Document:

EX-4.36 Memorandum of Agreement

Exhibit 4.36

      

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.

MEMORANDUM OF AGREEMENT

Dated: 22nd January 2008

WYNNE SHIPHOLDING SA, of Majuro, Marshall Islands, hereinafter called the Sellers, have agreed to
sell, and ADVENTURE NINE S.A. of Majuro, Marshall Islands hereinafter called the Buyers, have
agreed to buy

Name: AFRICAN PROTEA

Classification Society/Class: BUREAU VERITAS

By: SHANGHAI SHIPYARD

	 	 	 
	Flag: BAHAMAS

	 	Place of Registration: NASSAU
	Call Sign: C6UG3

	 	Grt/Nrt: 15888 / 8060
	Official Number: 8000949

	 	IMO Number: 9138707

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.

“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.

	1.	 	Purchase Price $39,250,000 (Thirty Nine Million Two Hundred Fifty Thousand US Dollars) in cash
net to the Sellers

 

 

	2.	 	Deposit
	 
	 	 	As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 10%
(ten per cent) of the Purchase Price within 3 (three) banking days from the date of
this Agreement being signed/exchanged by fax. and Buyers’ BOD approval lifted. This
deposit shall be placed with Sellers’ designated bank, First Business Bank, Shipping Branch
Piraeus, and held by them in a joint account 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 Buyers. Any fee charged for holding the said deposit shall be born equally by the
Sellers and the Buyers. The deposit together with 90 percent balance plus any additional payments
due under the MOA (such as Bunkers/Lubs ROB on Delivery etc...) to be released to sellers account,
in full, free of any bank charges, on delivery of the Vessel against the protocol of delivery and
acceptance signed by both parties. Banking fee’s if any, for the establishing/holding the
deposit to be for Buyers account.

	3.	 	Payment

	 	 	The said Purchase Price shall be paid in full free of bank charges to Sellers’ designated bank on
delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect
physically ready for delivery in accordance with the terms and conditions of this Agreement and
Notice of Readiness has been given in accordance with Clause 5, and against the protocol of
delivery and acceptance of the vessel signed by both parties. (please see Clause 8)

	4.	 	Inspections

	 	 	a) The Buyers have waived inspection of the Vessel and Vessels’classifications records. The Buyers
have accepted the Vessel and her classification records, the sale therefore is outright and
definite, subject only to the terms and conditions of this Agreement and subject to Buyers
B.O.D. approval which to be lifted not later than the 24th December 2007.

	 	 	b)* The Buyers shall have the right to inspect the Vessel’s classification records and
declare whether same are accepted or not within
The Sellers 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 undue delay they shall compensate the Sellers for the losses thereby incurred. The Buyers
shall inspect the Vessel without opening up and without cost to the Sellers. During the
inspection, the Vessel’s dock and engine log books shall be made available for examination by the
Buyers. If the Vessel is accepted after such inspection the sale shall become outright and
definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive
written notice of acceptance from the Buyers within 72 hours after completion of such inspection.
Should notice of acceptance of the Vessel’s classification records and of the Vessel not be
received by the Sellers as aforesaid, the deposit together with interest earned shall be released
immediately to the Buyers whereafter this Agreement shall be null and void.

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	*	 	4a) and 4b) are alternatives; delete whichever is not applicable. In the absence of
deletions, alternative 4a) to apply.

	5.	 	Notices, time and place of delivery

	a)	 	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide
the Buyers with 30 (thirty), 15 (fifteen), 7 (seven), 3 (three) days approximate notice and
48/24 hours more definite notice of the estimated time of arrival at the intended place of
delivery. When the Vessel is at the place of delivery and in every respect physically ready
for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written
Notice of Readiness for delivery.
	 
	b)	 	The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or
anchorage. Time and place always at/in in the Buyers’ Sellers’ option.
Sellers’ to endeavour to nominate probable delivery port together with 15 (fifteen) days
approximate notice.
	 
