MEMORANDUM OF AGREEMENT. ships Adopted by The Baltic and International Maritime Council(BlMCO) in 1956 Dated: Code-name SALEFORM 1993 [ Revised 1966, 1983 and GOLDIE NAVIGATION LTD — MARSHALL ISLANDS hereinafter called the Sellers, have agreed to...
| MEMORANDUM OF AGREEMENT. |
| ships Adopted by The Baltic and International Maritime Council(BlMCO) in 1956 Dated: Code-name SALEFORM 1993 |
| [ Revised 1966, 1983 and |
| ▇▇▇▇▇▇ NAVIGATION LTD — ▇▇▇▇▇▇▇▇ ISLANDS hereinafter called the Sellers, have agreed to sell, and |
| SEANERGY MARITIME CORP. of ▇▇▇▇▇▇▇▇ Islands or Guaranteed nominee 1 |
| hereinafter called the Buyers, have agreed to buy 2 |
| Name: AFRICAN ZEBRA 3 |
| Classification Society/Class: Bureau Veritas 08041S 4 Built: 1985 By: CSBC TAIWAN 5 |
| Flag: BAHAMAS Place of Registration: NASSAU 6 |
| Call Sign: C6UE7 Grt/Nrt: 23,207mt / 12,963 mt 7 |
| Register Number: 8000937 8 |
| hereinafter called the Vessel, on the following terms and conditions: 9 |
| Definitions 10 |
| “Banking days” are days on which banks are open both in the country of the currency 11 |
| stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. 12 |
| “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, 13 |
| a registered letter, telex, telefax or other modern form of written communication. 14 |
| “Classification Society” or “Class” means the Society referred to in line 4. 15 |
| “Master Agreement” means a master agreement of even date herewith made by and among, inter ▇▇▇▇▇, the Seanergy and the Sellers. |
| “Shareholder Approval” has the meaning set forth in the Master Agreement. “Effective Date” means the date of issuance of the Shareholder Approval. |
| “Seanergy” means Seanergy Maritime Corporation of ▇▇▇▇▇▇▇▇ Islands, being the parent company of the Company to be nominated as buyer of the Vessel and of the buying companies of the other Vessels referred to in Clause 17. |
| 1. Purchase Price 16 USD 34,500,000 cash (Thirty four million five hundred United States Dollars) only. |
| 2. Deposit 17 |
| As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 20% 18 |
| (twenty per cent} of the Purchase Price as per Clause 17 . witeifi-3-(three)) banking-days from the -date of this Agreement by both parties. This deposit shall be placed with FBB — First Business Bank, 62 INotara & ▇▇▇▇▇▇▇ Dios Str, Piraeus, Greece. Phone: + ▇▇ ▇▇▇ ▇▇ ▇▇ ▇▇▇, Fax : + ▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇, 20 |
| and held by them in a joint account between Sellers and the Buyers ___:, |
| to be released in accordance with joint written instructions of the Sellers and the Buyers, The Buyers to produce all documents required for the opening of the joint account. Interest, if any, to be credited to the 22 |
| underwater damage, if any, impose condition/recommendation of class. The decision of class as to whether underwater damage, if any, imposes a condition and/or recommendation of class shall be final and binding for both parties. Notice of Readiness not to be tendered prior completion of the underwater inspection. |
