Document:

Exhibit 10.22

[Form of Sponsor Services Agreement]

THIS
SPONSOR SERVICES AGREEMENT, dated as of _________,
2005 (this “Agreement”),
among Celanese Corporation, a Delaware corporation (formerly known as
Blackstone Crystal Holdings Capital Partners (Cayman) IV Ltd.) (the “Company”), Celanese Holdings LLC, a
Delaware limited liability company (formerly known as BCP Crystal Holdings Ltd.
2 ) (“Holdco Sub”), and
Blackstone Management Partners IV L.L.C., a Delaware limited liability company
(“BMP”), amends and restates
the Transaction and Monitoring Fee Agreement, dated as of April 6, 2004, among
the Company, Holdco Sub and BMP (the “Original
Agreement”).  Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in
the Original Agreement.

BACKGROUND

 

1.             BMP has expertise in the areas of finance, strategy,
investment, acquisitions and other matters relating to the Company and its
business.

2.             The Company has availed itself, for the term of the
Original Agreement, of BMP’s expertise in providing monitoring, advisory and
consulting services in relation to the affairs of the Company and its
subsidiaries, which the Company believes have been beneficial to it.  Nonetheless, the Company and BMP wish to terminate
the Services (as defined in the Original Agreement) and the Company’s
preexisting payment obligations with respect to the Services as provided in the
Original Agreement in consideration of the payment of the fee described below.

3.             The Company and its subsidiaries desire to have the opportunity
to avail themselves of certain services of BMP in the future.

In consideration of the
premises and agreements contained herein and of other good and valuable
consideration, the sufficiency of which are hereby acknowledged, the parties
agree as follows:

AGREEMENT

 

SECTION 1.   Termination
of Services Under Original Agreement

 

In payment for and in
consideration of the termination of the provisions of the Original Agreement
relating to the Services and for any remaining Monitoring Fees payable by Holdco
Sub and the Company under the Original Agreement, the Company shall pay BMP a
portion of the Lump Sum Fee equal to $35 million, which shall be payable in
cash on the date hereof to the bank account designated by BMP and shall not be
refundable under any circumstances.   The
payment by the Company to BMP of such specified amount shall satisfy all
obligations of the Company under the Original Agreement with respect to the
Lump Sum Fee.

 

SECTION
2.   Right of First Refusal to Provide Services; Certain Fees.

 

 

(a) If the Company or any of its
subsidiaries determines that it is advisable for the Company or such subsidiary
to hire a financial advisor, consultant, investment banker or any similar
advisor in connection with any merger, acquisition, disposition,
recapitalization, issuance of securities, financing or any similar transaction,
it will notify BMP of such determination in writing.  Promptly thereafter, upon the request of BMP,
the parties will negotiate in good faith to agree upon appropriate services,
compensation and indemnification for the Company or such subsidiary to hire BMP
or one of its affiliates for such services. 
The Company and its subsidiaries may not hire any person, other than BMP
or one of its affiliates, to perform any such services unless all of the
following conditions have been satisfied: (i) the parties are unable to agree
upon the terms of the engagement of BMP or its affiliate to render such
services after 30 days following receipt by BMP of such written notice, (ii)
such other person has a reputation that is at least equal to the reputation of
BMP in respect of such services, (iii) ten business days have elapsed after the
Company or such subsidiary provides a written notice to BMP of its intention to
hire such other person, which notice shall identify such other person and shall
describe in reasonable detail the nature of the services to be provided, the
compensation to be paid and the indemnification to be provided, (iv) the
compensation to be paid is not more than BMP or its affiliate was willing to
accept in the negotiations described above and (v) the indemnification to be
provided is not more favorable to such other person than the indemnification
that BMP or its affiliate was willing to accept in the negotiations described above.

(b)   In
the absence of an express agreement regarding compensation for services
performed by BMP or any of its affiliates in connection with any acquisition,
divestiture, refinancing, recapitalization or similar transaction by the
Company or any of its subsidiaries, BMP shall be entitled to receive upon
consummation of (i) any such acquisition, disposition or recapitalization, a
fee equal to (x) 1% of the aggregate enterprise value of the acquired, divested
or recapitalized entity (calculated, on a consolidated basis for such entity,
as the sum of (1) the market value of its common equity (or the fair market
value thereof if not publicly traded), (2) the value of its preferred stock (at
liquidation value), (3) the book value of its minority interests and (4) its
aggregate long- and short-term debt, less its cash and cash equivalents), or
(y) if such transaction is structured as an asset purchase or sale, 1% of the
consideration paid for or received in respect of the assets acquired or
disposed of and (ii) any such refinancing, a fee equal to 1% of the aggregate
value of the securities subject to such refinancing.