	 	 	Expected time of delivery: between 01/02/2008 — 31/03/2008
	 
	 	 	Date of Cancelling: The 15th April 2008. Cancelling in Buyers’ option. The cancelling
date refers to the last date that the notice of readiness can be presented and not the last date on
which the Vessel may be delivered.
	 
	c)	 	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the
Vessel will not be ready for delivery by the Date of Cancelling they are to notify the Buyers
in writing stating the date when they anticipate that the Vessel will be ready for delivery
and propose a new cancelling date. Upon receipt of such notification the Buyers shall have
the option of either canceling this Agreement in accordance with Clause 14 within 7 running
days of receipt of the notice or of accepting the new date as the new cancelling date. If the
Buyers have not declared their option within 7 running days of receipt of the Sellers’
notification or if the Buyers accept the new date, the date proposed in the Sellers’
notification shall be deemed to be the new cancelling date and all references in this
Agreement to the Date of Cancelling shall be read as referring to the new cancelling date. In
the event the Buyers elect to cancel this agreement the deposit together with earned interest
to be returned to the Buyers immediately.
	 
	 	 	If this Agreement is maintained with the new cancelling date all other terms and conditions hereof
including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and
effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for
damages the Buyers may have under Clause 14 for the Vessel not being ready by Date of Cancelling.
	 
	d)	 	Should the Vessel become an actual, constructive or compromised total loss before delivery
the deposit together with interest earned shall be returned immediately to the Buyers
whereafter this Agreement shall be null and void.

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	6.	 	The Vessel is to be delivered without drydocking. However, the Buyers shall have the right at
their expense to arrange for an underwater inspection by a diver approved by the Classification
Society prior to Buyers’ declaration of their BOD
approval. Buyers will have to request in writing the underwater inspection and Sellers at their
best convenience, provided this underwater inspetion will not interfere with Vessel’s normal
operation, shall at Buyers’ cost make the Vessel available for such inspection. The extent of the
inspection and the conditions under which it is performed shall be to the satisfaction of the
Classification Society.

If the rudder, propeller, bottom or other underwater parts below the deepest load line are found
broken, damaged or defective so as to affect the Vessel’s class, then always at Sellers option, a)
deliver the vessel as she is without repairs but instead discount the purchase price at the time of
delivery by US$ amount. This US$ amount, which will be the direct cost of repairs acceptable to
class, will be average of two price quotations received from two reputable shipyards in China —
one chosen by the Sellers and the other One chosen by the Buyers, shall be deducted from the
balance of the purchase monies at the time of delivery. Such amount shall reflect only the direct
estimated cost of repairing the damage and excludes drydocking fees/charges for general
services/off-hire etc. or

b) This agreement is considered null and void without any harm or claim to any party

	a)** 	 	The Sellers shall place the Vessel in drydock at the port of delivery for inspection by
the Classification Society of the Vessel’s underwater parts below the deepest load line, the
extent of the inspection being in accordance with the Classification Society’s rules. If the
rudder, propeller, bottom or other underwater parts below the deepest load line are found
broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made
good at the Sellers’ expense to the satisfaction of the Classification Society without
condition/recommendation.*

	b)** 	 	(i) The Vessel is to be delivered without drydocking. However, the Buyers shall have the
right at their expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost
make the Vessel available for such inspection. The extent of the inspection and the
conditions under which it is performed shall be to the satisfaction of the Classification
Society. If the conditions at the port of delivery are unsuitable for such inspection, the
Sellers shall make the Vessel available at a suitable alternative place near to the delivery
port.
	 
	 	 	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load
line are found broken, damaged or defective so as to affect the Vessel’s class, then unless
repairs can be carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the
extent of the inspection being in accordance with the Classification Society’s rules. If
the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, such defects shall
be made good by the Sellers at their expense to the satisfaction of the Classification
Society without condition/recommendation.* In such event the Sellers are to pay also for
the cost of the underwater inspection and the Classification Society’s attendance.