| If damage affecting class found, that does not necessitate immediate docking. ▇▇▇▇▇▇ and Sellers authorised representatives to meet to try to agree a compensation amount for Buyers taking over the vessel with such damages, it cannot agree, repair quotes to be obtained From two reputable repair yards nearest to the delivery port, one yard to be chosen by each party, with compensation amount to be the average of the two repair quotes. |
| (iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry- |
| docking facilities are available at the port of delivery, the Sellers shall take the Vessel |
| to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5 b) Once drydocking has taken place the Sellers shall deliver 11 the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the |
| purpose of this Clause, become the new port of delivery. In such event the cancelling date provided for in Clause 5 b) shall be ectended by the additional time required tor the drydocking and extra steaming, but limited to a maximum of 14 running days. |
| C) if the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above |
| (i) the Classification Society may require survey of the taitshaft system, the extent of the suruey being to the satisfaction of the Classification surveyor. If Such survey is not required by the Classification Society, the Buyers shall have the right to require the tailshaft 11 to be drawn and surveyed by by the Classifaication Society, the extent of the survey being in accordance withe the Classification accordance with the Classfication Society’s rules for taishaft survey and consistent and with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the \tailshaft to be drawn and surveyed not later than by the completion of the |
| inspection by the Classification Socitey the drawing and refitting of the tailshaft shall be
123 arranged by the Sellers. Should any parts of the tailshaft System be condemned or found 124 |
| defective so as to affect the Vessel’s class, those parts shall be renewed or made good at condition/recommendation.* the sellers expense to the satisfaction of the Classification Society without 128 |
| (ii) the expenses relating to the survey of the tailshaft system shall be bome by the Buyers unless the Classification Society requires such survey to be earned out, in which case the Sellers shall pay these enpenses. The Sellers shall also pay the expenses 130 if the Buyers require the survey and parts of the system are condemned or found defective or broken so to affect the Vessels class.* |
| (iii) the expenses in connection with putting the Vessel in and taking her out of 133 drydock, including the drydock dues and the Classification Society fees shall be paid by 134 the seller if the Classifiation Socirty issues any condition/recommendation*as a result of the survey or if it requires survey of the tailshaft system. In all other cases the Buyers 136 shall pay the aforesaid ecpenses, dues and fees. (iv) the Buyers representative shall have the right to be present in the drydock. but without interfering with the work, or docisions of the Classification surveyor |
