of the
      Borrower and, once served, the Issue Request cannot be revoked without the
      prior consent of the Bank that will issue the relevant L/C and the
      Agent.

            

    

     

    
      	
               
      

            	
              2.3.6

            	
              Subject
      to the provisions of this Agreement, the Bank that is to issue the
      relevant L/C shall, on the Issue Date for such L/C, issue the relevant L/C
      to the relevant Beneficiary.

            

    

     

    
      	
               
      

            	
              2.3.7

            	
              For
      the purposes of (a) the definition of “Actual Exposure” in clause 1.2 and
      (b) clauses 2.3.4(d) and 8.2.1, the Outstanding Amount of each Optional
      Currency L/C and the Original Dollar Amount of any Optional Currency L/C
      shall be multiplied by 110%.

            

    

     

    
      	
               
      

            	
              2.3.8

            	
              The
      obligation of a Bank to issue a L/C and the right of the Borrower to
      request the issuance of a L/C are further subject to the terms and
      conditions of clause 2.18.

            

    

     

    
      	
              2.4

            	
              Submission
      of Schedule of Receivables

            

    

     

    The
Borrower shall be entitled at any time to submit to the Agent a Schedule of
Receivables which the Borrower wishes to provide to the Security Agent as
security under the Receivables Assignment. If the Borrower elects to do so or
the Borrower elects to remedy any deficiency notified to it by the Agent
pursuant to clause 8.2.1(a) by submitting a Schedule of Receivables, the
Borrower shall submit to the Agent (and in the case of clause 8.2.1(a), it shall
do so within the time-limit provided for in clause 8.2.1(a)(ii)):

     

    
      	
               
      

            	
              2.4.1

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      Receivables shall not have been contained in a Schedule of Receivables
      previously delivered under this
Agreement;

            

    

     

    
      	
               
      

            	
              2.4.2

            	
              in
      respect of each Receivable contained in a Schedule of Receivables
      submitted to the Agent under clause 2.4.1, a copy of the bunkering
      confirmation issued by the Borrower to
the

            

    

     

    

    
      
        
           

        

        
          24

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              relevant
      Customer together with a copy of the Customer’s confirmation of such
      bunkering confirmation, together evidencing the contract entered into
      between the Borrower and the Customer in relation to such Receivable and
      complying with the following
requirements:

            

    

     

    
      	
               
      

            	
              (a)

            	
              such
      bunkering confirmation when read together with the relevant Customer’s
      confirmation shall include, whether expressly or by incorporation, all the
      terms of such contract between the Borrower and the
    Customer;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    “AMP’s standard terms and conditions
to apply, except as regards operational matters at the place of delivery, in
relation to which supplier’s terms and conditions shall
apply”;

     

    
      	
               
      

            	
              2.4.3

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              set
      out the number of the relevant bunkering confirmation to which such
      receipt relates;

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              2.4.4

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

            

    

     

    
      	
               
      

            	
              2.4.5

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    

    
      
        
           

        

        
          25

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
              2.5

            	
              Reset
      Date

            

    

     

    Reset
Date shall be each date when the Borrower, after the Agent has served a notice
in accordance with clause 8.2.1(a) notifying it of a deficiency thereunder,
submits a Schedule of Receivables pursuant to clause 2.4 in order to remedy the
relevant deficiency notified by the Agent.

     

    
      	
              2.6

            	
              Extension
      of Expiry Date

            

    

     

    The
Borrower may, by notice in writing to the Agent and the relevant Bank that has
issued a L/C signed by a duly authorised signatory of the Borrower not later
than 11.00 a.m. (Piraeus time) five (5) Banking Days prior to the Expiry Date of
a L/C issued by that Bank, request that that Bank approve the extension of such
Expiry Date.  Subject to compliance with the following
conditions:

     

    
      	
               
      

            	
              2.6.1

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

            

    

     

    
      	
               
      

            	
              2.6.2

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

            

    

     

    
      	
               
      

            	
              2.6.3

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

            

    

     

    
      	
               
      

            	
              2.6.4

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

            

    

     

    that
Bank (acting through the Agent) shall agree to and implement such request by
amending and re-issuing the relevant L/C.

     

    
      	
              2.7

            	
              Selection
      of Optional Currencies for L/Cs

            

    

     

    
      	
               
      

            	
              2.7.1

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

            

    

     

    
      	
               
      

            	
              2.7.2

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

            

    

     

    
      	
              2.8

            	
              Amount
      of Optional Currencies

            

    

     

    
      	
               
      

            	
              2.8.1

            	
              In
      this clause 2.8, the “relevant spot rate of
      exchange” means, in relation to an Optional Currency L/C issued or
      to be issued by a Bank, that Bank’s rate of exchange for the purchase in
      the London Foreign Exchange Market of the appropriate amount of the
      relevant Optional Currency with Dollars at or about 11.00 a.m. on (as the
      case may be), each Issue Date on which such Optional Currency L/C is to be
      issued or on which a previously issued Optional Currency L/C remains
      outstanding, the Settlement Date of an Optional Currency L/C and each
      Reset Date or on any other date when compliance with clause 8.2.1(a) is
      tested by the Agent, as relevant (each an “L/C Valuation
      Date”).

            

    

     

    
      	
               
      

            	
              2.8.2

            	
              On
      each L/C Valuation Date the Agent shall
  determine:

            

    

     

    

    
      
        
           

        

        
          26

          
            

          

        

        
           

        

      

    

    
       

      
        	
                 
      

              	
                (a)

              	
                
                  in
      the case of an Issue Date, the Outstanding Amount of each Optional
      Currency L/C then outstanding or to be issued on that L/C Valuation
      Date;

                

              

      

       

    

    
      	
               
      

            	
              (b)

            	
              in
      the case of a Settlement Date, the Outstanding Amount of each relevant
      Optional Currency L/C; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      the case of a Reset Date or any other date when compliance with clause
      8.2.1(a) is tested by the Agent, the Outstanding Amount of each Optional
      Currency L/C then outstanding,

            

    

     

    by
converting the amount of such L/C in the Optional Currency into Dollars on the
basis of the relevant spot rate of exchange.

     

    
      	
               
      

            	
              2.8.3

            	
              Each
      Bank shall promptly notify the Agent and the Agent shall notify the Banks
      and the Borrower of each relevant spot rate of exchange (as to which each
      relevant Bank’s determinations shall, in the absence of manifest error, be
      conclusive on the Borrower and the other Creditors) and of the Outstanding
      Amounts hereunder as soon as they are
  ascertained.

            

    

     

    
      	
              2.9

            	
              Reduction
      of L/Cs

            

    

     

    The
Outstanding Amount of a L/C shall not be treated as reduced for the purposes of
this Agreement unless and until:

     

    
      	
               
      

            	
              2.9.1

            	
              the
      Bank that has issued that L/C has received a written confirmation from the
      Beneficiary of such L/C of the amount of such reduction;
  or

            

    

     

    
      	
               
      

            	
              2.9.2

            	
              the
      Bank that has issued that L/C has notified the Agent and the Agent has
      notified the Borrower in writing that (notwithstanding the absence of a
      written confirmation from the Beneficiary of such L/C) it is satisfied
      that its liability under the L/C has been irrevocably reduced or
      discharged; or

            

    

     

    
      	
               
      

            	
              2.9.3

            	
              the
      amount of the L/C irrevocably and unconditionally reduces in accordance
      with its terms; or

            

    

     

    
      	
               
      

            	
              2.9.4

            	
              the
      expiry date of the L/C elapses and the Bank that has issued that L/C has
      notified the Agent and the Agent has notified the Borrower in writing that
      it is satisfied that no claim or demand has been made, or may thereafter
      be made, under the L/C.

            

    

     

    If
the Outstanding Amount of a L/C has been reduced pursuant to this clause 2.9,
the Outstandings of each Bank shall be reduced by the amount of the reduction of
the L/C.

     

    
      	
              2.10

            	
              Settlement
      of L/Cs

            

    

     

    
      	
              2.10.1

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

            

    

     

    
      	
              2.10.2

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

            

    

     

    

    
      
        
           

        

        
          27

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              2.11

            	
              L/C
      payments

            

    

     

    The
Borrower:

     

    
      	
              2.11.1

            	
              irrevocably
      authorises each Bank to make any payment demanded from it pursuant to a
      L/C issued by it if that demand is made in accordance with its
      terms;

            

    

     

    
      	
              2.11.2

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

            

    

     

    
      	
              2.11.3

            	
              acknowledges
      and agrees that no Bank shall in any circumstances whatsoever be liable to
      the Borrower in respect of any loss or damage suffered by the Borrower by
      reason of that Bank making a payment to the Beneficiary in connection with
      any payment demanded under a L/C issued by
it.

            

    

     

    
      	
              2.12

            	
              No
      impairment

            

    

     

    The
Borrower shall neither be discharged from any of its liabilities or obligations
under clauses 2.10.2 and 4.1 by, nor have any claim against any Creditor in
respect of:

     

    
      	
              2.12.1

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

            

    

     

    
      	
              2.12.2

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

            

    

     

    
      	
              2.12.3

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

            

    

     

    
      	
              2.12.4

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

            

    

     

    
      	
              2.12.5

            	
              a
      Beneficiary and/or any Creditor and/or the
  Borrower:

            

    

     

    
      	
               
      

            	
              (a)

            	
              taking,
      accepting, varying, dealing with, enforcing, abstaining from enforcing,
      surrendering or releasing any security in relation to a Beneficiary or any
      Creditor or the Borrower or any other person in such manner as it or they
      think fit; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              claiming,
      proving for, accepting or transferring any payment in respect of the
      obligations and liabilities of the Borrower and/or a Beneficiary relative
      to any L/C or under this Agreement in any composition by, or winding up
      of, the Borrower and/or any third party or abstaining from so claiming,
      proving, accepting or transferring;
or

            

    

     

    
      	
              2.12.6

            	
              any
      assignment or transfer by a Beneficiary of, or any succession to, any of
      its rights relative to any L/C.

            

    

     

    

    
      
        
           

        

        
          28

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              2.13

            	
              Expiry
      Date after the Final Maturity Date

            

    

     

    Without
prejudice to the rights of the Banks under clauses 2.3.4 and 2.6, if a Bank in
its absolute and unfettered discretion, and following a relevant request by the
Borrower, agree to issue a L/C with an Expiry Date falling later than the Final
Maturity Date for the Guarantee Facility, or agree to the extension of the
Expiry Date of an existing L/C beyond the Final Maturity Date for the Guarantee
Facility, the Borrower undertakes with each Creditor to place funds to the
credit of the Cash Collateral Account in respect of the relevant L/C, in the
currency in which the relevant L/C is denominated and in such amount as
determined by the Agent (acting on the instructions of the Majority Banks in
their absolute discretion) (which amount, in any event, shall be no less than
the Outstanding Amount of the relevant L/C and without taking into account any
other amounts then standing to the credit of such account for other purposes
under this Agreement).

     

    
      	
              2.14

            	
              Cancellation

            

    

     

    If
by 15 October 2008 the conditions precedent referred to in clause 9.1 have not
been satisfied in full or otherwise waived in writing, or no Facility has been
utilised, then on such date the Facilities shall cease to be available and each
of the relevant Applicable Limits shall be reduced to zero and cancelled
forthwith.

     

    
      	
              2.15

            	
              Banks’
      authorisation to issuing Bank

            

    

     

    The
Banks hereby agree that each other Bank may issue L/Cs under this Agreement and
agree that each other Bank may, with respect to any L/C issued by it, make such
arrangements for advising or confirming the same and administer the same
(including amendments thereto within the terms of this clause 2) as such other
Bank thinks fit.

     

    
      	
              2.16

            	
              Increase
      of Applicable Guarantee Facility Limit and Applicable RCF 2
      Limit

            

    

     

    
      	
              2.16.1

            	
              It
      is hereby agreed and understood that, as of the Effective
      Date:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      maximum amount of the Applicable Guarantee Facility Limit is
      $197,500,000;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      maximum amount of the Applicable RCF 1 Limit is
    $102,500,000;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      maximum amount of the Applicable RCF 2 Limit is $147,500,000;
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Uncommitted Limit (or any part thereof) in respect of a Facility may
      become available to the Borrower upon the satisfaction of the conditions
      of, and subject to the terms of, this clause
  2.16.

            

    

     

    
      	
              2.16.2

            	
              If
      at any time the Borrower wishes an increase of the maximum amount of the
      Applicable Guarantee Facility Limit, it will notify in writing the Agent
      and the Arranger accordingly and of the proposed amount of the increase
      (the “Relevant
      Amount”), which shall be an amount not exceeding the then
      Uncommitted Limit of the Guarantee Facility.  The Borrower shall
      be entitled to submit such notice at any time falling not later than 20
      Banking Days prior to the last day of the Availability Period for the
      Guarantee Facility.

            

    

     

    
      	
              2.16.3

            	
              The
      Agent will notify the Banks of the Borrower’s notice as soon as
      practicable after receipt thereof by the
Agent.

            

    

     

    

    
      
        
           

        

        
          29

          
            

          

        

        
           

        

      

    

    

    
      	
              2.16.4

            	
              The
      maximum amount of the Applicable Guarantee Facility Limit shall be
      increased by the sum of the Relevant Amount if, within 15 Banking Days
      after the Agent’s said notice to the
Banks:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Agent, the Arranger and all the Banks have consented in writing to such
      proposed increase of the maximum amount of the Applicable Guarantee
      Facility Limit by the sum of the Relevant Amount;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Bank (an “Increasing
      Bank”) has advised the Agent and the Arranger in writing that it
      wishes to increase its Guarantee Facility Commitment by a sum equal to the
      Relevant Amount; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      the event that the Increasing Bank has also advised the Agent that it
      wishes to increase its Guarantee Facility Commitment only on condition
      that it transfers simultaneously a part of its rights and obligations
      under this Agreement to a Transferee Bank, a Transfer Certificate to this
      effect has been executed between the Increasing Bank and the relevant
      Transferee Bank in respect of the said transfer to the satisfaction of the
      Increasing Bank and such Transfer Certificate has been executed by the
      Agent and is otherwise duly executed and effective in accordance with the
      terms of this Agreement; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              all
      Banks, the Increasing Bank and, if applicable, the relevant Transferee
      Bank have executed such other Transfer Certificates with each other, as
      the Agent shall determine and require in order to ensure that, on the said
      increase of the maximum amount of the Applicable Guarantee Facility Limit
      becoming effective, the proportion (expressed as a percentage) which each
      Bank’s (including the Increasing Bank and, if applicable, the relevant
      Transferee Bank) Commitment and Contribution in respect of both RC
      Facilities bears to the Total Commitments and the aggregate of the
      Contributions of all of the Banks, and which each Bank’s Guarantee
      Facility Commitment bears to all Guarantee Facility Commitments and its
      Percentage in all the Facilities, are all the same percentage, and such
      Transfer Certificates have been executed by the Agent and are otherwise
      duly executed and effective in accordance with the terms of this
      Agreement; and

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Agent has sent a notice to the Borrower, the Arranger, the Banks and the
      other Creditors in writing (the “Increase Notice”)
      advising that the matters described in paragraphs (a), (b), (c) and (d)
      above have been completed and that the maximum amount of the Applicable
      Guarantee Facility Limit has been increased by the Relevant
      Amount.

            

    

     

    
      	
              2.16.5

            	
              No
      increase of the maximum amount of the Applicable Guarantee Facility Limit
      may be made under this clause 2.16 except if, in and upon doing so and as
      a result thereof, it is ensured by the Agent, the Borrower and the Banks
      that each of the Banks (including the Increasing Bank and any relevant
      Transferee Bank) maintains the same proportion of Commitment and
      Contribution in respect of both RC Facilities, the same proportion of
      Guarantee Facility Commitment and the same Percentage in all the
      Facilities.

            

    

     

    
      	
              2.16.6

            	
              It
      is hereby agreed and understood that, in order for the conditions referred
      to in clause 2.16.4(d) and clause 2.16.5 to take effect in connection with
      the increase of the maximum amount of the Applicable Guarantee Facility
      Limit, Banks other than the Increasing Bank may be required by the Agent
      to transfer part of their rights and obligations under this Agreement to
      other Banks, and all Banks hereby confirm their agreement to do so.
      However, nothing in this clause 2.16 will create an obligation or duty to
      a Bank to increase its Percentage in the Facilities at any
      time.

            

    

     

    

    
      
        
           

        

        
          30

          
            

          

        

        
           

        

      

    

    

    
      	
              2.16.7

            	
              The
      effects of an increase of the maximum amount of the Applicable Guarantee
      Facility Limit under this clause 2.16 will be the
    following:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      maximum amount of the Applicable Guarantee Facility Limit will increase by
      a sum equal to the Relevant Amount;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      maximum amount of the Applicable RCF 2 Limit will increase by a sum (the
      “RCF 2 Relevant
      Amount”) equal to the lower of (i) the Relevant Amount and (ii) the
      then Uncommitted Limit of RCF 2 and (iii) such other amount as may be
      agreed by all the Banks in their absolute discretion, and each Increase
      Notice shall contain the RCF 2 Relevant Amount agreed to by the Banks;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Guarantee Facility Commitment of the Increasing Bank will increase by an
      amount equal to the Relevant Amount and its Percentage will increase
      accordingly; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Commitment of the Increasing Bank in respect of RCF 2 will increase by an
      amount equal to the RCF 2 Relevant Amount;
and

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Commitments, Contributions, Guarantee Facility Commitments and Percentages
      of the Banks (including the Increasing Bank and any Transferee Bank) will
      be adjusted further in accordance with the terms of all relevant Transfer
      Certificates executed pursuant to this clause 2.16 in order to give effect
      to the arrangements contemplated by this clause 2.16 and otherwise in
      accordance with the provisions of this Agreement applicable to the effects
      of Transfer Certificates; and

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      Uncommitted Limit of the Guarantee Facility will reduce by the sum of the
      Relevant Amount; and

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Uncommitted Limit of RCF 2 will reduce by the sum of the RCF 2 Relevant
      Amount.

            

    

     

    
      	
              2.16.8

            	
              Each
      increase of the maximum amount of the Applicable Guarantee Facility Limit
      by the sum of the Relevant Amount, each increase of the maximum amount of
      the Applicable RCF 2 Limit by the sum of the RCF 2 Relevant Amount and the
      other matters referred to in clause 2.16.7 will take effect from and on
      the date when the Agent has sent to the Borrower the relevant Increase
      Notice.  The Increase Notice will set out in detail the
      Commitments, Contributions, Guarantee Facility Commitments and Percentages
      of all the Banks following such increase and the implementation of the
      transfers and other matters referred to in clauses 2.16.4 and 2.16.7 and
      each Increase Notice will constitute an agreement supplemental to this
      Agreement and, once sent by the Agent, will constitute an integral part of
      this Agreement

            

    

     

    
      	
              2.16.9

            	
              The
      Uncommitted Limit of a Facility can be made available to the Borrower in
      accordance with the terms of this clause 2.16, whether in whole or in
      part, in one amount or in several successive portions, each time in the
      absolute and unfettered discretion of all the Banks, the Agent, the
      Arranger and any relevant Increasing Bank and Transferee
    Bank.

            

    

     

    
      	
              2.16.10

            	
              Each
      time the Uncommitted Limit of a Facility becomes available under the terms
      of this clause 2.16, the Agent shall be entitled to request the parties to
      this Agreement that schedule 1 be substituted by a new schedule 1 prepared
      by the Agent and reflecting the then applicable Percentages following the
      resulting changes thereto, and each such new schedule 1 as prepared by the
      Agent and notified to the Borrower and the other Creditors in writing,
      shall constitute an integral part of this
  Agreement.

            

    

     

    

    
      
        
           

        

        
          31

          
            

          

        

        
           

        

      

    

    

    
      	
              2.16.11

            	
              The
      Borrower shall procure that it and the other Security Parties shall, at
      the Borrower’s own cost and expense, enter into and deliver to the Agent
      such documentation as the Agent may require in its absolute discretion in
      relation to the making available of any Uncommitted Limit, any increase of
      the maximum amount of the Applicable Guarantee Facility Limit and/or the
      Applicable RCF 2 Limit and any of the other matters referred to in this
      clause 2.16 (including, without limitation, an amendment to this
      Agreement, amendments of the Mortgages and documents and evidence of the
      type referred to in schedule 2 in connection with any such
      amendments).

            

    

     

    
      	
              2.17

            	
              Market
      flex

            

    

     

    
      	
              2.17.1

            	
              In
      consideration of the Arranger and the Banks agreeing to enter into this
      Agreement, it is hereby agreed by the Borrower that the Arranger shall be
      entitled, after consultation with the Borrower and the Agent, to change
      the terms, conditions, pricing, fees and structure of this Agreement and
      the Security Documents, if the Arranger determines in its reasonable
      discretion that such changes are required in order for Banks to agree to
      an increase of the maximum amount of the Applicable Guarantee Facility
      Limit to $1,000,000,000 and such other changes as described in clause
      2.16, and for the syndication of the Facilities provided however that the
      Arranger shall not be entitled to make or require such changes if the
      Borrower does not submit any notice under clause
  2.16.2.

            

    

     

    
      	
              2.17.2

            	
              The
      Borrower shall procure that it and the other Security Parties shall, at
      the Borrower’s own cost and expense, enter into and deliver to the Agent
      such documentation as the Agent may require in its reasonable discretion
      in relation to any of the changes referred to or required by the Arranger
      under the terms of clause 2.17.1 (including, without limitation, an
      amendment to this Agreement, amendments of the Mortgages and documents and
      evidence of the type referred to in schedule 2 in connection with any such
      amendments).

            

    

     

    
      	
              2.18

            	
              Selection
      of Bank to issue L/Cs

            

    

     

    
      	
              2.18.1

            	
              When
      the Borrower wishes a L/C to be issued under this Agreement, it shall be
      entitled to select the Bank that will issue such L/C subject to the
      following conditions.

            

    

     

    
      	
              2.18.2

            	
              The
      conditions referred to above are
that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), no Bank will issue a L/C, if the Original Dollar Amount
      for which such L/C is to be issued:

            

    

     

    
      	
               
      

            	
              (i)

            	
              would
      be an amount which, if added to the total Outstandings of such Bank as of
      the date of the relevant Issue Request and the relevant Issue Date
      (including under any other L/Cs which are to be issued by it after the
      relevant Issue Request but on or prior to the Issue Date for the relevant
      L/C), would exceed such Bank’s Guarantee Facility Commitment as of either
      such date; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              would
      cause as of the date of the relevant Issue Request and the relevant Issue
      Date, or is likely to cause at any later time, the Outstandings of the
      Bank that will issue the relevant L/C, to bear a proportion to the total
      Outstandings of all Banks, which is higher than the proportion which that
      Bank’s Percentage bears to all Banks’ Percentages (but subject to the
      Tolerance Level).

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to clause 2.19, any L/Cs issued by The Royal Bank of Scotland plc prior to
      the Effective Date will not fall within the restrictions of paragraph (a)
      but the parties agree that all L/Cs issued on or after the Effective Date
      will be issued by HSH Nordbank AG

            

    

     

    

    
      
        
           

        

        
          32

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              or
      any other Bank (other than The Royal Bank of Scotland plc) until such time
      as the L/Cs issued under this Agreement will be in compliance with
      paragraph (a) above.

            

    

     

    
      	
               
      

            	
              (c)

            	
              For
      the avoidance of doubt, the parties agree that any L/Cs issued by The
      Royal Bank of Scotland plc prior to the Effective Date will, with effect
      on and from the Effective Date, be deemed issued by The Royal Bank of
      Scotland plc as “Bank” under the terms of this Agreement as amended and
      restated by the Supplemental Agreement (and will no longer be deemed
      issued by The Royal Bank of Scotland plc as “Issuing Bank” under the terms
      of this Agreement prior to such amendment and
  restatement).