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	 	 	(iii) If the Vessel is to be drydocked pursuant to Clause 6b) (ii) and no suitable
drydocking 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 5b). Once drydocking has taken place, the Sellers
shall deliver the Vessel at a port within the delivery range as per Clause 5b) which shall,
for the purpose of this Clause, become the new port of delivery. In such event the Date of
Cancelling provided for in Clause5b) shall be extended by the additional time required for
the drydocking and extra steaming, but limited to a maximum of 14 running days.

	c)	 	If the Vessel is drydocked pursuant to Clause 6a) or 6b) above
	 
	 	 	(i) the Classification Society may require survey of the tailshaft system, the extent of
the survey 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 to be drawn and surveyed by the Classification Society, the extent of the survey
being in accordance with the Classification Society’s rules for tailshaft survey and
consistent 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 Society. The drawing and refitting of
the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system
be condemned or found defective so as to affect the Vessel’s class, these parts shall be
renewed or made good at the Seller’s expense to the satisfaction of the Classification
Society without condition/recommendation.*
	 
	 	 	(ii) the expenses relating to the survey of the tailshaft system shall be borne by the
Buyers unless the Classification Society requires such survey to be carried out, in which
case the Sellers shall pay these expenses. The Sellers shall also pay the expenses if the
Buyers require the survey and parts of the system are condemned or found defective or
broken so as to affect the Vessel’s class.*
	 
	 	 	(iii) the expenses in connection with putting the Vessel in and taking her out of drydock,
including the drydock dues and the Classification Society’s fees shall be paid by the
Sellers if the Classification Society 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
shall pay the aforesaid expenses dues and fees.
	 
	 	 	(iv) the Buyers’ representative shall have the right to be present in the drydock but
without interfering with the work or decisions of the Classification surveyor.

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	 	 	(v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned
and painted at their risk and expense without interfering with the Sellers’ or the
Classification surveyor’s work, if any, and without affecting the Vessel’s timely delivery.
If however, the Buyers’ work in drydock is still in progress when the Sellers have
completed the work which the Sellers are required to do, the additional docking time needed
to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event that
the Buyers’ work requires such additional time, the Sellers may upon completion of the
Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock
and the Buyers shall be obliged to take delivery in accordance with Clause 3 whether the Vessel is
in drydock or not and irrespective of Clause 5b).

	*	 	Notes, if any, in the surveyor’s report which are accepted by the Classification Society
without condition/recommendation are not to be taken into account.
	 
	**	 	6a) and 6b) are alternatives, delete whichever is not applicable. In the absence of
deletions, alternative 6a) to apply.

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 belonging to the Vessel at the time of delivery used or
unused, whether on board or not shall become the Buyers’ property, but spares on order are to be
included excluded. Forwarding charges, if any, shall be for the Buyers’ account. The
Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare
propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to
delivery, but the replaced items shall be the property of the Buyers. The radio installation and
navigational equipment shall be included in the sale without extra payment if they are the property
of the Sellers. Unused/unbroached stores and provisions shall be included in the sale and be taken
over by the Buyers without extra payment.

The Sellers have the right to take ashore crockery, plates, 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’ vessel(s), shall be excluded without compensation.
Captain’s, Officers’ and Crew’s personal belongings including the slop chest are to be excluded
from the sale as well as the following additional items (including items on hire):

To be excluded from the sale:

Unitor Oxygen and Acetylene Bottles/equipment both used and unused.

Owners’ Lists/publications/videos/software/PC’s etc.

Globe wireless equipment/Mini-M’s.

The buyers shall take over the remaining bunkers (IFO/MDO) and pay the Sellers:

- in case of charter free as per Platt’s prices at port of delivery or nearest port thereto, or

- in case of charter attached as per charter party prices

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	 	 	Also the buyers shall take over the remaining and unused lubricating oils and greases and pay the
Sellers the contract prices, a joint survey between Sellers’ and Buyers’ representatives to take
place to ascertain the qualities of remaining bunkers/lubs on the date of delivery.
	 
