(12) Commitments and Contingencies At the time we acquire or divest of our interest in an equipment lease or other financing transaction, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our Manager believes that any liability of ours that may arise as a result of any such indemnification obligations will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. From November 2010 through March 2011, we, through our wholly-owned subsidiaries, sold four container vessels previously on bareboat charter to ZIM to unaffiliated third parties. During June 2011, we received notices from ZIM claiming it was allegedly owed various amounts for unpaid seller s credits in the aggregate amount of approximately $7,300,000. Our Manager believes any obligation to repay the seller s credits was extinguished when ZIM defaulted by failing to fulfill certain of its obligations und er the bareboat charters. On August 8, 2011, our Manager agreed to a three party arbitration panel to hear such claims. On April 19, 2012, ZIM filed arbitration claim submissions. On June 26, 2012, our Manager filed a defense and counterclaim. On February 21, 2014, the arbitration panel ruled that the seller s credits were forfeited by virtue of ZIM s default but that such forfeiture was not proved to be an accurate representation of genuine loss suffered from such default and thus, could not be enforced un der English law. Taking into consideration the arbitration panel s ruling, we accrued approximately $4,700,000 during the year ended December 31, 2013. We filed for the right to appeal the arbitration panel s ruling, which was denied on August 7, 2014. In light of such denial, we increased our accrual to approximately $5,523,000 during the three months ended September 30, 2014 . Our Manager is in the process of assessing our recourse with respect to this matter. During 2008, a joint venture owned 45% by us and 55% by Fund Twel