MAVERICK TUBE CORP
PROMISSORY NOTE
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>2
<FILENAME>c03285exv10w33.htm
<DESCRIPTION>PROMISSORY NOTE
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.33
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PAGAR&#201; BANCOLOMBIA (PANAM&#193;) S.A. EN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>D&#211;LARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pagar&#233; No.<BR>
(En adelante el &#147;Pagar&#233;&#148;)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Por: USD$50,000,000.oo</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A la tasa Libor a 180 dias vigente el 26 de agosto de</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2005 adicionada en 1.5%</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Vencimiento Final: Agosto 26 de 2006</B>
</DIV>

</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BANCOLOMBIA (PANAM&#193;) S.A. PROMISSORY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTE IN US DOLLARS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Promissory Note No. ___<BR>
(Hereinafter the &#147;Promissory Note&#148;)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>In the amount of USD$50,000,000.oo</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>At a rate of Libor 180&nbsp;days in force August&nbsp;26, 2005</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>plus a margin of 1.5%</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Expires: August&nbsp;26, 2006</B>
</DIV>

</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nosotros, <B>TUBOS DEL CARIBE LTDA. TUBOCARIBE LTDA. </B>(en adelante el &#147;Deudor&#148;), sociedad identificada
con Nit 800.011.987-3, con domicilio principal en el Muniscipio de Turbaco, constituida mediante
Escritora P&#250;blica No.&nbsp;5077 del 26 de Junio de 1987 otorgada en la Notaria 27 de Bogot&#225;, registrada
en la Cimara de Comercio de Bogot&#225; el 22 de Julio de 1987, representada en este acto por el Dr.
RAFAEL SIMON DEL CASTILLO TRUCCO, identificado con c&#233;dula de ciudadania No.&nbsp;79,155,962 de Usaqu&#233;n,
en su calidad de Representante legal &#151; Gerenic Principal del Deudor, seg&#250;n consta en el
certificado de existencia y representaci&#243;n legal expedida por la C&#225;mara de Comercio de Cartagena,
debidamente autorizado por la Junta Directiva del Deudor, seg&#250;n consta en el acta No.&nbsp;5 de Agosto
24 de 2005.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TUBOS DEL CARIBE LTDA. TUBOCARIBE LTDA.</B>(hereinafter the &#147;Debtor&#148;), a company identified with tax
identification number 800.011.987-3, with principal place of business in the city of Turbaco, duly
incorporated by means of Public Deed No.&nbsp;5077 dated June&nbsp;26, 1987 of Notary Public No.&nbsp;27 of the
city of Bogot&#225;, registered before the Chamber of Commerce of the city of Bogot&#225; on July&nbsp;22, 1987,
represented in this act by Mr.&nbsp;RAFAEL SIMON DEL CASTILLO TRUCCO, identified with citizenship card
No.&nbsp;79,155,962 issued in Usaqu&#233;n, in his capacity as Legal Representative &#151; General
Manager of the Debtor, as stated in the certificate issued by the Chamber of Commerce of Cartagena,
duly authorized by the Board of Directors of the Debtor, as shown in the minutes No.&nbsp;5 dated August
24, 2005.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">En virtud de este Pagar&#233; promentemos pagar incondicionalmente a la orden de <B>BANCOLOMBIA (PANAMA)
S.A.</B>, establicimeinto Bancario con domicilio principal en Panam&#225;, Rep&#250;blica de Panam&#225; (en adelante
 el &#147;Banco&#148;), o a quien represente sus derechos, en sus oficinas de Panam&#225;, Rep&#250;blica de
Panam&#225; o en las oficinas o sucursales de Bancolombia, S.A., a elecci&#243;n del Banco, la suma de
<B>CINCUENTA MILLONES CON 00/100 </B>d&#243;lares de los Estrados Unidos de Am&#233;rica (<B>USD$50,000,000.00</B>), que
hemos recibido del Banco a
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By virtue of this Promissory Note, Debtor promises to pay unconditionally to the order of
<B>BANCOLOMBIA (PANAMA)&nbsp;S.A.</B>, a banking entity with its main office in Panama, Republic of Panama
(hereinafter the &#147;Bank&#148;), or to who represents its rights, in its offices located in Panam&#225;,
Republic of Panam&#225; or in the offices of Bancolombia S.A., to the entire discretion of the Bank, the
amount of <B>FIFTY MILLION DOLLARS AND 00/100 </B><B>of the United States of America (USD$50,000,000.00)</B>
which we have received from the Bank as commercial
</DIV>
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<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">titulo de mutuo commercial con intereses. Pagaremos dicha suma en un plazo de <B>365 D&#205;AS </B>mediante <B>UNA</B>