| (v) the Buyers shall have the right to have the underwater part of the Vesael 1*0 |
| cleaned and painted at their risk and expense without interfering with the Sellers ‘ or the Classifaiction surveyor’s wort, if any, and wilhOulaneclitig The Vessel’s brie 142 |
| however the Buyers’ work in drydock is still In progress when the Seller have 143 |
| completed the work which the Sellers are required to do, tha additionall docking time 144 |
| needed to complete the Buyers work shall be far the buyers risk end: expense in the event 145 |
| that the Buyers’ worK requires such additional time. The Sellers may upon compeletion of the 146 Sellenj- work lender Notice of Readiness for delivery whilst the Vessel is still In drydock |
| and The Buyera shall be obliged to take delivery in accordence with ▇▇▇▇▇▇ 3. wheathe- 1 *6 the Vessel is in drydock or not and irrespective of Clause 5 b). |
| * Notes, if any. In the surveypr’s . report which are accepted by the Classification Society |
| without condition/recommendation are not to be taken into account |
| aepuprcents jg sjdn aE-DDsr;bla f!flfl*-ihf—diite flf 1h»? Agn9trr*nK— |
| All the time cf dalivery tfie Buyers and 5allc*S Sllnir i*gn ar.rj tfeliuer to each other a PfrfidflWl of Delivery and Acceptance- Donfirrping the date and I’TO 01 ^livery of the Vessel ftomtto SoSda (0 Die Buy-ens |
| Al the time oJ delivery We Seders shell hand to Iho BuyOn; l’-r dftss-ficetton Dertilicatei.Ej as xrtll as £1 £00 PlanE/dravfln^.’inainicbDnrjDrihB nSartivc b main injme pnd auidiErieaSOPEP^ublicaliCini as <?n board dc., which are dh board ttie vshq! Ohr’ cftrlifir^»|^ which are on bDanl the Vesstl Z01 thai: also be handed nwr laihe Buyera unksi Bw £el|era ?re requJred In rEtain saint, m which cbs* the ▇▇▇▇▇▇ to have rT« iiphl lo tube CO(ii«S A:: other lechnicel dDcumenUlmr &-.? plans Etc astnre which may iC I ba in the 50ll(tfS’ poasesBion Ehaii be prampBy fomardcd 10 Ihe Buyers 0f tnelr experree il 1hey W ftqu«l Tlve StUers may keeptrte Vessel1! Ing backs bul the Suyera 1o have tite nght b 1ak< copie? of S3me 206 |
| 9. Encumbrantas 207 |
| The Sellers vrarraTiL lhai tfh; Vessel. Bl 1he tme of ddwery, is Tr« from ft;\ cha*5e*5, e^umbranc*!!. nvortgageB andtor maritipss liftf-S Or any dher deb1& and/ar dairng wf^fllspeyer agamE-ttfie Vtssel BndJartha IDE Sellers The Se-ier& herafiy tindcdak* 1u Indemnify tm Buyers agar«t 4II eanseduenceE al d-r -ni made 210 against ihe- Vas&al which hiut teen mcyrred prinr In ihe h’m* fff dell«ry and rcferenca 10- Oause ^.3 a-’ Ihe Master Agnaarmnt |
| 10. Taxes, etc |
| Anytatifrl. lots and enpefisea in cntinectinn with It* purtftwe and regiHtradDn una«r tht Buyera’ flag ihal bftfar lh& Buyera’ account, whefea& ▇▇▇▇▇▇▇&▇ Cfijrg^a In DornadiDfi with 1ht dosing of the SallMS1 register shall be tar Bra Setters’ aK6unt |
| 11. ConditJonOndBfiV**V |
| Tht Vtt«l *«1H ewerylhing bElonging to he* Shall be attfte SellareC risk and ^K^nse ^rrtit sha is deliwerad to lh» Buyers, but subject to 1he tenra and oondlbqn& at Ihis Ajgreemcnl She shall be 2lB |