            

    

     

    
      	
              2.18.3

            	
              The
      Borrower undertakes with the Banks and the Agent to ensure that the
      provisions of clause 2.18.2 are complied with at all times in connection
      with any L/C requested to be issued under this Agreement. If a Bank
      considers that the issuance of a L/C by itself or any other Bank would not
      be in compliance with the provisions of 2.18.2, such Bank is entitled to
      object to the issuance of such L/C, whether by itself or by any other
      Bank, and such objection shall be binding on all parties to this Agreement
      and shall prevent the issuance of such L/C by any Bank until all Banks
      agree in writing that the issuance of such L/C will be in compliance with
      such provisions.

            

    

     

    
      	
              2.19

            	
              RBS
      Reduction Date

            

    

     

    
      	
              2.19.1

            	
              The
      parties agree that with effect from the RBS Reduction Date and at all
      times thereafter, the aggregate of (a) the Commitment in respect of RCF1,
      (b) the Guarantee Facility Commitment and (c) the Participation of The
      Royal Bank of Scotland plc, shall in no event exceed
      $100,000,000.

            

    

     

    
      	
              2.19.2

            	
              The
      Borrower undertakes with the Banks to ensure that, with effect from the
      RBS Reduction Date, clause 2.19.1 shall be complied with and, without
      prejudice to the absolute nature of such obligation and the generality of
      the foregoing, it undertakes further with the Banks to do any of the
      following on or prior to such date, in order to ensure compliance with
      such clause on such date and at all times
  thereafter:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      prepay the Contribution of The Royal Bank of Scotland plc to any of the
      Advances under the RC Facilities;
and/or

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      substitute any of the L/Cs issued by The Royal Bank of Scotland plc with
      L/Cs issued by another Bank or Banks;
and/or

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      place to the credit of the Cash Collateral Account amounts (without taking
      into account any other amounts standing to its credit for other purposes
      under this Agreement) in respect of any outstanding L/Cs then issued by
      The Royal Bank of Scotland plc (such amounts being equal to the total
      Outstanding Amounts of such L/Cs) until their Expiry Date or until such
      time as such Bank will confirm in writing that it no longer has any
      liabilities under clauses 2.10 or 4.1.1 in respect of such L/Cs or
      otherwise under such L/Cs (and the parties hereby agree that such cash
      collateralisation in respect of a L/C will be deemed to reduce the
      Outstanding Amounts and the Participation of The Royal Bank of Scotland
      plc for the purposes of this clause 2.19 by an amount equal to the
      relevant cash collateralisation);
and/or

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      procure (with no obligation or commitment whatsoever on the part of The
      Royal Bank of Scotland plc or any other Creditor in connection therewith)
      the transfer by The Royal Bank of Scotland plc to a Transferee Bank, on or
      prior to the RBS Reduction Date, of a part of the rights and obligations
      of The Royal Bank of Scotland plc under this Agreement and the other
      Security Documents, in accordance with clause
  15.3.

            

    

     

    

    
      
        
           

        

        
          33

          
            

          

        

        
           

        

      

    

    

    
      	
              2.19.3

            	
              Except
      where by the RBS Reduction Date the arrangements contemplated in clause
      2.19.2(d) materialise in a manner whereby The Royal Bank of Scotland plc
      transfers to a Transferee Bank a part of its rights and obligations under
      this Agreement such that the relevant Transferee Bank then has obtained,
      exclusively as a result of such transfer, an aggregate Commitment in
      respect of both RC Facilities, a Guarantee Facility Commitment and a
      Participation of up to $50,000,000, the parties to this Agreement hereby
      irrevocably and unconditionally agree that the following changes to the
      terms of this Agreement shall take effect as from the RBS Reduction
      Date:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      maximum amount of the Applicable Guarantee Facility Limit will reduce by
      $50,000,000 and the maximum amount of the Applicable RCF 2 Limit will
      reduce by $41,750,000; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Percentage of The Royal Bank of Scotland plc will reduce to 40% and the
      Percentage of HSH Nordbank AG will increase to 60% (and the Bank’s
      Commitment to both RC Facilities and its Guarantee Facility Commitment
      will be adjusted accordingly).

            

    

     

    
      	
              2.20

            	
              Ancillary
      Facility

            

    

     

    
      	
              2.20.1

            	
              The
      Ancillary Facility will be by way of an overdraft facility in the maximum
      amount of up to $15,000,000 made or (as the context may require) to be
      made available by the Ancillary Bank to the Borrower.
  

            

    

     

    
      	
              2.20.2

            	
              If
      the Borrower and the Ancillary Bank agree and except as otherwise provided
      in this Agreement, the Ancillary Bank may provide the Ancillary Facility
      on a bilateral basis in place of (a) a part of the Ancillary Bank's
      unutilised and available Guarantee Facility Commitment and (b) an equal
      part of that Bank’s unutilised and available Commitment in respect of RCF
      2 (each of which shall be reduced by the amount of the Ancillary
      Commitment).

            

    

     

    
      	
              2.20.3

            	
              The
      Ancillary Facility shall not be made available unless, not later than
      three (3) Banking Days prior to the Ancillary Commencement Date, the Agent
      has received from the Borrower and the Ancillary
  Bank:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      notice in writing of the establishment of the Ancillary
      Facility:

            

    

     

    
      	
               
      

            	
              (i)

            	
              specifying
      the proposed Ancillary Commencement Date and expiry date of the Ancillary
      Facility;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              confirming
      in writing that the Ancillary Facility shall be on the following terms and
      conditions:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      proposed type of Ancillary Facility is an overdraft facility for a maximum
      amount of $15,000,000 and will only be made available in Dollars and by
      debits to the Overdraft Account;

            

    

     

    
      	
               
      

            	
              (B)

            	
              it
      will be made available by the Ancillary Bank as lender, to the Borrower as
      borrower;

            

    

     

    
      	
               
      

            	
              (C)

            	
              interest
      on the amounts outstanding under the Ancillary Facility will accrue at a
      rate per annum equal to (1) Overnight LIBOR (as defined in the Ancillary
      Documents) for Dollars plus (2) a spread of 2.90% per annum plus
      (3) any mandatory cost similar to the Mandatory Cost, for interest periods
      of no longer than one (1) month; and

            

    

     

    

    
      
        
           

        

        
          34

          
            

          

        

        
           

        

      

    

    

     

    
      	
               
      

            	
              (D)

            	
              its
      purpose shall be the same as that of RCF 2 as described in clause 1.1,
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other information which the Agent may reasonably request in connection
      with the Ancillary Facility.

            

    

     

    The
Agent shall promptly notify the other Banks of the establishment of the
Ancillary Facility.

     

    No
amendment or waiver of a term of the Ancillary Facility shall require the
consent of any Creditor other than the Ancillary Bank, unless such amendment or
waiver itself relates to or gives rise to a matter which would require an
amendment of or under this Agreement (including, for the avoidance of doubt,
under this clause). In such a case, the provisions of this Agreement with regard
to amendments and waivers will apply.

     

    
      	
              2.20.4

            	
              Subject
      to compliance with clause 2.20.3 above, the Ancillary Facility will be
      available with effect from the date agreed by the Borrower and the
      Ancillary Bank.

            

    

     

    
      	
              2.20.5

            	
              Except
      as provided below and subject to clause 2.20.3, the terms of the Ancillary
      Facility will be those agreed by the Ancillary Bank and the
      Borrower.

            

    

     

    
      	
              2.20.6

            	
              However,
      those terms:

            

    

     

    
      	
               
      

            	
              (a)

            	
              must
      be in compliance with clause 2.20.3 and, as regards any other terms, based
      upon normal commercial terms at that time (except as varied by this
      Agreement);

            

    

     

    
      	
               
      

            	
              (b)

            	
              may
      allow only the Borrower to use the Ancillary
  Facility;

            

    

     

    
      	
               
      

            	
              (c)

            	
              may
      not allow the Ancillary Outstandings to exceed the Ancillary
      Commitment;

            

    

     

    
      	
               
      

            	
              (d)

            	
              must
      provide that the drawings and any debits to the Overdraft Account will be
      subject to clause 2.2.8;

            

    

     

    
      	
               
      

            	
              (e)

            	
              may
      not allow the Ancillary Commitment of the Ancillary Bank to exceed the
      unutilised and available Guarantee Facility Commitment of that Bank or the
      unutilised and available Commitment of that Bank in respect of RCF 2;
      and

            

    

     

    
      	
               
      

            	
              (f)

            	
              must
      require that the Ancillary Commitment is reduced to nil and that all
      Ancillary Outstandings are repaid not later than the Final Maturity Date
      (or such earlier date as the Guarantee Facility Commitment of the
      Ancillary Bank is reduced to nil or the Commitment of the Ancillary Bank
      in respect of RCF 2 is reduced to
nil).

            

    

     

    
      	
              2.20.7

            	
              If
      there is any inconsistency between any term of the Ancillary Facility and
      any term of this Agreement, this Agreement shall prevail except for (a)
      clauses 6.3 and 6.4 which shall not prevail for the purposes of
      calculating fees, interest or commission relating to the Ancillary
      Facility and (b) where the relevant term of this Agreement would be
      contrary to, or inconsistent with, the law governing the relevant
      Ancillary Document, in which case that term of this Agreement shall not
      prevail. 

            

    

     

    
      	
              2.20.8

            	
              The
      rate and time of payment of interest, commission, fees and any other
      remuneration in respect of the Ancillary Facility shall be determined by
      agreement between the Ancillary Bank and the Borrower based upon normal
      market rates and terms but always subject to the terms of clause
      2.20.3(ii).

            

    

     

    

    
      
        
           

        

        
          35

          
            

          

        

        
           

        

      

    

    

    
      	
              2.20.9

            	
              The
      Ancillary Facility shall cease to be available on the last day of the
      Availability Period in relation to the Guarantee Facility and RCF 2, or
      such earlier date on which its expiry date occurs or on which it is
      cancelled in accordance with the terms of this
  Agreement.

            

    

     

    
      	
              2.20.10

            	
              If
      the Ancillary Facility expires in accordance with its terms the Ancillary
      Commitment of the Ancillary Bank shall be reduced to nil (and each of its
      Guarantee Facility Commitment and its Commitment in relation to RCF 2
      shall be increased accordingly).

            

    

     

    
      	
              2.20.11

            	
              The
      Ancillary Bank may not demand repayment or prepayment of any amounts made
      available or incurred by it under the Ancillary Facility,
      unless:

            

    

     

    
      	
               
      

            	
              (a)

            	
              all
      Guarantee Facility Commitments and all the Commitments in respect of RCF 2
      have been cancelled in full, or all outstanding Advances under RCF 2 have
      become due and payable in accordance with the terms of this Agreement, or
      the Agent has declared all outstanding Advances under RCF 2 immediately
      due and payable, or the expiry date of the Ancillary Facility occurs;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              it
      becomes unlawful in any applicable jurisdiction for the Ancillary Bank to
      perform any of its obligations as contemplated by this Agreement or to
      fund, issue or maintain its participation in the Ancillary Facility;
      or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Ancillary Outstandings (if any) can be refinanced by an Advance under RCF
      2 advanced exclusively by the Ancillary Bank by utilising its then
      unutilised and available Commitment in respect of RCF
  2.

            

    

     

    
      	
              2.20.12

            	
              For
      the purposes of determining whether or not the Ancillary Outstandings
      under the Ancillary Facility mentioned in clause 2.20.11(c) above can be
      refinanced by an Advance of RCF 2:

            

    

     

    
      	
               
      

            	
              (a)

            	
              each
      of the Guarantee Facility Commitment of the Ancillary Bank and the
      Commitment of the Ancillary Bank in respect of RCF 2 will each be
      increased by the amount of the Ancillary Commitment;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      relevant Advance may (so long as clause 2.20.11(a) above does not apply)
      be made irrespective of whether a Default is outstanding or any other
      applicable condition precedent is not satisfied (but only to the extent
      that the proceeds are applied in refinancing those Ancillary Outstandings)
      and irrespective of whether clauses 2.2.3(c), 2.3.4(g) or 2.2.1
      apply.

            

    

     

    
      	
              2.20.13

            	
              On
      the making of an Advance under RCF 2 to refinance Ancillary
      Outstandings:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Ancillary Bank will be the only Bank to participate in that Advance by
      utilising a part of its then available and unutilised Commitment in
      respect of RCF 2 which is equal to the Ancillary Outstandings;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Ancillary Facility shall be
cancelled.

            

    

     

    
      	
              2.20.14

            	
              The
      making of such Advance under RCF 2 for the purpose of refinancing
      Ancillary Outstandings may be made by the Ancillary Bank by mere notice by
      it to the Borrower and the Agent, on or prior to the same day that it
      intends to make such drawdown, advising them of its proposed action, the
      Ancillary Bank shall make such drawdown by applying such Advance
      immediately after its drawdown in full repayment of all Ancillary
      Outstandings.  The Ancillary Bank shall be entitled (but not
      bound), and the Borrower hereby irrevocably and unconditionally authorises
      the Ancillary Bank, to draw down such Advance
in

            

    

     

    

    
      
        
           

        

        
          36

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              accordance
      with this clause, without the submission of a Drawdown Notice by the
      Borrower to the Agent or the Ancillary Bank and without any prior written
      consent by the Borrower or any other
Creditor.

            

    

     

    
      	
              2.20.15

            	
              None
      of the provisions of clause 2.2 shall apply to the drawdown of an Advance
      under RCF 2 made available by the Ancillary Bank in accordance with
      clauses 2.20.11-2.20.14 for the purpose of refinancing Ancillary
      Outstandings.

            

    

     

    
      	
              2.20.16

            	
              Each
      of the Borrower and the Banks and the other Creditors hereby consent to
      the drawdown mechanism set out in clauses 2.20.11-2.20.15 for the purpose
      stated therein and hereby agree and acknowledge that, once an Advance is
      advanced pursuant to clauses 2.20.11-2.20.15, it shall form part of the
      Loan and RCF 2 as if it were drawn down pursuant to clause
      2.2.

            

    

     

    
      	
              2.20.17

            	
              The
      Borrower and the Ancillary Bank agree with and for the benefit of each
      Bank that the Ancillary Outstandings shall not exceed the Ancillary
      Commitment at any time.

            

    

     

    
      	
              2.20.18

            	
              Notwithstanding
      any other term of this Agreement, the Ancillary Bank shall ensure that at
      all times (a) its available and unutilised Guarantee Facility Commitment
      is not less than the Ancillary Commitment and (b) its available and
      unutilised Commitment in respect of RCF 2 is not less than the Ancillary
      Commitment.

            

    

     

    
      	
              2.20.19

            	
              The
      Borrower and the Ancillary Bank shall, promptly upon request by the Agent,
      supply the Agent with any information relating to the operation of the
      Ancillary Facility (including the Ancillary Outstandings) as the Agent may
      reasonably request from time to time but, in the case of the Ancillary
      Outstandings, the Ancillary Bank shall in any event (and without the
      Agent’s request) notify the Agent thereof at the time of each
      drawing.  Each Borrower consents to all such information being
      released to the Agent and the other
Creditors.

            

    

     

    
      	
               
      

            	
              3

            	
              Interest and Interest
      Periods

            

    

     

    
      	
              3.1

            	
              Normal
      interest rate 

            

    

     

    The
Borrower shall pay interest on each Advance in respect of each Interest Period
relating thereto on each Interest Payment Date (or, in the case of Interest
Periods of more than three (3) months, by instalments, the first such instalment
payable three (3) months from the commencement of the Interest Period and the
subsequent instalments payable at intervals of three (3) months or, if shorter,
the period from the date of the preceding instalment until the Interest Payment
Date relative to such Interest Period) at the rate per annum determined by the
Agent to be the aggregate of (a) the Margin, (b) LIBOR for such Interest
Period or, for any amounts denominated in euros, EURIBOR for such Interest
Period and (c) the Mandatory Cost, if any.

     

    
      	
              3.2

            	
              Selection
      of Interest Periods

            

    

     

    The
Borrower may by notice received by the Agent not later than 10:00 a.m. on the
third Banking Day before the beginning of each Interest Period specify whether
such Interest Period shall have a duration of one (1) week, two (2) weeks, three
(3) weeks, one (1) month, two (2) months or three (3) months (subject always to
availability in the London Interbank Market as determined by the Agent in its
absolute discretion), as the Borrower may select and the Agent (acting on the
instructions of all the Banks) may agree.

     

    

    
      
        
           

        

        
          37

          
            

          

        

        
           

        

      

    

    

    
      	
              3.3

            	
              Determination
      of Interest Periods

            

    

     

    
      	
               
      

            	
              Every
      Interest Period shall be of the duration specified by the Borrower
      pursuant to clause 3.2 but so that:

            

    

     

    
      	
               
      

            	
              3.3.1

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

            

    

     

    
      	
               
      

            	
              3.3.2

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

            

    

     

    
      	
               
      

            	
              3.3.3

            	
              if
      any Interest Period in respect of an Advance of RCF 1 would otherwise
      overrun a RCF 1 Reduction Date (other than the Final Maturity Date) on
      which the Borrower will be required to make a prepayment pursuant to
      clause 4.3.1(c), the relevant Advance shall be divided into parts so that
      there is one part in the amount of the prepayment amount due on each such
      RCF 1 Reduction Date falling during that Interest Period and having an
      Interest Period ending on the relevant RCF 1 Reduction Date and another
      part in the amount of the balance of such Advance having an Interest
      Period ascertained in accordance with clause 3.2 and the other provisions
      of this clause 3.3; and

            

    

     

    
      	
               
      

            	
              3.3.4

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

            

    

     

    
      	
              3.4

            	
              Default
      interest 

            

    

     

    If
the Borrower fails to pay any sum (including, without limitation, any sum
payable pursuant to this clause 3.4) on its due date for payment under any
of the Security Documents, the Borrower shall pay interest on such sum on demand
from the due date up to the date of actual payment (as well after as before
judgment) at a rate determined by the Agent pursuant to this clause
3.2.  The period beginning on such due date and ending on such date of
payment shall be divided into successive periods of not more than six (6) months
as selected by the Agent, each of which (other than the first, which shall
commence on such due date) shall commence on the last day of the preceding such
period.  The rate of interest applicable to each such period shall be
the aggregate (as determined by the Agent) of (a) two per cent (2%) per annum,
(b) the Margin (but not in respect of sums due under the Guarantee Facility),
(c) LIBOR for such period or, for any amounts denominated in euros, EURIBOR for
such period and (d) the Mandatory Cost (if any) in respect of the Loan and the
RC Facilities.  Such interest shall be due and payable on the last day
of each such period as determined by the Agent and each such day shall, for the
purposes of this Agreement, be treated as an Interest Payment Date and interest
shall be payable on such principal sum during such period at a rate of two per
cent (2%) above the rate applicable thereto immediately before it shall have
become so due and payable.  If, for the reasons specified in
clause 3.6.1, the Agent is unable to determine a rate in accordance with
the foregoing provisions of this clause 3.2, each Bank shall promptly notify the
Agent of the cost of funds to such Bank and interest on any sum not paid on its
due date for payment shall be calculated for each Bank at a rate determined by
the Agent to be two per cent (2%) per annum above the aggregate of the Margin
(but not in respect of sums due under the Guarantee Facility) and the cost of
funds to such Bank.

     

    
      	
              3.5

            	
              Notification
      of Interest Periods and interest
rate

            

    

     

    The
Agent shall notify the Borrower and the Banks promptly of the duration of each
Interest period and of each rate of interest (or, as the case may be default
interest) determined by it under this clause 3.

     

    

    
      
        
           

        

        
          38

          
            

          

        

        
           

        

      

    

    

    3.6      Market
disruption; non-availability

     

    
      	
               
      

            	
              3.6.1

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              where
      applicable, only one or none of the Reference Banks supplies the Agent
      with a quotation for the purpose of calculating LIBOR or (as the case may
      be) EURIBOR; or

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    the
Agent shall forthwith give notice (a “Determination Notice”) thereof
to the Borrower and to each of the Banks.  A Determination Notice
shall contain particulars of the relevant circumstances giving rise to its
issue.  After the giving of any Determination Notice the undrawn
amount of the Total Commitment shall not be borrowed and no further L/C shall be
issued, until notice to the contrary is given to the Borrower and the other
Creditors by the Agent.

     

    
      	
               
      

            	
              3.6.2

            	
              During
      the period of ten (10) days after any Determination Notice has been given
      by the Agent under clause 3.6.1, each Bank shall certify an alternative
      basis (the “Alternative
      Basis”) for funding its Commitment or maintaining its
      Contribution.  The Alternative Basis may at the Bank’s sole and
      unfettered discretion (without limitation) include alternative interest
      periods, alternative currencies or alternative rates of interest but shall
      include a margin above the cost of funds to such Bank equivalent to the
      Margin (but if LIBOR is available, any such alternative rate of interest
      (exclusive of such margin) shall not exceed the aggregate of (a) LIBOR and
      (b) 0.15% per annum).  The Agent shall calculate the arithmetic
      mean of the Alternative Bases provided by the relevant Banks (the “Substitute Basis”) and
      certify the same to the Borrower and the Banks.  The Substitute
      Basis so certified shall be binding upon the Borrower and shall take
      effect in accordance with its terms from the date specified in the
      Determination Notice until such time as the Agent notifies the Borrower
      that none of the circumstances specified in clause 3.6.1 continues to
      exist whereupon the normal interest rate fixing provisions of this
      Agreement shall apply.

            

    

     

    
      	
              3.7

            	
              Reference
      Bank quotations

            

    

     

    If
any Reference Bank is unable or otherwise fails to furnish a quotation for the
purposes of calculating LIBOR or (as the case may be) EURIBOR the interest rate
shall be determined, subject to clause 3.6, on the basis of quotations furnished
by the other Reference Banks.

     

    
      	
               
      

            	
              4

            	
              Indemnities;
      repayments; cancellations;
prepayments

            

    

     

    
      	
              4.1

            	
              Borrower's
      indemnity

            

    

     

    
      	
               
      

            	
              4.1.1

            	
              The
      Borrower undertakes:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      pay to the Agent (for the account of the relevant Bank) upon demand by the
      Agent an amount equal to each amount and in the same currency as demanded
      from or paid by

            

    

     

    

    
      
        
           

        

        
          39

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              the
      relevant Bank under any L/C issued by it and not otherwise fully paid or
      repaid by the Borrower under this Agreement;
and

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              4.1.2

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

            

    

     

    
      	
              4.2

            	
              Prepayments
      on RBS Reduction Dates

            

    

     

    The
Borrower undertakes with the Banks and the Agent that, on or prior to the RBS
Reduction Date, it will make to The Royal Bank of Scotland plc such prepayments
of the Advances outstanding immediately prior to the changes described in clause
2.19.3 becoming effective, so that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Borrower is in compliance with the new reduced limits of the RC Facilities
      referred to in clause 2.19.3; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Percentages of the Banks following such prepayments are in compliance with
      the terms of 2.19.3 and the Percentages described therein;
    and

            

    

     

    
      	
               
      

            	
              (c)

            	
              following
      such prepayments, the Borrower remains in compliance with clause 2.18 and
      the other terms and provisions of this Agreement including those coming
      into effect on the RBS Reduction
Date.