cuota <B>AL VENCIMIENTO </B>de <B>CINCUENTA MILLONES CON 00/100 </B>d&#243;lares de los Estados Unidos de Am&#233;rica
<B>(USD$50,000,000.00)</B>, de amortizaci&#243;n a capital, de conformidad con el siguiente plan:
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">loan subject to interest. We will pay the mentioned amount in a term of <B>365 DAYS </B>in <B>ONE </B>installment
at the <B>END </B>of the term equivalent to <B>FIFTY MILLION DOLLARS AND 00/100 </B>of the United States of
America (<B>USD$50,000,000.00</B>) of capital amortization, according to this amortization plan:
</DIV>
</DIV>
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<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
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<TR valign="bottom">
    <TD nowrap align="left" valign="top"><B>CUOTA No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><B>FECHA DE VENCIMIENTO</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>VALOR USD</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Agosto 26 de 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">50,000,000.00</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TOTAL USD</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>50,000,000.00</B></TD>
</TR>
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</TABLE>
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</DIV>
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<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top"><B>INSTALLMENT No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><B>EXPIRATION DATE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>AMOUNT USD</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;26, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">50,000,000.00</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TOTAL USD</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>50,000,000.00</B></TD>
</TR>
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</TABLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reconoceremos durante el plazo intereses en d&#243;lares de los Estados Unidos de Am&#233;rica, a la tasa Libor
180 dias vigente el 26 de Agosto de 2005, intereses que ser&#225;n cancelados semestre vencido. En caso
de mora pagaremos, por cada d&#237;a de retardo, intereses liquidados a la tasa pactada para el plazo
adicionada en tres puntos porcentuales, (3.0%), pero sin que de ning&#243;n modo se exceda el m&#225;ximo
legal permitido que rija al momento de en cancelaci&#243;n, todo ello
sin perjuicio de los dereelios y
acciones que pueda tener el Banco para obtener el recaudo de la obligaci&#243;n.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recognize interest for the term in dollars of the United States of America at an interest rate
of Libor 180&nbsp;days in force August&nbsp;26, 2005, plus a margin of 1.5% which will be cancelled at the
end of every semester. In case of delayed payments, we will pay, for each day of delay, as daily
moratorium interest the above term rate plus three points percent (3.0%), but it shall not exceed
the maximum rate permitted by the existing regulations at the moment of payment, notwithstanding
the rights and claims that the Bank may have in order to obtain the payment of this obligation.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">El
incumplimiento o retardo en el pago de una cualquiera de las cuotas de amortizaci&#243;n a capital o
de los interestes, dar&#225; lugar a que el Banco declare vencida la obligaci&#243;n y exija el pago de la
totalidad de la deuda. Igualmente, es entendido que el Banco podra exigir el cumplimiento de la
obligaci&#243;n contenida en el presente Pagar&#233; en los siguientes easos: 1 &#151; Si los bienes del Deudor
son embargados o perseguidos por cualquier persona en ejercicio de cualquier acci&#243;n, siempre y
cuando el valor embargado o perseguido, de
manera individual o conjunta sen igual o superior a setenta y dos mil millones de pesos colombianos
($72,000,000,000.00). El revisor fiscal del Deudor deber&#225; certificar al Banco cada dos (2)&nbsp;meses
contados a partir de la fecha el de suscripci&#243;n de este Pagar&#233;, si los bienses del Deudor han sido
embargados o -------
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any default or delay in the payment of any of the amortization installments of principal amount or
interest will allow the Bank to declare due and payable the obligation and to demand the payment in
full of the debt. Additionally, it is understood that the Bank may demand the fulfillment of the
obligation contained in this Promissory Note in the following cases: 1 &#151; If the property of the
