Purpose and Parties
$260,000,000 REVOLVING CREDIT FACILITY FOR THE FINANCING
OF UP TO 9 BULK CARRIERS
COMMITTED TERM SHEET
Set forth below is a summary of the main terms and conditions of the Facility (the “Committed Term
Sheet”). This Committed Term Sheet does not constitute a legally binding commitment on DVB
Bank AG or any of its affiliates or subsidiaries (the “Lender”) but contains only an outline of certain
terms and conditions which will, inter alia, be embodied in the Facility Documentation. The
execution (and registration where necessary) of the Facility Documentation in a form satisfactory to
the Lender is a condition precedent to the advancing of any monies. In the event that there is any
conflict between the provisions of this Committed Term Sheet and the provisions of the Facility
Documentation, the provisions of the Facility Documentation shall prevail.
This Committed Term Sheet replaces all previous issued term sheet(s), indicative or committed,
confirmed or not, and renders them null and void.
To provide part financing for the acquisition of the Security Vessels.
The facility package will comprise of 9 vessels, namely (a) 6 vessels which are to be purchased by
the Owners on or before the drawdown of this Facility (the “Owned Vessels”) , and (b) 3
timechartered-in vessels (the “Chartered Vessels”) with Purchase Options, as follows:
1. mv “Navios Gemini S”, a 68,636dwt Panamax bulk carrier built in 1994.
2. mv “Navios Libra II”, a 70,136dwt Panamax bulk carrier built in 1995.
3. mv “Navios Felicity”, a 73,867dwt Panamax bulk carrier built in 1997.
4. mv “Navios Alegria”, a 76,466dwt Panamax bulk carrier built in 2004.
5. mv “Navios Galaxy”, a 74,195dwt Panamax bulk carrier built in 2001.
6. mv “TBN”, a 180,000 Capesize bulk carrier under construction in Daewoo for delivery in June
2009. (the “Newbuildin