	 	 	Payment under this Clause shall be made at the same time and place and in the same currency as the
Purchase Price.

	 	8.	 	Documentation

	 	 	The place of closing: First Business bank, Shipping Branch Piraeus.
	 
	 	 	The Vessel shall be delivered and the purchased price paid against Protocol of Delivery signed by
both the Sellers and the Buyers, Bill of Sale and all other normal delivery documents reasonably
required for Buyers’. Vessel’s legal transfer of title and registration of the Vessel
under Buyers’ indented flag. Such documents to be listed in an Addendum to this MOA which both
parties to endeavour to be agreed/issued as soonest as possible.
	 
	a)	 	Legal Bill of Sale in a form recordable in (the country which the Buyers are to register
the Vessel), warranting that the Vessel is free from all encumbrances, mortgages and maritime
liens or any other debts or claims whatsoever, duly notarially attested and legalized by the
consul of such country or other competent authority.
	 
	b)	 	Copy of the Current Certificate of Ownership issued by the competent authorities of the
flag state of the Vessel.
	 
	c)	 	Confirmation of Class issued within 72 hours prior to delivery.
	 
	d)	 	Certificate issued by the competent authorities stating that the Vessel is free from
registered encumbrances.
	 
	e)	 	Certificate of Deletion of the Vessel from the Vessel’s registry or other official
evidence of deletion appropriate to the Vessel’s registry at the time of delivery or, in the
event that the registry does not as a matter of practice issue such documentation immediately,
A written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith
and furnish a Certificate or other official evidence of deletion to the Byers promptly and
latest within 4 (four) weeks after the Purchase Price has been paid and the Vessel has been
delivered.
	 
	f)	 	Any such additional documents as may reasonably be required by the competent authorities
for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such
documents as soon as possible after the date of this Agreement.
	 
	 	 	At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of
Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to
the Buyers.

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	 	 	At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as
well as all plans etc., which are on board the Vessel. Other certificates which are on board the
Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in
which case the Buyers to have the right to take copies. Other technical documentation which may be
in the Sellers’ possession shall be promptly forwarded to the Buyers at their expense, if they so
request. The Sellers may keep the Vessel’s log books but the Buyers to have the right to take
copies of same at Buyers account.

	 	9.	 	Encumbrances

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

	 	10.	 	Taxes, etc.

	 	 	Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’
flag shall be for the Buyers’ account, whereas similar charges in connection with the closing of
the Sellers’ 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 terms and conditions of this Agreement she shall be
delivered and taken over as she was the time of inspection, fair wear and tear excepted.
	 
	 	 	However, the Vessel shall be delivered as is where lies with her class maintained and free of
average damage affecting the Vessel’s class, and with her classification certificates and
National/International trading certificates as on board at the time of delivery.
	 
	 	 	“Inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4a) or 4b),
if applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is
taken over without inspection, the date of this Agreement shall be the relevant date.

	*	 	Notes, if any, in the surveyor’s report which are accepted by the Classification Society
without condition/recommendation are not to be taken into account.

	 	12.	 	Name/markings

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

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	 	13.	 	Buyers’ default

	 	 	Should the deposit not be paid in accordance with Clause 2 the Sellers have the right to cancel
this Agreement, and they shall be entitled to claim compensation for their losses and for all
expenses incurred together with interest.
	 
	 	 	Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to
cancel the Agreement, in which case the deposit together with interest earned shall be released to
the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim
further compensation for their losses and for all expenses incurred together with interest.

	 	14.	 	Sellers’ default

	 	 	Should the Sellers fail to give Notice of Readiness in accordance with Clause 5a) or fail
to be ready to validly complete a legal transfer by the Date of Cancelling the Buyers shall have
the option of cancelling this Agreement provided always that the Sellers shall be
granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements
for the documentation set out in Clause 8. If after Notice of Readiness has been given but before
the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not
made physically ready again in every respect by the Date of Cancelling and new Notice of Readiness
given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to
cancel this Agreement the deposit together with interest earned shall be released to them
immediately.
	 
