Document:

Exhibit 10.21

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 25th December 2005.

 

BETWEEN:

 

LEVERET
INTERNATIONAL INC., a Liberian Corporation of 80 Broad street, Monrovia,
Liberia (the “Lender”) and

SEA GLOBAL
S.A., and OCEAN DYNAMIC CORP., both of Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH96960, Marshall Islands (hereinafter the “Co-Borrowers”).

 

WHEREAS :

 

The
Co-Borrowers have requested the Lender to make available to them a short term
joint and several Loan facility of up to United States Dollars 4,100,000
(hereinafter called the “Facility”), which the Lender agreed to grant on the
following terms and conditions:

 

A.                                   TERMS OF FACILITY

 

a.                                       The
Lender hereby agrees to make available to the Co-Borrowers the Facility for the
purpose of

(i)                                     For
the purposes of financing the first installment due under the Shipbuilding
Contracts dated 3rd June 2005 as amended (the “Shipbuilding
Contracts”) made between each of the Co-Borrowers and Severnav S.A. (the ‘Builder’)
providing for the construction by the Builder for each of the Co-Borrowers of
one 2,400 DWT product tanker with RO-RO Facility for a contract price for each
vessel of Euro 6,835,000 and

(ii)                                  For
the purpose of financing the Co-Borrowers’ equity portion required to be placed
in a cash collateral account and related fees and expenses for the issuance of
Letters of Credit in favour of the Builder, guaranteeing the payment by the Co-Borrowers
of the 2nd, 3rd, 4th and 5th
installment under the above Shipbuilding Contracts.

b.                                      The
Facility will bear no interest at all.

c.                                       The
Co-Borrowers hereby acknowledge, state and confirm receipt of the Facility.

d.                                      The
Facility is repayable upon Lender’s first written demand for the repayment of
the Facility in part or in whole.

 

B.                                     REPRESENTATIONS AND WARRANTIES

 

The
Co-Borrowers hereby represent and warrant to the Lender, that:

 

a.                                       Each
of the Co-Borrowers is a company duly organized and validly existing and in
good standing under the laws of the Republic of Marshall Islands and has the
corporate authority to own/acquire assets and carry out its business and other
activities as they arc now or in the future going to be conducted.

b.                                      Each
of the Co-Borrowers has the power to enter into and perform this Agreement and
to authorize the execution of this Agreement and any other documents related
thereto.

 

 

c.                                       This
Agreement constitutes legally binding obligation of each of the Co-Borrowers
and is enforceable in accordance with its terms.

d.                                      Each
of the Co-Borrowers has the legal ability to undertake towards the Lender the
repayment of the Facility upon Lender’s first demand in whole or in par(s) in
foreign exchange in any part of the world and in Greece and has and/or will
have in Greece available funds of its own or through its .affiliate companies
or through further banking borrowing facilities in foreign exchange free and
not subject to ally mandatory assignment to the Bank of Greece, pursuant to any
provisions of any law, decision or regulation of any governmental body or other
regulatory authority and out of such funds the Co-Borrowers may without any
restrictions whatsoever effect payments to the Lender in connection with this
Agreement.

 

C.                                     LAW/JURISDICTION

 

a.                                       This
Agreement shall be governed and construed in all respects in accordance with the
laws of Greece.

b.                                      All
disputes under this Agreement including enforcement proceedings and the taking
of any conservative measures are submitted to the exclusive jurisdiction of the
Courts of Piraeus.

 

IN WITNESS
whereof these presents were issued the date first above written. 

 

	
  THE LENDER

  	
   

  	
  THE
  CO-BORROWERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Dimitrios
  Melisanidis

  	
   

  	
   

  	
  Apostolos
  Manitsas

  
	
   

  	
  Director

  	
   

  	
   

  	
  DirectorExhibit 10.22

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 12th December 2005.

 

BETWEEN:

 

LEVERET
INTERNATIONAL INC., a Liberian Corporation of 80 Broad street, Monrovia,
Liberia (the “Lender”) and

MYKONOS
MARITIME INC, NAXOS MARITIME INC, PAROS MARITIME INC, SANTORINI MARITIME INC,
SYROS MARITIME INC:, all of Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960, Marshall Islands (hereinafter the “Co-Borrowers”).

 

WHEREAS :

 

The
Co-Borrowers have requested the Lender to make available to them a short term
joint and several Loan facility of up to US$ 1,700,000.00 (hereinafter called
the “Facility”), which the Lender agreed to grant on the following terms and
conditions:

 

A.                                   TERMS OF FACILITY

 

a.                                       The
Lender hereby agrees to make available to the Co-Borrowers the Facility for the
purpose of financing the second installment due under five Shipbuilding
Contracts dated 6.2.2005 as amended by further addenda (the “Shipbuilding
Contracts”) made between each of the Co-Borrowers and Fujian Shipbuilding
Industry Group Corporation and Fujian Southeast Shipyard (collectively the ‘Builders’)
providing for the construction by the Builders for each of the Co-Borrowers of
one 3,500 DWT oil/product tanker for a contract price for each vessel of United
State Dollars Six Million Eight Hundred Thousand (US $ 6,800,000.00).

b.                                      The
Facility will bear no interest at all.

c.                                       The
Co-Borrowers hereby acknowledge, state and confirm receipt of the Facility.

d.                                      The
Facility is repayable upon Lender’s first written demand for the repayment of
the Facility in part or in whole.

