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					b) Delivery of the certificates of the new construction according to the paragraph 1.5 page NO5 of the technical memory herewith has this contract with reference A.L.P.-05/0010 The payments will have to be carried out by means of transfers to the account indicates previously by the shipyard, the eight (8) working days quote being of rigour for effective sending of the funds, from the working day immediately following that of the reception of the communication mentions via fax. All the expenses of transfer and commissions on possible modification due to nonthe respect by the ship-owner of all that east indicates in the letter of credit will be with the account of this last. So that the full legal effectivity occurs corresponding to the clause of penalization envisaged in this contract. it is necessary that the Ship-owner respects - accurately the contents of his obligations, as well those agreed in their time as those assumed in this act, so that if it does not pay the sums on standby or had with the Shipyard in the intended deadlines with the preceding stipulations it would be completely inoperative in the granted sums. All the banking guarantees or downstreams to give by the Manufacturer to the Ship-owner will remain in force until the making of the act of delivery and acceptance of the boat, in accordance with the terms of the Contract of Construction and the models annexed to the Contract. At the time of the signature of the official report of delivery in front of the Maritime Captain of avriles - Asturies - Spain, the Ship-owner will turn over the banking guarantees to the moment of the signature of the aforesaid document of delivery. In the same way, the banking guarantees to give by the Ship-owner to the Manufacturer will be written according to the terms of the Contract and the model of Appendix 11 of the Contract, In the same way the letter of credit which the Ship-owner must give to the Manufacturer within the times indicated higher will be written according to the terms of the Contract and the model of the Appendix F of the Contract. validity of the credit on security which must be opened and deposited by lArmator being until the 09/09/06. In spite of what was indicated front. if for needs for financing of the Ship-owner, his financial organization imposed the obligation to him to modify the form of payment envisaged in the present clause and if the Ship-owner requested from the Shipyard the modification corresponding to the effect of this clause or another clause of this contract, the Shipyard will not be able to refuse provided that the modification does not imply increase in the costs for the Shipyard. a delay in the damage custom expiries by the Ship-owner or his bank, or a reduction with naval of the guarantees of payment currently granted by this Contract, the E not payments (A Chantier It is of course that the former provision is not applicable formal amendment of payment, not affecting neither the price nor the mandes of U payment. Page 5

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