            

    

     

    
      	
              4.3

            	
              Repayment,
      reductions and voluntary prepayments of RC Facilities, extension of Final
      Maturity Date

            

    

     

    
      	
               
      

            	
              4.3.1

            	
              Repayment
      and reductions

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall repay each Advance of each RC Facility in full on the Final
      Maturity Date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Applicable RCF 1 Limit shall be reduced on each of the RCF 1 Reduction
      Dates.  Subject to the provisions of this Agreement, the amount
      of each such reduction shall be (a) $4,750,000 on each RCF 1 Reduction
      Date (other than the final RCF 1 Reduction Date) and (b) $83,500,000 on
      the final RCF 1 Reduction Date.  For the avoidance of doubt, on
      the final RCF 1 Reduction Date, the Applicable RCF 1 Limit shall be
      reduced to zero.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Borrower shall prepay on each RCF 1 Reduction Date such part of RCF 1 as
      shall ensure that:

            

    

     

    

    
      
        
           

        

        
          40

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (i)

            	
              the
      outstanding amount of the Advances (taking into account such prepayment)
      under RCF 1,

            

    

     

    will
not exceed

     

    
      	
               
      

            	
              (ii)

            	
              the
      amount of the Applicable RCF 1 Limit (taking into account the relevant
      reduction thereof on such RCF 1 Reduction Date in accordance with clause
      4.3.1(b)).

            

    

     

    
      	
               
      

            	
              4.3.2

            	
              Extension
      of Final Maturity Date

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Banks (acting unanimously) shall be entitled, in their absolute and
      unfettered discretion, to extend the Final Maturity Date for such period
      as the Borrower may request and the Banks may agree in their absolute and
      unfettered discretion, provided that the Borrower has sent to the Arranger
      and the Agent a request in writing to that effect not later than ninety
      (90) days prior to the then current Final Maturity
  Date.

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              4.3.3

            	
              Voluntary
      prepayments

            

    

     

    The
Borrower may prepay an Advance of an RC Facility in whole or part (such part
being in an amount of Five million Dollars ($5,000,000) or any larger sum which
is an integral multiple of Five million Dollars ($5,000,000)) on any Interest
Payment Date relating to the part of the Advance to be prepaid without premium
or penalty but subject always to their obligations under clause
4.5.

    

    
      
        
           

        

        
          41

          
            

          

        

        
           

        

      

    

     

    
       

      
        	
                4.4

              	
                Prepayments,
      reductions and cash-collateralisations on Total
  Loss

              

      

       

      
        	
                 
      

              	
                4.4.1

              	
                Before
      utilisation

              

      

       

    

    On
a Ship becoming a Total Loss or suffering damage or being involved in an
incident which, in the opinion of the Agent, may result in that Ship being
subsequently determined to be a Total Loss, before any drawing is made under
this Agreement or any L/C is issued, the RC Facilities, the Guarantee Facility
and the relevant Applicable Limits of the Facilities will be reduced by such
amounts as the Agent (acting on the instructions of the Majority Banks in their
absolute discretion) may require.

     

    
      	
               
      

            	
              4.4.2

            	
              After
      utilisation

            

    

     

    If
a Mortgaged Ship becomes a Total Loss after any drawing is made or any L/C is
issued under this Agreement, then:

     

    
      	
               
      

            	
              (a)

            	
              forthwith
      after the occurrence of such Total Loss, the RC Facilities, the Guarantee
      Facility and the relevant Applicable Limits shall be reduced by such
      amounts as the Agent (acting on the instructions of the Majority Banks in
      their absolute discretion) may require;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              forthwith
      following the Agent’s request, the Borrower shall prepay such part of the
      Advances in Dollars, and shall place funds to the credit of the Cash
      Collateral Account in respect of the outstanding L/Cs, in such amount and
      in such currency, as the Agent (acting on the instructions of the Majority
      Banks in their absolute discretion) may
require.

            

    

     

    
      	
               
      

            	
              4.4.3

            	
              Interpretation

            

    

     

    For
the purpose of this Agreement, a Total Loss in respect of a Ship shall be deemed
to have occurred:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of an actual total loss of a Ship, on the actual date and at the
      time such Ship was lost or, if such date is not known, on the date on
      which such Ship was last reported;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of a constructive total loss of a Ship, upon the date and at the
      time notice of abandonment of such Ship is given to the insurers of such
      Ship for the time being;

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      the case of a compromised or arranged total loss of a Ship, on the date
      upon which a binding agreement as to such compromised or arranged total
      loss has been entered into by the insurers of such
  Ship;

            

    

     

    
      	
               
      

            	
              (d)

            	
              in
      the case of Compulsory Acquisition of such Ship, on the date upon which
      the relevant requisition of title or other compulsory acquisition occurs;
      and

            

    

     

    
      	
               
      

            	
              (e)

            	
              in
      the case of hijacking, theft, condemnation, capture, seizure, arrest,
      detention or confiscation of a Ship (other than where the same amounts to
      Compulsory Acquisition of such Ship) by any Government Entity, or by
      persons purporting to act on behalf of any Government Entity, which
      deprives the relevant Owner of the use of such Ship for more than thirty
      (30) days, upon the expiry of the period of thirty (30) days after the
      date upon which the relevant hijacking, theft, condemnation, capture,
      seizure, arrest, detention or confiscation
  occurred.

            

    

     

    
      	
              4.5

            	
              Amounts
      payable on prepayment

            

    

     

    Any
prepayment of all or part of the Loan under this Agreement shall be made
together with:

     

    

    
      
        
           

        

        
          42

          
            

          

        

        
           

        

      

    

     

      4.5.1     accrued
interest on the amount to be prepaid to the date of such
prepayment;

     

    
      	
               
      

            	
              4.5.2

            	
              any
      additional amount payable under clauses 6.6 or 12.2;
    and

            

    

     

    
      	
               
      

            	
              4.5.3

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

            

    

     

    
      	
              4.6

            	
              Notice
      of prepayment; reduction of repayment instalments;
      re-borrowing

            

    

     

    
      	
               
      

            	
              4.6.1

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

            

    

     

    
      	
               
      

            	
              4.6.2

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

            

    

     

    
      	
               
      

            	
              4.6.3

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

            

    

     

    
      	
               
      

            	
              4.6.4

            	
              Any
      part of the Loan to be prepaid pursuant to clauses 4.4.2(b) or 8.2.1 and
      any part of the Applicable Limits of the RC Facilities to be reduced
      pursuant to clause 4.4.2(a) shall be applied in such proportions between
      the RC Facilities, and in such manner, as the Agent may notify the
      Borrower that the Majority Banks require in their absolute discretion (but
      subject to clause 4.6.5).

            

    

     

    
      	
               
      

            	
              4.6.5

            	
              Any
      reduction or cancellation of the Applicable RCF 1 Limit pursuant to clause
      4.4 shall reduce in inverse chronological order the amounts of the
      Applicable RCF 1 Limit still required to be reduced on each RCF 1
      Reduction Date pursuant to clause
4.3.1.

            

    

     

    
      	
               
      

            	
              4.6.6

            	
              Any
      reduction of the Applicable Limit in respect of a RC Facility pursuant to
      this Agreement, shall reduce the Commitments of all Banks in respect of
      that Facility pro rata in accordance with their Percentage.  Any
      reduction of the Applicable Guarantee Facility Limit pursuant to this
      Agreement, shall reduce the Guarantee Facility Commitments of all Banks
      pro rata in accordance with their
Percentage.

            

    

     

    
      	
               
      

            	
              4.6.7

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

            

    

     

    
      	
               
      

            	
              4.6.8

            	
              Any
      prepayment of a RC Facility under clause 4.2 shall be applied in
      prepayment of the Contributions of The Royal Bank of Scotland plc to all
      the Advances of that RC Facility pro
rata.

            

    

     

    
      	
               
      

            	
              4.6.9

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

            

    

     

    

    
      
        
           

        

        
          43

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              5

            	
              Fees,
      commissions and expenses

            

    

     

    
      	
              5.1

            	
              Fees

            

    

     

    The
Borrower shall pay to the Agent:

     

    
      	
               
      

            	
              5.1.1

            	
              on
      the date of the Supplemental Agreement, a participation fee in the amount
      of :

            

    

     

    
      	
               
      

            	
              (a)

            	
              $300,000
      for the account of HSH Nordbank AG;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              $216,112
      for the account of The Royal Bank of Scotland
  plc;

            

    

     

    
      	
               
      

            	
              5.1.2

            	
              for
      the account of the Agent, on the date of the Supplemental Agreement and at
      twelve (12) monthly intervals thereafter until all moneys owing under the
      Security Documents have been repaid in full, an annual agency and
      administration fee in the amount of $75,000 per
  annum;

            

    

     

    
      	
               
      

            	
              5.1.3

            	
              for
      the account of each Bank, on each of the dates falling at three (3)
      monthly intervals after the date of this Agreement until the last day of
      the Availability Period, and on such day, commitment commission computed
      from the date of this Agreement (in the case of the first payment of
      commission) and from the due date of the preceding payment of commission
      (in the case of each subsequent payment) at the rate of 0.30% per annum
      (but, with effect from 1 February 2009, 0.45% per annum) on (a) the daily
      undrawn and available amount of such Bank’s Commitment relating to RCF 1
      and (b) such Bank’s daily balance of its unutilised Guarantee Facility
      Commitment (which, for the avoidance of doubt, shall exclude any
      commitment commission accruing on or in relation to the Ancillary
      Commitment which shall be payable and calculated under the provisions of
      the Ancillary Documents);

            

    

     

    
      	
               
      

            	
              5.1.4

            	
              for
      the account of each Bank in respect of each L/C issued by it, on the last
      day of each calendar month up to the Expiry Date (or its cancelling date,
      if earlier) of such L/C and on the Expiry Date of such L/C (or its
      cancelling date, if earlier) issued by it, letter of credit commission on
      the daily Outstanding Amount of such L/C, computed in respect of that L/C
      from its Issue Date (in the case of the first payment of commission) and
      from the due date of the preceding payment of commission (in the case of
      each subsequent payment) at the following respective rates in respect of
      each type of L/C:

            

    

     

    
      	
               
      

            	
              (a)

            	
              in
      respect of Documentary L/Cs, 0.35% per annum (but, with effect from 1
      February 2009, 0.50% per annum);

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      respect of Transaction Related Standby L/Cs, 0.75% per annum (but, with
      effect from 1 February 2009, 1.50% per annum);
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      respect of Direct Credit Substitutes, 1.50% per annum (but, with effect
      from 1 February 2009, 2.50% per annum);
and

            

    

     

    
      	
               
      

            	
              5.1.5

            	
              for
      the account of the relevant Bank that is to issue or has issued a L/C (as
      the case may be):

            

    

     

    
      	
               
      

            	
              (a)

            	
              on
      the Issue Date for the relevant L/C, a processing fee of $500 in respect
      of such L/C so issued on such date;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      the date of amendment of the relevant L/C, an amendment fee of $250 in
      respect of each such amendment.

            

    

     

    The
fees and the commissions referred to in this clause 5.1 shall be payable by the
Borrower whether or not any drawing is ever made under the RC Facilities or,
except in the case of clauses 5.1.4 and 5.1.5, any L/C is ever
issued.  All monies payable pursuant to this clause are
non-refundable.

     

    

    
      
        
           

        

        
          44

          
            

          

        

        
           

        

      

    

    

     

     

    
      	
              5.2

            	
              Expenses

            

    

     

    The
Borrower shall pay to the Agent on a full indemnity basis on demand all expenses
(including legal, printing and out-of-pocket expenses) incurred by any
Creditor:

     

    
      	
               
      

            	
              5.2.1

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

            

    

     

    
      	
               
      

            	
              5.2.2

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

            

    

     

    together
with interest at the rate referred to in clause 3.2 from the date on which such
expenses were incurred, in each case to the date of payment (as well after as
before judgment).

     

    
      	
              5.3

            	
              Value
      added tax

            

    

     

    All
fees, commissions and expenses payable pursuant to this clause 5 shall be
paid together with value added tax or any similar tax (if any) properly
chargeable thereon.  Any value added tax chargeable in respect of any
services supplied by any of the Creditors under this Agreement shall, on
delivery of the value added tax invoice, be paid in addition to any sum agreed
to be paid hereunder.

     

    
      	
              5.4

            	
              Stamp
      and other duties

            

    

     

    The
Borrower shall pay all stamp, documentary, registration or other like duties or
taxes (including any duties or taxes payable by any of the Creditors) imposed on
or in connection with any of the Security Documents, the Underlying Documents,
the Facilities, the L/Cs or any amount owing pursuant to clauses 2.10.2 or 4.1.1
and shall indemnify the Creditors against any liability arising by reason of any
delay or omission by the Borrower to pay such duties or taxes.

     

    
      	
               
      

            	
              6

            	
              Payments
      and taxes; accounts and
calculations

            

    

     

    
      	
              6.1

            	
              No
      set-off or counterclaim

            

    

     

    The
Borrower acknowledges that in performing their obligations under this Agreement
the Banks will be incurring liabilities to third parties in relation to the
funding of amounts to the Borrower, such liabilities matching the liabilities of
the Borrower to the Banks and that it is reasonable for the Banks to be entitled
to receive payments from the Borrower gross on the due date in order that the
Banks are put in a position to perform their matching obligations to the
relevant third parties. All payments to be made by the Borrower under any of the
Security Documents shall be made in full, without any set-off or counterclaim
whatsoever and, subject as provided in clause 6.6, free and clear of any
deductions or withholdings, in Dollars or the relevant Optional Currency in
which they are denominated (except for changes or expenses which shall be paid
in the currency in which they are incurred) on the due date (for value on the
day on which payment is due) and shall be made to the account of the Agent
(subject to the last paragraph of this clause 6.1) as follows:

     

    

    
      
        
           

        

        
          45

          
            

          

        

        
           

        

      

    

    

    6.1.1  
   if in Dollars:

     

    
      	
               
      

            	
              (a)

            	
              by
      not later than 11.00 a.m. (New York time) on the due
  date;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      the account of the Agent at American Express Bank Limited, 23rd Floor,
      American Express Tower, 200 Vesey Street, New York, NY 10285-2300, U.S.A.
      (Account No 000261123), or to such other account with such other bank as
      the Agent may from time to time notify to the
  Borrower;

            

    

     

    
      	
               
      

            	
              6.1.2

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              6.1.3

            	
              if
      in Sterling:

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      immediately available funds; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      such account of the Agent with such bank as the Agent shall from time to
      time notify to the Borrower; and

            

    

     

    
      	
               
      

            	
              6.1.4

            	
              if
      in euros:

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      immediately available funds; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      such account of the Agent with such bank as the Agent shall from time to
      time notify to the Borrower.

            

    

     

    Save
as otherwise provided in this Agreement or any relevant Security Documents, such
payments shall be for the account of all the Banks and the Agent shall forthwith
distribute such payments in like funds as are received by the Agent to the Banks
rateably in accordance with their respective Percentage.

     

    In
order to facilitate the Borrower and HSH Nordbank AG in the administration of
all the Facilities (including the Ancillary Facility), the Agent and the other
Banks agree that the Borrower shall be entitled to pay to HSH Nordbank AG
amounts owing to it by the Borrower under the terms of this Agreement (including
in connection with the Ancillary Facility) by instructing HSH Nordbank AG to
debit the Overdraft Account with any such sum owing to it by the Borrower (but
in no other manner whatsoever other than in accordance with the terms of this
Agreement) provided that:

     

    

    
      
        
           

        

        
          46

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (a)

            	
              there
      are sufficient credit balances or sufficient overdraft limit under the
      Ancillary Facility in the Overdraft Account, for the purposes of such
      debit;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Borrower notifies the Agent in advance of its intention to make such
      payment by way of debiting the Overdraft Account and of the actual payment
      made, and the Agent has given its prior consent to such direct payment and
      debiting of the Overdraft Account;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      such payments are subject in all respects to the provisions of clauses
      13.3 and 13.4, and the other terms of this
  Agreement.

            

    

     

    
      	
              6.2

            	
              Payment
      by the Banks

            

    

     

    
      	
               
      

            	
              6.2.1

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

            

    

     

    
      	
               
      

            	
              6.2.2

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

            

    

     

    
      	
              6.3

            	
              Non-Banking
      Days

            

    

     

    When
any payment under any of the Security Documents would otherwise be due on a day
which is not a Banking Day, the due date for payment shall be extended to the
next following Banking Day unless such Banking Day falls in the next calendar
month in which case payment shall be made on the immediately preceding Banking
Day.

     

    
      	
              6.4

            	
              Calculations

            

    

     

    All
interest and other payments of an annual nature under any of the Security
Documents shall accrue from day to day and be calculated on the basis of actual
days elapsed and:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of payments denominated in Sterling or Hong Kong Dollars, on the
      basis of a three hundred and sixty five (365) day
  year.

            

    

     

    
      	
              6.5

            	
              Certificates
      conclusive

            

    

     

    Any
certificate or determination of the Agent or a Bank as to any rate of interest
or any other amount pursuant to and for the purposes of any of the Security
Documents shall, in the absence of manifest error, be conclusive and binding on
the Borrower.

     

    

    
      
        
           

        

        
          47

          
            

          

        

        
           

        

      

    

    

    
      	
              6.6

            	
              Grossing-up
      for Taxes 

            

    

     

    
      	
               
      

            	
              6.6.1

            	
              If
      at any time the Borrower is required to make any deduction or withholding
      in respect of Taxes from any payment due under any of the Security
      Documents for the account of any Creditor or if the Agent or the Security
      Agent is required to make any deduction or withholding from a payment to
      another Creditor or withholding in respect of Taxes from any payment due
      under any of the Security Documents, the sum due from the Borrower in
      respect of such payment shall be increased to the extent necessary to
      ensure that, after the making of such deduction or withholding, the
      relevant Creditor receives on the due date for such payment (and retains,
      free from any liability in respect of such deduction or withholding), a
      net sum equal to the sum which it would have received had no such
      deduction or withholding been required to be made and the Borrower shall
      indemnify each Creditor against any losses or costs incurred by it by
      reason of any failure of the Borrower to make any such deduction or
      withholding or by reason of any increased payment not being made on the
      due date for such payment.  The Borrower shall promptly deliver
      to the Agent any receipts, certificates or other proof evidencing the
      amounts (if any) paid or payable in respect of any deduction or
      withholding as aforesaid.

            

    

     

    
      	
               
      

            	
              6.6.2

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

            

    

     

    
      	
              6.7

            	
              Loan
      account

            

    

     

    Each
of the Banks shall maintain, in accordance with its usual practice, an account
or accounts evidencing the amounts from time to time lent by, owing to and paid
to it under the Security Documents.  Each of the Agent and the
Security Agent shall maintain a control account (which shall be the “account current” referred to
in any Mortgage which is in statutory form), showing the Loan, any amounts owing
under clauses 2.10.2 or 4.1.1, the Outstandings of all the Banks and other sums
owing to the Banks under the Security Documents and all payments in respect
thereof made from time to time. Each such control account shall, in the absence
of manifest error, be conclusive as to the amount from time to time owing by the
Borrower under the Security Documents.

     

    
      	
              6.8

            	
              Agent
      may assume receipt

            

    

     

    Where
any sum is to be paid under any of the Security Documents to the Agent or, as
the case may be, the Security Agent for the account of another person, the Agent
or, as the case may be, the Security Agent may assume that the payment will be
made when due and the Agent or, as the case may be, the Security Agent may (but
shall not be obliged to) make such sum available to the person so
entitled.  If it proves to be the case that such payment was not made
to the Agent or, as the case may be, the Security Agent, then the person to whom
such sum was so made available shall on request refund such sum to the Agent or,
as the case may be, the Security Agent together with interest thereon sufficient
to compensate the Agent or, as the case may be, the Security Agent for the cost
of making available such sum up to the date of such repayment and the person by
whom such sum was payable shall indemnify the Agent or, as the case may be, the
Security Agent for any and all loss or expense which the Agent or, as the case
may be, the Security Agent may sustain or incur as a consequence of such sum not
having been paid on its due date.

     

    

    
      
        
           

        

        
          48

          
            

          

        

        
           

        

      

    

    

     

     

    
      	
              6.9

            	
              Partial
      payments

            

    

     

    If,
on any date on which a payment is due to be made by the Borrower under any of
the Security Documents, the amount received by the Agent from the Borrower falls
short of the total amount of the payment due to be made by the Borrower on such
date then, without prejudice to any rights or remedies available to the
Creditors or any of them under any of the Security Documents, then the Agent
shall apply the amount actually received from the Borrower in or towards
discharge of the obligations of the Borrower under the Security Documents in the
following order, notwithstanding any appropriation made, or purported to be
made, by the Borrower:

     

    
      	
               
      

            	
              6.9.1

            	
              firstly,
      in or towards payment, on a pro rata basis (and, as between Banks, pro
      rata in accordance with their Participations), of any unpaid costs and
      expenses of the Creditors or any of them under any of the Security
      Documents;

            

    

     

    
      	
               
      

            	
              6.9.2

            	
              secondly,
      in or towards payment, on a pro rata basis (and, as between Banks, pro
      rata in accordance with their Participations), of any fees payable to the
      Arranger, the Agent, the Banks or any other Creditor under, or in relation
      to, the Security Documents which remain
unpaid;

            

    

     

    
      	
               
      

            	
              6.9.3

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

            

    

     

    
      	
               
      

            	
              6.9.4

            	
              fourthly,
      in or towards payment to the Banks, on a pro rata basis in accordance with
      their Participations, of any accrued interest which shall have become due
      under any of the Security Documents but remains
  unpaid;

            

    

     

    
      	
               
      

            	
              6.9.5

            	
              fifthly,
      in or towards payment to the Banks, on a pro rata basis in accordance with
      their Participations, of any amounts of principal in respect of the Loan
      or owing under clauses 2.10.2 or 4.1.1, which shall have become due but
      remains unpaid;

            

    

     

    
      	
               
      

            	
              6.9.6

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

            

    

     

    
      	
               
      

            	
              6.9.7

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

            

    

     

    The
order of application set out in clauses 6.9.3 to 6.9.7 may be varied by the
Agent if all the Banks so direct without any reference to, or consent or
approval from the Borrower.

     

    
      	
              6.10

            	
              Types
      of L/C

            

    

     

    For
all purposes of this Agreement, the relevant Bank that is to issue or has issued
a L/C shall determine (which determination shall be conclusive and binding on
the Borrower and the other Creditors) whether the relevant L/C is to be
classified as a Documentary L/C, a Transaction Related Standby L/C or a Direct
Credit Substitute.