(c)   In
addition, if mutually agreed between the Company and BMP, the Company may
engage BMP to provide, by and through itself, its affiliates and such of their
respective officers, employees, representatives and third parties as BMP in its
sole discretion may designate from time to time, monitoring, advisory and
consulting services in relation to the affairs of the Company and its
subsidiaries, including, without limitation, (i) advice regarding the
structure, distribution and timing of debt and equity offerings and advice
regarding relationships with the Company’s and its subsidiaries’ lenders and
bankers, (ii) advice regarding the strategy of the Company and its
subsidiaries, (iii) general advice regarding dispositions and/or
acquisitions and (iv) such other advice directly related or ancillary to
the above financial advisory services as may be reasonably requested by the
Company, provided that BMP shall have no obligation to provide any services to
the Company absent agreement between the Company and BMP with respect to the
scope of services to be provided, the consideration to be paid therefor and
other terms of such engagement.

 

2

 

SECTION
3.   Reimbursements.  In addition to the fees payable pursuant
to this Agreement, the Company will pay, or cause to be paid, directly, or
reimburse BMP and each of its affiliates for, their respective Out-of-Pocket
Expenses (as defined below).  For the
purposes of this Agreement, the term “Out-of-Pocket
Expenses” means the reasonable out-of-pocket costs and expenses
incurred by BMP and its affiliates (i) in connection with the Services provided
under the Original Agreement and any services provided under this Agreement
(including prior to the date hereof or the date of the Original Agreement) or
(ii) in order to make Securities and Exchange Commission and other legally
required filings relating to the ownership of capital stock of the Company or
its successor by BMP or its affiliates, or otherwise incurred by BMP or its
affiliates from time to time in the future in connection with the ownership or
subsequent sale or transfer by BMP or its affiliates of capital stock of the
Company or its successor, including, without limitation, (a) fees and
disbursements of any independent professionals and organizations, including
independent accountants, outside legal counsel or consultants, retained by BMP
or any of its affiliates, (b) costs of any outside services or independent
contractors such as couriers, business publications, on-line financial services
or similar services, retained or used by BMP or any of its affiliates and
(c) transportation, per diem costs, word processing expenses or any
similar expense not associated with BMP’s or its affiliates’ ordinary
operations.  All payments or
reimbursements for Out-of-Pocket Expenses will be made by wire transfer in
same-day funds promptly upon or as soon as practicable following request for
payment or reimbursement in accordance with this Agreement, to the bank account
indicated to the Company by the relevant payee.

SECTION
4.   Indemnification.

The Company
will indemnify and hold harmless BMP, its affiliates and their respective
partners (both general and limited), members (both managing and otherwise),
officers, directors, employees, agents and representatives (each such person
being an “Indemnified Party”) from and against any and all losses, claims, damages and
liabilities, including in connection with seeking indemnification, whether
joint or several (the “Liabilities”), related to, arising out of or in connection with the
Services provided under the Original Agreement or any services contemplated by
this Agreement or the engagement of BMP pursuant to, and the performance by BMP
of the Services provided under the Original Agreement or any services
contemplated by this Agreement, whether or not pending or threatened, whether
or not an Indemnified Party is a party, whether or not resulting in any
liability and whether or not such action, claim, suit, investigation or
proceeding is initiated or brought by the Company.  The Company will reimburse any Indemnified
Party for all reasonable costs and expenses (including reasonable attorneys’
fees and expenses) as they are incurred in connection with investigating,
preparing, pursuing, defending or assisting in the defense of any action,
claim, suit, investigation or proceeding for which the Indemnified Party would
be entitled to indemnification under the terms of the previous sentence, or any
action or proceeding arising therefrom, whether or not such Indemnified Party
is a party thereto.  The Company will not
be liable under the foregoing indemnification provision with respect to any particular
loss, claim, damage, liability, cost or expense of an Indemnified Party that is
determined by a court, in a final judgment from which no further appeal may be
taken, to have resulted primarily from the gross negligence or willful
misconduct of such Indemnified Party. 
The attorneys’ fees and other expenses of an Indemnified Party shall be
paid by the Company as they are incurred upon receipt, in each case, of an
undertaking by or on behalf of the Indemnified Party to repay such amounts if
it is finally

 

3

 

judicially
determined that the Liabilities in question resulted primarily from the gross
negligence or willful misconduct of such Indemnified Party.