	 	 	Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or
fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation
to the Buyers for their loss and for all expenses together with interest if their failure is due to
proven negligence and whether or not the Buyers cancel this Agreement.

	 	15.	 	Buyers’ representatives

	 	 	After this Memorandum of Agreement has been signed by both parties and the 10% (ten per cent)
deposit has been lodged, the Buyers have the right to place up to two representatives on board the
Vessel at their sole risk and expense till delivery upon arrival at ____________on or about
____________.
	 
	 	 	These representatives are on board fro the purpose of familiarisation and in the capacity of
observers only, and they shall not interfere in any respect with the operation of the Vessel. The
Buyers’ and their representatives shall sign the Sellers’ letter of indemnity prior to their
embarkation.
	 
	 	 	The Buyers’ Representatives shall have free access to all Vessel’s spaces and Ship’s inventories in
order to get satisfactorily acquainted with the ship in order to prepare a smooth take
over/delivery.

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	 	16.	 	Arbitration

	a)* 	 	This Agreement shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in London in accordance
with the Arbitration Acts 1950 and 1979 1996 and in accordance with LMAA terms in
force or any statutory modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. The two arbitrators so appointed shall appoint a
third arbitrator who shall chair the arbitration panel. In the event that the two arbitrators
already appointed cannot agree on the identity of the Chairman within 30 days of the
appointment of the second arbitrator, the appointment shall be made by the President for the
time being of the London Maritime Arbitrators Association. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, that party shall appoint their
arbitrator within fourteen days, failing which the decision of the single arbitrator appointed
shall apply. If two arbitrators properly appointed shall not agree they shall appoint an
umpire whose decision shall be final.
	 
	b)* 	 	This Agreement shall be governed by and construed in accordance with Title 9 of the
United States Code and the Law of the State of New York and should any dispute arise out of
this Agreement, the matter in dispute shall be referred to three persons at New
York, one to be appointed by such of the parties hereto, and the third by the two so chosen; their
decision or that of any two of them shall be final, and for purpose of enforcing any award, the
Agreement may be made a rule of the Court.

The proceedings shall be conducted in accordance with the rules of the Society of Maritime
Arbitrators, Inc. New York.
	 
	 	 	c)* Any dispute arising out of this Agreement shall be referred to arbitration at London, subject
to the procedures applicable there.
The laws of England shall govern this Agreement.
	 
	*	 	16a), 16b) and 16c) are alternatives; delete whichever is not applicable. In the absence of
deletions, alternative 16a) to apply.

22 of January 2008

	 	 	 	 	 
	 	FOR THE BUYERS 

 	 
	 	/s/ Ion G. Varouxakis
 	 
	 	Ion G. Varouxakis           	 
	 	Attorney-in-Fact 	 
	 

	 	 	 	 	 
	 	FOR THE SELLERS

 	 
	 	/s/ George Kalogeropoulos
 	 
	 	George Kalogeropoulos 	 
	 	(Attorney-in-Fact) 	 
	 

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A D D E N D E M     N O.  1

Dated February 1st 2008

To the Memorandum of Agreement dated 22nd January 2008

(“The M.O.A.”)

For the sale of

M/V “AFRICAN PROTEA”

(Hereinafter called “the Vessel”)

Between

“WYNNE SHIPHOLDING S.A.” of Majuro, Marshall Islands

(Hereinafter called “the Sellers”)

And

“ADVENTURE NINE S.A.” of Majuro, Marshall Islands

(Hereinafter called “the Buyers”)

     In connection with the above mentioned Memorandum of Agreement, following has been mutually
agreed between the Sellers and the Buyers:

1/. “ADVENTURE NINE S.A.” of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands hereby irrevocably nominates “ADVENTURE SEVEN S.A.” of Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands as the actual buying company (hereinafter
called the “Final Buyers).