     

    

    
      
        
           

        

        
          49

          
            

          

        

        
           

        

      

    

    

    7        Representations and warranties

     

    
      	
              7.1

            	
              Continuing
      representations and warranties

            

    

     

    The
Borrower represents and warrants to each Creditor that:

     

    
      	
               
      

            	
              7.1.1

            	
              Due
      incorporation

            

    

     

    the
Borrower and each of the other Security Parties are duly incorporated and
validly existing in good standing under the laws of their respective countries
of incorporation as corporations or (as the case may be) as companies with
limited liability and have power to carry on their respective businesses as they
are now being conducted and to own their respective property and other
assets;

     

    
      	
               
      

            	
              7.1.2

            	
              Corporate
      power

            

    

     

    the
Borrower has power to execute, deliver and perform its obligations under the
Borrower’s Security Documents and the Underlying Documents to which it is or is
to be a party and to borrow the Loan and any other borrowings and liabilities
under this Agreement, and each of the other Security Parties has power to
execute and deliver and perform its obligations under the Security Documents and
the Underlying Documents to which it is or is to be a party; all necessary
corporate, shareholder and other action has been taken to authorise the
execution, delivery and performance of the same and no limitation on the powers
of the Borrower to borrow will be exceeded as a result of borrowing the Loan or
any other borrowings and liabilities under this Agreement or any other
transaction contemplated by this Agreement or the other Security
Documents;

     

    
      	
               
      

            	
              7.1.3

            	
              Binding
      obligations

            

    

     

    the
Underlying Documents and the Security Documents constitute or will, when
executed, constitute valid and legally binding obligations of the relevant
Security Parties enforceable in accordance with their respective
terms;

     

    
      	
               
      

            	
              7.1.4

            	
              No
      conflict with other obligations

            

    

     

    the
execution and delivery of, the performance of their obligations under, and
compliance with the provisions of, the Underlying Documents and the Security
Documents by the relevant Security Parties, will not (a) contravene any existing
applicable law, statute, rule or regulation or any judgment, decree or permit to
which the Borrower or any other Security Party is subject, (b) conflict
with, or result in any breach of any of the terms of, or constitute a default
under, any agreement or other instrument to which the Borrower or any other
Security Party is a party or is subject or by which it or any of its property is
bound, (c) contravene or conflict with any provision of the constitutional
documents of the Borrower or any other Security Party or (d) result in the
creation or imposition of or oblige the Borrower or any other Security Party to
create any Encumbrance (other than a Permitted Encumbrance) on any of the
undertakings, assets, rights or revenues of the Borrower or any other Security
Party;

     

    
      	
               
      

            	
              7.1.5

            	
              No
      litigation

            

    

     

    no
litigation, arbitration or administrative proceeding is taking place, pending
or, to the knowledge of any of the officers of the Borrower, threatened against
the Borrower or any other Security Party which could have a material adverse
effect on the business, assets or financial condition of the Borrower or any
other Security Party or any other member of the Group;

     

    

    
      
        
           

        

        
          50

          
            

          

        

        
           

        

      

    

    

    7.1.6       No
filings required

     

    save
for the registration of each Mortgage through the relevant Registry, it is not
necessary to ensure the legality, validity, enforceability or admissibility in
evidence of any of the Security Documents or any of the Underlying Documents
that they or any other instrument be notarised, filed, recorded, registered or
enrolled in any court, public office or elsewhere in any Relevant Jurisdiction
or that any stamp, registration or similar tax or charge be paid in any Relevant
Jurisdiction on or in relation to the Security Documents and the Underlying
Documents and each of the Security Documents and the Underlying Documents is in
proper form for its enforcement in the courts of each Relevant
Jurisdiction;

     

    
      	
               
      

            	
              7.1.7

            	
              Choice
      of law

            

    

     

    the
choice of English law to govern the Underlying Documents and the Security
Documents (other than the Mortgages and the Account Pledges), the choice of the
law of the relevant Flag State to govern each Mortgage, the choice of Greek law
to govern the Account Pledges (other than the Overdraft Account Pledge) and the
choice of German law to govern the Overdraft Account Pledge, and the submissions
by the Security Parties to the non-exclusive jurisdiction of the English courts,
are valid and binding;

     

    
      	
               
      

            	
              7.1.8

            	
              No
      immunity

            

    

     

    neither
the Borrower nor any other Security Party nor any of their respective assets is
entitled to immunity on the grounds of sovereignty or otherwise from any legal
action or proceeding (which shall include, without limitation, suit, attachment
prior to judgement, execution or other enforcement);

     

    
      	
               
      

            	
              7.1.9

            	
              Consents
      obtained

            

    

     

    every
consent, authorisation, licence or approval of, or registration with or
declaration to, governmental or public bodies or authorities or courts required
by any Security Party to authorise, or required by any Security Party in
connection with, the execution, delivery, validity, enforceability or
admissibility in evidence of each of the Underlying Documents and the Security
Documents or the performance by each Security Party of its obligations under the
Underlying Documents and the Security Documents has been obtained or made and is
in full force and effect and there has been no default in the observance of any
of the conditions or restrictions (if any) imposed in, or in connection with,
any of the same; and

     

    
      	
              7.1.10

            	
              Shareholdings

            

    

     

    
      	
               
      

            	
              (a)

            	
              each
      of the Borrower, each Owner and each Manager are wholly-owned direct or
      indirect Subsidiaries of the Corporate Guarantor;
  and

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
              7.1.11

            	
              Financial
      statements correct and complete 

            

    

     

    the unaudited consolidated financial statements of
the Group in respect of the financial half-year ended on 30 June 2008 as
delivered to the Agent have been prepared in accordance with the Applicable
Accounting Principles and present fairly and accurately the consolidated
financial position of the Group as at such date and the consolidated results of
the operations of the Group for the financial year ended on such date and, as at
such date neither the Group nor any member thereof had any significant
liabilities (contingent or otherwise) or any unrealised or anticipated losses
which are not disclosed by, or reserved against or provided for in, such
financial statements; and

    

    
      
        
           

        

        
          51

          
            

          

        

        
           

        

      

    

     

    
      	
              7.1.12

            	
              Oil
      Products - Borrowing Base Report

            

    

     

    
      	
               
      

            	
              (a)

            	
              except
      as otherwise disclosed by the Borrower in writing to the Agent and agreed
      to by the Agent in writing, no member of the Group (other than the
      Borrower) owns legally or beneficially or otherwise has title of ownership
      to any Oil Products;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Borrower owns legally and beneficially in its own name and has title of
      ownership to the total volume of Oil Products disclosed by it in each
      Borrowing Base Report at the time the relevant report is submitted to the
      Agent, and all of the information contained in each such report is true,
      complete, accurate and not misleading in all material respects at the time
      when the relevant report is submitted to the Agent;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      data, values, statements, facts and other information contained in each
      Borrowing Base Report are true and accurate in all material respects and
      not misleading, do not omit material facts or other information and all
      reasonable enquiries have been made to verify the data, values, facts,
      statements and other information contained therein; there are no other
      data, information or facts the omission of which would make any data,
      values, facts, information or statement therein
  misleading.

            

    

     

    
      	
              7.2

            	
              Initial
      representations and warranties

            

    

     

    The
Borrower further represents and warrants to each Creditor that:

     

    
      	
               
      

            	
              7.2.1

            	
              Pari
      passu

            

    

     

    the
obligations of the Borrower under this Agreement are direct, general and
unconditional obligations of the Borrower and rank at least pari passu with all
other present and future unsecured and unsubordinated Indebtedness of the
Borrower (with the exception of any obligations which are mandatorily preferred
by law and not by contract);

     

    
      	
               
      

            	
              7.2.2

            	
              No
      default under other Indebtedness

            

    

     

    neither
the Borrower nor any other Security Party nor any other member of the Group is
(nor would with the giving of notice or lapse of time or the satisfaction of any
other condition or combination thereof be) in breach of or in default under any
agreement relating to Indebtedness to which it is a party or by which it may be
bound;

     

    
      	
               
      

            	
              7.2.3

            	
              Information

            

    

     

    the
information, exhibits and reports furnished by any Security Party to the Agent
or the Banks in connection with the negotiation and preparation of the Security
Documents are true and accurate in all material respects and not misleading, do
not omit material facts and all reasonable enquiries have been made to verify
the facts and statements contained therein; there are no other facts the
omission of which would make any fact or statement therein
misleading;

     

    

    
      
        
           

        

        
          52

          
            

          

        

        
           

        

      

    

    

    7.2.4       No
withholding Taxes

     

    no
Taxes are imposed by withholding or otherwise on any payment to be made by any
Security Party under the Underlying Documents or the Security Documents or are
imposed on or by virtue of the execution or delivery by the Security Parties of
the Underlying Documents or the Security Documents or any other document or
instrument to be executed or delivered under any of the Security
Documents;

     

    
      	
               
      

            	
              7.2.5

            	
              No
      Default

            

    

     

    no
Default has occurred and is continuing;

     

    
      	
               
      

            	
              7.2.6

            	
              The
      Ships

            

    

     

    
      	
               
      

            	
              (a)

            	
              each
      Additional Ship will be on the Additional Mortgage Date for that Ship;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      Ship (other than the Additional Ships) will be on the date of this
      Agreement:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the absolute ownership of the relevant Owner who will, on and after such
      date, be the sole, legal and beneficial owner of such
  Ship;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              registered
      in the name of the relevant Owner through the relevant Registry as a ship
      under the laws and flag of the relevant Flag
  State;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              operationally
      seaworthy and in every way fit for service;
and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              classed
      with the relevant Classification free of all requirements and
      recommendations of the relevant Classification
  Society;

            

    

     

    
      	
               
      

            	
              7.2.7

            	
              Ships’
      employment

            

    

     

    none
of the Ships will be:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of an Additional Ship, on the Additional Mortgage Date for that
      Ship; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of each Ship (other than an Additional Ship), on the date of this
      Agreement,

            

    

     

    subject
to any charter or contract or to any agreement to enter into any charter or
contract which, if entered into after the date of the relevant Ship Security
Documents would have required the consent of the Creditors or any of them and on
the date of this Agreement, there will not be any agreement or arrangement
whereby the Earnings of any Ship may be shared with any other
person;

     

    
      	
               
      

            	
              7.2.8

            	
              Freedom
      from Encumbrances

            

    

     

    no
Ship nor its Earnings, Insurances or Requisition Compensation nor any other
properties or rights which are or are to be the subject of any of the Ship
Security Documents relating to that Ship, nor any of the Accounts nor the
Receivables nor any part thereof will be, on the date of this Agreement, subject
to any Encumbrances (other than Permitted Encumbrances);

     

    
      	
               
      

            	
              7.2.9

            	
              Compliance
      with Environmental Laws and
Approvals

            

    

     

    except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Agent:

     

    

    
      
        
           

        

        
          53

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (a)

            	
              the
      Borrower and the other Relevant Parties and, to the best of the Borrower’s
      knowledge and belief (having made due enquiry), their respective
      Environmental Affiliates have complied with the provisions of all
      Environmental Laws;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Borrower and the other Relevant Parties and, to the best of the Borrower’s
      knowledge and belief (having made due enquiry), their respective
      Environmental Affiliates have obtained all Environmental Approvals and are
      in compliance with all such Environmental Approvals;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              neither
      the Borrower nor any other Relevant Party nor, to the best of the
      Borrower’s knowledge and belief (having made due enquiry), any of their
      respective Environmental Affiliates has received notice of any
      Environmental Claim that the Borrower or any other Relevant Party or any
      such Environmental Affiliate is not in compliance with any Environmental
      Law or any Environmental Approval;

            

    

     

    
      	
              7.2.10

            	
              No
      Environmental Claims

            

    

     

    except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Agent, there is no Environmental Claim pending
or, to the best of the Borrower’s knowledge and belief, threatened against any
of the Owners or any of the Ships or any other Relevant Party or any other
Relevant Ship or, to the best of the Borrower’s knowledge and belief (having
made due enquiry), any of their respective Environmental
Affiliates;

     

    
      	
              7.2.11

            	
              No
      potential Environmental Claims

            

    

     

    except
as may already have been disclosed by the Borrower in writing to, and
acknowledged in writing by, the Agent, there has been no emission, spill,
release or discharge of a Pollutant from any of the Ships or any other Relevant
Ship owned by, managed or crewed by or chartered to any of the Owners nor, to
the best of the Borrower’s knowledge and belief (having made due enquiry), from
any Relevant Ship owned by, managed or crewed by or chartered to any other
Relevant Party which could give rise to an Environmental Claim;

     

    
      	
              7.2.12

            	
              No
      material adverse change

            

    

     

    there
has been no material adverse change in the financial position of the Borrower or
the Owners or the Corporate Guarantor or any other Relevant Party or the
consolidated financial position of the Group, from that described by the
Borrower to the Agent and the Banks in the negotiation of this
Agreement;

     

    
      	
              7.2.13

            	
              ISPS
      Code

            

    

     

    on
the date of this Agreement, the Owner of each Ship shall have a valid and
current ISSC in respect of its Ship and each such Ship shall be in compliance
with the ISPS Code;

     

    
      	
              7.2.14

            	
              Copies
      true and complete - commissions

            

    

     

    the
copies of each of the Underlying Documents delivered or to be delivered to the
Agent pursuant to clause 9.1 or under any other term of this Agreement are,
or will when delivered be, true and complete copies of such documents; each of
such document constitutes valid and binding obligations of the parties thereto
enforceable in accordance with its terms and there will have been no amendments
or variations thereof or defaults thereunder;

     

    

    
      
        
           

        

        
          54

          
            

          

        

        
           

        

      

    

    

    
      	
              7.2.15

            	
              Application
      for DOC and SMC

            

    

     

    
      	
               
      

            	
              the
      Operator of each Ship has applied for a DOC for itself and an SMC in
      respect of each Ship and neither the Borrower nor the Operator of any Ship
      is aware of any reason why any such application may be refused;
      and

            

    

     

    
      	
              7.2.16

            	
              Borrower’s
      own account

            

    

     

    in
relation to the borrowing by the Borrower of the Loan and any other amounts
under this Agreement, the performance and discharge of its obligations and
liabilities under the Security Documents and the transactions and other
arrangements effected or contemplated by this Agreement, the Borrower is acting
for its own account and that the foregoing will not involve or lead to a
contravention of any law, official requirement or other regulatory measure or
procedure which has been implemented by any relevant regulatory authority or
otherwise to combat “money
laundering” (as defined in Article 1 of the Directive (91/308/EEC)
of the Council of the European Communities (as amended)).

     

    
      	
              7.3

            	
              Repetition
      of representations and warranties

            

    

     

    
      	
               
      

            	
              On
      and as of the date of this Agreement, on each Drawdown Date and on each
      Issue Date of a L/C and (except in relation to the representations and
      warranties in clause 7.2) on each Interest Payment Date, the Borrower
      shall (a) be deemed to repeat the representations and warranties in
      clauses 7.1 and 7.2 as if made with reference to the facts and
      circumstances existing on such day and (b) be deemed to further
      represent and warrant to each Creditor that the then latest audited
      consolidated financial statements of the Group delivered to the Agent or
      the Security Agent (if any) have been prepared in accordance with the
      Applicable Accounting Principles which have been consistently applied and
      present fairly and accurately the consolidated financial position of the
      Group as at the end of the financial period to which the same relate and
      the consolidated results of the operations of the Group for the financial
      period to which the same relate, respectively, and, as at the end of such
      financial period, neither the Corporate Guarantor nor any other member of
      the Group had any significant liabilities (contingent or otherwise) or any
      unrealised or anticipated losses which are not disclosed by, or reserved
      against or provided for in, such financial
  statements.

            

    

     

    
      	
               
      

            	
              8

            	
              Undertakings

            

    

     

    
      	
              8.1

            	
              General

            

    

     

    The
Borrower undertakes with each Creditor that, from the date of this Agreement and
so long as any moneys are owing under any of the Security Documents, whether
actually or contingently, and while all or any part of the Facilities remains
available, it will:

     

    
      	
               
      

            	
              8.1.1

            	
              Notice
      of Default

            

    

     

    promptly
inform the Agent of any occurrence of which it becomes aware which might
adversely affect the ability of any Security Party to perform its obligations
under any of the Security Documents or the Underlying Documents and, without
limiting the generality of the foregoing, will inform the Agent of any Default
forthwith upon becoming aware thereof and will from time to time, if so
requested by the Agent, confirm to the Agent in writing that, save as otherwise
stated in such confirmation, no Default has occurred and is
continuing;

     

    
      	
               
      

            	
              8.1.2

            	
              Consents
      and licences

            

    

     

    without
prejudice to clauses 7.1 and 9, obtain or cause to be obtained, maintain in
full force and effect and comply in all material respects with the conditions
and restrictions (if any) imposed

     

    

    
      
        
           

        

        
          55

          
            

          

        

        
           

        

      

    

    

    in,
or in connection with, every consent, authorisation, licence or approval of
governmental or public bodies or authorities or courts and do, or cause to be
done, all other acts and things which may from time to time be necessary or
desirable under applicable law for the continued due performance of all the
obligations of the Security Parties under each of the Security Documents and the
Underlying Documents;

     

    
      	
               
      

            	
              8.1.3

            	
              Use
      of proceeds

            

    

     

    without
prejudice to paragraph (b) below, use the Facilities and the L/Cs exclusively
for the relevant purposes specified in clauses 1.1 and 2.1 or, in the case of
the Ancillary Facility, for the purpose specified in clause
2.20.3(a)(ii)(D);

     

    
      	
               
      

            	
              8.1.4

            	
              Pari
      passu and subordination of intra-Group
loans

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              ensure
      that, to the extent that the proceeds of a RC Facility are on-lent by the
      Borrower to the Corporate Guarantor or any Owner or any other member of
      the Group in accordance with the specified purpose of the relevant RC
      Facility pursuant to clauses 1.1 and
2.1:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              8.1.5

            	
              Financial
      statements

            

    

     

    prepare
or cause to be prepared consolidated financial statements of the Group in
accordance with the Applicable Accounting Principles consistently applied in
respect of each financial year and cause the same to be reported on by the
Group’s auditors and prepare or cause to be prepared unaudited consolidated
financial statements of the Group in respect of each financial half-year on the
same basis as the annual financial statements, and deliver to the Agent as many
copies of the same as the Agent may reasonably require as soon as practicable
but not later than ninety (90) days (in the case of annual financial statements)
and sixty (60) days (in the case of semi-annual financial statements) after the
end of the financial period to which they relate;

     

    
      	
               
      

            	
              8.1.6

            	
              Delivery
      of reports

            

    

     

    deliver
to the Agent as many copies as the Agent may reasonably require of every report,
circular, notice or like document issued by the Borrower, the Corporate
Guarantor, each Owner or any other member of the Group to their shareholders or
creditors generally, in each case at the time of issue thereof;

     

    

    
      
        
           

        

        
          56

          
            

          

        

        
           

        

      

    

    

    8.1.7       Provision
of further information and Borrowing Base Reports

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              8.1.8

            	
              Obligations
      under Security Documents

            

    

     

    and
will procure that each of the other Security Parties will, duly and punctually
perform each of the obligations expressed to be assumed by it under the Security
Documents and the Underlying Documents;

     

    
      	
               
      

            	
              8.1.9

            	
              Compliance
      with Code

            

    

     

    and
will procure that any Operator will, comply with, and ensure that each Ship and
any Operator at all times complies with, the requirements of the Code, including
(but not limited to) the maintenance and renewal of valid certificates pursuant
thereto throughout the Security Period;

     

    
      	
              8.1.10

            	
              Withdrawal
      of DOC and SMC

            

    

     

    and
will procure that any Operator will, immediately inform the Agent if there is
any threatened or actual withdrawal of such Operator’s DOC or the SMC in respect
of any Ship;

     

    
      	
              8.1.11

            	
              Issuance
      of DOC and SMC

            

    

     

    and
will procure that any Operator will, promptly inform the Agent upon the issuance
to any Operator of a DOC and to each Ship of an SMC or the receipt by any of the
Owners or any Operator of notification that its application for the same has
been refused;

     

    
      	
              8.1.12

            	
              ISPS
      Code compliance

            

    

     

    and
will procure that each Manager or any Operator will:

     

    
      	
               
      

            	
              (a)

            	
              from
      the date of this Agreement and at all times thereafter, maintain a valid
      and current ISSC in respect of each
Ship;

            

    

     

    

    
      
        
           

        

        
          57

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (b)

            	
              immediately
      notify the Agent in writing of any actual or threatened withdrawal,
      suspension, cancellation or modification of the ISSC in respect of any
      Ship; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              procure
      that each Ship will comply at all times with the ISPS
  Code;

            

    

     

    
      	
              8.1.13

            	
              “KYC”
      requirements

            

    

     

    deliver
to the Agent such documents and evidence as any Creditor shall from time to time
require, based on applicable law and regulations and such Creditor’s own
internal guidelines from time to time, in each case, relating to the
verification of identity and knowledge of such Creditor’s customers and to the
opening of bank accounts by any Security Party (including the
Accounts);

     

    
      	
              8.1.14

            	
              Collateral
      Ships

            

    

     

    within
seven (7) days following a relevant request by the Agent (acting on the
instructions of the Majority Banks) to the Borrower and the relevant Collateral
Owner(s), in respect of one or more Collateral Ships, deliver to the Agent,
and/or procure that the relevant Collateral Owner(s) (as the case may be)
execute(s) and deliver(s) to the Agent, the documents and evidence set out in
schedule 9, Part 1 in respect of such Collateral Ship(s), in form and substance
satisfactory to the Agent and at the cost and expense of the
Borrower;

     

    
      	
              8.1.15

            	
              Oil
      Products

            

    

     

    procure
that no member of the Group (other than the Borrower) will purchase, own
(legally or beneficially) or otherwise have or acquire title to any Oil
Products, except with the prior written consent of the Agent; and

     

    
      	
              8.1.16

            	
              Oil
      Products insurance

            

    

     

    
      	
               
      

            	
              (a)

            	
              effect
      and maintain at all times such insurances (including a marine cargo
      insurance policy) on and in relation to its Oil Products, against those
      risks and matters, to such extent, for such amounts and values and on such
      other terms and conditions, as is required by and is acceptable to the
      Agent (acting on the instructions of the Majority Banks in their absolute
      discretion) and ensure that such insurances are placed with reputable
      independent insurance companies or underwriters, and through reputable
      insurance brokers, in each case acceptable to the Agent (acting on the
      instructions of the Majority Banks in their absolute discretion) in all
      respects; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              comply
      at all times with the terms and conditions of such
    insurances;

            

    

     

    
      	
               
      

            	
              (c)

            	
              deliver
      to the Agent forthwith upon request copies of the policies of such
      insurances and any such information in connection with such insurances and
      the relevant insurers, underwriters and any insurance brokers involved in
      the placing of such insurances and, in the case of expiry of any such
      insurances, any such information and documents shall be sent to the Agent
      no later than 14 days prior to the expiry of such
    insurances;

            

    

     

    
      	
               
      

            	
              (d)

            	
              ensure
      that at least 7 days prior to the expiry of any such insurances,
      instructions are sent to underwriters, insurers or brokers for the renewal
      of such insurances on terms which comply with this clause
      8.1.16;

            

    

     

    
      	
               
      

            	
              (e)

            	
              ensure
      that (i) no other person is named as assured or joint assured in such
      insurances except the Borrower and, if the Agent so requires, the Security
      Agent and (ii) the interest of the Security Agent as assignee of such
      insurances is at all times endorsed on such insurance policies and other
      relevant insurance documents and (iii) the Security Agent is at all times
      named sole loss payee under such insurances;
and

            

    

     

    

    
      
        
           

        

        
          58

          
            

          

        

        
           

        

      

    

    

     

     

    
      	
               
      

            	
              (f)

            	
              ensure
      that any notice of assignment required by the Oil Products Security Deed
      in respect of such insurances is served upon the relevant insurers,
      underwriters or brokers and acknowledged by them in the form specified in
      the Oil Products Security Deed. 

            

    

     

    
      	
              8.2

            	
              Security
      value maintenance

            

    

     

    
      	
               
      

            	
              8.2.1

            	
              Security
      shortfall

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      at any time X
      shall be higher than Y,
      the Agent (acting on the instructions of the Majority Banks) shall give
      notice to the Borrower requiring that such deficiency be remedied and then
      the Borrower shall either:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

            	
              place
      further funds to the credit of the Cash Collateral Account in respect of
      the outstanding L/Cs (without taking into account any other amounts then
      standing to the credit of such account for other purposes under this
      Agreement); and/or

            

    

     

    
      	
               
      

            	
              (C)

            	
              constitute
      to the satisfaction of the Agent such further security for the Aggregate
      Liabilities as shall be acceptable to the
Banks,

            

    

     

    in
each case having a value for security purposes (as determined by the Agent in
its absolute discretion) at the date upon which such further security shall be
constituted which, when added to Y, shall
be at least equal to or higher than X as at
such date, or which would remedy the deficiency referred to above.