| dedverad and La*jen ovor as Sh& rf#S Bt the Hme of inspection, fair wear and tsar en-Mptetl f’.OY^Wva:. Ihfr VfcSs*! SflaH be defcven&l wfc, h& ene&efW-Class fuHy maintained wimflul CCndltiPntteCiG*nrnen<JalN?n’. and free at average damage affecting lint VMSol’S Cla5S.*fid with her AH ClaS3i1i«1i(Ki Certifies and her National and Inlernaliana! Ccrtfica^c. hj b* cl83fi. a& well es a\\ other cernficateF; ihe Vesstf Had ad the time of inspection, ciean. v^’tf Sfld une-jrtended wtthsul condign/ recommendation dy Class or Ihe rE*▇▇▇.▇▇ Audxirilcs at Chfl lime fll Denary CSM rtgms to be ▇▇▇▇ and up ts !ha date al Hit hmtoF (he- Vfljsera delivery or do on board without any nrian-iipM OF Outstanding i^h<M <^«Mwnfre™mmef^^ DuthP’-iUtjc at ipo timn fjf CtOliVMy Coot catGs of ▇▇▇▇ ▇▇▇▇. CQ2. FV« t Ftmguisheri e-1c to db Jaan and valid at thfl l^ne trf delrvery •InspKUort” in this dSU*e 11. ahall mftEn ^he Buyers inspection according to Cbpuse 4 a) or A b>. If appHcatle. or ire Buyers’ inspection poor (d 1he signing dl Ihie ^QflMjinfent If the Vessel \s taken over without inspection Ihe date of irug Agreement shall be Urn ^ev?▇▇ ▇▇▇▇ Not*S. .’ a-iy. m ‘he ▇▇▇▇▇▇▇▇▇? repnrta which are acceplefl by 1nc Classifita1iciH Society WlttHUl MndHioniTewrmnendstior- are not (d bra taVen Into KKdunt. 22? |
| 12. NflmcfTnarKings |
| Upon dtfrwtry the buyers undertaXa to change Ihe n4rn« C-1 ihe Weaael and alia* PunA*! n^SfKings. 13. Buyers’ default 232 |
| ShouH the deposh not tra paid In ic«tf3»ripewrtrt Cleuse 2 and 17. Ihe S^ftera have Ihe riph! 10 cancel 1tiit2a3 Agrsenent. and frfy s*i*l| t* e^ttJed tp cleim cnmpansation for their imeee and for afl fttpenses incurtod together ivitfi irrtereet. Should me ▇▇▇▇▇▇▇&▇ pi«b riot bt paid In (romance with Clausa 3. H>e Selle-a have 1ho Hsht to cancel ihe Agresmanl. in */H»th ewe the depoEit togaBicr wnlh int&res: earned shalf be reltased ie tfw Sellere. IT The depo&iL do** «*t cc^▇▇ ▇▇▇▇ toss, the SellSH ▇▇▇▇▇ be entitled In claim fufil ie< comp*rhialiori far 1heif Icsaes and For ii cKponse* Inciuirad IngalhBf rtHti Inlaneal. provided HOwemer Z33 |
| tttlt S&leri will nol be e^titied lo rfaim any fompetiBalinn wnatsdtver rf Seanenj^ farls lo ctla-n Ihe |
| ShaneftQldef Appjowal. |
| M. Ssllfrrs’ rialault 240 |
| Should ihe SeflerE fail to give N&lice of R&adineES in accordance yjltti Clause 5 a] or fa.l id be readyZ*t lo validTy comptetie a Ifegil tfihifer by (he date stipulated in line 51 the Buyers .shall hsve2^2 lha option of Cancslling ma Aflreemeot pravidad al^an thai the Sallem shalt be granted a2d- mpKimLrm of 3 banting days after Nolico of Rewlinees has bean given 1* make arranflamehti244 ferine documentation &et cut m ClauM &• K after Hctica of Rfl&rjinaai has been giver, but beHone me Buyera haw taken delivery. 