2/. The Sellers “WYNNE SHIPHOLDING S.A.” hereby accept the above nomination of “ADVENTURE SEVEN
S.A.” of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands as Final
Buyers of the Vessel.

3/. “ADVENTURE SEVEN S.A.” of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands irrevocably and unconditionally agrees on all the terms and conditions of the MOA
dated January 22nd 2008 and irrevocably commits itself, undertakes and warrants to duly,
timely and fully perform all Buyers’ duties, liabilities and obligations arising under the said
MOA, as if it were named ab initio as Buyers in the said MOA.

4/. The Buyers and the Final Buyers undertake and promise to take all necessary action in order to
duly advise the bank with which the 10% deposit has been lodged and transmit through their bankers
necessary swift instructions amending the initial instructions re Buyers’ corporate name.

 

 

     This Addendum shall constitute inseparable part of the Memorandum of Agreement and all other
terms/conditions/provisions and exceptions of the Memorandum of Agreement dated January
22nd 2008 shall remain unaltered and in full force and effect.

     IN WITNESS WHEREOF the parties hereto have caused this Addendum No. 1 to be executed by their
duly authorised representatives as of February 1st 2008.

	 	 	 	 	 
	 	 	 
	 	                          /s/ Illegible
 	 
	 	FOR “WYNNE SHIPHOLDING S.A.” 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                       /s/ Ion G. Varouxakis, Attorney-in-Fact
 	 
	 	FOR “ADVENTURE NINE S.A.” 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                       /s/ Ion G. Varouxakis, Attorney-in-Fact
 	 
	 	FOR “ADVENTURE SEVEN S.A.” 	 
	 	 	 
	 

 

 

THIS ADDENDUM No. 2 is made this 4th day of February 2008 BETWEEN:

	(1)	 	WYNNE SHIPHOLDING S.A. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH 96960 (the “Sellers”); and
	 
	(2)	 	ADVENTURE SEVEN S.A., of the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH 96980 (the “Buyers”).

WHEREAS:

	(A)	 	The Sellers are the registered owners of the bulk carrier motor vessel African Protea
currently registered under the Bahamas flag with IMO number 9138707 (the “Vessel”), and
	 
	(B)	 	the Sellers and the Buyers have entered into a “NSF 93 Form” Memorandum of Agreement dated as
of 22 January 2008 as amended by Addendum No. 1 (the “Agreement”) for the sale by the Sellers
to the Buyers of the Vessel; and
	 
	(C)	 	the Sellers and the Buyers have agreed pursuant to Clause 8 of the Agreement to sign this
Addendum No. 2.

IT IS NOW THEREFORE AGREED BETWEEN THE PARTIES AS FOLLOWS:

In exchange of the payment of the Purchase Price (as such term is defined in the Agreement), the
Sellers shall furnish the Buyers with delivery documents, namely:

	(a)	 	Three originals of a Legal Bill of Sale in a form recordable in the Bahamas Registry,
warranting that the Vessel is free from all encumbrances, mortgages, taxes and maritime liens
or any other debts or claims whatsoever, duly legalized by Apostille by the Special Agent of
the Republic of the Marshall Islands in Piraeus, Greece.

	(b)	 	Fax copy of Transcript of Registry issued not earlier than one day prior to the date of
delivery by the competent authorities of the flag state of the Vessel, which shall inter alia
confirm that the Vessel is registered in the ownership of the Sellers free from registered
encumbrances. The original to be delivered to Buyers’ representative attending on the date of
closing at the BMA in London.

	(c)	 	Class Maintenance Certificate issued within two (2) Banking days prior to delivery confirming
that the vessel is fully classed;

	(d)	 	a true copy of the Certificate of Incorporation of the Sellers certified by Sellers’ Greek
counsel or other such document evidencing that the Sellers are a company validly incorporated
and existing in accordance with the laws of the Republic of the Marshall Islands;

1

 

	(e)	 	Two (2) Originals set of Protocol of Delivery and Acceptance (one each for the Sellers and
the Buyers), one at the closing and the other at the physical delivery confirming the delivery
of the Vessel to the Buyers.

