Charges

Security interests and charges registered against the company

9 Outstanding 8 Satisfied

Outstanding Charges

Deed of assignment #1

Outstanding

Created On: 21 Mar 1977

Delivered On: 7 Apr 1977

Persons Entitled:

Baron Murray Shipping Company Ltd

Particulars:

Company's right, title and interest in the M.V. "baron murray".

Secured Details:

All sums due by the glenmore shipping company

Financial agreement #5

Outstanding

Created On: 26 May 1977

Delivered On: 27 May 1977

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Owners right, title and interest in the construction of a motor vessel.

Secured Details:

£1,068,200 & all further moneys due, or to become due from the company to the chargee

Financial agreement #3

Outstanding

Created On: 26 May 1977

Delivered On: 27 May 1977

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Owners right, title and interest in the construction of a motor vessel.

Secured Details:

£1,089,900 & all further moneys due, or to become due from the company to the chargee

Deed of covenant #9

Outstanding

Created On: 14 Sept 1978

Delivered On: 21 Sept 1978

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

The mortgaged premises (being the ship, the insurances and earnings of the ship and requisition compensation as the defined in the said deed of covenant.

Secured Details:

£1,050,000 and all further moneys due, or to become due from the company to the chargee

Statutory mortgage #8

Outstanding

Created On: 14 Sept 1978

Delivered On: 21 Sept 1978

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Sixty-four sixty-fourth shares in the M.V. "swaabie" registered at the port of lerwick under official number 379501.

Secured Details:

All sums due or to become due

Delivery order #12

Outstanding

Created On: 25 Feb 1992

Delivered On: 12 Mar 1992

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Ferguson shipbuilders LTD ("builder") holds to the bank's order and at its disposal yard no 604 ("vessel") as she is constructed and all her engines and machinery and all materials from time to time appropriated to her or them whether in the building yard, workshop, river or elsewhere and has undertaken to deliver to or to the order of the bank the builders certificate and any other documents of title to the vessel.

Secured Details:

All sums due or to become due

Bond and assignation #15

Outstanding

Created On: 25 Feb 1992

Delivered On: 12 Mar 1992

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

The whole of the company's rights, interest and benefits (but not obligations) under the building contract between the charterer and ferguson shipbuilders LTD dated 290891 in respect of yard no 604 ("vessel").

Secured Details:

All sums due or to become due

Shipowners agreement #13

Outstanding

Created On: 25 Feb 1992

Delivered On: 12 Mar 1992

Persons Entitled:

The Secretary Of State For Trade & Industry

Particulars:

(A) any moneys which may be payable to the company in accordance with the terms of clauses 9.3 or 15.2 of the financial agreement dated 250292 (b) the vessel presently being constructed for the company by ferguson shipbuilders LTD known during construction as yard no 604.

Secured Details:

All sums due or to become due

Deed of covenant #17

Outstanding

Created On: 6 May 1993

Delivered On: 20 May 1993

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

All the company's rights title and interest and benifits in and under: (a) the M.V. "pharos" registered at the port of leith under official number 722458 ("vessel"); and (b) the earnings of the vessel and any compensation payable in respect of requisition for title or other compulsory acquisition of the vessel.

Secured Details:

£11,123,216 and all sums due or to become due

Satisfied Charges

Bond & assignation #4

Fully Satisfied

Created On: 13 May 1977

Satisfied On: 5 Jul 2006

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Owners right, title and interest in the construction of a motor vessel.

Bond & assignation #2

Fully Satisfied

Created On: 13 May 1977

Satisfied On: 5 Jul 2006

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Owners right, title and interest in the construction of a motor vessel.

Statutory mortgage #6

Fully Satisfied

Created On: 26 Apr 1978

Satisfied On: 5 Jul 2006

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

64 1/64TH shares in M.V. "seanechakker".

A registered charge #7

Fully Satisfied

Created On: 9 Jun 1978

Satisfied On: 5 Jul 2006

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

Ship insurance & earnings of ship.

Statutory mortgage #10

Fully Satisfied

Created On: 16 Jul 1980

Satisfied On: 10 Jul 1981

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

64/64TH shares in the M.V. "willowbank" regd. Nos 388473.

Deed of covenant #11

Fully Satisfied

Created On: 16 Jul 1980

Satisfied On: 4 Oct 1982

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

64/64TH shares in the M.V. "willowbank" regd. No. 388473.

First priority statutory mortgage #16

Fully Satisfied

Created On: 6 May 1993

Satisfied On: 13 Sept 2006

Persons Entitled:

The Royal Bank Of Scotland Plc

Particulars:

64/64 th shares of and in the M.V. "pharos" registered in the name of the company at the port of leith under official number 722458.

Share pledge and assignment agreement #19

Fully Satisfied

Created On: 27 Oct 1999

Satisfied On: 20 Nov 2007

Persons Entitled:

Gatx Capital Corporation

Particulars:

By ways of security for the payment and performance of its secured obligations, transfers, grants, conveys, hypothecates, pledges, sets over, and delivers to the pledgee, assigns by way of security to the pledgee and grants to the pledgee a security interest in all of the royal banks rights title and interest: please see microfiche for full details.