1ht Veaael ceases id ba physically feady Tor dalfveJy and is nol made physically n&ady again jn every ncspect by Ihe ▇▇▇▇ stipulated in line 61 sncl new hiDt’-w tf Re«Jlne« gl^ftrt. ine B^era aha;! relain fhwf wV*n !a cancel. In Hie *«enl ttipt the Buyers otetfJ48 to cancel ihia Agreerrenl Ihe dcpoSJl — ir paid to ihe jnircl accOu”! by Buyera — tngatfrflr with interesl earned shall be rdcaSCd to 1he<n immediately. ShnuSd tha SB»ert ▇▇▇▇ 10 glwfl N«ice &f Readiness by me date stipulaled in line 61 ct Fail to be rWdy id validty tdflflflUj 4 leg*) tranafer as aforesaid they ShSfl meke due compwiwHon Ifl the Buywr* lor 1heir Idas and. for ell expenses tojerhitf wflfi inleneat If iheir feilu^e it tf^ lo- prcyen neg igence end: whether Drnoifr* Buyera caiatf Lnlt Agreement 1S. Buy«Tir repnttentalLvaa Afltf-tHiti^raemgrt-ftBS-BQQfi signod by btflh pariiea-ane-the^O^ ^fiflBit t^eeeiv4adyKMttfi Btfyefs—35§ hStfe-ltTe-nqht to plaac iwd r^pfg&»H^l^flfl ▇▇ ▇▇▇▇▇ 1ho VoCMMtL pteirsgbrishand a<pen^a ^p^35J nni^ni nt ................................................ ofl or aboul et She Fir:; cDriv»fnent pqfl^tacD. For V*rt(— ^esDcle :hjlmtfl — 366 — |
| tfl^*iwe^*d on me Qacing Dote dp dofinad In \f* ttuppte=wr^Ag->4y^nL. 1te ^ufsft-eh,-^
ha*e-the-ngH to p^oe twe-feofeseffetiWEr^m-egg*d-4lia-^as3el-JHhc ir cd!q rigk Wl e-Mpe^se-en- trw-flaHi Ooeaflaul obtainf. |
| Gharohnldor jppfgvfl^^-ttfi-aucJiearter-g^alB dp doompj ptftftfinary. dp as to Dnwia-rcpG havc-a-m^wium I-*.:-, w,.. < !;.ii-..inri/flti*in fMndd-ofltiaafri- JhfisQ r&pfDEOnlutlrtUi arp on nogrd fcw-rTe-puf^e6e-of-tam*ligFiwfteri aHd-tfl-1r**3p«ttyo4— oaservprD only, dnd IFnty ftftall fuel inteffefeHni nny mspcd w|h tJ>a maMMng-Bf-tHe-V^s^l^pe^aBoH-gf— Kl» V«▇▇▇ amfr’iM cre^fr 4x»mal-WBAing-pFa€▇▇▇▇▇^>t* Buy*W feprLjcntatiws chali sq^ Ifte-ufrual .. ^ZSi |
| $OJl«ft:-P-»txl.-l-Olu&4enfl* rfmrientnity prior 1n Liroir gmtofkafcon. |
| 16. ▇▇▇▇.▇▇▇.▇▇ 262 |
| ?)” ThFs Agreement -ahaH be governed by Arid wnstiUijfj in ^tcc^nc^ wll?i rriQllf.’-i ihw arv: 36? anydispute aritng out of t^is Agterrer.1 snail be referred !o srbilranon in London before three AiMralors m accordance win the Araitration Ad 1fl96 or any gtatu1oi> medificaliDn nr 26* |
| nj.enactnenl Ihenwr Tor Ihs lime being in force and th* larm& o1 lh& Lo’tlDn MarrtrniE ArbilraEmn ASSutibU’on lhc~ in force. onE arbitrator ▇▇.▇▇ appainted by ▇▇▇▇ ▇▇▇▇. 2B? On (he rectipt tv cr* party of pm nonvnaLon in writing of Ere alher party’s arbrtralor, EG? that ▇▇▇▇/ ▇▇▇▇ appoint their arbitrator within fourteen days. 259 |
| Cf thpt P3J1/ toeft nol apfXMnl its own arbitrator wth^thB fourteen da^epcDrfigd. Ihc- pa rty 2H’ refenuv] 4 OutRile 10 arMratiOn m^v wifnout tha raquirwrigni of an^ fjrlhtr ^o^r r Dlrcc It the £B^ other paly, app&rl |U arbihabi as sole asbilralnr and EhaR adviSo Inc dlhc- par:y ac^rdingly 2B.? The ▇▇▇▇▇ ijf the sole er&flralor s-^&il bt L -Jmg On toffi pwlips fl< if d ▇▇▇▇ ▇▇«n gpfrtmtert 6^ 26£ agreement. The rv»o arhlrsbrs pyuperly eppOlnted thil ipOSint (he tfvind *n»rjfl(UM wha 9?iall ad 269 |