SECTION
5.   Accuracy of Information.  The Company shall furnish or cause to be
furnished to BMP such information as BMP believes reasonably appropriate to
rendering the services contemplated by this Agreement and to comply with the
Securities and Exchange Commission or other legal requirements relating to the
beneficial ownership by BMP or its affiliates of equity securities of the
Company (all such information so furnished, the “Information”).  The
Company recognizes and confirms that BMP (a) has used and relied, and will
continue to use and rely, primarily on the Information and on information
available from generally recognized public sources in performing the Services
and any services contemplated by this Agreement without having independently
verified the same, (b) does not assume responsibility for the accuracy or
completeness of the Information and such other information and (c) is
entitled to rely upon the Information without independent verification.

SECTION
6.   Effectiveness.  This Agreement will become effective as
of the date BMP receives payment of the payment referred to in Section 1.

SECTION
7.   Term.  Except as otherwise provided herein, this
Agreement will continue in effect until the “Termination Date,” which is the earlier of (i) the
date on which BMP and its affiliates (in the aggregate) own less than 10% of
the equity of the Company then outstanding, and (ii) such earlier date as
the Company and BMP may mutually agree upon; provided that, (x) the
occurrence of the Termination Date will not affect the obligations of Holdco
Sub and the Company to pay any amounts accrued but not yet paid as of such
date, (y) Section 3 will remain in effect after the Termination Date with
respect to Out-of-Pocket Expenses which were incurred prior to or within a
reasonable period of time after the Termination Date, but have not been paid to
BMP in accordance with Section 3; and (z) the provisions of Sections 4, 5 and 7
will survive after the Termination Date.

SECTION
8.   Permissible Activities.  Subject to applicable law, nothing herein
will in any way preclude BMP or its affiliates (other than the Company or its
subsidiaries and their respective employees) or their respective partners (both
general and limited), members (both managing and otherwise), officers,
directors, employees, agents or representatives from engaging in any business
activities or from performing services for its or their own account or for the
account of others, including for companies that may be in competition with the
business conducted by the Company.

SECTION
9.   Miscellaneous.

(a)           No amendment or waiver of any provision of this Agreement,
or consent to any departure by any party hereto from any such provision, will
be effective unless it is in writing and signed by each of the parties
hereto.  Any amendment, waiver or consent
will be effective only in the specific instance and for the specific purpose
for which given.  The waiver by any party
of any breach of this Agreement will not operate as or be construed to be a
waiver by such party of any subsequent breach.

(b)           Any notices or other communications required or permitted
hereunder shall be made in writing and will be sufficiently given if delivered personally
or sent by facsimile

 

4

 

with
confirmed receipt, or by overnight courier, addressed as follows or to such
other address of which the parties may have given written notice:

	
   

  	
  if
  to BMP:

  
	
   

  	
   

  
	
   

  	
  c/o
  The Blackstone Group L.P.

  
	
   

  	
  345
  Park Avenue

  
	
   

  	
  31st
  Floor

  
	
   

  	
  New
  York, New York 10154

  
	
   

  	
  Attention: Benjamin J. Jenkins

  
	
   

  	
  Facsimile:
  (212) 583-5257

  
	
   

  	
   

  
	
   

  	
  if
  to the Company or Holdco Sub:

  
	
   

  	
   

  
	
   

  	
  Celanese
  Corporation

  
	
   

  	
  1601
  West LBJ Freeway

  
	
   

  	
  Dallas,
  TX 75234-6034

  
	
   

  	
  Attention:

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  Celanese
  Corporation

  
	
   

  	
  550
  U.S. Highway 202/206

  
	
   

  	
  Bedminster,
  NJ 07921-1590

  
	
   

  	
  Attention:
  Corporate Secretary

  
	
   

  	
  Facsimile:

  

 

 

Unless otherwise
specified herein, such notices or other communications will be deemed received
(i) on the date delivered, if delivered personally or sent by facsimile
with confirmed receipt, and (ii) one business day after being sent by
overnight courier.

