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Memorandum of Agreement

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Title:

Memorandum of Agreement

Entities:

Cm Advisers Family of Funds

Date:

2008

Size:

33KB total

Price:

$36

ID:

#3291290

► Miscellany ► Memoranda ► Memoranda of Agreements

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MEMORANDUM OF AGREEMENT Dated: 26 October 2007	Norwegian Shipbrokers? Association?s Memorandum of Agreement for sale and purchase of ships. Adopted by The Baltic and International Maritime Council (BIMCO) in 1956. Code name SALEFORM 1993 Revised 1966, 1983 and 1986/87.

Songa Shipping Pte Ltd. of One Temasek Avenue, 22-05 Millenia Tower, Singapore 039192 hereinafter called the Sellers, have agreed to sell, and Maxdekatria Shipping Corporation of 80 Broad Street, Monrovia, Liberia, always to be fully guaranteed by Safety Management Overseas S. A. of Panama

hereinafter called the Buyers, have agreed to buy

Name: Hull No. 1050

Classification Society/Class: Lloyd?s Register of Shipping /LRS: +100A1 Bulk Carrier, BC-A, CSR, Holds No. 2, 4 and 6 may be empty, ESP, LI, *IWS, ShipRight(CM), strengthened for regular discharge by heavy grabs (20MT), +LMC, UMS with descriptive notes ?Pt. Ht.?

Built: expected on or before 31	By: Sungdong Shipyard & Marine Engineering Co., Ltd. of
March 2010	Korea and Sungdong Heavy Industries Co., Ltd. of Korea
	(together the ?Builders? and each a ?Builder?)
Flag:	Place of Registration: see clause 8 hereof
Call Sign: n/a, see clause 8 hereof	Grt/Nrt: in accordance with the Specifications
IMO Number: n/a, see clause 8 hereof

hereinafter called the Vessel, on the following terms and conditions:

Definitions

?Banking days? are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8 and where a payment is to be made under this Agreement.

?In writing? or ?written? means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax or other modern form of written communication.

?Classification Society? or ?Class? means the Society referred to in line 4.

?Shipbuilding Contract? means the shipbuilding contract dated 5 December 2006 made between the Builder and the Sellers in connection with the construction of the Vessel by the Builder and its purchase by the Sellers, a copy of which contract is attached hereto as Appendix A.

?Shipyard? means the Builders? facilities where the Vessel is being built and which are located at Korea.

?Specifications? means the specifications and plans to the Shipbuilding Contract, a copy of which specifications and plans are attached hereto as Appendix ?B?.

?United States Dollars? and ?US$? means the lawful currency of the United States of America at any relevant time.

1.	Purchase Price

US$73,500,000.00 (United States Dollars Seventy Three Million Five Hundred Thousand) plus any adjustments as provided in Clause 19 (in respects of amendments to Specifications not exceeding in aggregate US$150,000) hereof minus any adjustments as provided in Clause 22 hereof

2.	Deposit

As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit in the amount of US$14,700,000 within three (3) Banking days from the date this

This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian Shipbrokers? Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers? Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

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