| as chairman of the Tribunal 27U b}3 ........................................ Thm /VflrpDmDnt chaH be gerarrved tiy-ano-a&ft&tfucd in DQGDKJanDO wth Titln E) af rtiO —Wl Un>1»J Etorrw ▇▇▇ ▇.nd tho Law ^4hg-5^te-af HQ*-yerfr-ard^twld-JHy-dttfJii46-ariWfrm-Of • —97? IrtiB Agreement, thft imtl«<4*HfcGfit4**hSH 41B.fWfWH^4«-Ww*«-riWtOrte-St-PJfl* Vort. (m&4o— rj-_- rp=:-jin?6-3 oy each cri the-parttes hsreto arKHhe-lhiKiby-thelwa—GfrGfiti&BFiT*wf ....................................... I’M dooiiiiDn or that of any-hvQ of them BhaH-bc final. and^for-purpaGD of pnTaftifTff-Bny Jwfflf ▇. ▇▇▇▇—^/t ^gmpnrpDnt may be made a rulrj of fro Caun. |
| 43TO-pf<jgggdmqB-cl-jll fao GDrtdvUKQd in a cdofdartip ^th r>* rufe* &1’ Itm-£jcn64y <rf Marit4HKi SF? |
| A^lfalor-i. Fnc Now Yor1<, .............................................................................................. #8 tpAfty-gH&liijLB a’.ti-q PUl HJF friE. Agi’Mmunl t.-.all b* iH*rtHfad tMFtlriFffUftH-fl^— —r-Et^gct (»tho piooHiaJLH ei ap|ii.oabt* tr>e«?:- -—290 Thn Inwp of— —nhall yniom IhiD AgmamDnL —2*1 T$si 16 W *ntf J 6 Cj ifB jrf*rti^fivifrj. (Jsrfl(le w^ircnevtf tf no! applicable, in ihe absence of 293 |
| ofeisr>an5 aftemanne 16 a) to apply ^•H- |
| AddJlllonal CUU*« from 17 to IB form *r> integral part Cl thl* Wenierandum at Agreement |
| AapendFx to Memorandum gf ftnjwamaiti code name SMEFORM 19Q3-J3lfrCi 3 Haw BOPa — HI/V “AF RICAN ZEBRA” |
| CLAUSE 17 |
| The ZD pet CfcpGSit Shell be mads on thu Inlltal losing Data as defied m Claube 2.4(b] 0? the Master AgrMm&nt (*<*«#rj *&^ani>co31 hftretrf. The 20 pet dapasit aid Salflnce af 80 pet together with ctfre pdyrnoKH If* JiitXJils arm nr Oun’ners. id M paid en day o-T delivery 9! Sellers’ nominated bank prOvded hnwBYSY that if ttw VeHel ie dElivEHarJ Oft the Inrbsl Cta&ing ▇▇▇▇. Buyer? will not be required lo pay IMfe 20% dapflsit into- the pim account related to in Clause 2 ano ITsy Will makn payment of IDDft ffl tne purctiasE pn« dif«cti/ to fre Selters. On delivery of lha ▇▇▇▇▇▇, in exchartge for paymern d? the pgrtliasE price af ITw V&aMl and Extra paymeM For lubails afdlv Dunkflre, Sellers Will prnvido the Byyare with aflame! delivery doajmants r«ason0tVy rwedsd fcy Bu/er& (d acquire ▇▇▇▇▇ cwnEfBtnO arid TBgiBter thft vCSSftl under her new (lag. Such documents to be mutually sarfrsd ▇▇▇ li&ifld m &n Addendum t& ITie MemOF^ndum oT AflraeirwrH but shall Incfcifl*. wthcut limitation. 1he dSosinfl aehverias bs requifftd by Clause Z.2 antf 2.4 fl( the Mssler AgfHftffl«rH as wen as oacri party’s nc&pftd>ve officer cErttjftcate dsled the Inrtial Closing ▇▇▇▇ setting forth names and signalizes tf signalories lo WOA and olher related documents as well certityingi and aWaehlng charter d&&Jments of suCtl pifty m eEfad y& of :hs oats of ms Initial CloSir^ ▇▇▇▇ end duly executed ghenetinldEir and clireclor reBSlurtmru approvng rh-p enlry into the WaELer Agnternent refef red to Ih Clause 31 herwiF. INiS MOA. nltwr rslaled dacunrtPis and the tnjrtsadiam ciWlemplSrted hereby and thereby. Siginirtg flf ▇▇▇ ▇▇▇▇▇▇▇▇ Shall nal delay inning, of MoA and bodging til 1he deposit |
| CLAUSE 19 |
| Sflllera 10 confirm m mitihg on delivery thai to the best at ▇▇▇▇ fcnOVIrteclge (he v*SI6l |
| U irot ilMWJslsd by art^ Arab coumnoB / naliflns Of any Dlhcr COljntrie? or cKgafllZBlionE has not louched bolloni since hfrf last dry docking. |