Debtor is seized or claimed by any third party in the course of any action, but only in the event
the amount seized or claimed, individually or cumulative, is equal to or higher than seventy two
billion Colombian pesos (72,000,000,000.00). The Debtor&#146;s Auditor shall certify the Bank, every two
(2)&nbsp;months from the date the debtor subscribes this Promissory Note, if the Debtor&#146;s assets are
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">perseguidos en eualquier acci&#243;n, y en caso afirmativo el monto total de los enismos. 2 &#151; En el
evento de disoluci&#243;n, liquidaci&#243;n o proceso concursal del Deudor.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">seized or claimed in the course of any action, and the amount in which the Debtor&#146;s property is
seized or claimed. 2. In the event the Debtor dissolves, liquidates or enters into a restructuring
process.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Seran de nuestro cargo los impuestos o grav&#225;menes que afecten la obligaci&#243;n bajo eualquier
jurisdicci&#243;n, de tal enanera que todos los pagos se har&#225;n libres de impuestos, retenciones,
deducci&#243;nes y dem&#225;s restricci&#243;nes, debiendo recibir siempre el Banco la suma aqui especificada, y
renunciamos en favor del Banco a los beneficios legales, presentes o futuros, que lleguen a
modificarla en su cuantia, exigibilidad o en cualquier otro concepto relaci&#243;nado con la promesa
incondici&#243;nal de pago que hacemos. El Banco queda autorizado para debitar todas las sumas de dinero
adeudadas, tales como capital, intereses, impuestos, costos y gastos de la cobranza prejudicial y
judicial, etc., de la cuenta corriente, de la cuenta de ahorros, de cualquier dep&#243;sito o suma de
dinero que exista a nuestro nombre o a nombre de alguno de nosotros en cualesquiera de sus oficinas
en el pais. Igualmente autorizamos irrevocablemente al Banco para ordenar a Bancolumbia S.A.,
debitar nuestras cuentas en Bancolombia S.A., y girar al Banco los fondos debitados para cancelar
la obigaci&#243;n en el exterior, lo que incluiria hacer las gestiones cambiarias pertinentes por cuenta
nuestra y a nuestro cargo. Renunciamos a la presentaci&#243;n de este Paragr&#233;, al protesto, al aviso de
que ha sido incumplido y a coalquier requerimiento futuro en caso de mora para hacer el pago y
ser&#225;n de nuestro cargo todos los costos razonables en que el Banco incurra en concecci&#243;n con el
cobro de este Pagar&#233;. Asi mismo, renunciamos al fuero de nuestro domiciolio, a efecto de lo cual
el Banco podra demandamos en cualquier jurisdicci&#243;n en donde el Deudor posea activios de cualquier
clase.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any tax or levy that may affect the obligations stated herein that may be imposed in any
jurisdiction will be on our account. Therefore, all payments will be made free from any tax,
withholdings, deduction or any other restriction, and the Bank shall receive the amount due and
specified in herein. In the benefit of the Bank, we resign to all current or future legal benefits
that may modify the amount, enforceability or any other concept related to the unconditionally
promise of payment we make hereto. The Bank is authorized to debit any outstanding amounts such as
principal, interest, taxes, charges and expenses related to the collection prior to or in legal
action of the debt, from our checking account, savings account, from any deposit or amount existing
under our names in any of the offices of the Bank located in the country. Additionally, we
irrevocably authorize the Bank to order Bancolombia S.A., to debit our accounts in Bancolumbia
S.A., and remit the debited funds to the Bank to cover the due and unpaid sums of money. In the
aforementioned event, we authorize the Bank and Bancolombia S.A. to make, subscribe and take into
effect any document that my be required by the proper exchange authorities. We waive the
presentation of this Promissory Note, protest, default notice and any other future notice related
to the Promissory Note in case of delay in the payment. All the reasonable expenses that the Bank
may incur in the collection of the Promissory Note
will be to our account. We resign to our domicile forum, and therefore the Bank may sue us in any
jurisdiction where the Debtor may have any assets of any kind.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">En caso de piepago, &#233;ste podr&#225; efectuarse previo aviso por escrito al Banco con no menos de quince
(15)&nbsp;dias calendario de ------------<BR>
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of prepayment, it must be notified to the Bank in writing at least fifteen (15)&nbsp;days prior
to the prepayment.
