Common use of Timing and limitation of Advances Clause in Contracts

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five million five hundred thousand Dollars ($35,500,000); and (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices; (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up Advances, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven million one hundred thousand Dollars ($7,100,000); and (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche; (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Advance for the Ship relevant to such Tranche. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two million nine hundred and ninety two thousand Dollars ($2,992,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three hundred and forty thousand Dollars ($340,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight hundred and sixteen thousand Dollars ($816,000) and (ii) eighty per cent (80%) of the relevant instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One million twenty thousand Dollars ($1,020,000) and (ii) one hundred per cent (100%) of the. fourth instalment of the Contract Price for that Ship; and (d) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five million four hundred and forty thousand Dollars ($5,440,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of (i) One million two hundred and forty thousand Dollars ($1,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five Twenty six million five two hundred and fifty thousand Dollars ($35,500,00026,250,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices;; and (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iiic) Two million one hundred thousand the amount in Dollars equal to eighty per cent ($2,100,00080%) comprising of the Top-Up Advancesaggregate market values of the Ships as determined in accordance with schedule 3, Part 4, paragraph 19, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven Eight million one seven hundred and fifty thousand Dollars ($7,100,0008,750,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche;; and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iiic) Four hundred and twenty thousand the amount in Dollars equal to eighty per cent ($420,00080%) being of the Top-Up Advance for market value of the Ship relevant to such TrancheTranche as determined in accordance with schedule 3, Part 4, paragraph 19. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two Five million nine one hundred and ninety two seventy thousand Dollars ($2,992,0005,170,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three Four hundred and forty seventy thousand Dollars ($340,000470,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances Advance for a Ship shall not exceed the lower of (i) Eight Nine hundred and sixteen forty thousand Dollars ($816,000940,000) and (ii) eighty fifty per cent (8050%) of the relevant second instalment of the Contract Price for that Ship; (c) the third Contract Instalment Advance for a Ship shall not exceed the lower of (i) One million four hundred and ten thousand Dollars ($1,410,000) and (ii) seventy five per cent (75%) of the third instalment of the Contract Price for that Ship; (d) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One (i) Two million twenty three hundred and fifty thousand Dollars ($1,020,0002,350,000) and (ii) one hundred per cent (100%) of the. the fourth instalment of the Contract Price for that Ship; and (de) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders Builder of part of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four three hundred and forty eight fifty thousand Dollars ($2,448,0002,350,000); (ii) one hundred per cent (100%) of the fifth instalment of the Contract Price for that Ship; (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and; (iiiiv) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five Seven million four five hundred and forty twenty thousand Dollars ($5,440,0007,520,000); and (v) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of that Ship as determined in accordance with schedule 3, Part 4, paragraph 19; (b) shall be applied in or towards payment in full to the Builders of part Builder of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of of: (i) One million two hundred and forty thirty thousand Dollars ($1,240,000) and 1,230,000); (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; and (iii) the amount in Dollars which, when added to the aggregate of the Contract Instalment Advances and the Delivery Advance for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of such Ship as determined in accordance with schedule 3, Part 4, paragraph 19; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five Sixty four million five seven hundred and fifty thousand Dollars ($35,500,00064,750,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices;; and (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iiic) Two million one hundred thousand the amount in Dollars equal to eighty per cent ($2,100,00080%) comprising of the Top-Up Advancesaggregate market values of the Ships as determined in accordance with schedule 4, Part 4, paragraph 19, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven Nine million one two hundred and fifty thousand Dollars ($7,100,0009,250,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche;; and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iiic) Four hundred and twenty thousand the amount in Dollars equal to eighty per cent ($420,00080%) being of the Top-Up Advance for market value of the Ship relevant to such TrancheTranche as determined in accordance with schedule 4, Part 4, paragraph 19. