Preview | Asset Purchase Agreement |

TABLE OF CONTENTS


	Page
ARTICLE I PURCHASE, SALE AND DELIVERY		1
Section 1.1 Purchased Assets		1
Section 1.2 Excluded Assets		3
Section 1.3 Purchase Price		4
Section 1.4 Closing		4
Section 1.5 Purchase Price Adjustments		4

ARTICLE II LIABILITIES AND OBLIGATIONS		5
Section 2.1 Obligations Assumed		5
Section 2.2 Liabilities and Obligations Not Assumed		6

ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES		7
Section 3.1 Status and Good Standing; Ownership; Citizenship		7
Section 3.2 Authorization		7
Section 3.3 Non-Contravention		8
Section 3.4 Validity		9
Section 3.5 Broker Involvement		9
Section 3.6 Litigation		9
Section 3.7 Title		9
Section 3.8 Continuity Prior to the Closing Date		9
Section 3.9 Contracts and Commitments		11
Section 3.10 Intellectual Property Rights		11
Section 3.11 Sufficiency of Assets; Customer Products		12
Section 3.12 Financial Statements		12
Section 3.13 Condition of Assets; Eligibility for Coastwise Trade		13
Section 3.14 Absence of Undisclosed Liabilities		14
Section 3.15 Employees; Employee Benefits		14
Section 3.16 Compliance With Law		15
Section 3.17 Environmental		15
Section 3.18 Insurance		17
Section 3.19 Government Licenses, Permits and Related Approvals		17
Section 3.20 Responsible Carriers Plan		17
Section 3.21 Taxes		17
Section 3.22 Books and Records		18
Section 3.23 Safety Reports		19
Section 3.24 Transactions with Certain Persons		19
Section 3.25 Disclosure		19

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER		19
Section 4.1 Status and Good Standing		19
Section 4.2 Authorization		19
Section 4.3 Non-Contravention		19
Section 4.4 Validity		20
Section 4.5 Broker Involvement		20

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ARTICLE V COVENANTS		20
Section 5.1 Other Offers		20
Section 5.2 Conduct of Operations Pending Closing		20
Section 5.3 Notification		21
Section 5.4 Employees		22
Section 5.5 Buyer?s Access		22
Section 5.6 Covenant Against Competition		22
Section 5.7 Further Assistance		24
Section 5.8 Governmental Filings		25
Section 5.9 Consents		25
Section 5.10 Public Announcements		25
Section 5.11 Income Tax Matters		25
Section 5.12 Taxes Upon Conveyance and Transfer		25
Section 5.13 Other Taxes and Charges		26
Section 5.14 Condition to Transfer of Contracts		26
Section 5.15 Cooperation with Financings and Financial Reporting; Additional Financial Statements		26
Section 5.16 Damage to Vessels		27
Section 5.17 Seller?s Access		27
Section 5.18 Vessel Repairs		28
Section 5.19 Interim Insurance		28

ARTICLE VI VESSELS UNDER CONSTRUCTION		28

ARTICLE VII INDEMNIFICATION		28
Section 7.1 Seller Parties? Indemnity Obligations		28
Section 7.2 Buyer?s Indemnity Obligations		29
Section 7.3 Survival		29
Section 7.4 Indemnification Procedures		30
Section 7.5 General		31

ARTICLE VIII CONDITIONS TO CLOSING		32
Section 8.1 Conditions to Obligations of Buyer		32
Section 8.2 Conditions to Obligations of the Seller		35

ARTICLE IX TERMINATION		36
Section 9.1 Grounds for Termination		36
Section 9.2 Effect of Termination		36

ARTICLE X GENERAL PROVISIONS		37
Section 10.1 Confidentiality		37
Section 10.2 Dispute Resolution		38
Section 10.3 Seller Parties to Enforce Certain Agreements		38
Section 10.4 Expenses		38
Section 10.5 Entire Agreement; Amendment

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