 

(c)           This Agreement (and, to the extent referenced herein, the
Original Agreement) constitutes the entire agreement among the parties with
respect to the subject matter hereof, and will supersede all previous oral and
written (and all contemporaneous oral) negotiations, commitments, agreements
and understandings relating hereto; provided, however, that this Agreement does
not supersede any existing agreements relating to the types of services,
contemplated by Section 2(b) of the Original Agreement.

(d)           This Agreement will be governed by, and construed in
accordance with, the laws of the State of New York.

(e)           Neither this Agreement nor any of the rights or obligations
hereunder may be assigned by the Company without the prior written consent of
BMP.  Subject to the foregoing, the
provisions of this Agreement will be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.  Subject to the next sentence, no person or
party other than the parties hereto and their respective successors or
permitted assigns is intended to be a beneficiary of this Agreement.  The parties acknowledge and agree that BMP
and its

 

5

 

affiliates
and their respective partners (both general and limited), members (both
managing and otherwise), officers, directors, employees, agents and
representatives are intended to be third-party beneficiaries under Section 4 of
this Agreement.

(f)            This Agreement may be executed by one or more parties to
this Agreement on any number of separate counterparts (including by facsimile),
and all of said counterparts taken together will be deemed to constitute one
and the same instrument.

(g)           Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction will not invalidate or render unenforceable such provision in
any other jurisdiction.

*              *              *              *              *

 

6

 

IN
WITNESS WHEREOF, the undersigned have executed, or have caused to be executed,
this Sponsor Services Agreement as of the date first written above.

 

	
  CELANESE
  CORPORATION

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  CELANESE
  HOLDINGS LLC

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  BLACKSTONE
  MANAGEMENT PARTNERS IV L.L.C.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

7Exhibit 10.1

 

	
  MEMORANDUM OF AGREEMENT

  	
  Norwegian Shipbrokers’ Associations

  
	
   

  	
  Memorandum of Agreement for sale and

  
	
  Dated: 10
  November 2004

  	
  purchase of ships. Adopted by
  The Baltic

  
	
   

  	
  and International Maritime Council

  
	
   

  	
  (BIMCO) in 1956.

  
	
   

  	
  Code-name

  
	
   

  	
  SALEFORM
  1987

  
	
   

  	
  Revised 1966, 1983 and 1986.

  

 

VALLE SHIPPING COMPANY LIMITED of Valletta,  Malta  hereinafter called the
Sellers, have today sold, and

 

IGUANA SHIPPING COMPANY LIMITED of Valletta, Malta  hereinafter
called the Buyer, have today bought m/v IGUNA

 

Classification:
Nippon Kaiji Kyokai, Bulk Carrier, strenghened for
heavy cargoes holds no. 2,4,6 maybe empty (ESP) MNS

	
  Built: 1996

  	
  by:  Sanoyasu Hishino Meisho Corporation, Japan

  
	
  Flag: Malta

  	
  Place of Registration: Singapore

  
	
  Call sign: 9VKH5

  	
  Register tonnage:
  Grt 36,559 / Nrt 23,279

  
	
  Register number:  Class No. 961056, IMO No. 9123647

  
	
  on the following conditions:

  	
   

  
			

 

1.                                      Price

Price: USD 33,500,000 (Thirty
Three Million Five Hundred Thousand)

 

2.                                      Deposit

As a security for the
correct fulfilment of this contract, the Buyers shall pay a deposit of 10% ten
per cent                    
of the Purchase Money within                                          
banking days from the date of the agreement. 
This amount shall be deposited with
                                                                                                                                

 

and held by them in a
joint account for the Sellers and the Buyers.  
Interest, if any, to be credited the Buyers.  Any fee charged for holding said deposit
shall be borne equally be the Sellers and the Buyers.

 

3.                                      Payment

The said Purchase Money shall be paid free of bank
charges to Seller Bank which will be received for and
in favour of and on behalf of the Sellers, as per Sellers written instructions.

 

on deliver of the vessel, but not
later than three banking days after the vessel is ready for delivery and
written or telexed notice thereof has been given to the Buyers by the Sellers.