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two Six million nine hundred and ninety two thousand Dollars ($2,992,0006,000,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three hundred and forty thousand One million Dollars ($340,0001,000,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight One million five hundred and sixteen thousand Dollars ($816,0001,500,000) and (ii) eighty seventy five per cent (8075%) of the relevant second or (as the case may be) third instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One (i) Two million twenty thousand Dollars ($1,020,0002,000,000) and (ii) one hundred per cent (100%) of the. the fourth instalment of the Contract Price for that Ship; and (d) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part Builder of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 6 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,0002,000,000); (ii) one hundred per cent (100%) of the fifth instalment of the Contract Price for that Ship; (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and; (iiiiv) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five Eight million four hundred and forty thousand Dollars ($5,440,0008,000,000); and (v) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of that Ship as determined in accordance with schedule 4, Part 4, paragraph 19; (b) shall be applied in or towards payment in full to the Builders of part Builder of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of of: (i) One million two hundred and forty fifty thousand Dollars ($1,240,000) and 1,250,000); (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; and (iii) the amount in Dollars which, when added to the aggregate of the Contract Instalment Advances and the Delivery Advance for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of such Ship as determined in accordance with schedule 4, Part 4, paragraph 19; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five million five hundred thousand Dollars ($35,500,000); and (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices; (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up Advances, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven million one hundred thousand Dollars ($7,100,000); and (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche; (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Advance for the Ship relevant to such Tranche. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two million nine hundred and ninety two thousand Dollars ($2,992,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three hundred and forty thousand Dollars ($340,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight hundred and sixteen thousand Dollars ($816,000) and (ii) eighty per cent (80%) of the relevant instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One million twenty thousand Dollars ($1,020,000) and (ii) one hundred per cent (100%) of the. the fourth instalment of the Contract Price for that Ship; and (d) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five million four hundred and forty thousand Dollars ($5,440,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of (i) One million two hundred and forty thousand Dollars ($1,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(112.5.6(d)(ii), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan all Advances shall not exceed the lesser of: (a) Thirty five million five hundred thousand Dollars ($35,500,000); and (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices; (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up Advances, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that AdvanceTotal Commitment. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven million one hundred thousand Dollars ($7,100,000); and (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche; (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Q Jake Advance for the Ship relevant to such Tranche. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two million nine hundred and ninety two thousand Dollars ($2,992,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (ia) Three Twenty five million two hundred and forty thousand Dollars ($340,00025,200,000) and (iib) sixty per cent (60%) of the Q Jake Contract Price and (c) sixty per cent (60%) of the market value of the Q Jake Ship determined in accordance with the valuation of the Q Jake Ship obtained pursuant to Part 2 of schedule 3. 2.5.3 The Q Ioanari Advance shall not exceed the lower of (a) Fifteen million nine hundred thousand Dollars ($15,900,000) and (b) forty per cent (40%) of the Q Ioanari Contract Price and (c) sixty per cent (60%) of the market value of the Q Ioanari Ship determined in accordance with the valuation of the Q Ioanari Ship obtained pursuant to Part 2 of schedule 3. 2.5.4 The Q Arion Advance shall not exceed the lower of (a) Nineteen million six hundred and nineteen thousand two hundred and fifty Dollars ($19,619,250) and (b) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower aggregate of (i) Eight hundred and sixteen thousand Dollars ($816,000) the Q Arion Contract Price and (ii) eighty the Additional Cost and (c) sixty per cent (80%) of the relevant instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One million twenty thousand Dollars ($1,020,000) and (ii) one hundred per cent (100%) of the. fourth instalment of the Contract Price for that Ship; and (d) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five million four hundred and forty thousand Dollars ($5,440,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of (i) One million two hundred and forty thousand Dollars ($1,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (7560%) of the market value of the relevant Q Arion Ship determined in accordance with the relevant valuation of the Q Arion Ship obtained pursuant to Part 2 of schedule 3, Part 6, paragraph 3; exceeds. 2.5.5 The Q Xxxx Advance shall not exceed the lower of (iia) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance Twelve million Dollars ($12,000,000) and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless fifty one per cent (51%) of the Q Xxxx Contract Instalment Advances, the Delivery Advance Price and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously fifty one per cent (51%) of the market value of the Q Xxxx Ship determined in accordance with the Delivery valuation of the Q Xxxx Ship obtained pursuant to Part 2 of schedule 3. 2.5.6 Each Advance for that Ship; (d) shall be applied (i) first, in or towards payment to made solely for the Builders purpose of financing part of the final instalment acquisition cost of the Contract Price for Ship relevant to such Advance pursuant to the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such paymentContract.