| CLAUSE 19 |
| All negrti*t»on and ▇▇▇▇▇▇▇▇ ss’e 10 be kept strictly pfi^atE srtd esnTideritigl betwear all parties involv«d exwpl wtwro iBquinod by Statutory m U.S. SlSC* leled requifamentl. Hawever should dsspita th* flfforta or an\ partiBE involved oeta: s of the tale tiewme hmawr ar repoHed in the market neither IN) S*Me.ra not thB Buj/Ere have lf*e right to withdraw from the Bale ttf fall 15 fulfill all their ob^alksrvs tinder this Agn^amsnt. |
| Thu Memofandum cf Agreement iB drawn up ip two origmilt W*lh even inrUir and data. One Ofl$mai ahall te relainad by the Sellers grd one original StiaU be reSainad by the Bjyer&. |
| CLAUBEJa |
| Vessel to bft Oflhverea free of sarga. targo fesiduBs and face of any dunnagfr, wtttl holds swept, ▇▇▇▇ and dry on completion of last voyage, prior denary. |
| CLAUSE Jl |
| Seller warrant that on the date hereof and c*l (He 4. — of Vassal* dnlrvor? thr vps-sb! shall bfi enlillMJ to tjada worldwide wrttiin InsMule Wsrra ntf L^ilS wit -ut restriction or llmrtalion |
| Seller also to confirm on deUery tha! vessel hat nr Iraded dunng the Last two (2; years in Cl£ Pacific Countries, but if Iratfed. lhen. a valid Pbytoaanitary Ci rrficsta !o &e presented |
| CLAUSE 22 |
| Caroling ▇▇▇▇ !d ba siirty (50) days after Inicla: dosll | Date |
| CLAUSE 23 |
| ▇▇▇▇▇▇ has gqrad and mg^wtpbte tflfe 1o, Is the eKC j^ve teojal and equriable owner gf. and has the unresbncted power ▇▇▇ rigWto tall. assig-ancidelivei Iha Vessel. |
| CLAUSE^ |
| Each party hereto Is an en^[y duly incorporated validly existing and in good Etandmg una«f 1*ie law& of th6 Juristfjdlon of it& incorponalion. with 1he requisite power and authflrity In Bntorinto 1hi& MOA and the transactionsi cjntemplilPd hereby E»^- paHy |▇▇.▇▇:o is duly quS’ified 10 conduct auai”.ciss arJ ib in good Staodi^ be a foreign corporation or oftiar legal entity in nasti jurisdiction n w.ich thfr nituce of Ihe busimss canductad or property owned ny it makes suoh queliFication necesEary. accept vvhcre the ‘a ^ure to- be &o q-ja: fied or 11 ggod Standing. 84 the case may be could not individually or in the aggregate, have- cu feasonably be e-vpect*d to rasJL Iri d Malerial Ad^rse Effect (as, defined in the Master A^rtfrntnnl}. |
| CLAUSE 26 |
| Eicti pirty hereto Has Ihc ractulstta wrporalft power ind authority toflnter inlo and to consum mate tne transactions oontemplaled by thi& MOA and otherwise to Caffy flUt lt£ OblijatiOna here under. The ekecul’on and delivery of ihis MOA and the consummation by it ot the trantactiD-s corrl*m(itaL40 hereby havfr baen duly authorizod by ah nKSSsary Mf^ofate action other coqwrgte or oLher action Or proceeding on tne par! of eith&r paity herein is neccE&ar^ to- authorize Ihis MOA or the congummalion of the transactions cofTtemfHatefl Hereby This MOA fiss been duly executed by each party na«td and. when dattvered. will can&lilute iy>e valid and birding obligation of each such pflrtj. eofprceablE agamBt Bach Buch party In accordance wrlh its terms, except (\} as may be limited by applicable bankruptcy, insolvency, rtargarvzation. morsloriuro. frsuduleni conveyance a^d any pi^er laws rjf ganHral aflpfotion ffHcebng nnfereBmonl of cnsditora’ rights gensraty, of (lil as limited by la/ffi relpting lo the availability of Specific performance, injuridive ralief or other equrtabl* TDmodifrG |