     

    
      	
               
      

            	
              (b)

            	
              If
      at any time A
      shall be higher than B,
      the Agent (acting on the instructions of the Majority Banks) shall give
      notice to the Borrower requiring that such deficiency be remedied and then
      the Borrower shall either:

            

    

     

    
      	
               
      

            	
              (i)

            	
              prepay
      within a period of two (2) days of the date of receipt by the Borrower of
      the Agent's said notice such sum of the RCF 1 in Dollars as will result in
      A
      after such prepayment of the RCF 1 being at least equal to or lower than
      B;
      or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              within
      two (2) days of the date of receipt by the Borrower of the Agent's said
      notice constitute to the satisfaction of the Agent such further security
      for amounts owing under RCF 1 as shall be acceptable to the Banks, in each
      case having a value for security purposes (as determined by the Agent in
      its absolute discretion) at the date upon which such further security
      shall be constituted

            

    

     

    

    
      
        
           

        

        
          59

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              which,
      when added to B,
      shall be at least equal to or higher than A as
      at such date, or which would remedy the deficiency referred to
      above.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Agent shall test the Borrower’s compliance with paragraphs (a) and (b) of
      this clause 8.2.1 on each date when a Borrowing Base Report is available
      to the Agent and at any other times as and when the Agent (acting on the
      instructions of the Majority Banks) shall require and, in any event, on
      each Reset Date.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      provisions of clause 4.5 and any relevant provision of clause 4.6
      shall apply to prepayments made under this clause
  8.2.1.

            

    

     

    
      	
               
      

            	
              (e)

            	
              For
      the purposes of this clause 8.2.1:

            

    

     

    “A is the
amount in Dollars (as certified by the Agent whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower and the
other Creditors) which is, at any relevant time, equal to the principal amount
outstanding under RCF 1; and

     

    “B” is the
amount in Dollars (as certified by the Agent whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower and the
other Creditors) which is, at any relevant time, the total of:

     

     (i)    83%
of the market value of the Mortgaged Ships; plus

     

    
      	
               
      

            	
              (ii)

            	
              the
      market value of any additional security for the time being actually
      provided to the Banks pursuant to
  clause 8.2.1(b),

            

    

     

    as
most recently determined by the Agent in its absolute discretion in accordance
with the provisions of clause 8.2.2 and the other provisions of this Agreement
including, without limitation and where applicable, by reference to the then
most recent Borrowing Base Report available to the Agent.

     

    “X” is the
amount in Dollars (as certified by the Agent whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower and the
other Creditors) which is, at any relevant time, equal to the Actual Exposure;
and

     

    “Y” is the
amount in Dollars (as certified by the Agent whose certificate shall, in the
absence of manifest error, be conclusive and binding on the Borrower and the
other Creditors) which is, at any relevant time, the total of:

     

    
      	
               
      

            	
              (i)

            	
              90%
      of the face value of all Qualifying Receivables;
  plus

            

    

     

    
      	
               
      

            	
              (ii)

            	
              75%
      of the market value of the total volume of Oil Products which are then
      owned by the Borrower and subject to the Oil Products Security Deed (as
      such total volume is shown in the then most recent Borrowing Base Report
      available to the Agent); plus

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (iv)

            	
              83%
      of the market value of the Mortgaged Ships;
plus

            

    

     

    

    
      
        
           

        

        
          60

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

            	
              any
      amounts on account of trade payables then owing by the Borrower to
      suppliers of Oil Products but excluding any part of such amounts which are
      financed or secured by the utilization of L/Cs under the Guarantee
      Facility and while the relevant L/Cs remain
  outstanding,

            

    

     

    as
such values and amounts are most recently determined by the Agent in its
absolute discretion in accordance with the provisions of clause 8.2.2 and the
other provisions of this Agreement including, without limitation and where
applicable, by reference to the then most recent Borrowing Base Report available
to the Agent.

     

    
      	
               
      

            	
              8.2.2

            	
              Valuation
      of Mortgaged Ships and Oil Products

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Mortgaged Ship shall, for the purposes of this clause 8.2, be valued
      in Dollars at the end of every financial quarter and at any other times as
      and when the Agent (acting on the instructions of the Majority Banks in
      their absolute discretion) shall require.  Subject to paragraph
      (b) below, each such valuation shall be made by an independent firm of
      shipbrokers nominated by the Borrower and approved by the Agent (acting on
      the instructions of the Majority Banks in their sole discretion) or,
      failing such nomination or approval, appointed by the Agent (acting on the
      instructions of the Majority Banks in their sole
      discretion).  Each such valuation of a Mortgaged Ship shall be
      addressed to the Agent and made without, unless required by the Agent,
      physical inspection and on the basis of a sale for prompt delivery for
      cash at arm’s length on normal commercial terms, as between a willing
      buyer and a willing seller and without taking into account the benefit of
      any charterparty or other engagement concerning the relevant Mortgaged
      Ship.  Such valuation shall constitute the value of such
      Mortgaged Ship for the purposes of this clause 8.2 unless the Agent
      (acting on the instructions of the Majority Banks in their sole
      discretion) objects to the valuation of the relevant Mortgaged Ship
      provided by the shipbroker nominated by the Borrower within seven (7) days
      of receipt of such valuation, in which event the value of such Mortgaged
      Ship shall be the arithmetic mean of the value specified in such valuation
      and the value specified in a further valuation issued by an independent
      firm of shipbrokers appointed by the Agent (acting on the instructions of
      the Majority Banks in their sole discretion) and made on the same basis as
      specified above.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      the case of a Ship which is a single hull vessel, its market value for the
      purposes of this clause 8.2 shall be the then prevailing scrap value of
      such Ship as determined by the Agent in its sole
    discretion.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      value of each Mortgaged Ship last determined in accordance with the
      provisions of this clause 8.2.2 shall be the value inserted in each
      Borrowing Base Report for that Mortgaged Ship and shall be binding upon
      the parties hereto, until such further date when the market value of such
      Mortgaged Ship is determined by the Agent pursuant to this clause
      8.2.2.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      market value of the total volume of the Borrower’s Oil Products at any
      relevant time shall be determined by reference to (i) the total volume of
      Oil Products last reported by the Borrower to the Agent in the then latest
      Borrowing Base Report available to the Agent and (ii) the then prevailing
      market price for such Oil Products as at the date of that report as
      indicated in appropriate indexes for such Oil
  Products

            

    

     

    

    
      
        
           

        

        
          61

          
            

          

        

        
           

        

      

    

    

    published
by an internationally recognised body acceptable to the Agent (acting on the
instructions of the Majority Banks) in its absolute discretion (such as
“Platts”).

     

    
      	
               
      

            	
              (e)

            	
              The
      prevailing market price for such of Oil Products referred to in paragraph
      (d) above shall be the market value thereof inserted in each Borrowing
      Base Report for such Oil Products. The market value of the total volume of
      the Borrower’s Oil Products shown in a Borrowing Base Report and
      determined in accordance with the provisions of this clause 8.2.2
      shall be binding upon the parties hereto until such further date when
      another Borrowing Base Report is made available to the Agent which
      contains a determination pursuant to this clause
  8.2.2.

            

    

     

    
      	
               
      

            	
              (f)

            	
              In
      the event that the Borrower does not deliver to the Agent a Borrowing Base
      Report at the time, in accordance with, and in the manner prescribed in,
      the provisions of this Agreement or the Majority Banks (acting through the
      Agent) do not agree with the contents of a Borrowing Base Report prepared
      by the Borrower, the Agent (acting on the instructions of the Majority
      Banks) shall be entitled, based on information and data available to it
      from any source whatsoever at the relevant time to either (i) prepare a
      substitute Borrowing Base Report itself or (ii) to amend the contents of
      the Borrowing Base Report so that it complies with the requirements and
      the provisions of this Agreement. In that case, the Agent shall send the
      substitute or amended Borrowing Base Report to the Borrower and the other
      Banks and such report shall be considered to be the then latest Borrowing
      Base Report binding upon the parties hereto for the purposes of this
      clause 8.2.2 and the other provisions of this
  Agreement.

            

    

     

    
      	
               
      

            	
              8.2.3

            	
              Information

            

    

     

    The
Borrower undertakes with the Creditors to supply to the Agent and to any such
shipbrokers such information concerning each Mortgaged Ship and its condition as
such shipbrokers may reasonably require for the purpose of making any such
valuation and will supply the Agent with such other information, including
without limitation about any Schedules of Receivables as the Agent shall from
time to time require for the purposes of giving effect to clause
8.2.1.

     

    
      	
               
      

            	
              8.2.4

            	
              Costs

            

    

     

    All
costs in connection with the Agent obtaining any valuation of each of the
Mortgaged Ships referred to in clause 8.2.2 and in schedule 2, and any
valuation either of any additional security for the purposes of ascertaining the
Security Value at any time or necessitated by the Borrower electing to
constitute additional security pursuant to clause 8.2.1, shall be borne by
the Borrower.

     

    
      	
               
      

            	
              8.2.5

            	
              Valuation
      of additional security

            

    

     

    For
the purposes of this clause 8.2, the market value of any additional
security provided or to be provided to the Security Agent and/or the other
Creditors shall be determined by the Agent in its absolute discretion without
any necessity for the Agent assigning any reason thereto.

     

    
      	
               
      

            	
              8.2.6

            	
              Documents
      and evidence

            

    

     

    In
connection with any additional security provided in accordance with this
clause 8.2, the Agent shall be entitled to receive such evidence and
documents of the kind referred to in schedule 2 as may in the Agent’s opinion be
appropriate and such favourable legal opinions as the Agent shall in its
absolute discretion require.

     

    

    
      
        
           

        

        
          62

          
            

          

        

        
           

        

      

    

    

    
      	
              8.3

            	
              Negative
      undertakings

            

    

     

    The
Borrower undertakes with each Creditor that, from the date of this Agreement and
so long as any moneys are owing under the Security Documents, whether actually
or contingently, and while all or any part of the Facilities remains available,
it will not, without the prior written consent of the Agent (acting on the
instructions of the Majority Banks):

     

    
      	
               
      

            	
              8.3.1

            	
              Negative
      pledge

            

    

     

    permit
any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be
created or extended over all or any part of its present or future undertaking,
assets, rights or revenues in order to secure or prefer any present or future
Indebtedness or other liability or obligation of the Borrower or any Security
Party or any other person;

     

    
      	
               
      

            	
              8.3.2

            	
              No
      merger

            

    

     

    merge
or consolidate with any other person or enter into any demerger, amalgamation,
corporate reconstruction or redomiciliation of any type;

     

    
      	
               
      

            	
              8.3.3

            	
              Disposals

            

    

     

    sell,
transfer, abandon, lend or otherwise dispose of or cease to exercise direct
control over any part (being either alone or when aggregated with all other
disposals falling to be taken into account pursuant to this clause 8.3.3
material in the opinion of the Agent in relation to the undertaking, assets,
rights and revenues of the Borrower taken as a whole) of its present or future
undertaking, assets, rights or revenues (otherwise than by transfers, sales or
disposals for full consideration in the ordinary course of trading) whether by
one or a series of transactions related or not;

     

    
      	
               
      

            	
              8.3.4

            	
              Other
      business

            

    

     

    undertake
any business other than the business carried out by it or the Group on the date
of this Agreement;

     

    
      	
               
      

            	
              8.3.5

            	
              Acquisitions

            

    

     

    acquire
any further assets other than in the ordinary course of its business or
contracts for the sale of oil bunkers and lubricants;

     

    
      	
               
      

            	
              8.3.6

            	
              Other
      obligations

            

    

     

    incur
any obligations except for obligations arising under the Underlying Documents or
the Security Documents or contracts entered into in the ordinary course of its
business or contracts for the sale of oil bunkers and lubricants;

     

    
      	
               
      

            	
              8.3.7

            	
              No
      borrowing

            

    

     

    the
Borrower will not incur any Borrowed Money except for Borrowed Money pursuant to
the Security Documents;

     

    
      	
               
      

            	
              8.3.8

            	
              Repayment
      of borrowings

            

    

     

    repay
the principal of, or pay interest on or any other sum in connection with, any of
its Borrowed Money except for Borrowed Money pursuant to the Security
Documents;

     

    

    
      
        
           

        

        
          63

          
            

          

        

        
           

        

      

    

    

    8.3.9       Loans

     

    make
any loans or grant any credit (save for normal trade credit in the ordinary
course of business) to any person or agree to do so;

     

    
      	
              8.3.10

            	
              Sureties

            

    

     

    permit
any of its Indebtedness to any person (other than the Creditors) to be
guaranteed by any person save in the ordinary course of its business or by a
Bank by way of L/Cs;

     

    
      	
              8.3.11

            	
              Share
      capital and distribution

            

    

     

    declare
or pay any dividends to any of its shareholders if an Event of Default has
occurred or will or, in the opinion of the Agent, is likely to occur as a result
of, or following, the declaration or payment of dividends;

     

    
      	
              8.3.12

            	
              Subsidiaries

            

    

     

    form
or acquire any Subsidiaries save in the ordinary course of its
business;

     

    
      	
              8.3.13

            	
              Manager

            

    

     

    permit
the appointment of any manager of any of the Ships other than the Managers or
the termination or amendment of the terms of any of the Management Agreements;
or

     

    
      	
              8.4

            	
              Cash
      collateralisation of L/Cs

            

    

     

    Without
prejudice to clause 2.13, forthwith upon, or at any time following the
occurrence of an Event of Default, the Agent (acting on the instructions of the
Majority Banks) shall be entitled (but not obliged) to demand payment by the
Borrower of, and the Borrower forthwith upon such demand shall pay to the
Account Bank for credit to the Cash Collateral Account, such amount as shall be
the aggregate of the total Outstanding Amounts for all L/Cs (without taking into
account any other amounts then standing to the credit of such account for other
purposes under this Agreement).  Such payment shall be made in
Dollars, except in the case of any part of the said Outstanding Amounts which is
a Settlement Amount outstanding in an Optional Currency and unpaid, which shall
be made in the relevant Optional Currency.

     

    
      	
              8.5

            	
              Additional
      tonnage

            

    

     

    
      	
               
      

            	
              8.5.1

            	
              If
      any member of the Group (excluding the Security Parties) acquires a vessel
      (other than the Ships), the relevant member of the Group shall be entitled
      to arrange for the financing of the acquisition of such vessel by bank
      debt and to agree that such vessel shall be mortgaged in favour of the
      relevant lender or lenders, subject to no Event of Default having occurred
      and be continuing at such time and the Borrower and the other Security
      Parties being in compliance with all of their undertakings and obligations
      under this Agreement and the other Security
  Documents.

            

    

     

    
      	
               
      

            	
              8.5.2

            	
              The
      Borrower shall be entitled however to procure that any such vessel is
      mortgaged (at the expense of the Borrower) in favour of the Security Agent
      as security for the Borrower’s obligations under this Agreement, subject
      to satisfactory documentation being received by the Agent in respect of
      such security at the cost and expense of the Borrower pursuant to clause
      8.5.3 below, so that such vessel becomes an “Additional Ship” for the
      purpose of this Agreement.

            

    

     

    

    
      
        
           

        

        
          64

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              8.5.3

            	
              The
      Borrower shall be entitled by written notice to the Agent at any time to
      request that a vessel owned by a member of the Group (and which is not
      then already a Ship under this Agreement) becomes an “Additional Ship” for the
      purposes of this Agreement.  The Agent (acting on the
      instructions of the Majority Banks in their absolute discretion) shall be
      entitled to accept or decline such request (without any need to assign any
      reason to such decision) and shall notify the Borrower of the Banks’
      decision within twenty (20) days of the Borrower’s relevant request in
      respect of a vessel.  If the Agent notifies the Borrower that
      the Banks accept its request in respect of a vessel, the Borrower shall
      deliver to the Agent, not later than (ten) 10 days after the Agent’s
      notice of acceptance to the Borrower in respect of a vessel, the documents
      and evidence set out in schedule 9, Part 2 in respect of the relevant
      vessel, in form and substance satisfactory to the Agent and at the cost
      and expense of the Borrower.

            

    

     

    
      	
               
      

            	
              9

            	
              Conditions

            

    

     

    
      	
              9.1

            	
              Documents
      and evidence

            

    

     

    The
obligation of the Banks to make available the Facilities or to advance any
Advances or to issue any L/C, shall be subject to the condition that the Agent
or its duly authorised representative shall have received, not later than two
(2) Banking Days before the date of this Agreement, the documents and evidence
specified in schedule 5, in form and substance satisfactory to the
Agent.

     

    
      	
              9.2

            	
              General
      conditions precedent

            

    

     

    The
obligations of the Banks to make available the Facilities or to advance any
Advances or to issue any L/C (as the case may be), shall be subject to the
further conditions that, at the time of the relevant Drawdown Notice for an
Advance or at the time of the relevant Issue Request in respect of the relevant
L/C (as the case may be) and at the time of the making of the relevant Advance
or on the Issue Date of the relevant L/C (as the case may be):

     

    
      	
               
      

            	
              9.2.1

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

            

    

     

    
      	
               
      

            	
              9.2.2

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

            

    

     

    
      	
              9.3

            	
              Waiver
      of conditions precedent

            

    

     

    The
conditions specified in this clause 9 are inserted solely for the benefit
of the Creditors and may be waived by the Agent (acting on the instructions of
the Majority Banks) in whole or in part and with or without
conditions.

     

    
      	
              9.4

            	
              Further
      conditions precedent

            

    

     

    Not
later than five (5) Banking Days prior to each Drawdown Date or each Issue Date
and not later than five (5) Banking Days prior to each Interest Payment Date or
each Reset Date, the Agent may request and the Borrower shall, not later than
two (2) Banking Days prior to such date, deliver to the Agent on such request
further favourable certificates and/or opinions as to any or all of the matters
which are the subject of clauses 7, 8, 9 and 10 of this
Agreement.

     

    

    
      
        
           

        

        
          65

          
            

          

        

        
           

        

      

    

    

    10    Events of Default

     

    
      	
              10.1

            	
              Events

            

    

     

    There
shall be an Event of Default if:

     

    
      	
              10.1.1

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

            

    

     

    
      	
              10.1.2

            	
              Breach of Insurances and
      certain other obligations: any of the Owners or a Manager fails to
      obtain and/or maintain the Insurances (in accordance with the requirements
      of the Security Documents) for any of the Mortgaged Ships or if any
      insurer in respect of such Insurances cancels any of such Insurances or
      disclaims liability by reason, in either case, of mis-statement in any
      proposal for any of such Insurances or for any other failure or default on
      the part of the Owners or any of them or any other person or the Borrower
      or the Corporate Guarantor or any of the Owners commit any breach of or
      omit to observe any of the obligations or undertakings expressed to be
      assumed by them under clauses 2.17, 2.19, 8.1.3, 8.1.7(b), 8.1.14, 8.1.16,
      8.2, 8.3 or 8.4 of this Agreement or clauses 5.2 or 5.3 of the Corporate
      Guarantee or clause 5 of any Owner’s Guarantee, respectively;
      or

            

    

     

    
      	
              10.1.3

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

            

    

     

    
      	
              10.1.4

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

            

    

     

    
      	
              10.1.5

            	
              Cross-default: any
      Indebtedness of any Relevant Party is not paid when due or any
      Indebtedness of any Relevant Party becomes (whether by declaration or
      automatically in accordance with the relevant agreement or instrument
      constituting the same) due and payable prior to the date when it would
      otherwise have become due (unless as a result of the exercise by the
      relevant Relevant Party of a voluntary right of prepayment), or any
      creditor of any Relevant Party becomes entitled to declare any such
      Indebtedness due and payable or any facility or commitment available to
      any Relevant Party relating to Indebtedness, is withdrawn, suspended or
      cancelled by reason of any default (however described) of the person
      concerned unless the relevant Relevant Party shall have satisfied the
      Agent that such withdrawal, suspension or cancellation will not affect or
      prejudice in any way the relevant Relevant Party’s ability to pay its
      debts as they fall due and fund its commitments, or any guarantee given by
      any Relevant Party in respect of Indebtedness is not honoured when due and
      called upon; or

            

    

     

    
      	
              10.1.6

            	
              Legal process: any
      judgment or order made against any Relevant Party is not stayed or
      complied with within seven (7) days or a creditor attaches or takes
      possession of, or a distress, execution, sequestration or other process is
      levied or enforced upon or sued out against, any of the undertakings,
      assets, rights or revenues of any Relevant Party and is not discharged
      within seven (7) days; or

            

    

     

    

    
      
        
           

        

        
          66

          
            

          

        

        
           

        

      

    

     

     

    
      	
              10.1.7

            	
              Insolvency: any Relevant
      Party is unable or admits inability to pay its debts as they fall due;
      suspends making payments on any of its debts or announces an intention to
      do so; becomes insolvent; has assets the value of which is less than the
      value of its liabilities (taking into account contingent and prospective
      liabilities); or suffers the declaration of a moratorium in respect of any
      of its Indebtedness; or

            

    

     

    
      	
              10.1.8

            	
              Reduction or loss of
      capital: a meeting is convened by any Relevant Party for the
      purpose of passing any resolution to purchase or reduce its share capital
      or to redeem any of its shares; or

            

    

     

    
      	
              10.1.9

            	
              Winding up: any
      corporate action, legal proceedings or other procedure or step is taken
      for the purpose of winding up any Relevant Party or an order is made or
      resolution passed for the winding up of any Relevant Party or a notice is
      issued convening a meeting for the purpose of passing any such resolution;
      or

            

    

     

    
      	
              10.1.10

            	
              Administration: any
      petition is presented, notice given or step is taken for the purpose of
      the appointment of an administrator of any Relevant Party or the Agent
      believes that any such petition or other step is imminent or an
      administration order is made in relation to any Relevant Party;
      or

            

    

     

    
      	
              10.1.11

            	
              Appointment of receivers and
      managers: any administrative or other receiver is appointed of any
      Relevant Party or any part of its assets and/or undertaking or any other
      steps are taken to enforce any Encumbrance over all or any part of the
      assets of any Relevant Party; or

            

    

     

    
      	
              10.1.12

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

            

    

     

    
      	
              10.1.13

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

            

    

     

    
      	
              10.1.14

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

            

    

     

    
      	
              10.1.15

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

            

    

     

    
      	
              10.1.16

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

            

    

     

    

    
      
        
           

        

        
          67

          
            

          

        

        
           

        

      

    

    

    
      	
              10.1.17

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

            

    

     

    
      	
              10.1.18

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

            

    

     

    
      	
              10.1.19

            	
              Encumbrances
      enforceable: any Encumbrance (other than Permitted Liens) in
      respect of any of the property (or part thereof) which is the subject of
      any of the Security Documents becomes enforceable;
  or

            

    

     

    
      	
              10.1.20

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

            

    

     

    
      	
              10.1.21

            	
              Arrest: any Mortgaged
      Ship is arrested, confiscated, seized, taken in execution, impounded,
      forfeited, detained in exercise or purported exercise of any possessory
      lien or other claim or otherwise taken from the possession of the relevant
      Owner and such Owner shall fail to procure the release of such Mortgaged
      Ship within a period of two (2) days thereafter;
  or

            

    

     

    
      	
              10.1.22

            	
              Registration: the
      registration of any Mortgaged Ship under the laws and flag of the relevant
      Flag State is cancelled or terminated without the prior written consent of
      the Agent (acting on the instructions of the Majority Banks) or if such
      registration of any Mortgaged Ship is not renewed at least forty five (45)
      days prior to the expiry of such registration;
  or

            

    

     

    
      	
              10.1.23

            	
              Unrest: the Flag State in respect of a
      Mortgaged Ship becomes involved in hostilities or civil war or there is a
      seizure of power in any Flag State in respect of a Mortgaged Ship
      by unconstitutional means if, in any such case, such event could in
      the opinion of the Agent (acting on the instructions of the Majority
      Banks) reasonably be expected to have a material adverse effect on the
      security constituted by any of the Security Documents;
  or

            

    

     

    
      	