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">anticipaci&#243;n a la fecha en que se vaya a hacer el prepago. En el evento en que el prepago se
realice durante los seis (6)&nbsp;meses siguientes a la fecha del
desembolso del cr&#233;dito, reconoceremos
al Banco una comisi&#243;n de prepago de veinticinco (25)&nbsp;puntos bisicos sobre el valor prepagado.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event, the prepayment is done during the six months following the credit&#146;s disbursement
date, we shall recognize a prepayment commission equivalent to twenty five (25)&nbsp;basic points over
the prepaid amount.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">El Banco
podr&#225; ceder sus derechos derivados de este pagar&#233; asi como vender participaciones de sus
derechos derivados de este pagar&#233; a uno o m&#225;s bancos comericiales (un Participante) sin notificar
de este hecho al Deudor. El Banco queda autorizado para revelar a un potencial Participante
cualquier informaci&#243;n que posea relacionada con el Duedor de este Pagar&#233; y con las obligaci&#243;nes que
en el se contraen.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank may assign its rights derived from this Promissory Note as well as sell any participation
in the rights derived from this Promissory Note to one or more commercial banks (a Participant),
without any notice to the Debtor. The Bank is hereby authorized to reveal any information related
to the Debtor or to the obligations stated herein to any potential Participant.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">El Deudor
y su accionista mayoritario, Maverick Tube Corporation (en adelante
&#147;Maverick&#148;), se comprometen a no registrar o realizar un
cambio en la composici&#243;n accionaria del Deudor que conlleve a
que la participaci&#243;n accionaria de Maverick en el
Deudor, directa y/o indirecta, sea inferior al 80% de las acciones del Deudor (la &#147;Participaci&#243;n
Minima&#148;), sin contar con la autorizacin previa y escrita del Banco. El Deudor o Maverick
notificaran al Banco cualquier cambio en la participaci&#243;n accionaria de Maverick en el Deudor.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debtor and its majority shareholder, Maverick Tube Corporation (hereinafter &#147;Maverick&#148;),
promise not to register or implement any transaction that may change Maverick&#146;s current
participation in the Debtor&#146;s capital structure in such a way that it no longer remains as direct
or indirect shareholder of at least the eighty percent (80%) of the shares of the Debtor (the
&#147;Minimum Participation&#148;), without the previous written authorization of the Bank. The Debtor or
Maverick shall notify the Bank of any change in Maverick&#146;s ownership in the Debtor&#146;s shares.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">En el
evento en que la participaci&#243;n accionaria de Maverick en el Deudor sea inferior a la
Participaci&#243;n Minima el Banco podr&#225; declarer vencido el plaxo pendiente para el pago de los
prestamos y exigir el pago immediato de los saldos pendientes que incluyan capital, intereses y
demas gastos y costas de cobranza que genere el cobro de la presente obligaci&#243;n.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event Maverick&#146;s participation in the Debtor&#146;s capital structure diminishes below the
Minimum Participation, the Bank may declare expired from the term for payment of the loan, and
demand the immediate payment of the outstanding amounts including principal, interest and other
expenses and charges related to the collection of the amounts.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Este
Pagar&#233; se regir&#225; e interpretar&#225; por las leyes de la
Rep&#361;blica de Colombia. Este Pagar&#233; se
regir&#225; e interpretar&#225; para todos los efectos legales por la
versi&#243;n en
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Promissory Note will be subject to and will be construed pursuant to the laws of the Republic
of Columbia. This Promissory Note shall be subject to the
</DIV>
</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Espa&#241;ol. La traducci&#243;n en Ingl&#233;s se incluye &#250;nicamente pora efectos ilustrativos y facilidad de
entendimiento. En caso de caulquier discrepancia o inconsistencia entre ambas versiones, la versi&#243;n
en espa&#241;ol prevalecera.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spanish version and shall be interpreted according to the Spanish version. The English translation
is only for information purposes. In the event of a discrepancy between both versions, the Spanish
version shall prevail.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subscribimos este Pagar&#233; en Cartagena el dia 26 de Agosto de 2005 fecha en la cual lo hemos
entregado al Banco para hacerio negociable.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We subscribe this Promissory Note in Cartagena on August&nbsp;26, 2005, date on which we have
delivered the Promissory Note to the Bank in order to make it negotiable.