| CMIJS6 25 |
| The eK£culiqn delivEry and QErformance of this MQA by each party hereto and Um con&ufnnngtiCKi by such party of the traniact-ons Mritemplalftd nerefiy (>o not and will not (i) conlict wilh or widlalt any provision of its- respect.™ charter documents, (n) CoftfJid with, Ch’ ConslHule a cfefputt l.or an event tfial wHti notce or lapse ol time <y coth v^▇▇▇▇ ▇▇▇▇▇ a oeFauirlj ynder. m give- to Dlhftr* atiy tignis (rf t*rmifla(icin. amendma^it, atcslflration or cajicfllladiOn {w:1h or ftilhOUl flffhoe, Iflpss of time or both} of, any contract :c which sljc^i party .5 a ▇▇.▇▇ thereto- or by which any property or asset cf sucn parly ii bqyna or stlefled, [ill) :esut In 3 violallon d any law, rule, statute & jagutatioji 10 which sutn parly is SUt^Ct M (ivj rsstlll In arty violarlksn of any andflr-, ;uo<amanl, mjunchon. diecree or c^har restn’dion of any governmental authority to which such party is subject, or by wtiich any property or asse! of such OJrly is bound or a^ected; except Jn the case of eacfi of clauaea (i/) and ^iiij, such aE coukj no!, irtdlvlduaVy or in [he aggregate, have or r&aionabty be expected to resud in a Material Adverse Effect (ae defined -ti Ihe Master AgHamariL}. |
| SJ.AUSE2T |
| NiJI—▇▇ ▇▇▇▇▇ Is required [n obtain arry consfinl. waivor, aijlhGrnBripn, or order Off. flive any ndti« to. or make any <illng or registration wUh. any flnvemmentBl authority or other person Or entlly in connexion win thd cjtKiitiDn (Jeluer)1 and perfDrmarrai by iUCh paHj- uJ Uii& MOA. olherthan ITiDae 1t-.al huvfc tiEen ftladn ar oblBk-^ ^ turfi party prior to ihfr d#|e oMhfe MQA. |
| CLAUSE 2fl |
| This AflraBfnefrl is o« of 111* “MOA’s ralEmHl 1C and defined in (1) Ihe Maste Agreement dated the date he^aof 3J>d KCCUtftd and dElivereil conorrrcnlly hprewKh b^ the SElisrL, the Buyers, and oilier? If (her? is any irtaraiEtengy belvrtitn LhE Lerm& 3fid «>nditions of 1hit Aigreemsnl and the terms and COIvllLifjns nF sad fclwter AgraEment with neswcl tfi ihc safe and purchase of int Vessel, thsn Ihe lerms and conditions of this Agreement ahnli ffevail. |
| NotivihSlanding the abtve. 1hw OblinjIJDns of each parly UPtter in* MQA &M tul^act 10. |
| (i) Seine^gy otilaining tfie Initial Closing / Shstneholder Apprawal at tfef.▇▇▇ in fr* MaEter AgrBanfrntTr and |
| > Ths saiisfadtion pr ^tUvcr of oacn cf the spphuble i^nntJilons »r forth in Article VIM c-I fl* Uaater AgrtimerU ‘ |
| In «sc Ssanergv Fails lo ottlain ths Shareholder AppcovsH 1he Inrbal Closing as fleFmed m the Master ▇▇▇▇▇▇▇▇ does not take piat* 36 pro^dad in Ihe ▇▇▇▇▇▇ Agreeirent, tnis Mefliorandum of A^feemenl vnair be au*cma:’cell> term;naiad, cancelled anc aF no further t&rce »no effect wUh&ut (etponsftHHj’ of ar>y nf the parties. / |
| Fortna Setartfl) |