              10.1.24

            	
              Environment: the
      Borrower and/or any other Relevant Party and/or any of their respective
      Environmental Affiliates fails to comply with any Environmental Law or any
      Environmental Approval or the Borrower and/or any other Relevant Party
      and/or any of their respective Environmental Affiliates or any Ship or any
      other Relevant Ship is involved in any incident which gives rise or may
      give rise to an Environmental Claim if, in any such case, such
      non-compliance or incident or the consequences thereof could, in the
      opinion of the Agent reasonably be expected to have a material adverse
      effect on the business, assets, operations, property or financial
      condition of the Borrower or the Corporate Guarantor or any other Security
      Party or the Group or on the security constituted by any of the Security
      Documents; or

            

    

     

    
      	
              10.1.25

            	
              P&I: any Owner or a
      Manager or any other person fails or omits to comply with any requirements
      of the protection and indemnity association or other insurer with which a
      Ship is entered for insurance or insured against protection and indemnity
      risks (including oil pollution risks) to the effect that any cover
      (including, without limitation, any cover in respect of liability for
      Environmental Claims arising in jurisdictions where such Ship operates or
      trades) is or may be liable to cancellation, qualification or exclusion at
      any time; or

            

    

     

    

    
      
        
           

        

        
          68

          
            

          

        

        
           

        

      

    

    

    
      	
              10.1.26

            	
              Shareholdings:

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              there
      is any change in the legal and/or beneficial ownership of any of the
      shares in the Borrower or any Owner or a Manager which results in any such
      Security Party ceasing to be a wholly-owned direct or indirect Subsidiary
      of the Corporate Guarantor; or

            

    

     

    
      	
              10.1.27

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

            

    

     

    
      	
              10.1.28

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

            

    

     

    
      	
              10.1.29

            	
              Licences,
      etc:  any licence, authorisation, consent or approval at
      any time necessary to enable any Security Party to comply with its
      obligations under the Security Documents or the Underlying Documents is
      revoked or withheld or modified or is otherwise not granted or fails to
      remain in full force and effect or if any exchange control or other law or
      regulation shall exist which would make any transaction under the Security
      Documents or the Underlying Documents or the continuation thereof,
      unlawful or would prevent the performance by any Security Party of any
      term of any of the Security Documents or the Underlying Documents;
      or

            

    

     

    
      	
              10.1.30

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

            

    

     

    
      	
              10.2

            	
              Acceleration

            

    

     

    The
Agent shall, if so requested by the Majority Banks, without prejudice to any
other rights of the Agent, at any time after the happening of an Event of
Default by notice to the Borrower:

     

    
      	
              10.2.1

            	
              declare
      that the obligation of each Bank to make the Facilities available and the
      obligation of the Ancillary Bank to make the Ancillary Facility available,
      shall be terminated, whereupon the Applicable RCF 1 Limit, the Applicable
      RCF 2 Limit, the Applicable Guarantee Facility Limit and the Ancillary
      Commitment shall each be reduced to zero forthwith;
  and/or

            

    

     

    
      	
              10.2.2

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

            

    

     

    

    
      
        
           

        

        
          69

          
            

          

        

        
           

        

      

    

    

    
      	
              10.2.3

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

            

    

     

    
      	
              10.3

            	
              Demand
      basis

            

    

     

    If,
pursuant to clause 10.2.2, the Agent declares the Loan to be due and payable on
demand, the Agent may (and if so requested by the Majority Banks shall) by
written notice to the Borrower:

     

    
      	
              10.3.1

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

            

    

     

    
      	
              10.3.2

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

            

    

     

    
      	
              10.4

            	
              Negotiation
      with Beneficiaries after Default

            

    

     

    The
Borrower:

     

    
      	
              10.4.1

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

            

    

     

    
      	
              10.4.2

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

            

    

     

    
      	
              10.5

            	
              Conversion
      into Dollars

            

    

     

    
      	
              10.5.1

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

            

    

     

    
      	
              10.5.2

            	
              With
      effect on and from the date when the conversion has taken place (as
      notified by the Agent to the Borrower and the Banks pursuant to clause
      10.5.1), all the Outstandings of all Banks shall be denominated in Dollars
      and the liabilities of the Borrower to the Banks,
  the

            

    

     

    

    
      
        
           

        

        
          70

          
            

          

        

        
           

        

      

    

    

    Agent
and the Security Agent under this Agreement in respect of the Outstandings shall
also be denominated and owing in Dollars.

     

    
      	
               
      

            	
              11

            	
              Indemnities

            

    

     

    
      	
              11.1

            	
              Miscellaneous
      indemnities

            

    

     

    The
Borrower shall on demand indemnify each Creditor, without prejudice to any of
such Creditor’s other rights under any of the Security Documents, against any
loss (including loss of Margin) or expense which such Creditor shall certify as
sustained or incurred by it as a consequence of:

     

    
      	
              11.1.1

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

            

    

     

    
      	
              11.1.2

            	
              the
      occurrence of any other Event of
Default;

            

    

     

    
      	
              11.1.3

            	
              any
      prepayment of the Loan or part thereof being made under clauses 4.3.3,
       4.4, 8.2.1 or 12.1 or any other repayment or prepayment of the Loan
      or part thereof being made, otherwise than on an Interest Payment Date
      relating to the part of the Loan prepaid or
  repaid;

            

    

     

    
      	
              11.1.4

            	
              applying
      any sum standing to the credit of the Cash Collateral Account otherwise
      than on the last day of a deposit period relating
  thereto;

            

    

     

    
      	
              11.1.5

            	
              any
      Advance not being made for any reason (excluding any default by the Agent
      or any Bank) after the Drawdown Notice for such Advance has been
      given;

            

    

     

    
      	
              11.1.6

            	
              any
      transfer being made by a Creditor of any part of its Contribution for the
      purpose of complying with clauses 2.16.4(c) and/or (d) and/or clause
      2.16.5 and/or clause 2.19 otherwise than on an Interest Payment Date
      relating to the part of the Loan being transferred;
  or

            

    

     

    
      	
              11.1.7

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

            

    

     

    including,
in any such case, but not limited to, any loss or expense sustained or incurred
by a Bank in maintaining or funding its Contribution or (as the case may be)
Commitment or any part thereof or any amount owing under clauses 2.10.2 or 4.1.1
or in liquidating or re-employing deposits from third parties acquired to effect
or maintain its Contribution or (as the case may be) Commitment or any part
thereof or any amount owing under clauses 2.10.2 or 4.1.1.

     

    
      	
              11.2

            	
              Currency
      indemnity

            

    

     

    If
any sum due from the Borrower under any of the Security Documents or any order
or judgment given or made in relation thereto has to be converted from the
currency (the “first
currency”) in which the same is payable under the relevant Security
Document or under such order or judgment into another currency (the “second currency”) for the
purpose of:

     

    
      	
              11.2.1

            	
              making
      or filing a claim or proof against the
Borrower;

            

    

     

    
      	
              11.2.2

            	
              obtaining
      an order or judgment in any court or other tribunal;
  or

            

    

     

    
      	
              11.2.3

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

            

    

     

    

    
      
        
           

        

        
          71

          
            

          

        

        
           

        

      

    

    

    the
Borrower shall indemnify and hold harmless each Creditor from and against any
loss suffered as a result of any difference between:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    Any
amount due from the Borrower under this clause 11.2 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 any of the Security Documents and the term “rate of exchange” includes any
premium and costs of exchange payable in connection with the purchase of the
first currency with the second currency.

     

    
      	
               
      

            	
              11.3

            	
              Environmental
      indemnity

            

    

     

    The
Borrower shall indemnify each Creditor on demand and hold it harmless from and
against all costs, expenses, payments, charges, losses, demands, liabilities,
actions, proceedings (whether civil or criminal), penalties, fines, damages,
judgements, orders, sanctions or other outgoings of whatever nature which may be
suffered, incurred or paid by, or made or asserted against such Creditor at any
time, whether before or after the repayment in full of principal and interest
under this Agreement, relating to, or arising directly or indirectly in any
manner or for any cause or reason whatsoever out of an Environmental Claim made
or asserted against such Creditor if such Environmental Claim would not have
been, or been capable of being, made or asserted against such Creditor if it had
not entered into any of the Security Documents and/or exercised any of its
rights, powers and discretions thereby conferred and/or performed any of its
obligations thereunder and/or been involved in any of the transactions
contemplated by the Security Documents.

     

    
      	
               
      

            	
              12

            	
              Unlawfulness
      and increased costs

            

    

     

    
      	
              12.1

            	
              Unlawfulness

            

    

     

    If
any law, regulation or regulatory requirement or any judgment, order or
direction of any court, tribunal or authority binding upon a Bank in the
jurisdiction in which it is formed or has its principal or lending office or in
which any action is required to be performed by it for the purposes of this
Agreement (whether or not in force before the date of this
Agreement):

     

    
      	
              12.1.1

            	
              renders
      it unlawful for a Bank to issue any or any further L/Cs, the relevant Bank
      shall promptly inform the Agent and the Agent shall notify the Borrower,
      and the obligations of that Bank to issue any or any further L/Cs under
      this Agreement shall forthwith terminate and the Borrower shall within ten
      (10) Banking Days after such notice pay to the Account Bank for credit to
      the Illegality Security Account for each issued and outstanding L/C issued
      by that Bank, an amount (in the currency of the relevant L/C) equal to the
      difference between (a) the Outstanding Amount of such L/C and (b) the
      amount then standing to the credit of the Illegality Security Account for
      that L/C (less any amount already standing to the credit of such account
      as a result of a previous payment in respect of a Bank pursuant to this
      clause 12.1); or

            

    

     

    
      	
              12.1.2

            	
              renders
      it unlawful for any Bank to contribute to an Advance or to maintain its
      Commitment (or part thereof) or fund its Contribution, such Bank shall
      promptly, through the Agent, give

            

    

     

    

    
      
        
           

        

        
          72

          
            

          

        

        
           

        

      

    

    

    notice
to the Borrower whereupon (a) such Bank’s Commitment in respect of both RC
Facilities shall be reduced to zero and (b) the Borrower shall be obliged to
prepay such Bank’s Contribution either (i) forthwith or (ii) on a future
specified date not being earlier than the latest date permitted by the relevant
law or regulation together with interest accrued to the date of prepayment and
all other sums payable by the Borrower under this Agreement.

     

    
      	
              12.2

            	
              Increased
      costs

            

    

     

    If
the result of any change in, or in the interpretation or application of, or the
introduction of, any Capital Adequacy Law or the compliance by a Bank or, as the
case may be, its holding company, is to:

     

    
      	
              12.2.1

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

            

    

     

    
      	
              12.2.2

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

            

    

     

    
      	
              12.2.3

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

            

    

     

    
      	
              12.2.4

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

            

    

     

    
      	
              12.2.5

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

            

    

     

    
      	
              12.2.6

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

            

    

     

    then
and in each such case (subject to clause 12.3):

     

    
      	
               
      

            	
              (a)

            	
              such
      Bank shall (through the Agent) notify the Borrower in writing of such
      event promptly upon its becoming aware of the same;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Borrower shall on demand pay to the Agent for the account of such Bank,
      the amount which such Bank specifies (in a certificate setting forth the
      basis of the computation of such amount but not including any matters
      which such Bank or its holding company regards as confidential) is
      required to compensate such Bank and/or (as the case may be) its holding
      company for such liability to Taxes, cost, reduction, payment , forgone
      return or loss.

            

    

     

    

    
      
        
           

        

        
          73

          
            

          

        

        
           

        

      

    

    

    For
the purposes of this clause 12.2 and clause 12.4 “holding company” means, in
relation to a Bank, the company or entity (if any) within the consolidated
supervision of which such Bank is included.

     

    
      	
              12.3

            	
              Exception

            

    

     

    Nothing
in clause 12.2 shall entitle a Bank to receive any amount in respect of
compensation for any such liability to Taxes, increased or additional cost,
reduction, payment, foregone return or loss to the extent that the same is the
subject of an additional payment under clause 6.6.

     

    
      	
               
      

            	
              13

            	
              Security,
      set-off and pro-rata payments

            

    

     

    
      	
              13.1

            	
              Application
      of moneys

            

    

     

    All
moneys received by the Agent and/or the Security Agent under or pursuant to any
of the Security Documents and expressed to be applicable in accordance with the
provisions of this clause 13.1 shall be applied in the following
manner:

     

    
      	
              13.1.1

            	
              first,
      in or towards payments on a pro rata basis (and, as between Banks, pro
      rata in accordance with their Participations), of all unpaid costs and
      expenses which may be owing to the Creditors or any of them under any of
      the Security Documents;

            

    

     

    
      	
              13.1.2

            	
              secondly,
      in or towards payment, on a pro rata basis (and, as between Banks, pro
      rata in accordance their Participations), of any unpaid fees and
      commissions payable to the Creditors or any of
  them;

            

    

     

    
      	
              13.1.3

            	
              thirdly,
      in or towards payment, on a pro rata basis in accordance with each Bank’s
      Participation, of any arrears of interest owing in respect of the Loan or
      any part thereof or in respect of the Guarantee Facility (including under
      clauses 2.10.2 or 4.1.1);

            

    

     

    
      	
              13.1.4

            	
              fourthly,
      in or towards repayment, on a pro rata basis in accordance with each
      Bank’s Participation, of any amounts of principal in respect of the Loan
      or in respect of the Guarantee Facility (including under clauses 2.10.2 or
      4.1.1) (whether the same is due and payable or
  not);

            

    

     

    
      	
              13.1.5

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

            

    

     

    
      	
              13.1.6

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

            

    

     

    
      	
              13.1.7

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

            

    

     

    
      	
              13.1.8

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

            

    

     

    Provided however
that:

     

    
      	
               
      

            	
              (a)

            	
              amounts
      standing to the credit of an Illegality Security Account shall be applied
      first, in accordance with clause 14.8 and, if there is a surplus following
      such application, secondly, and as to such surplus, in accordance with the
      order specified in this clause 13.1 above;
and

            

    

     

    

    
      
        
           

        

        
          74

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (b)

            	
              amounts
      standing to the credit of the Cash Collateral Account and which were paid
      into such account in connection with a L/C, shall be maintained in the
      Cash Collateral Account first for the benefit of the Bank that has issued
      such L/C and shall be applied first, in discharge of any amounts owing to
      such Bank under clauses 2.10.2 or 4.1.1 or otherwise in connection with
      such L/C and, secondly, if there is any surplus following the later of (i)
      such application, (ii) such L/C’s Expiry Date or (iii) that Bank's
      confirmation in writing that it no longer has any liabilities under such
      L/C and no amounts are or may be owing to it under clauses 2.10.2 or 4.1.1
      in respect of such L/C, then in accordance with the order specified in
      this clause 13.1.

            

    

     

    
      	
              13.2

            	
              Set-off

            

    

     

    The
Borrower authorises each Creditor (without prejudice to any of such Creditor’s
rights at law, in equity or otherwise), at any time and without notice to the
Borrower, to apply any credit balance to which the Borrower is then entitled
standing upon any account of the Borrower with any branch of such Creditor in or
towards satisfaction of any sum due and payable from the Borrower to such
Creditor under any of the Security Documents.  For this purpose, each
Creditor is authorised to purchase with the moneys standing to the credit of
such account such other currencies as may be necessary to effect such
application.  No Creditor shall be obliged to exercise any right given
to it by this clause 13.2.  Each Creditor shall notify the Agent and
the Borrower forthwith upon the exercise or purported exercise of any right of
set-off giving full details in relation thereto and the Agent shall inform the
other Creditors.  Nothing in this clause 13.2 shall be effective to
create a charge or other Encumbrance.

     

    
      	
              13.3

            	
              Pro
      rata payments

            

    

     

    
      	
              13.3.1

            	
              If
      at any time any Bank (the “Recovering Bank”)
      receives or recovers any amount owing to it by the Borrower under this
      Agreement by direct payment, set-off or in any manner other than by
      payment through the Agent pursuant to clause 6.1 or 6.9 (not being, in the
      case of a Bank, a payment received from a Transferee Bank or a
      sub-participant in such Bank’s participation under this Agreement or any
      other payment of an amount due to the Recovering Bank for its sole account
      pursuant to clauses 3.6, 5, 6.6, 11.1, 11.2, 12.1 or 12.2) the
      Recovering Bank shall, within two (2) Banking Days of such receipt or
      recovery (a “Relevant
      Receipt”) notify the Agent of the amount of the Relevant Receipt.
      If the Relevant Receipt exceeds the amount which the Recovering Bank would
      have received if the Relevant Receipt had been received by the Agent and
      distributed pursuant to clauses 6.1 or 6.9 (as the case may be)
      then:

            

    

     

    
      	
               
      

            	
              (a)

            	
              within
      two (2) Banking Days of demand by the Agent, the Recovering Bank shall pay
      to the Agent an amount equal (or equivalent) to the
  excess;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Agent shall treat the excess amount so paid by the Recovering Bank as if
      it were a payment made by the Borrower and shall distribute the same to
      the Banks (other than the Recovering Bank) in accordance with clause 6.9;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              as
      between the Borrower and the Recovering Bank the excess amount so
      re-distributed shall be treated as not having been paid but the
      obligations of the Borrower to the other Banks shall, to the extent of the
      amount so re-distributed to them, be treated as
  discharged.

            

    

     

    
      	
              13.3.2

            	
              If
      any part of the Relevant Receipt subsequently has to be wholly or partly
      refunded by the Recovering Bank (whether to a liquidator or otherwise)
      each Bank to which any part of such Relevant Receipt was so re-distributed
      shall on request from the Recovering Bank repay to the Recovering Bank
      such Bank’s pro-rata share of the amount which has to be refunded by the
      Recovering Bank.

            

    

     

    

    
      
        
           

        

        
          75

          
            

          

        

        
           

        

      

    

    

     

     

    
      	
              13.3.3

            	
              Each
      Bank shall on request supply to the Agent such information as the Agent
      may from time to time request for the purpose of this
      clause 13.3.

            

    

     

    
      	
              13.3.4

            	
              Notwithstanding
      the foregoing provisions of this clause 13.3, no Recovering Bank shall be
      obliged to share any Relevant Receipt which it receives or recovers
      pursuant to legal proceedings taken by it to recover any sums owing to it
      under this Agreement with any other party which has a legal right to, but
      does not, either join in such proceedings or commence and diligently
      pursue separate proceedings to enforce its rights in the same or another
      court (unless the proceedings instituted by the Recovering Bank are
      instituted by it without prior notice having been given to such party
      through the Agent).

            

    

     

    
      	
              13.3.5

            	
              This
      clause shall not apply to any receipt or recovery by HSH Nordbank AG which
      in accordance with the last paragraph of clause 6.1 took place at any time
      prior to the service of notice under clause
  10.2.

            

    

     

    
      	
              13.4

            	
              No
      release

            

    

     

    For
the avoidance of doubt it is hereby declared that failure by any Recovering Bank
to comply with the provisions of clause 13.3 shall not release any other
Recovering Bank from any of its obligations or liabilities under
clause 13.3.

     

    
      	
              13.5

            	
              No
      charge

            

    

     

    The
provisions of this clause 13 shall not, and shall not be construed so as
to, constitute a charge by a Bank over all or any part of a sum received or
recovered by it in the circumstances mentioned in clause 13.3.

     

    
      	
              13.6

            	
              Further
      assurance

            

    

     

    The
Borrower undertakes with the Creditors that the Security Documents shall both at
the date of execution and delivery thereof and so long as any moneys are owing
under any of the Security Documents be valid and binding obligations of the
respective parties thereto and rights of the Agent and the other Creditors
enforceable in accordance with their respective terms and that it will, at its
expense, execute, sign, perfect and do and will procure the execution, signing,
perfecting and doing by each of the other Security Parties of, any and every
such further assurance, document, act or thing as in the reasonable opinion of
the Agent may be necessary or desirable for perfecting the security contemplated
or constituted by the Security Documents.

     

    
      	
              13.7

            	
              Conflicts

            

    

     

    In
the event of any conflict between this Agreement and any of the other Borrower’s
Security Documents, the provisions of this Agreement shall prevail.

     

    
      	
               
      

            	
              14

            	
              Accounts

            

    

     

    
      	
              14.1

            	
              General

            

    

     

    The
Borrower undertakes with each Creditor that:

     

    
      	
              14.1.1

            	
              on
      or before the date of this Agreement, it will open the Operating Account
      and the Cash Collateral Account and on or before the date of the
      Supplemental Agreement, open the Overdraft
  Account;

            

    

     

    

    
      
        
           

        

        
          76

          
            

          

        

        
           

        

      

    

    

    
      	
              14.1.2

            	
              on
      or before the date of this Agreement, it will procure that the Aegean
      Bunkering will open the Manager’s Operating
  Account;

            

    

     

    
      	
              14.1.3

            	
              it
      will procure that all moneys payable to each Owner in respect of the
      Earnings of such Owner’s Ship shall, unless and until the Security Agent
      directs to the contrary pursuant to the provisions of the relevant General
      Assignment, be paid at all times to the Manager’s Operating Account;
      and

            

    

     

    
      	
              14.1.4

            	
              it
      will procure that all Receivables shall be paid at all times to the
      Operating Account.

            

    

     

    
      	
              14.2

            	
              Borrower’s
      Accounts: withdrawals

            

    

     

    The
Borrower shall not be entitled to withdraw moneys from any of its own Accounts
provided however that, unless and until a Default shall occur and the Agent
(acting on the instructions of the Majority Banks) shall direct to the
contrary:

     

    
      	
              14.2.1

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

            

    

     

    
      	
              14.2.2

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

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      make payments to the credit of the Cash Collateral Account;
      and

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      make payments to the Overdraft Account for the purpose of making payments
      due to the Ancillary Bank under the Ancillary Facility or otherwise with
      the prior written consent of the Agent;
and

            

    

     

    
      	
               
      

            	
              (d)

            	
              for
      any other purpose not expressly prohibited by the terms of this Agreement
      or the other Security Documents;
and

            

    

     

    
      	
              14.2.3

            	
              the
      Borrower may withdraw moneys from the Overdraft
  Account:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      make any payments owing to HSH Nordbank AG under this Agreement and the
      other Security Documents and in accordance with, and subject to, the terms
      of this Agreement and the other Security Documents;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              for
      any other purpose not expressly prohibited by the terms of this Agreement
      or the other Security Documents.

            

    

     

    
      	
              14.3

            	
              Interest

            

    

     

    Amounts
standing to the credit of each Account of the Borrower shall bear interest at
the rate (unless otherwise agreed between the Account Bank or, in the case of
the Overdraft Account, the Ancillary Bank and the Borrower) which is certified
by the Account Bank or, in the case of the Overdraft Account, the Ancillary Bank
to the Borrower to be the rate quoted by the Account Bank or (as the case may
be) the Ancillary Bank to its customers for deposits in the relevant account
currency or currencies for such period as the Account Bank or (as the case may
be) the

     

    

    
      
        
           

        

        
          77

          
            

          

        

        
           

        

      

    

    

    Ancillary
Bank may determine and in an amount comparable with the amount for the time
being standing to the credit of that Account, such interest to be credited to
such Account at the expiry of each such period of deposit and to accrue from day
to day and to be calculated on the basis of a three hundred and sixty (360) day
year and the actual number of days elapsed.

     

    
      	
              14.4

            	
              Set-off

            

    

     

    Without
in any way affecting the rights of the Creditors under clause 13.2, upon the
occurrence of a Default or at any time thereafter the Agent (acting on the
instructions of the Majority Banks)  shall be entitled (but not
obliged) to instruct the Account Bank or, if applicable, the Ancillary Bank to
set-off and apply all sums standing to the credit of any Account of the Borrower
and accrued interest (if any) thereon without notice to the Borrower in the
manner specified in clause 13.1.

     

    
      	
              14.5

            	
              Deductions

            

    

     

    The
Agent (acting on the instructions of the Majority Banks) shall be entitled (but
not obliged) at any time to instruct the Account Bank or, if applicable, the
Ancillary Bank to deduct from the balance for the time being standing to the
credit of any Account of the Borrower all other moneys which may fall due to be
paid to the Creditors or any of them under the terms of this Agreement and the
other Security Documents or otherwise howsoever in connection with the Aggregate
Liabilities.