 

B.                                     REPRESENTATIONS AND WARRANTIES

 

The
Co-Borrowers hereby represent and warrant to the Lender, that:

 

a.                                       Each
of the Co-Borrowers is a company duly organized and validly existing and in good
standing under the laws of the Republic of Marshall Islands and has the
corporate authority to own/acquire assets and carry out its business and other
activities as they arc now or in the future going to be conducted.

b.                                      Each
of the Co-Borrowers has the power to enter into and perform this Agreement and
to authorize the execution of this Agreement and any other documents related
thereto.

c.                                       This
Agreement constitutes legally binding obligation of each of the Co-Borrowers
and is enforceable in accordance with its terms.

 

 

d.                                      Each
of the Co-Borrowers has the legal ability to undertake towards the Lender the
repayment of the Facility upon Lender’s first demand in whole or in par(s) in
foreign exchange in any part of the world and in Greece and has and/or will
have in Greece available funds of its own or through its .affiliate companies
or through further banking borrowing facilities in foreign exchange free and
not subject to ally mandatory assignment to the Bank of Greece, pursuant to any
provisions of any law, decision or regulation of any governmental body or other
regulatory authority and out of such funds the Co-Borrowers may without any
restrictions whatsoever effect payments to the Lender in connection with this
Agreement.

 

C.                                     LAW/JURISDICTION

 

a.                                       This
Agreement shall be governed and construed in all respects in accordance with
the laws of Greece.

b.                                      All
disputes under this Agreement including enforcement proceedings and the taking
of any conservative measures are submitted to the exclusive jurisdiction of the
Courts of Piraeus.

 

IN WITNESS
whereof these presents were issued the date first above written. 

 

	
  THE LENDER

  	
   

  	
  THE
  CO-BORROWERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Dimitrios
  Melisanidis

  	
   

  	
   

  	
  Dimitrios
  Koutsoucos

  
	
   

  	
  Director

  	
   

  	
   

  	
  DirectorExhibit 10.23

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 13th December 2005.

 

BETWEEN:

 

1.                                       Leveret
International Inc., a Liberian Corporation of 80 Broad street, Monrovia,
Liberia (hereinafter the “Lender”).

 

2.                                       Mare
Vision S.A. of Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
MH96960, Marshall Islands (hereinafter the “Borrower”).

 

WHEREAS :

 

The Borrower
has requested the Lender to make available to it a short term financing of
USD 800,000 (Eight Hundred Thousand), (hereinafter called the “Facility”),
which the Lender agreed to grant on the following terms and conditions:

 

A.                                   TERMS OF FACILITY

 

a.                                       The
Lender makes available to the Borrower the Facility to be used for the finance
of the payment of the 10% deposit for the acquisition of the motor tanker “CHESS”,
IMO No.8411255 from Messrs Part Rederiet for M/T CHESS of Sweden as per
Memorandum of Agreement dated 12 December 2005. The Facility will bear no
interest at all.

b.                                      The
Borrower hereby acknowledges states and confirms receipt of the Facility.

c.                                       The
Facility is repayable upon Lender’s first written demand for the repayment of
the facility in part or in whole.

 

B.                                     REPRESENTATIONS AND WARRANTIES

 

The Borrower
hereby represents and warrants to the Lender, that:

 

a.                                       The
Borrower is a company duly organized and validly existing and in good standing
under the laws of the Republic of Marshall Islands and has the corporate
authority to own/acquire assets and carry out its business and other activities
as they are now or in the future going to be conducted.

b.                                      The
Borrower has the power to enter into and perform this Agreement and to
authorize the execution of this Agreement and any other documents related
thereto.

c.                                       This
Agreement constitutes legally binding obligation of the Borrower and is
enforceable in accordance with its terms.

d.                                      The
Borrower has the legal ability to undertake towards the Lender the repayment of
the Facility upon Lenders first demand in whole or in part(s) in foreign
exchange in any part of the world and in Greece and the Borrower has and/or
will have in Greece available funds of its own or through its affiliate
companies or tough further banking borrowing facilities in foreign exchange
free and not subject to any mandatory assignment to the Bank of Greece, pursuant
to any 

 

 

provisions of any law,
decision or regulation of any governmental body or other regulatory authority
and out of such funds the Borrower may without any restrictions whatsoever
effect payments to the Lender in connection with this Agreement.

 

C.                                     LAW/JURISDICTION

 

a.                                       This
Agreement shall be governed and construed in all respects in accordance with
the laws of Greece.

b.                                      All
disputes under this Agreement including enforcement proceedings and the taking
of an conservative measures are submitted to the exclusive jurisdiction of the
Courts of Piraeus.

 

IN WITNESS
whereof these presents were issued the date first above written.

 

	
  THE LENDER

  	
   

  	
  THE BORROWER

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Dimitrios
  Melisanidis

  	
   

  	
   

  	
  Apostolos
  Manitsas

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