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Shipbuilding Contract Hull No._____

ARTICLE II CONTRACT PRICE & TERMS OF PAYMENT

1. CONTRACT PRICE:

The purchase price of the VESSEL is United States Dollars ______________________________________________________

(US$ _____________), net receivable by the SELLER (hereinafter called the \provided in Article V hereof, and shall be subject to upward or downward adjustment, if any, as hereinafter set forth in this Contract.

2. CURRENCY:

Any and all payments by the BUYER to the SELLER under this Contract shall be made in United States Dollars.

3. TERMS OF PAYMENT:

The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:

(a) 1st Instalment:

The sum of United States Dollars ________________________

____________________________________ (US$ ____________), representing _______ percent (__%) of the Contract Price, shall become due and payable and be paid by the BUYER upon or before the date on which this Contract has become effective.

(b) 2nd Instalment:

The sum of United States Dollars _____________________

____________________________________ (US$ ____________), representing _______ percent (__%) of the Contract Price, shall become due and payable and be paid within three (3) New York business days after the cutting of the first steel plate of the VESSEL in the SELLER's workshop. The SELLER shall notify with a telefax or telex notice to the BUYER stating that the 1st steel plate has been cut in its workshop and demand for payment of this instalment.

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(c) 3rd Instalment:

The sum of United States Dollars _____________________

____________________________________ (US$ ____________), representing _______ percent (__%) of the Contract Price, shall become due and payable and be paid within three (3) New York business days after keel-laying of the first section of the VESSEL. The keel-laying shall be notified by the SELLER with a telefax or telex notice to the BUYER stating that the said keel-laying has been carried out. The SELLER shall send to the BUYER a telefax or telex demand for payment of this instalment.

(d) 4th Instalment:

The sum of United States Dollars _________________________

_____________ (US$ ____________), representing ___ percent (__%) of the Contract Price, shall become due and payable and be paid within three (3) New York business days after launching of the VESSEL. The launching of the VESSEL shall be notified by the SELLER with a telefax or telex notice to the BUYER stating that the launching of the VESSEL has been carried out. The SELLER shall send to the BUYER a telefax or telex demand for payment of this installment.

(e) 5th Installment (Payment upon Delivery of the VESSEL):

The sum of United States Dollars ______________________ ___________________________________ (US$ _____________), representing _____ ____ percent (__%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with provisions of the relevant Articles hereof, shall become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or telex demand for this installment ten (10) days prior to the scheduled date of delivery of the VESSEL.

4. METHOD OF PAYMENT:

(a) 1st Instalment:

The BUYER shall remit the amount of this installment in accordance with Article II, Paragraph 3 (a) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, N.Y. 10017, U.S.A. as receiving bank nominated by the SELLER, for credit to the account of

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(b) 2nd Instalment:

The BUYER shall remit the amount of this installment in accordance with

Article II, Paragraph 3(b) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, N.Y. 10017, U.S.A. as receiving bank nominated by the SELLER, for credit to the account of SELLER with Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China with SWIFT advice from Bank of China, New York Branch to Bank of China, Head Office, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least 10 days prior to the due date for payment.

(c) 3rd Installment:

The BUYER shall remit the amount of this installment in accordance with

Article II, Paragraph 3(c) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, N.Y. 10017, U.S.A. as receiving bank nominated by the SELLER, for credit to the account of SELLER with Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China with SWIFT advice from Bank of China, New York Branch to Bank of China, Head Office, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least 10 days prior to the due date for payment.

(d) 4th Installment:

The BUYER shall remit the amount of this installment in accordance with

Article II, Paragraph 3(d) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, N.Y. 10017, U.S.A. as receiving bank nominated by the SELLER, for credit to the account of SELLER with Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China with SWIFT advice from Bank of China, New York Branch to Bank of China, Head Office, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least 10 days prior to the due date for payment.

(e) 5th Installment (Payable upon delivery of the VESSEL):

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SELLER with Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China with SWIFT advice from Bank of China, New York Branch to Bank of China, Head Office.

Shipbuilding Contract Hull No._____

The BUYER shall, at least five (5) New York business days prior to the

scheduled date of delivery of the VESSEL, make an irrevocable cash deposit in the name of the BUYER with Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China, for a period of thirty (30) days and covering the amount of this installment (as adjusted in accordance with the provisions of this Contract), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said Bank of China, Head Office, Banking Department, Beijing, the People's Republic of China, of a copy of the Protocol of Delivery and Acceptance signed by the BUYER's authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.

If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid 30 days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the cash deposit in accordance with the same terms and conditions as set out above.

5. PREPAYMENT:

The BUYER shall have the right to make prepayment of any and all instalments before delivery of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.

6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY:

The BUYER shall, upon signing of this Contract, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee (“Payment Guarantee”) in the form annexed hereto as Exhibit \first class international bank (hereinafter called the \Guarantor\acceptable to Seller’s bank and the SELLER. This guarantee shall secure the Buyer's obligation for the payment of all 2nd, 3rd and 4th installments of the Contract Price.

7. REFUNDS

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