     

    
      	
              14.6

            	
              Pledging
      of Accounts

            

    

     

    The
Accounts and all amounts from time to time standing to the credit thereof shall
be subject to the security constituted and the rights conferred by the Account
Pledges.

     

    
      	
              14.7

            	
              Illegality
      Security Accounts

            

    

     

    The
Agent shall, at such time as it considers appropriate or following a request by
a Bank (and the Agent is hereby irrevocably authorised by the Borrower to),
instruct the Account Bank to open in its books an Illegality Security Account in
relation to each L/C issued by that Bank, to which shall be credited all sums
required to be paid to the Account Bank under clause 12.1 for credit to the
Illegality Security Account for such L/C and the Borrower undertakes to execute
on demand by the Agent an Illegality Security Account Pledge for such
account.

     

    
      	
              14.8

            	
              Payments
      out of Illegality Security Accounts

            

    

     

    The
Agent shall (and it is hereby irrevocably authorised by the Borrower to)
instruct the Account Bank to pay to the relevant Bank that has issued a L/C and
debit to the Illegality Security Account for that L/C, on the date on which that
Bank makes any payment to the relevant Customer under that L/C, an amount equal
to the amount of such payment (or the amount standing to the credit of such
Illegality Security Account, if less).

     

    
      	
              14.9

            	
              Payments
      into Illegality Security Accounts

            

    

     

    Any
amount which the Borrower has paid to the Account Bank for credit to an
Illegality Security Account pursuant to clause 12.1 shall be applied solely in
or towards the discharge of the obligations of the Borrower which, but for such
payment, would have fallen to be satisfied by the relevant Bank that has issued
the L/C in respect of which the Borrower has paid that amount for credit to such
Illegality Security Account.

     

    

    
      
        
           

        

        
          78

          
            

          

        

        
           

        

      

    

    

    15   
   Assignment, transfer and lending office

     

    
      	
              15.1

            	
              Benefit
      and burden

            

    

     

    This
Agreement shall be binding upon, and enure for the benefit of, the Creditors and
the Borrower and their respective successors in title.

     

    
      	
              15.2

            	
              No
      assignment by Borrower

            

    

     

    The
Borrower may not assign or transfer any of its rights or obligations under this
Agreement.

     

    
      	
              15.3

            	
              Transfers
      by Banks

            

    

     

    Subject
to the prior written consent of the Arranger and the Agent (such consent not to
be unreasonably withheld), any Bank (the “Transferor Bank”) may at any
time cause all or any part of its rights, benefits and/or obligations under this
Agreement and the Security Documents to be transferred to any other bank or
financial institution (a “Transferee Bank”) by
delivering to the Agent a Transfer Certificate duly completed and duly executed
by the Transferor Bank and the Transferee Bank.  No such transfer is
binding on, or effective in relation to, the Borrower or the Agent unless (i) it
is effected or evidenced by a Transfer Certificate which complies with the
provisions of this clause 15.3 and is signed by or on behalf of the Transferor
Bank, the Transferee Bank and the Agent (on behalf of itself, the Borrower and
the other Creditors) and (ii) such transfer of rights under the other Security
Documents as the Agent or the Transferee Bank may deem necessary has been
effected and registered.  Upon signature of any such Transfer
Certificate by the Agent, which signature shall be effected as promptly as is
practicable after such Transfer Certificate has been delivered to the Agent, and
subject to the terms of such Transfer Certificate, such Transfer Certificate
shall have effect as set out below.

     

    The
following further provisions shall have effect in relation to any Transfer
Certificate:

     

    
      	
              15.3.1

            	
              a
      Transfer Certificate may be in respect of a Bank’s rights in respect of
      all, or part of, its rights and obligations under this Agreement but shall
      be in respect of the same proportion of its Commitment and Contribution in
      respect of both RC Facilities and the same proportion of participation in
      all Facilities (save to the extent necessary to give effect to the
      provisions of clauses 2.16.4(c) and/or (d) and clause
    2.16.5);

            

    

     

    
      	
              15.3.2

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

            

    

     

    
      	
              15.3.3

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Transferor Bank’s obligations are discharged to the extent specified in
      the Transfer Certificate;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Transferee Bank becomes a Bank with a Contribution, Commitment, Guarantee
      Facility Commitment and Percentage specified in the Transfer
      Certificate;

            

    

     

    

    
      
        
           

        

        
          79

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
               
      

            	
              (f)

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

            

    

     

    
      	
              15.3.4

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

            

    

     

    
      	
              15.3.5

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

            

    

     

    
      	
              15.4

            	
              Reliance
      on Transfer Certificate

            

    

     

    
      	
              15.4.1

            	
              The
      Agent shall be entitled to rely on any Transfer Certificate believed by it
      to be genuine and correct and to have been presented or signed by the
      persons by whom it purports to have been presented or signed, and shall
      not be liable to any of the parties to this Agreement and the Security
      Documents for the consequences of such
reliance.

            

    

     

    
      	
              15.4.2

            	
              The
      Agent shall at all times during the continuation of this Agreement
      maintain a register in which it shall record the name, Commitments,
      Contributions, Guarantee Facility Commitments, Percentages and
      administrative details (including the lending office) from time to time of
      the Banks holding a Transfer Certificate and the date at which the
      transfer referred to in such Transfer Certificate held by each Bank was
      transferred to such Bank, and the Agent shall make the said register
      available for inspection by any Bank or the Borrower during normal banking
      hours upon receipt by the Agent of reasonable prior notice requesting the
      Agent to do so.

            

    

     

    

    
      
        
           

        

        
          80

          
            

          

        

        
           

        

      

    

    

    
      	
              15.4.3

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

            

    

     

    
      	
              15.5

            	
              Transfer
      fees and expenses

            

    

     

    If
any Bank causes the transfer of all or any part of its rights, benefits and/or
obligations under the Security Documents, it shall pay to the Agent and/or the
Security Agent on demand all costs, fees and expenses (including, but not
limited to, legal fees and expenses), and all value added tax thereon, verified
by the Agent or, as the case may be, the Security Agent as having been incurred
by it or any other Creditor in connection with such transfer.

     

    
      	
              15.6

            	
              Documenting
      transfers

            

    

     

    If
any Bank assigns all or any part of its rights or transfers all or any part of
its rights, benefits and/or obligations as provided in clauses 15.3 and/or 2.16,
the Borrower undertakes, immediately on being requested to do so by the Agent
and at the cost of the Transferor Bank, to enter into, and procure that the
other Security Parties shall (at the cost of the relevant Transferor Bank) enter
into, such documents as may be necessary or desirable to transfer to the
Transferee Bank, all or the relevant part of such Bank’s interest in the
Security Documents and all relevant references in this Agreement to such Bank
shall thereafter be construed as a reference to the Transferor Bank and/or its
Transferee Bank (as the case may be) to the extent of their respective
interests.

     

    
      	
              15.7

            	
              Sub-participation

            

    

     

    A
Bank may sub-participate all or any part of its rights and/or obligations under
the Security Documents without the consent of, or notice to, the
Borrower.

     

    
      	
              15.8

            	
              Lending
      office

            

    

     

    Each
Bank shall lend through its office at the address specified in schedule 1
or, as the case may be, in any relevant Transfer Certificate or through any
other office of such Bank selected from time to time by it through which such
Bank wishes to lend for the purposes of this Agreement.  If the office
through which a Bank is lending is changed pursuant to this clause 15.8, such
Bank shall notify the Agent promptly of such change and the Agent shall notify
the Borrower, the Security Agent, the Account Bank and the other
Banks.

     

    
      	
              15.9

            	
              Disclosure
      of information

            

    

     

    A
Bank may (having obtained the consents required (if any) by clause 15.3)
disclose to a prospective Transferee Bank or to any other bank or financial
institution who may propose entering into contractual relations with such Bank
in relation to this Agreement such information about the Borrower or the other
Security Parties as such Bank shall consider appropriate.

     

    

    
      
        
           

        

        
          81

          
            

          

        

        
           

        

      

    

    

    16     
 Arranger, Agent, Security Agent and Reference Banks

     

    
      	
              16.1

            	
              Appointment
      of the Agent

            

    

     

    Each
Bank irrevocably appoints the Agent as its agent for the purposes of this
Agreement and such of the Security Documents to which it may be appropriate for
the Agent to be party. By virtue of such appointment, each of the Banks hereby
authorises the Agent:

     

    
      	
              16.1.1

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

            

    

     

    
      	
              16.1.2

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

            

    

     

    
      	
              16.2

            	
              Agent’s
      actions

            

    

     

    Any
action taken by the Agent under or in relation to this Agreement or any of the
other Security Documents whether with requisite authority or on the basis of
appropriate instructions, received from the Banks (or as otherwise duly
authorised) shall be binding on all the Banks.

     

    
      	
              16.3

            	
              Agent’s
      duties

            

    

     

    The Agent shall:

     

    
      	
              16.3.1

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

            

    

     

    
      	
              16.3.2

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

            

    

     

    
      	
              16.4

            	
              Agent’s
      rights

            

    

     

    The
Agent may:

     

    
      	
              16.4.1

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

            

    

     

    
      	
              16.4.2

            	
              unless
      and until it shall have received directions from the Majority Banks, take
      such action or, as the case may be, refrain from taking such action (or
      authorise the Security Agent to take or refrain from taking such action)
      in respect of a Default of which the Agent has actual knowledge as it
      shall deem advisable in the best interests of the Banks (but shall not be
      obliged to do so);

            

    

     

    
      	
              16.4.3

            	
              refrain
      from acting (or authorise the Security Agent to refrain from acting) in
      accordance with any instructions of the Banks to institute any legal
      proceedings arising out of or in connection with this Agreement or any of
      the other Security Documents until it and/or
the

            

    

     

    

    
      
        
           

        

        
          82

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              Security
      Agent has been indemnified and/or secured to its satisfaction against any
      and all costs, expenses or liabilities (including legal fees) which it
      would or might incur as a result;

            

    

     

    
      	
              16.4.4

            	
              deem
      and treat (i) each Bank as the person entitled to the benefit of the
      Contribution of such Bank and of any amounts owing to such Bank under
      clauses 2.10.2 and 4.1.1 for all purposes of this Agreement unless and
      until a notice shall have been filed with the Agent pursuant to clause
      15.3 and shall have become effective, and (ii) the office set opposite the
      name of each of the Banks in schedule 1 as such Bank’s lending office
      under this Agreement unless and until a written notice of change of
      lending office shall have been received by the Agent and the Agent may act
      upon any such notice unless and until the same is superseded by a further
      such notice;

            

    

     

    
      	
              16.4.5

            	
              rely
      as to matters of fact which might reasonably be expected to be within the
      knowledge of any Security Party upon a certificate signed by any director
      or officer of the relevant Security Party on behalf of the relevant
      Security Party; and

            

    

     

    
      	
              16.4.6

            	
              do
      anything which is in its opinion necessary or desirable to comply with any
      law or regulation in any
jurisdiction.

            

    

     

    
      	
              16.5

            	
              No
      liability of Arranger or Agent

            

    

     

    Neither
the Arranger nor the Agent (nor, in relation to clause 16.5.5 below the
Ancillary Bank) nor any of their respective employees and agents
shall:

     

    
      	
              16.5.1

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

            

    

     

    
      	
              16.5.2

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

            

    

     

    
      	
              16.5.3

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

            

    

     

    
      	
              16.5.4

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

            

    

     

    
      	
              16.5.5

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

            

    

     

    
      	
              16.5.6

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

            

    

     

    
      	
              16.5.7

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

            

    

     

    

    
      
        
           

        

        
          83

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              For
      the purposes of this clause 16, neither the Arranger nor the Agent
      shall be treated as having actual knowledge of any matter of which the
      corporate finance or any other division outside the agency or loan
      administration department of the Arranger or the person for the time being
      acting as the Agent may become aware in the context of corporate finance,
      advisory or lending activities from time to time undertaken by the
      Arranger or, as the case may be, the Agent for any Security Party or any
      other person which may be a trade competitor of any Security Party or may
      otherwise have commercial interests similar to those of any Security
      Party.

            

    

     

    
      	
              16.6

            	
              Non-reliance
      on Arranger or Agent

            

    

     

    Each
Bank acknowledges that it has not relied on any statement, opinion, forecast or
other representation made by the Arranger or the Agent to induce it to enter
into this Agreement or any of the other Security Documents and that it has made
and will continue to make, without reliance on the Arranger or the Agent and
based on such documents as it considers appropriate, its own appraisal of the
creditworthiness of the Security Parties and its own independent investigation
of the financial condition, prospects and affairs of the Security Parties in
connection with the making and continuation by such Bank of banking facilities
under this Agreement.  Neither the Arranger nor the Agent shall have
any duty or responsibility, either initially or on a continuing basis, to
provide any Bank with any credit or other information with respect to any
Security Party whether coming into its possession before the making of the Facilities
hereunder or the issuing of L/Cs, or at any time or times thereafter other than
as provided in clause 16.3.1.

     

    
      	
              16.7

            	
              No
      responsibility on Arranger or Agent for Borrower’s
    performance

            

    

     

    Neither
the Arranger nor the Agent shall have any responsibility or liability to any
Bank:

     

    
      	
              16.7.1

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

            

    

     

    
      	
              16.7.2

            	
              for
      the financial condition of any Security Party;
  or

            

    

     

    
      	
              16.7.3

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

            

    

     

    
      	
              16.7.4

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

            

    

     

    
      	
              16.7.5

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

            

    

     

    
      	
              16.7.6

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

            

    

     

    
      	
              16.7.7

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

            

    

     

    
      	
              16.7.8

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

            

    

     

    
      	
              16.7.9

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

            

    

     

    

    
      
        
           

        

        
          84

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              16.8

            	
              Reliance
      on documents and professional
advice

            

    

     

    Each
of the Arranger and the Agent shall be entitled to rely on any communication,
instrument or document believed by it to be genuine and correct and to have been
signed or sent by the proper person and shall be entitled to rely as to legal or
other professional matters on opinions and statements of any legal or other
professional advisers selected or approved by it (including those in the
Arranger’s or, as the case may be, the Agent’s employment).

     

    
      	
              16.9

            	
              Other
      dealings

            

    

     

    Each
of the Arranger, the Agent and the Ancillary Bank may, without any liability to
account to the Banks, accept deposits from, lend money to, and generally engage
in any kind of banking or other business with, and provide advisory or other
services to, any Security Party or any other member of the Group or any of the
Banks as if it were not the Arranger or, as the case may be, the
Agent.

     

    
      	
              16.10

            	
              Rights
      of Agent as Bank; no partnership

            

    

     

    With
respect to its own participation (if any) to the Facilities the Agent shall have
the same rights and powers under the Security Documents as any other Bank and
may exercise the same as though it were not performing the duties and functions
delegated to it under this Agreement and the term “Banks” shall, unless the
context clearly otherwise indicates, include the Agent in its individual
capacity as a Bank. This Agreement shall not and shall not be construed so as to
constitute a partnership between the parties or any of them.

     

    
      	
              16.11

            	
              Amendments
      and waivers

            

    

     

    
      	
              16.11.1

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    Any such action so authorised and effected by the Agent shall be
documented in such manner as the Agent shall (with the approval of the Majority
Banks) determine, shall be promptly notified to the Banks by the Agent and
(without prejudice to the generality of clause 16.2) shall be binding on the
Banks (and the other Creditors).

     

    
      	
              16.11.2

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

            

    

     

    

    
      
        
           

        

        
          85

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (a)

            	
              reduce
      the Margin or the commission payable under clause
  5.1.4;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              change
      the currency in which any amount is payable by any Security Party under
      any of the Security Documents;

            

    

     

    
      	
               
      

            	
              (d)

            	
              increase
      any Bank’s Commitment or Guarantee Facility Commitment or Percentage or
      the Applicable Guarantee Facility Limit, the Applicable RCF 1 Limit, the
      Applicable RCF 2 Limit, the GF Relevant Amount, the RCF 1 Relevant Amount,
      the Maximum Guarantee Facility Limit, the Maximum RCF 1 Limit or the
      Maximum RCF 2 Limit;

            

    

     

    
      	
               
      

            	
              (e)

            	
              extend
      the Final Maturity Date or the RBS Reduction
  Date;

            

    

     

    
      	
               
      

            	
              (f)

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

            

    

     

    
      	
               
      

            	
              (g)

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

            

    

     

    
      	
               
      

            	
              (h)

            	
              change
      this clause 16.11;

            

    

     

    
      	
               
      

            	
              (i)

            	
              change
      any of clauses 10.2, 2.18, 2.19 or
2.20;

            

    

     

    
      	
               
      

            	
              (j)

            	
              change
      clause 8.1.5 of this Agreement or clause 5.1.4 of the Corporate
      Guarantee;

            

    

     

    
      	
               
      

            	
              (k)

            	
              change
      the definitions of “Majority Banks”, “Tolerance Level”, “Outstandings” and “Outstanding Amount” in
      clause 1.2;

            

    

     

    
      	
               
      

            	
              (l)

            	
              change
      any provisions regarding the payment of cash collateral to the credit of
      the Cash Collateral Account or any Illegality Security Account;
      or

            

    

     

    
      	
               
      

            	
              (m)

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

            

    

     

    
      	
              16.11.3

            	
              An
      amendment or waiver which relates to the rights or obligations of the
      Agent, the Arranger, the Security Agent or the Ancillary Bank (each in
      their capacity as such) may not be effected without the consent of the
      Agent, the Arranger, the Security Agent or, as the case may be, the
      Ancillary Bank.

            

    

     

    
      	
              16.12

            	
              Reimbursement
      and indemnity by Banks

            

    

     

    Each
Bank shall reimburse the Agent (rateably in accordance with such Bank’s
Percentage), to the extent that the Agent is not reimbursed by the Borrower, for
the costs, charges and expenses incurred by the Agent which are expressed to be
payable by the Borrower under clause 5.1 including (in each case) the fees
and expenses of legal or other professional advisers. Each Bank shall on demand
indemnify the Agent (rateably in accordance with such Bank’s Percentage) against
all liabilities, damages, costs and claims whatsoever incurred by the Agent in
connection with any of the Security Documents or the performance of its duties
under any of the Security Documents or any action taken or omitted by the Agent
under any of the Security

     

    

    
      
        
           

        

        
          86

          
            

          

        

        
           

        

      

    

    

    Documents,
unless such liabilities, damages, costs or claims arise from the Agent’s own
gross negligence or wilful misconduct.

     

    
      	
              16.13

            	
              Retirement
      of Agent

            

    

     

    
      	
              16.13.1

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

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      Related Company of the Agent nominated by the Agent which the Banks hereby
      irrevocably and unconditionally agree to appoint or, failing such
      nomination,

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Bank nominated by the Majority Banks or, failing such a
      nomination,

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      reputable and experienced bank or financial institution nominated by the
      retiring Agent.

            

    

     

    Any
corporation into which the retiring Agent may be merged or converted or any
corporation with which the Agent may be consolidated or any corporation
resulting from any merger, conversion, amalgamation, consolidation or other
reorganisation to which the Agent shall be a party shall, to the extent
permitted by applicable law, be the successor Agent under this Agreement and the
other Security Documents without the execution or filing of any document or any
further act on the part of any of the parties to this Agreement and the other
Security Documents save that notice of any such merger, conversion,
amalgamation, consolidation or other reorganisation shall forthwith be given to
each Security Party and the Banks.  Prior to any such successor being
appointed, the Agent agrees to consult with the Borrower as to the identity of
the proposed successor and to take account of any reasonable objections which
the Borrower may raise to such successor being appointed.

     

    
      	
              16.13.2

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

            

    

     

    
      	
              16.14

            	
              Appointment
      and retirement of Security Agent

            

    

     

    
      	
              16.14.1

            	
              Appointment

            

    

     

    Each
of the Banks and the Agent irrevocably appoint the Security Agent as their
security agent and trustee for the purposes of this Agreement and the Security
Documents, in each case on the terms set out in this Agreement. By virtue of
such appointment, each of the Banks and the Agent hereby authorise the Security
Agent (whether or not by or through employees or agents) to take such action on
their behalf and to exercise such rights, remedies, powers and discretions as
are specifically delegated to the Security Agent by this Agreement and/or the
Security Documents, together with such powers and discretions as are reasonably
incidental thereto.

     

    

    
      
        
           

        

        
          87

          
            

          

        

        
           

        

      

    

    

    16.14.2   Retirement

     

    Without
prejudice to clause 16.13, the Security Agent may, having given to the Borrower
and each of the Banks not less than ninety (90) days’ notice of its intention to
do so, retire from its appointment as Security Agent under this Agreement and
any Trust Deed, provided that no such retirement shall take effect unless there
has been appointed by the Banks and the Agent as a successor security agent and
trustee:

     

    
      	
               
      

            	
              (a)

            	
              a
      Related Company of the Security Agent nominated by the Security Agent
      which the Banks hereby irrevocably and unconditionally agree to appoint
      or, failing such nomination,

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      bank or trust corporation nominated by the Majority Banks or, failing such
      a nomination,

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      bank or trust corporation nominated by the retiring Security
      Agent,

            

    

     

    and,
in any case, such successor security agent and trustee shall have duly accepted
such appointment by delivering to the Agent (i) written confirmation (in a form
acceptable to the Agent) of such acceptance agreeing to be bound by this
Agreement in the capacity of Security Agent as if it had been an original party
to this Agreement and (ii) a duly executed Trust Deed.

     

    Any
corporation into which the retiring Security Agent may be merged or converted or
any corporation with which the Security Agent may be consolidated or any
corporation resulting from any merger, conversion, amalgamation, consolidation
or other reorganisation to which the Security Agent shall be a party shall, to
the extent permitted by applicable law, be the successor Security Agent under
this Agreement, any Trust Deed and the other Security Documents without the
execution or filing of any document or any further act on the part of any of the
parties to this Agreement, any Trust Deed and the other Security Documents save
that notice of any such merger, conversion, amalgamation, consolidation or other
reorganisation shall forthwith be given to each Security Party and the
Banks.  Prior to any such successor being appointed, the Security
Agent agrees to consult with the Borrower as to the identity of the proposed
successor and to take account of any reasonable objections which the Borrower
may raise to such successor being appointed.

     

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

     

    
      	
              16.15

            	
              Powers
      and duties of the Security Agent

            

    

     

    
      	
              16.15.1

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    

    
      
        
           

        

        
          88

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (b)

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

            

    

     

    and,
in each and every case, to hold any and all security thereby created upon trust
for the other Creditors in the manner contemplated by this
Agreement.

     

    
      	
              16.15.2

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

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    Any such action so authorised and effected by the Security Agent shall
be promptly notified to the Banks and the Agent by the Security Agent and shall
be binding on the other Creditors.

     

    
      	
              16.15.3

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

            

    

     

    
      	
              16.15.4

            	
              The
      Security Agent shall (subject to the other provisions of this
      clause 16) take such action or, as the case may be, refrain from
      taking such action, with respect to any of its rights, powers and
      discretions as security agent and trustee, as the Agent may
      direct.  Subject as provided in the foregoing provisions of this
      clause, unless and until the Security Agent shall have received such
      instructions from the Agent, the Security Agent may, but shall not be
      obliged to, take (or refrain from taking) such action under or pursuant to
      the Security Documents referred to in clause 16.14 as the Security
      Agent shall deem advisable in the best interests of the Creditors provided
      that (for the avoidance of doubt), to the extent that this
      clause might otherwise be construed as authorising the Security Agent
      to take, or refrain from taking, any action of the nature referred to in
      clause 16.15.2 - and for which the prior consent of all the Banks is
      expressly required under clause 16.15.3 - clauses 16.15.2 and 16.15.3
      shall apply to the exclusion of this
clause.