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five Sixty four million five seven hundred and fifty thousand Dollars ($35,500,00064,750,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices;; and (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iiic) Two million one hundred thousand the amount in Dollars equal to eighty per cent ($2,100,00080%) comprising of the Top-Up Advancesaggregate market values of the Borrower Ships as determined in accordance with schedule 4, Part 4, paragraph 19, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven Nine million one two hundred and fifty thousand Dollars ($7,100,0009,250,000); and; (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Borrower Ship relevant to such Tranche;; and (ii) eighty per cent (80%) of the Additional Cost of the Borrower Ship relevant to such Tranche; and (iiic) Four hundred and twenty thousand the amount in Dollars equal to eighty per cent ($420,00080%) being of the Top-Up Advance for market value of the Borrower Ship relevant to such TrancheTranche as determined in accordance with schedule 4, Part 4, paragraph 19. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Borrower Ship shall not exceed Two Six million nine hundred and ninety two thousand Dollars ($2,992,0006,000,000) and: (a) the first Contract Instalment Advance for a Borrower Ship shall not exceed the lower of (i) Three hundred and forty thousand One million Dollars ($340,0001,000,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Borrower Ship; (b) each of the second and third Contract Instalment Advances for a Borrower Ship shall not exceed the lower of (i) Eight One million five hundred and sixteen thousand Dollars ($816,0001,500,000) and (ii) eighty seventy five per cent (8075%) of the relevant second or (as the case may be) third instalment of the Contract Price for that Borrower Ship; (c) the fourth Contract Instalment Advance for a Borrower Ship shall not exceed the lower of One (i) Two million twenty thousand Dollars ($1,020,0002,000,000) and (ii) one hundred per cent (100%) of the. the fourth instalment of the Contract Price for that Borrower Ship; and (d) each Contract Instalment Advance for a Borrower Ship: (i) shall be applied in or towards payment to the Builders of part Builder of the relevant instalment of the Contract Price for that Borrower Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 6 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000)2,000,000) minus, in the case of a Delivery Advance for a Delayed Ship only, the Relevant Amount for that Delivery Advance; (ii) one hundred per cent (100%) of the fifth instalment of the Contract Price for that Borrower Ship; (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Borrower Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Borrower Ship; and; (iiiiv) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Borrower Ship actually drawn down, will produce a total figure of Five Eight million four hundred and forty thousand Dollars ($5,440,0008,000,000); and (v) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Borrower Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of that Borrower Ship as determined in accordance with schedule 4, Part 4, paragraph 19; (b) shall be applied in or towards payment in full to the Builders of part Builder of the final instalment of the Contract Price for the relevant Borrower Ship; (c) shall be made on the Delivery Date of the relevant Borrower Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the BuildersBuilder, unless the relevant Borrower has already paid such instalment to the Builders Builder when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. For the purposes of this clause 2.5.4, "Relevant Amount" means, in relation to a Delivery Advance for a Delayed Ship, such amount as is equal to the number of Fixed Dates that have elapsed between 31 December 2009 and the Drawdown Date of such Delivery Advance, multiplied by $125,000. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of of: (i) One million two hundred and forty fifty thousand Dollars ($1,240,000) and 1,250,000); (ii) eighty per cent (80%) of the Additional Cost of the Borrower Ship relevant to such Additional Cost Advance; and (iii) the amount in Dollars which, when added to the aggregate of the Contract Instalment Advances and the Delivery Advance for the relevant Borrower Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the market value of such Borrower Ship as determined in accordance with schedule 4, Part 4, paragraph 19; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Borrower Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Borrower Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Borrower Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Borrower Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser of: (a) Thirty five million five hundred thousand Dollars ($35,500,000); and (b) the aggregate of: (i) eighty per cent (80%) of the aggregate of the Contract Prices; (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up Advances, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven million one hundred thousand Dollars ($7,100,000); and (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price of the Ship relevant to such Tranche; (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Advance for the Ship relevant to such Tranche. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two million nine hundred and ninety two thousand Dollars ($2,992,000) and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three hundred and forty thousand Dollars ($340,000) and (ii) fifty per cent (50%) of the first instalment of the Contract Price for that Ship; (b) each of the second and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight hundred and sixteen thousand Dollars ($816,000) and (ii) eighty per cent (80%) of the relevant instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of One million twenty thousand Dollars ($1,020,000) and (ii) one hundred per cent (100%) of the. the fourth instalment of the Contract Price for that Ship; and (d) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that Ship; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule Schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five million four hundred and forty thousand Dollars ($5,440,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of (i) One million two hundred and forty thousand Dollars ($1,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.

