MEMORANDUM
OF
AGREEMENT
Dated
1ST/DEC/2007
no:sSp071201
BRIEF PARTICULAR OF THE VESSEL:
11,500 DWT BULK CARRIER UNDER BUILDING IN ZHEJIANG ZHAOBAO SHIPYARD
BUILDER:
VESSEL NAME:
CLASS:
FLAG:
GROSS TONNAGE:
NET TONNAGE:
L/B/D:
DRAFT:
M/E:
HULL NUMBER:
SELLERS:
BUYER:
ADDRESS:
DEFINITION:
01.
PURCHASE PRICE: USD 14,850,000 (SAY USD FOURTEEN MILLION EIGHT HUNDRED AND FIFTY THOUSAND ONLY)
02.
PAYMENT TERMS:
2.1
DEPOSIT:
AS SECURITY FOR THE CORRECT FULFILLMENT OF THIS AGREEMENT THE BUYERS SHALL PAY A DEPOSIT OF 15% (FIFTEEN PER CENT) OF THE PURCHASE PRICE, I.E. USD 2,227,500 (USD TWO MILLION TWO HUNDRED AND TWENTY SEVEN THOUSAND FIVE HUNDRED ONLY) WITHIN 3 (THREE) BANKING DAYS FROM THE DATE OF THIS AGREEMENT SIGNED BY BOTH THE SELLERS AND BUYERS AND SUBJECTS LIFTED. THIS DEPOSIT SHALL BE PLACED WITH HOLMAN, FENWICK & WILLAN, 15TH FLOOR, TOWER ONE, LIPPO CENTRE, 89 QUEENSWAY, HONGKONG (AS STAKEHOLDERS). SAID DEPOSIT TO BE HELD IN CLIENT ACCOUNT NUMBER 102-190063-274 WITH THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED(HUTCHISON HOUSE BRANCH), SWIFT: HSBCHKHHHKH
AND HELD BY THEM IN AN INTEREST EARNING ESCROW ACCOUNT UPON TRUST FOR THE SELLERS AND THE BUYERS, TO BE RELEASED IN ACCORDANCE
WITH JOINT WRITTEN INSTRUCTIONS OF THE SELLERS AND THE BUYERS. INTEREST, IF ANY, TO BE CREDITED TO THE BUYERS. ANY FEE CHARGED FOR ESTABLISHMENT OF THE ESCROW ACCOUNT, HOLDING SAID DEPOSIT AND FOR THE CLOSING SHALL BE BORNE EQUALLY BY THE SELLERS AND THE BUYERS.
ANY FEE/CHARGES IN THE SELLERS' BANK TO BE FOR SELLERS' ACCOUNT. ANY FEE/CHARGES IN THE BUYERS' BANK TO BE FOR BUYERS' ACCOUNT.