            

    

     

    
      	
              16.15.5

            	
              None
      of the Banks nor the Agent shall have any independent power to enforce any
      of the Security Documents referred to in clause 16.15.1 or to
      exercise any rights, discretions or powers or to grant any consents or
      releases under or pursuant to such Security Documents or any of them or
      otherwise have direct recourse to the security and/or guarantees
      constituted by such Security Documents or any of them except through the
      Security Agent.

            

    

     

    
      	
              16.15.6

            	
              For
      the purpose of this clause 16, the Security Agent may rely, and act
      in reliance, upon any information from time to time furnished to the
      Security Agent by the Agent (whether pursuant to clause 16.15.7 or
      otherwise) unless and until the same is superseded by further such
      information, so that the Security Agent shall have no liability or
      responsibility to any party as a consequence of placing reliance on and
      acting in reliance upon any such information unless the Security Agent has
      actual knowledge that such information is inaccurate or
      incorrect.

            

    

     

    
      	
              16.15.7

            	
              Without
      prejudice to the foregoing each of the Agent and the Banks (whether
      directly or through the Agent) shall provide the Security Agent with such
      written information as it may reasonably require for the purpose of
      carrying out its duties and obligations under the Security Documents
      referred to in clause 16.15.1.

            

    

     

    

    
      
        
           

        

        
          89

          
            

          

        

        
           

        

      

    

    

    
      	
              16.16

            	
              Trust
      provisions

            

    

     

    
      	
              16.16.1

            	
              The
      trusts constituted or evidenced in or by this Agreement and the Trust Deed
      shall remain in full force and effect until whichever is the earlier
      of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      expiration of a period of eighty (80) years from the date of this
      Agreement; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              receipt
      by the Security Agent of confirmation in writing by the Agent that there
      is no longer outstanding any Indebtedness (actual or contingent) which is
      secured or guaranteed or otherwise assured by or under any of the Security
      Documents,

            

    

     

    and
the parties to this Agreement declare that the perpetuity period applicable to
this Agreement and the trusts declared by the Trust Deed shall for the purposes
of the Perpetuities and Accumulations Act 1964 be the period of eighty (80)
years from the date of this Agreement.

     

    
      	
              16.16.2

            	
              In
      its capacity as trustee in relation to the Security Documents specified in
      clause 16.15.1, the Security Agent shall, without prejudice to any of
      the powers, discretions and immunities conferred upon trustees by law (and
      to the extent not inconsistent with the provisions of any of those
      Security Documents), have all the same powers and discretions as a natural
      person acting as the beneficial owner of such property and/or as are
      conferred upon the Security Agent by any of those Security
      Documents.

            

    

     

    
      	
              16.16.3

            	
              It
      is expressly declared that, in its capacity as trustee in relation to the
      Security Documents specified in clause 16.15.1, the Security Agent
      shall be entitled to invest moneys forming part of the security and which,
      in the opinion of the Security Agent, may not be paid out promptly
      following receipt in the name or under the control of the Security Agent
      in any of the investments for the time being authorised by law for the
      investment by trustees of trust moneys or in any other property or
      investments whether similar to the aforesaid or not or by placing the same
      on deposit in the name or under the control of the Security Agent as the
      Security Agent may think fit without being under any duty to diversify its
      investments and the Security Agent may at any time vary or transpose any
      such property or investments for or into any others of a like nature and
      shall not be responsible for any loss due to depreciation in value or
      otherwise of such property or investments. Any investment of any part or
      all of the security may, at the discretion of the Security Agent, be made
      or retained in the names of
nominees.

            

    

     

    
      	
              16.17

            	
              Independent
      action by Creditors

            

    

     

    No
Creditor shall enforce, exercise any rights, remedies or powers or grant any
consents or releases under or pursuant to, or otherwise have a direct recourse
to the security and/or guarantees constituted by any of the Security Documents
without the prior written consent of the Majority Banks but, Provided such
consent has been obtained, it shall not be necessary for any other Creditor to
be joined as an additional party in any proceedings for this
purpose.

     

    
      	
              16.18

            	
              Common
      Agent and Security Agent

            

    

     

    The
Agent and the Security Agent have entered into the Security Documents in their
separate capacities (a) as agent for the Banks under and pursuant to this
Agreement (in the case of the Agent) and (b) as security agent and trustee for
the Banks and the Agent under and pursuant to this Agreement, to hold the
guarantees and/or security created by the Security Documents specified in
clause 16.15.1 on the terms set out in such Security Documents (in the case
of the Security Agent). However, from time to time the Agent and the Security
Agent may be the same entity. When the Agent and the Security Agent are the same
entity and any Security

     

    

    
      
        
           

        

        
          90

          
            

          

        

        
           

        

      

    

    

    Document
provides for the Agent to communicate with or provide instructions to the
Security Agent (and vice versa), it will not be necessary for there to be any
such formal communications or instructions on those occasions.

     

    
      	
              16.19

            	
              Co-operation
      to achieve agreed priorities of
application

            

    

     

    The
Banks and the Agent shall co-operate with each other and with the Security Agent
and any receiver under the Security Documents in realising the property and
assets subject to the Security Documents and in ensuring that the net proceeds
realised under the Security Documents after deduction of the expenses of
realisation are applied in accordance with clause 13.1.

     

    
      	
              16.20

            	
              Prompt
      distribution of proceeds

            

    

     

    Moneys
received by any of the Creditors (whether from a receiver or otherwise) pursuant
to the exercise of (or otherwise by virtue of the existence of) any rights and
powers under or pursuant to any of the Security Documents shall (after providing
for all costs, charges, expenses and liabilities and other payments ranking in
priority) be paid to the Agent for distribution (in the case of moneys so
received by any of the Creditors other than the Agent or the Security Agent) and
shall be distributed by the Agent or, as the case may be, the Security Agent (in
the case of moneys so received by the Agent or, as the case may be, the Security
Agent) in each case in accordance with clause 13.1.  The Agent
or, as the case may be, the Security Agent shall make each such application
and/or distribution as soon as is practicable after the relevant moneys are
received by, or otherwise become available to, the Agent or, as the case may be,
the Security Agent save that (without prejudice to any other provision contained
in any of the Security Documents) the Agent or, as the case may be, the Security
Agent (acting on the instructions of the Majority Banks) or any receiver may
credit any moneys received by it to a suspense account for so long and in such
manner as the Agent or such receiver may from time to time determine with a view
to preserving the rights of the Agent or, as the case may be, the Security Agent
and/or the Arranger and/or the Banks and/or the Account Bank or any of them to
provide for the whole of their respective claims against the Borrower or any
other person liable.

     

    
      	
               
      

            	
              17

            	
              Notices
      and other matters

            

    

     

    
      	
              17.1

            	
              Notices

            

    

     

    Every
notice, request, demand or other communication under this Agreement or (unless
otherwise provided therein) under any of the other Security Documents
shall:

     

    
      	
              17.1.1

            	
              be
      in writing delivered personally or by first-class prepaid letter (airmail
      if available) or facsimile transmission or other means of
      telecommunication in permanent written
form;

            

    

     

    
      	
              17.1.2

            	
              be
      deemed to have been received, subject as otherwise provided in the
      relevant Security Document, in the case of a letter, when delivered
      personally or five (5) days after it has been put in to the post and, in
      the case of a facsimile transmission or other means of telecommunication
      in permanent written form, at the time of despatch (provided that if the
      date of despatch is not a business day in the country of the addressee or
      if the time of despatch is after the close of business in the country of
      the addressee it shall be deemed to have been received at the opening of
      business on the next such business day);
and

            

    

     

    

    
      
        
           

        

        
          91

          
            

          

        

        
           

        

      

    

    

    
      	
              17.1.3

            	
              be
      sent:

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      to the Borrower at:

            

    

     

    c/o
Aegean Marine Petroleum S.A.

    42
Hatzikiriakou Street

    185
38 Piraeus

    Greece

     

    Fax
no:     +30 210 458 6243

    Attention:  Theodora
Papadogianni

     

    
      	
               
      

            	
              (b)

            	
              if
      to the Agent and/or the Account Bank and/or the Security Agent
      at:

            

    

     

    The
Royal Bank of Scotland plc

    Piraeus
Branch

    45
Akti Miaouli

    185
36 Piraeus

    Greece

     

    Fax
No:    +30 210 459 6600

    Attention:  Shipping
Department

     

    
      	
               
      

            	
              (c)

            	
              if
      to the Arranger at:

            

    

     

    HSH
Nordbank AG

    Gerhart-Hauptmann-Platz
50

    20095
Hamburg

    Germany

     

    Fax
No:     +49 40 3333 610100

    Attention:   Mr
Dirk Wahlers

     

    
      	
               
      

            	
              (d)

            	
              if
      to a Bank (including, where applicable, in its capacity as Ancillary
      Bank), to its address or fax number specified in schedule 1 or in any
      relevant Transfer Certificate,

            

    

     

    or,
in any case, to such other address and/or numbers as is notified by one party to
the other parties under this Agreement.

     

    
      	
              17.2

            	
              Notices
      through the Agent

            

    

     

    Every
notice, request, demand or other communication under this Agreement to be given
by the Borrower to any other party shall be given to the Agent for onward
transmission as appropriate and if such notice, request, demand or other
communication is to be given to the Borrower it shall (except if otherwise
provided in the Security Documents) be given through the Agent.

     

    
      	
              17.3

            	
              No
      implied waivers, remedies
cumulative

            

    

     

    No
failure or delay on the part of any Creditor to exercise any power, right or
remedy under any of the Security Documents shall operate as a waiver thereof,
nor shall any single or partial exercise by any Creditor of any power, right or
remedy preclude any other or further exercise thereof or the exercise of any
other power, right or remedy.  The remedies provided in the Security
Documents are cumulative and are not exclusive of any remedies provided by
law.

     

    

    
      
        
           

        

        
          92

          
            

          

        

        
           

        

      

    

    

    
      	
              17.4

            	
              English
      language

            

    

     

    
      	
               
      

            	
              All
      certificates, instruments and other documents to be delivered under or
      supplied in connection with any of the Security Documents shall be in the
      English language or shall be accompanied by a certified English
      translation upon which the Creditors shall be entitled to
      rely.

            

    

     

    
      	
               
      

            	
              18

            	
              Governing law and jurisdiction

            

    

     

    
      	
              18.1

            	
              Law

            

    

     

    This
Agreement is governed by, and shall be construed in accordance with, English
law.

     

    
      	
              18.2

            	
              Submission
      to jurisdiction

            

    

     

    The
Borrower agrees, for the benefit of each of the Creditors, that any legal action
or proceedings arising out of or in connection with this Agreement against the
Borrower or any of its assets may be brought in the English
courts.  The Borrower irrevocably and unconditionally submits to the
jurisdiction of such courts and irrevocably designates, appoints and empowers
Riches Consulting at present of Old Jarretts Farmhouse, Brantridge Lane,
Balcombe, West Sussex RH17 6JR, England to receive for it and on its behalf,
service of process issued out of the English courts in any such legal action or
proceedings.  The submission to such jurisdiction shall not (and shall
not be construed so as to) limit the right of any Creditor to take proceedings
against the Borrower in the courts of any other competent jurisdiction nor shall
the taking of proceedings in any one or more jurisdictions preclude the taking
of proceedings in any other jurisdiction, whether concurrently or
not.

     

    The
parties further agree that only the Courts of England and not those of any other
State shall have jurisdiction to determine any claim which the Borrower may have
against any Creditor arising out of or in connection with this
Agreement.

     

    
      	
              18.3

            	
              Contracts
      (Rights of Third Parties) Act 1999

            

    

     

    No
term of this Agreement is enforceable under the provisions of the Contracts
(Rights of Third Parties) Act 1999 by a person who is not a party to this
Agreement.

     

    IN WITNESS whereof the
parties to this Agreement have caused this Agreement to be duly executed on the
date first above written.

     

    

    
      
        
           

        

        
          93

          
            

          

        

        
           

        

      

    

    

     

    

     

    Schedule
3

    The
Owners and their Ships

    Part
A

    The
Owners

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    	 	 	
                                                                                            (1)

                                                                                            Owner

                                                                                          	
                                                                                            (2)

                                                                                            Country
      of Incorporation

                                                                                          	
                                                                                            (3)

                                                                                            Registered
      office

                                                                                          
	 	 	 	 	 
	 	16	 	
                                                                                            Aegean
      Daisy Maritime Company

                                                                                          	
                                                                                            Greece

                                                                                          	
                                                                                            44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                                                          
	 	 	 	 	 	 
	 	17	 	
                                                                                            Aegean
      Rose Maritime Company

                                                                                          	
                                                                                            Greece

                                                                                          	
                                                                                            44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                                                          
	 	 	 	 	 	 
	 	18	 	
                                                                                            Baltic
      Navigation Company

                                                                                          	
                                                                                            Marshall
      Islands

                                                                                          	
                                                                                            Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                                                          
	 	 	 	 	 	 
	 	19	 	
                                                                                            Carnaby
      Navigation Inc.

                                                                                          	
                                                                                            Liberia

                                                                                          	
                                                                                            80
      Broad Street, Monrovia, Republic of Liberia

                                                                                          
	 	 	 	 	 	 
	 	20	 	
                                                                                            Mare
      Vision S.A.

                                                                                          	
                                                                                            Marshall
      Islands

                                                                                          	
                                                                                            Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                                                          
	 	 	 	 	 	 
	 	21	 	
                                                                                            Aegean
      Tanking S.A.

                                                                                          	
                                                                                            Liberia

                                                                                          	
                                                                                            80
      Broad Street, Monrovia, Republic of Liberia

                                                                                          
	 	 	 	 	 	 
	 	22	 	
                                                                                            Ouranos
      Tanking S.A.

                                                                                          	
                                                                                            Liberia

                                                                                          	
                                                                                            80
      Broad Street, Monrovia, Liberia

                                                                                          
	 	 	 	 	 	 
	 	23	 	
                                                                                            Sea
      Breezer Marine S.A.

                                                                                          	
                                                                                            Marshall
      Islands

                                                                                          	
                                                                                            Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                                                          
	 	 	 	 	 	 
	 	24	 	
                                                                                            Aegean
      Breeze Maritime Company

                                                                                          	
                                                                                            Greece

                                                                                          	
                                                                                            44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                                                          
	 	 	 	 	 	 
	 	25	 	
                                                                                            Aegean
      Tiffany Maritime Company

                                                                                          	
                                                                                            Greece

                                                                                          	
                                                                                            44
      Hatzikiriakou Street, 185 38 Piraeus, Greece

                                                                                          
	 	 	 	 	 	 
	 	26	 	
                                                                                            Aegean
      X Maritime Inc.

                                                                                          	
                                                                                            Marshall
      Islands

                                                                                          	
                                                                                            Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                                                          
	 	 	 	 	 	 
	 	27	 	
                                                                                            Pontos
      Navigation Inc.

                                                                                          	
                                                                                            Marshall
      Islands

                                                                                          	
                                                                                            Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                                                                                          

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          94

          
            

          

        

        
           

        

      

    

    

     

    
      
        
          	
                	 	
                  (1)

                  Owner

                	
                  (2)

                  Country
      of Incorporation

                	
                  (3)

                  Registered
      office

                
	 	 	 	
                   

                	
                   

                	
                   

                

        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        	 	28	 	
                                Aegean
      Marine Petroleum LLC

                                (Collateral
      Owner A)

                              	
                                United
      Arab Emirates

                              	
                                P.O.
      Box 2688, Khorfakkan, Emirate of Sharjah, United Arab
    Emirates

                              
	 	 	 	 	 	 
	 	29	 	
                                Aegean
      Seven Maritime Inc. (Collateral Owner B)

                              	
                                Liberia

                              	
                                80
      Broad Street, Monrovia, Republic of Liberia

                              
	 	 	 	 	 	 
	 	30	 	
                                Venus
      Holding Company (Collateral Owner C)

                              	
                                Marshall
      Islands

                              	
                                Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960

                              

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          95

          
            

          

        

        
           

        

      

    

    

    

    Part
B

    The
Ships and their details

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	 	
                                                  (1)

                                                  Name/Hull
      Number

                                                	
                                                  (2)

                                                  Flag
      State

                                                	 	
                                                  (3)

                                                  IMO
      No.

                                                	 	
                                                  (4)

                                                  Owning
      Company

                                                
	 	16	 	
                                                  Aegean
      Daisy

                                                	
                                                  Hellenic
      Republic

                                                	 	 	7729007	 	
                                                  Aegean
      Daisy Maritime Company

                                                
	 	17	 	
                                                  Aegean
      Rose

                                                	
                                                  Hellenic
      Republic

                                                	 	 	7729019	 	
                                                  Aegean
      Rose Maritime Company

                                                
	 	18	 	
                                                  Aegean
      Force

                                                	
                                                  Liberia

                                                	 	 	8007080	 	
                                                  Baltic
      Navigation Company

                                                
	 	19	 	
                                                  Aegean
      Pride I

                                                	
                                                  Liberia

                                                	 	 	8027195	 	
                                                  Carnaby
      Navigation Inc.

                                                
	 	20	 	
                                                  Aegean
      XI

                                                	
                                                  Gibraltar

                                                	 	 	8411255	 	
                                                  Mare
      Vision S.A.

                                                
	 	21	 	
                                                  Fos

                                                	
                                                  Liberia

                                                	 	 	8033314	 	
                                                  Aegean
      Tanking S.A.

                                                
	 	22	 	
                                                  Ouranos

                                                	
                                                  Liberia

                                                	 	 	8138683	 	
                                                  Ouranos
      Tanking S.A.

                                                
	 	23	 	
                                                  Aegean
      Princess

                                                	
                                                  Liberia

                                                	 	 	8821759	 	
                                                  Sea
      Breezer Marine S.A.

                                                
	 	24	 	
                                                  Aegean
      Breeze I

                                                	
                                                  Hellenic
      Republic

                                                	 	 	9314466	 	
                                                  Aegean
      Breeze Maritime Company

                                                
	 	25	 	
                                                  Aegean
      Tiffany

                                                	
                                                  Hellenic
      Republic

                                                	 	 	9314478	 	
                                                  Aegean
      Tiffany Maritime Company

                                                
	 	26	 	
                                                  Aegean
      X

                                                	
                                                  Panama

                                                	 	 	8209664	 	
                                                  Aegean
      X Maritime Inc.

                                                
	 	27	 	
                                                  Leader

                                                	
                                                  Panama

                                                	 	 	8400000	 	
                                                  Pontos
      Navigation Inc.

                                                
	 	28	 	
                                                  Aegean
      Flower

                                                  (Collateral
      Ship A)

                                                	
                                                  United
      Arab Emirates

                                                	 	 	8978394	 	
                                                  Aegean
      Marine Petroleum LLC

                                                
	 	
                                                  29 

                                                	 	
                                                  Aegean VII

                                                  (Collateral
      Ship B)

                                                	 
      

                                                  Liberia

                                                	 	 	
                                                  8313544 

                                                	 	 
      

                                                  Aegean
      Seven Maritime Inc.

                                                
	 	30 	 	
                                                  Aegean IX 

                                                  (Collateral
      Ship C)

                                                	 Panama	 	 	
                                                  7402623 

                                                	 	 
      

                                                  Venus
      Holding
Company

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          96

          
            

          

        

        
           

        

      

    

     

    

    

     

    

    
      	
              EXECUTED as a DEED

            	
              )

            	 
      	 
      
	
              by

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      MARINE PETROLEUM NETWORK INC.

            	
              )

            	 
      	 
      
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:

            	 
      	 
      	 
      
	
              Address:

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED

            	
              )

            	 
      	 
      
	
              by

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	 
      
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:

            	 
      	 
      	 
      
	
              Address:

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    

    

    

    
      
        
           

        

        
          97

          
            

          

        

        
           

        

      

    

    

    

     

    Borrower

    

    
      	
              EXECUTED as a DEED

            	
              )

            	 
      	 
      
	
              by
      Y. KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      MARINE PETROLEUM NETWORK INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    Banks

    

    
      	
              SIGNED by F.
      BRATIMOS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	/s/
      F. BRATIMOS  
	
              as
      Bank

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    
      	
              SIGNED by T.
      ALMPANIDIS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              HSH
      NORDBANK AG

            	
              )

            	 
      	/s/
      T. ALMPANIDIS  
	
              as
      Bank

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    Agent

    

    
      	
              SIGNED by F.
      BRATIMOS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	/s/
      F. BRATIMOS  
	
              as
      Agent

            	
              )

            	 
      	
              Attorneys-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    Security
Agent

    

    
      	
              SIGNED by F.
      BRATIMOS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	/s/
      F. BRATIMOS  
	
              as
      Security Agent

            	
              )

            	 
      	
              Attorneys-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          98

          
            

          

        

        
           

        

      

    

    

    

    Account
Bank

    

    
      	
              SIGNED by F.
      BRATIMOS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	/s/
      F. BRATIMOS  
	
              as
      Account Bank

            	
              )

            	 
      	
              Attorneys-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    Issuing
Bank

    

    
      	
              SIGNED by F.
      BRATIMOS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              THE
      ROYAL BANK OF SCOTLAND PLC

            	
              )

            	 
      	/s/
      F. BRATIMOS  
	
              as
      Issuing Bank

            	
              )

            	 
      	
              Attorneys-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    Arranger

    

    
      	
              SIGNED by T.
      ALMPANIDIS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              HSH
      NORDBANK AG

            	
              )

            	 
      	/s/
      T. ALMPANIDIS  
	
              as
      Arranger

            	
              )

            	 
      	
              Attorney-in-Fact

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    Owners

    

    
      	
              EXECUTED as a DEED by A.
      MANITSAS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      DAISY MARITIME COMPANY

            	
              )

            	 
      	/s/
      A. MANITSAS  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          99

          
            

          

        

        
           

        

      

    

    

    

    
      	
              EXECUTED as a DEED by A.
      MANITSAS

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      ROSE MARITIME COMPANY

            	
              )

            	 
      	/s/ A. MANITSAS 
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              BALTIC
      NAVIGATION COMPANY

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          100

          
            

          

        

        
           

        

      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              CARNABY
      NAVIGATION INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              MARE
      VISION S.A.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      TANKING S.A.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    

    
      
        
           

        

        
          101

          
            

          

        

        
           

        

      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              OURANOS
      TANKING S.A.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              SEA
      BREEZER MARINE S.A.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      BREEZE MARITIME COMPANY

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      TIFFANY MARITIME COMPANY

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          102

          
            

          

        

        
           

        

      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      X MARITIME INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              PONTOS
      NAVIGATION INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      MARINE PETROLEUM LLC

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      SEVEN MARITIME INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          103

          
            

          

        

        
           

        

      

    

    

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              VENUS
      HOLDING COMPANY

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              as
      Owner

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              in
      the presence of:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    Manager

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      BUNKERING SERVICES INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              as
      Manager

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    New
Manager

    

    
      	
              EXECUTED as a DEED by
      K.KYRIAKOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      MANAGEMENT SERVICES M.C.

            	
              )

            	 
      	/s/
      K.KYRIAKOU  
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              as
      New Manager

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          104

          
            

          

        

        
           

        

      

    

    

    

    Corporate
Guarantor

    

    
      	
              EXECUTED as a DEED by Y.
      KOUMBIADOU

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AEGEAN
      MARINE PETROLEUM NETWORK INC.

            	
              )

            	 
      	/s/
      Y. KOUMBIADOU  
	
              in
      the presence of:

            	
              )

            	 
      	
              Attorney-in-Fact

            
	
              as
      Corporate Guarantor

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	/s/
      Anthi Kekatou  	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:
      Anthi Kekatou

            	 
      	 
      	 
      
	
              Address:
      Norton Rose LLP

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          105

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]