</DIV>
</DIV>
<BR clear="all"><BR>
<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuestra responsibilidad incondicional se extiende a todas las pr&#243;rrogas, renovaciones o
ampliaciones del palzo que el Banco otorgue a cualesquiera de nosotros y durante las cuales
continuar&#225; sin modificaci&#243;n alguna nuestra obligaci&#243;n de solucionar incondicionalmente las deudas
aqui contenidas, las cuales acceptamos expresamente desde la fecha. Los abonos parciales y/o pago
de intereses que se hagan a este Pagar&#233;, los registrar&#225; el Banco en otros documentos, ya scan manuals
o sistematizados.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our unconditional liability will cover any extensions of the term or any renewals granted by the
Bank during which our obligation of assuming unconditionally all the debts contained herein, which
we assume as of today, will remain unmodified. Partial payments and/or payment of interest related
to this Promissory Note shall be registered by the Bank in other documents, either manually or
through its information system.
</DIV>
</DIV>
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<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ RAFAEL DEL CASTILLO
</DIV>

</DIV>
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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maverick Tube Corporation<BR>
16401 Swingley Ridge Road, Ste 700<BR>
Chesterfield, MO 63017

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;25, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Messrs:<BR>
BANCOLOMBIA (PANAMA)&nbsp;S.A.<BR>
BANCOLOMBIA S.A.<BR>
Medellin

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By means of this document, JOYCE M. SCHULDT, of legal age, domiciled in The United States of
America, identified with passport No.&nbsp;202.442.958 and dully authorized to act in representation of
Maverick Tube Corporation, a company duly incorporated under the laws of the State of Delaware
states that acknowledges and accepts the covenant inserted in the Promissory Note in the amount of
Fifty Million Dollars of the United States of America (USD$50,000,000.oo) dated August&nbsp;26, 2005 and
signed by TUBOS DEL CARIBE Ltda. Tubocaribe Ltda., for the benefit of BANCOLOMBIA (PANAMA)&nbsp;S.A.
(the &#147;Bank&#148;), with an expiration date of August&nbsp;26, 2006 (the &#147;Expiration Date&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such covenant states the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Debtor and its majority shareholder, Maverick Tube Corporation (hereinafter &#147;Maverick&#148;),
promise not to register or implement any transaction that may change Maverick&#146;s current
participation in the Debtor&#146;s capital structure in such a way that it no longer remains as direct
or indirect shareholder of at least the eighty percent (80%) of the shares of the Debtor (the
&#147;Minimum Participation&#148;), without the previous written authorization of the Bank. The Debtor or
Maverick shall notify the Bank of any change in Maverick&#146;s ownership in the Debtor&#146;s shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event Maverick&#146;s participation in the Debtor&#146;s capital structure diminishes below the
Minimum Participation, the Bank may declare expired the term for payment of the loan, and demand
the immediate payment of the outstanding amounts including principal, interest and other expenses
and charges related to the collection of the amounts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Best regards,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Joyce M. Schuldt
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JOYCE M. SCHULDT<BR>
SVP &#151; Finance, Chief Financial Officer &#038; Secretary<BR>
MAVERICK TUBE CORPORATION
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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