Fred. Olsen Limited

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£46,283.25 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

£44,500 DUE OR TO BECOME DUE FROM THE CO MPANY TO THE CHARGEE

THE AGGREGATE PRINCIPAL AMOUNT OF A LOAN NOT EXCEEDING US$32,500,000 DUE TO MIDL AND BANK PLC (THE "BANK") UNDER A LOAN F ACILITY AGREEMENT DATED 27TH JUNE 1997 M ADE BETWEEN (1) TRASSEY SHIPPING LIMITED (THE "BORROWER") AND (2) THE BANK AS LE NDER (THE "LOAN AGREEMENT"); THE AGGREGA TE PRINCIPAL AMOUNT OF A LOAN NOT EXCEED ING US$10,000,000 DUE TO THE BANK UNDER A LOAN AGREEMENT DATED 27TH JUNE 1997 AN D MADE BETWEEN FRED. OLSEN FINANCE LIMIT ED AND THE BANK (THE "REVOLVING CREDIT F ACILITY AGREEMENT"); ALL OTHER SUMS OF A NY NATURE INCLUDING COSTS (TOGETHER WITH ALL INTEREST ON ANY OF THOSE SUMS) WHIC H FROM TIME TO TIME MAY BE PAYABLE BY TH E BORROWER OR FRED. OLSEN FINANCE LIMITE D TO THE BANK PURSUANT TO THE SECURITY D OCUMENTS (AS DEFINED BELOW); ANY DAMAGES OR OTHER SUMS PAYABLE FOLLOWING A FINAL AND NON-APPEALABLE JUDGEMENT OF A COURT AS A RESULT OF ANY BREACH BY THE BORROW ER OF ANY OF THE SECURITY DOCUMENTS OR A S A RESULT OF ANY OF THE OBLIGATIONS OF THE BORROWER UNDER OR PURSUANT TO ANY OF THE SECURITY DOCUMENTS BEING DISCLAIMED BY A LIQUIDATOR OR ANY OTHER PERSON, OR , WHERE THE CONTEXT PERMITS, THE AMOUNT THEREOF FOR THE TIME BEING OUTSTANDING ( TOGETHER THE "INDEBTEDNESS")

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ALL DEBTS ARISING FROM A US$6,000,000 TE RM LOAN FACILITY MADE AVAILABLE BY THE C HARGEE TO THE COMPANY TOGETHER WITH INTE REST COSTS AND PENALTIES AS LAID DOWN IN THE FACILITY AGREEMENT BETWEEN THE BANK AND THE COMPANY SIGNED ON THE 17TH DECE MBER 1993 UP TO A TOTAL AMOUNT OF US$7,5 00,000 BEING THE PRINCIPAL AMOUNT OF US$ 6,000,000 AND AN ASSESSMENT OF INTEREST PENALTIES, COSTS AND ALL FURTHER SUMS PA YABLE OF US$1,500,000

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£1,788,938.80

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