 

4.                                      Inspections

The Buyers shall have the
right to inspect the vessel’s classification records and declare whether same
are accepted or not within
                                                                                                                                                                                                           

The Seller shall provide
for inspection of the vessel at/in                                                                                                             

 

The Buyers shall
undertake the inspection without undue delay to the vessel.  Should the Buyers cause such delay, they
shall compensate the Sellers for the losses thereby incurred.

The Buyers shall inspect
the vessel afloat without opening up and without cost to the Sellers.  During the inspection, the vessel’s log books
for engine and dock shall be made available for the Buyers’ examination.  If the vessel is accepted after such afleat
inspection, the purchase shall become definite     except
for other possible subjects in this contract        
provided the Sellers receive written or telexed notice from the Buyers within
48 hours after completion of such afloat
inspections.  Should notice of acceptance
of the vessel’s classification records and of the vessel not be received by the
Sellers as aforesaid, the deposit shall immediately be released, whereafter
this contract shall be considered null and void.

 

5.                                      Place
and time of delivery

The vessel shall be delivered to
the Buyers at a place to be mutually agreed between parties and
taken over at/in  on the date of closing.

 

Expected time of delivery and closing : within December 15th, 2004 and February 28th, 2005
in Seller’s option.

 

Date of cancelling (see
clause 14); February 28th, 2005 in Buyer’s option.

 

The Sellers shall keep the Buyers well posted about
the vessel’s itinerary and estimated time, and

 

 

 

Copyright: Norwegian Shipbrokers’ Association. Oslo, Norway.

 

	
   

  	
   

  

 

 

place of drydocking,  shall give Buyers 7/5 approximate days notice and 1
day definite notice of delivery.

 

Should the vessel become a total or constructive total
loss before delivery the deposit shall immediately be released to the Buyers
and the contract thereafter shall be
considered null and void.

 

6.                                      Drydocking

In connection with the
deliver the Sellers shall place the vessel in drydock at the port of delivery
for inspection by the Classification Society of the bottom and other underwater
parts below the Summer Load Line.  If the
rudder, propeller, bottom or other underwater parts below the Summer Load Line
be found broken, damaged or defective, so as to affect the vessel’s clean
certificate of class, such defects shall be made good at the Sellers’ expense
to 1)

 

satisfaction without
qualification on such underwater parts. 2)

 

Whilst the vessel is in
drydock, and if required by the Buyers or the representative of the
Classification Society, the Sellers shall arrange to have the tail and shaft
drawn. Should same be condemned or found defective so as to affect the vessel’s
clean certificate to class, it shall be renewed or made good at the Sellers’
expense to the Classification Society’s satisfaction without qualification.

The expenses of drawing
and replacing the tail and shaft shall be borne by the Buyers unless the
Classification Society requires the tail and shaft to be drawn (whether damaged
or not), renewed or made good in which event the Sellers shall pay these
expenses.

The expenses in
connection with putting the vessel in and taking her out of drydock, including
drydock dues and the Classification Surveyor’s fees shall be paid by the
Sellers if the rudder, propeller, bottom, other underwater parts below the
Summer Loan Line or the tail and shaft be found broken, damaged or defective as
aforesaid, or if the Classification Society requires the tail end shaft to be
drawn (whether damaged or not).  In all
other cases the Buyers shall pay the aforesaid expenses, dues and fees.

During the above
mentioned inspections by the Classification Society the Buyers’ representative
shall have the right to be present in the drydock but without interfering with
the Classification.  Surveyors’
decisions.

The Sellers shall bring
the vessel to be drydock and from the drydock to the place of delivery at their
own expense.

 

7.                                      Spares/bunkers
etc.

The Sellers shall deliver the vessel to the Buyers
with everything belonging to her on board and on shore.  All spare parts and spare equipment including
spare tail-end shaft(s) and/or spare propeller(s), if any, belonging to the
vessel at the time of inspection, used or unused, whether on board or not shall
become the Buyer’s property, but spares on order to be excluded.  Forwarding charges, if any, shall be for the
Buyer’s account.  The Sellers are not
required to replace spare parts including spare tail-end shaft(s) and spare
propeller(s) which are taken out of spare and used as replacement prior to
delivery, but the replace items shall be the property of the Buyers.  The radio installation and navigational
equipment shall be included in the sale without extra payment, if same is
the property of the Sellers.

