Document:

Exhibit 10.24

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 19th December 2005.

 

BETWEEN:

 

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

 

2.                                       Carnaby
Navigation Inc. of 80 Broad Street, Monrovia, Liberia (hereinafter the “Borrower”).

 

WHEREAS :

 

The Borrower
has requested the Lender to make available to it a short term financing of
USD 6,700,000.00 (Six Million and Seven 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 “AEGEAN
PRIDE I”, IMO No.8027195 from Messrs BONAIRE SHIPHOLDING CO of Marshall Islands
as per Memorandum of Agreement dated 15 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 Liberia 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
  ManitsasExhibit 10.25

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 10th February 2006.

 

BETWEEN:

 

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

 

2.                                       Baltic
Navigation Company 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 670,000 (Six Hundred and Seventy 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 “TRAPPER”,
IMO No.8321321 from Messrs PARTREDERIET for M/T TRAPPER of Sweden as per
Memorandum of Agreement dated 8th February 2006. 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
  ManitsasExhibit 10.26

 

SHORT TERM
FINANCING AGREEMENT

 

THIS AGREEMENT
is made today: 23rd March 2006.

 

BETWEEN:

 

1.                                       Leveret
International Inc., a Liberian Corporation of 80 Broad street, Monrovia,
Liberia.

 

2.                                       Aegean
Bunkering Services Inc. of Ajeltake Road, Ajeltake Islands, 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 4,700,000.00 (Four Million Seven 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 working
capital purposes.

b.                                      The
Facility will bear no interest at all.

c.                                       The
Borrower hereby acknowledges, states and confirms 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 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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]