General Terms

of Gustav Ziegler Havarie- und Inkasso Bureau Hamburg GmbH

1. Inclusion of Terms

The Agreement entered into between the principal and Gustav Ziegler Havarie- und Inkasso Bureau Hamburg GmbH – the Contractor – is subject exclusively to these General Terms. The Contractor objects against the Principal’s general terms, if any. These General Terms apply also if the Contractor did not expressly object against the Principal’s general conditions. Also, these General Terms apply to all future agreements made between the Principal and the Contractor.

2. The Parties’ Duties

2.1 The Contractor’s duties are limited to rendering services. The Contractor does not owe a work or any other type of success. In particular, the Contractor is not responsible for the successful collection of outstanding debts. The Contractor maintains the statutory liability insurance required by Section 12 paragraph 1 No. 3 of the Act Concerning out of Court Legal Services (Rechtsdienstleistungsgesetz – RDG) in the amount of EUR 250.000 in respect of each case.

2.2 The Principal shall pay the agreed remuneration as well as the costs incurred by the Contractor in relation to the services rendered. These costs include, inter alia, the costs of the special representatives (below 4.) as well as legal costs, if any.

3. Power of Attorney

3.1. The Principal authorizes the Contractor to pursue the Principal’s claims against third parties subject of the agreed services. The Contractor is entitled to take all steps required and to act on behalf and in the name of the Principal if this is necessary to render the agreed services. In particular, the Contractor is entitled to accept declarations made by third parties and to accept funds on behalf of the Principal.

3.2. Upon the Contractor’s request, the Principal shall issue a document confirming the Contractor’s Power of Attorney.

4. Special Representatives

The Contractor is at any time entitled, in the interest of the Principal, to obtain assistance, in the Principal’s name, from both inland and foreign experts, translation offices, legal counsel, authorities, courts and other persons not employed by the Contractor (the Special Representatives), and to obtain information and any other type of support from them. In so far, the Contractor is solely under the obligation to choose and to instruct the Special Representatives with due diligence. A Contractor does not owe the services entrusted to the Special Representative. The costs in court for the Special Representatives’ services are born by the principal.

5. Indemnity

For the purpose of collecting a debt, the Contractor is authorized to agree, in case of a settlement, that the Principal will indemnify the debtor from all claims of other parties who raise corresponding claims. In case the Contractor is being held liable under the indemnity given in the name and on behalf of the Principal, the Principal will indemnify the Contractor on first demand.

6. Settlement of Accounts

6.1. When the agreed services are finalised, the Contractor will settle accounts with the Principal. The Contractor is entitled to deduct from any amount obtained from third parties on behalf of the Principal any amount due by the Principal in respect of remuneration and costs. Also, the Contractor is entitled at any time during the agreed services to claim a reimbursement of costs incurred from the Principal.

6.2. The Contractor is entitled to set-off his claims arising from services rendered from the Principal’s claim in respect of the agreed and other services.

7. The Contractor’s Liability

7.1. The Contractor is only responsible for damages arising from deliberate acts or gross negligence of the Contractor’s directors and senior executives (leitende Angestellte). This does not apply to a breach of principal contractual duties as well as personal injuries. The Contractor’s liability is excluded in respect of the damages which could not have been foreseen.

7.2. In any event, the Contractor’s liability is limited to the amount of the statutory liability insurance of EUR 250.000 in respect of each event.

7.3. If claims are raised by third parties against the Contractor in connection with the services rendered, irrespective of the basis of the claims, the Principal will indemnify the Contractor from all third party claims insofar as they exceed the Contractor’s liability as agreed in these General Terms.

7.4. These provisions also apply in favour of the Contractor as well as the Special Representatives involved by him.

8. Place of Fulfilment, Jurisdiction, Applicable Law

8.1. All mutual claims arising from and in connection with the Principal’s instructions shall be fulfilled in Hamburg. All disputes arising between the Principal and the Contractor shall be decided by the courts of Hamburg.

8.2. All legal issues rising between the Principal and the Contractor are subject to German law.