 

The Sellers have the right to take ashore crockery,
plate, cutlery, linen and other articles bearing the Sellers’ flag or name,
provided they replace same with similar unmarked items.  Library, forms,
etc., exclusively for use in the Sellers’ vessels, shall be excluded without compensation.  Captain’s, Officers’ and Crew’s personal
belongings including slop chest to be excluded from the sale, as well as the
following additional items: There are no excluded
items form the sale.

 

The Buyers shall take over remaining bunkers, unused
lubricating oils and unused stores and provisions and pay the current market
price at the port and date of delivery of the vessel.

Payment under this clause shall be made at the same
time and place and in the same currency as the Purchase Money.

 

8.                                      Documentation

In exchange for payment of the Purchase Money the
Sellers shall furnish the Buyers with legal Bill of Sale of the said vessel
free from all encumbrances and maritime liens or any other debts whatsoever,
duly notarially attested and legalised by the Maltese
Authorities                         
consul together with a certificate stating that the vessel is free from
registered encumbrances.  On delivery
of the vessel the Sellers shall provide for the deletion of the vessel from the
Registry of Vessels and deliver a certificate of deletion to the Buyers.  The deposit shall be  On
delivery date the full purchase price plus extras, if any, shall be
placed at the disposal of the Sellers as well as

 

 

the balance of the
Purchase Money, which shall be paid as agreed, together with payment for items
mentioned in clause 7 above.

The Sellers shall, at the time of delivery, hand to
the Buyers all classification certificates as well as all plans etc. which are
onboard the vessel.  Other technical
documentation which may be in the Sellers’ possession shall promptly upon the
Buyers’ instructions be forwarded to the Buyers.  The Sellers may keep the log books, but the
Buyers to have the right to take copies of same.

 

9.                                      Encumbrances

The Sellers warrant that the vessel, at the time of
delivery, is free from all encumbrances and maritime liens or any other debts
whatsoever.  Should any claims which have
been incurred prior to the time of delivery be made against the vessel, the Sellers
hereby undertake to indemnify the Buyers against all consequences of such
claims.

 

10.                               Taxes
etc.

Any taxes, fees and expenses connected with the
purchase and registration under the Buyers’ flag shall be for the Buyers’
account, whereas similar charges connected with the closing of the Seller’s
register shall be for the Sellers’ account.

 

11.                               Condition
on delivery

The vessel with everything belonging to her shall be
at the Sellers’ risk and expense until she is delivered to the Buyers, but
subject to the conditions of this contract, she shall be delivered and taken
over as she is at the time of inspection, fair wear and tear excepted.

However, the vessel shall be delivered with present
class free of outstanding recommendations and with class as on board at time of
delivery.  The Sellers

shall notify the Classification
Society of any matters coming to their knowledge prior to delivery which upon
being reported to the Classification Society would lead to the withdrawal of
the vessel’s class or to the imposition of a recommendation relating to her
class.

 

12.                               Name/markings

Upon delivery the Buyers
undertake to change the name of the vessel and alter funnel markings.

 

13.                               Buyers’
default

Should the deposit, if
applicable, not be paid as aforesaid, the Sellers have the right
to cancel this contract, and they shall be entitled to claim compensation for
their losses and for all expenses incurred together with interest at the rate
of 12% per annum.

Should the Purchase Money not be paid as aforesaid,
the Sellers have the right to cancel this contract, in which case the amount
deposited together with interest earned, if any, shall be forfeited to the
Sellers.  If the deposit does not cover
the Sellers’ losses, they shall be entitled to claim further compensation for
their losses and for all expenses together with interest at the rate of 12% per
annum.

 

14.                               Sellers’
default

If the Sellers fail to execute a legal transfer or to
deliver the vessel with everything belonging to her in the manner and within
the time specified in line 38, the Buyers shall have the right to cancel this
contract in which case the deposit, if applicable, in
full shall be returned to the Buyers together with interest at the rate of 12%
per

annum.  The Sellers shall make due compensation for
the losses caused to the Buyers by failure to execute a legal transfer or to
deliver the vessel in the manner and within the time specified in line 38, if
such are due to the proven negligence of the Sellers.