Timing and limitation of Advances. 2.5.1 The aggregate amount of the Loan shall not exceed the lesser lower of: (a) Thirty five eight million five eight hundred thousand Dollars ($35,500,00038,800,000); and (b) the aggregate of: (i) eighty Eighty per cent (80%) of the aggregate Construction Costs of all the Contract Prices; (ii) eighty per cent (80%) of the aggregate of the Additional Costs; and (iii) Two million one hundred thousand Dollars ($2,100,000) comprising the Top-Up AdvancesShips, and each Advance shall, subject to the following provisions of this clause 2.5, be for such amount as is specified in the Drawdown Notice for that Advance. 2.5.2 The aggregate amount of each Tranche shall not exceed the lower of: (a) Seven Nine million one seven hundred thousand Dollars ($7,100,0009,700,000); and (b) the aggregate of: (i) eighty per cent (80%) of the Contract Price Construction Cost of the Ship relevant to such Tranche; (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Tranche; and (iii) Four hundred and twenty thousand Dollars ($420,000) being the Top-Up Advance for the Ship relevant to such Tranche. 2.5.3 The aggregate amount of the four (4) Contract Instalment Advances for each Ship shall not exceed Two the lower of (1) Seven million nine six hundred and ninety two thousand Dollars ($2,992,0007,600,000) and (2) eighty per cent (80%) of the aggregate of the first four (4) instalments of the Contract Price for that Ship, and: (a) the first Contract Instalment Advance for a Ship shall not exceed the lower of (i) Three Two million five hundred and forty thousand Dollars ($340,0002,500,000) and (ii) fifty seventy nine per cent (5079%) of the first instalment of the Contract Price for that Ship; (b) each of the second second, the third and third Contract Instalment Advances for a Ship shall not exceed the lower of (i) Eight hundred and sixteen thousand Dollars ($816,000) and (ii) eighty per cent (80%) of the relevant instalment of the Contract Price for that Ship; (c) the fourth Contract Instalment Advance for a Ship shall not exceed the lower of (i) One million twenty seven hundred thousand Dollars ($1,020,0001,700,000) and (ii) one hundred eighty point two zero per cent (10080.20%) of the. fourth the instalment of the Contract Price for that ShipShip specified in the second column of schedule 5 opposite the relevant Contract Instalment Advance; and (dc) each Contract Instalment Advance for a Ship: (i) shall be applied in or towards payment to the Builders of part of the relevant instalment of the Contract Price for that ShipShip specified in the second column of schedule 5 opposite the relevant Contract Instalment Advance; (ii) shall be made when such instalment has become due and payable, as specified in more detail in the third column of schedule 5 opposite the relevant Contract Instalment Advance; and (iii) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Contract Instalment Advance shall be advanced to the Borrowers in refinancing of such paymentdirectly. 2.5.4 Each Delivery Advance: (a) shall not exceed the lower of: (i) Two million four hundred and forty eight thousand Dollars ($2,448,000); (ii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a figure equal to eighty per cent (80%) of the Contract Price for that Ship; and (iii) the amount in Dollars which, when added to the aggregate amount of the Contract Instalment Advances for the relevant Ship actually drawn down, will produce a total figure of Five million four hundred and forty thousand Dollars ($5,440,000); (b) shall be applied in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship; (c) shall be made on the Delivery Date of the relevant Ship when such final instalment has become due and payable; and (d) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such instalment to the Builders when it was due, in which case the relevant Delivery Advance shall be advanced to the Borrowers in refinancing of such payment. 2.5.5 Each Additional Cost Advance: (a) shall not exceed the lower of (i) One million two hundred and forty thousand Dollars ($1,240,000) and (ii) eighty per cent (80%) of the Additional Cost of the Ship relevant to such Additional Cost Advance; (b) may not be drawn down unless the Contract Instalment Advances and the Delivery Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; and (d) shall be applied in or towards payment to Iota of part of the Additional Cost for the relevant Ship and shall be paid by the Agent to Iota, unless the relevant Borrower has already paid the Additional Cost (or part thereof) for that Ship to Iota when it was due, in which case the relevant Additional Cost Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment. 2.5.6 Each Top-up Advance: (a) shall not exceed the lower of (A) Four hundred and twenty thousand Dollars ($420,000) and (B) the amount in Dollars by which: (i) a sum equal to seventy five per cent (75%) of the market value of the relevant Ship determined in accordance with the relevant valuation obtained pursuant to schedule 3, Part 6, paragraph 3; exceeds (ii) the total amount actually drawn down under the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for the Ship to which such Top-up Advance relates; (b) may not be drawn down unless the Contract Instalment Advances, the Delivery Advance and the Additional Cost Advance for that Ship have also been drawn down; (c) may only be drawn down simultaneously with the Delivery Advance for that Ship; (d) shall be applied (i) first, in or towards payment to the Builders of part of the final instalment of the Contract Price for the relevant Ship and (ii) secondly, as to its balance in refinancing of any other part of the Contract Price and the Additional Cost for that Ship previously paid by the relevant Borrower when it was due and not financed or refinanced by this Agreement; and (e) (except for the part of the relevant Top-up Advance referred to in paragraph 2.5.6(d)(11), which shall be paid by the Agent directly to the Borrowers) shall be paid by the Agent to the Builders, unless the relevant Borrower has already paid such final instalment to the Builders when it was due, in which case the relevant Top-up Advance (or part thereof) shall be advanced to the Borrowers in refinancing of such payment.