 

15.                               Arbitration

If any dispute should arise in connection with the
interpretation and fulfilment of this contract, same shall be decided by
arbitration in the city of 3) London

and shall be referred to a single
Arbitrator to be appointed by the parties hereto.  If the parties cannot agree upon the
appointment of the single Arbitrator, the dispute shall be settled by three
Arbitrators, each party appointing one Arbitrator, the third being appointed by
4) the London Maritime Arbitrators Association.

 

If either of the appointed Arbitrators refuses or is
incapable of acting, the party who appointed him,
shall appoint a new Arbitrator in his place.

If one of the parties fails to appoint Arbitrator —
either originally or by way of substitution — for two weeks after the other
party having appointed his Arbitrator has sent the party making default notice
by mail, cable or telex to make the appointment, the party appointing the third
Arbitrator

 

 

shall, after application from the
party having appointed his Arbitrator, also appoint an Arbitrator on behalf of
the party making default.

The award rendered by the Arbitration Court shall be
final and binding upon the parties and may if necessary be enforced by the
Court or any other competent authority in the same manner as a judgement in the
Court of Justice.

This contract shall be subject to the law of the country
agreed as place of arbitration.

 

 

	
  FOR THE SELLERS

  	
  FOR THE BUYERS

  
	
  VALLE SHIPPING COMPANY LIMITED

  	
  IGUANA SHIPPING COMPANY LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ioannis Papathanasiou

  	
   

  	
  /s/ Christopher J. Thomas

  	
   

  
	
  BY: IOANNIS PAPATHANASIOU

  	
  BY: CHRISTOPHER J. THOMAS

  
	
  TITLE: Attorney-In-Fact

  	
  TITLE: Attorney-In-Fact

  
				

 

 

Additional
Clauses to the Memorandum of Agreement

m/v “IGUANA”

Clause 16

 

Should Buyers fail to price the Dryships IPO by February 28th
2005, then this M.O.A. to be considered null and void.
In such case Buyers to have no obligation to purchase the vessel.

 

Should the IPO be priced then Buyers to have the obligation to buy the
vessel.

 

Buyers have also the option to buy the vessel even if the IPO is not
priced within five (5) calendar days after failure of the IPO being priced and
in all events latest by 28th February 2005.

 

Clause 17

 

It has been further mutually agreed between both parties that the
vessel will be delivered after the Dryships IPO prices. The vessel will be
delivered charter free or with charter employment subject to Charterers’
approval which approval not to be unreasonably withheld and she will be
delivered and taken over safely afloat at a safe and accessible berth or safe
and accessible anchorage within the port limits of the discharge port or at
sea. Notice for delivery will be given by Buyers the day they price the IPO.

 

Following notice by Buyers that the IPO has priced, Sellers will within
three (3) business days advise Buyers of vessel’s intended place and date of
delivery.

 

Buyers to have the option to request Sellers’ Managers
(Cardiff Marine Inc.) to be obliged to continue managing the vessel.

 

Clause 18

In exchange for payment of the vessel’s full purchase price along with
any other payments called for in accordance with the M.O.A. the Sellers shall
furnish the Buyers with delivery documents which to be advised by the Buyers
and to be incorporated in an Addendum to the M.O.A.

 

Clause 19

 

Any notices under this agreement will be distributed as follows :

 

To the Buyers :

Company to be nominated by Dryships Inc.

Tel : +30210 8090570

Fax : +30210 8090555

E-mail: managernent@drvships.gr

 

 

To the Sellers :

Valle Shipping Company Limited

c/o Cardiff Marine Inc.

Omega Building

80, Kifissias Avenue

151 25 Amaroussion – Greece

Tel : +30210 8090500

Fax : +30210 8090555

E-mail : finance@cardiff.gr

 

Clause 20

 

It has been further mutually agreed between both parties there will be
no 10% deposit lodged by the Buyers and the Sellers will receive at the time of
closing of title the 100% purchase price of the vessel, together with extra
payment for bunkers and lube oils remaining on board at the time of delivery.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and year first above written.

 

 

	
  For the Sellers

  	
  For the Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ioannis Papathanasiou

  	
   

  	
  /s/ Chirstopher J. Thomas

  	
   

  
	
  Valle Shipping Company Limited

  	
  Iguana Shipping Company Limited

  
	
  By : Ioannis Papathanasiou

  	
  By : Christopher J. Thomas

  
	
  Title : Attorney-In-Fact

  	
  Title : Attorney-In-Fact

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