	(f)	 	an original Certificate of Good Standing of the Sellers dated no more than five days prior to
the Delivery Date showing the Sellers to be in good standing under the laws of the Republic of
the Marshall Islands.

	(g)	 	an original set of the resolutions of the board of directors of the Sellers signed by all the
directors of the Sellers authorising the sale of the Vessel in accordance with the provisions
of the Agreement and the execution on behalf of the Sellers of inter alia, the Bill of Sale, a
protocol of delivery and acceptance and any other document required to be executed by the
Sellers in respect of the delivery of the Vessel from the Sellers to the Buyers pursuant to
the Agreement, such resolutions to be duly legalised by Apostille by the Special Agent of the
Republic of the Marshall Islands in Piraeus, Greece.

	(h)	 	an original set of the resolutions of the shareholders of the Sellers signed by or on behalf
of all the shareholders of the Sellers approving and consenting to the resolutions referred to
in (c) (g )above, such resolutions to be duly legalised by Apostille by the Special Agent of
the Republic of the Marshall Islands in Piraeus, Greece.

	(i)	 	an original set of the officer’s certificate of the Sellers certifying (i) the names of all
the present directors and officers as well as (ii) the names of the shareholders and the
number of shares held by each shareholder and annexing both a certified true and up-to-date
copy of the constitutional documents of the Sellers (articles of incorporation and by-laws),
such officer’s certificate to be duly legalised by Apostille by the Special Agent of the
Republic of the Marshall Islands in Piraeus, Greece.

	(j)	 	an original power of attorney of the Sellers duly legalised by apostile by the Special Agent
of the Republic of the Marshall Islands in Piraeus, Greece;

	(k)	 	a copy of the Vessel’s current complete Continuous Synopsis Record (CSR) file, original CSR
to be delivered on board.

	(l)	 	three original commercial invoices stating the particulars of the Vessel including the full
purchase price of the Vessel, marked “fully paid” and signed by the Sellers;

	(m)	 	Three original statements providing for description, quantities and prices of any bunkers
lubricating oils remaining on board the Vessel at the Delivery Date in accordance with the
provisions of clause 7 of the Agreement.

	(n)	 	An original letter of undertaking from Sellers to fully indemnify the Buyers and hold them
harmless against all and any claims of whatsoever nature made against the Vessel in respect of
liabilities incurred prior to the Vessel’s delivery to the Buyers but arising after such
delivery and to settle same without delay;

2

 

	(o)	 	Photocopies of the following certificates to be faxed to the Buyers upon signing of this
Addendum:

	 	-	 	Registry Certificate
	 
	 	-	 	International Loadline
	 
	 	-	 	International Tonnage Certificate
	 
	 	-	 	Radio License
	 
	 	-	 	Cargo Ship Safety Radiotelegraphy
	 
	 	-	 	Cargo Ship Safety Equipment
	 
	 	-	 	Cargo Ship Safety Construction
	 
	 	-	 	Safety Management Certificate and Document of Compliance in
respect of the Vessel issued pursuant to ISM Code;
	 
	 	-	 	All other trading and international Ship’s Certificates

In exchange of delivery of the Vessel, the Buyers shall furnish the Sellers with delivery
documents, namely:

	(a)	 	a true copy of the Certificate of Incorporation of the Buyers certified by a director of the
Buyers or other such document evidencing that the Buyers are a company validly incorporated
and existing in accordance with the laws of the Marshall Islands;

	(b)	 	an original Certificate of Good Standing of the Buyers dated no more than five days prior to
the Delivery Date showing the Buyers to be in good standing under the laws of the Marshall
Islands;

	(c)	 	an original set of the resolutions of the board of directors of the Buyers authorising the
Purchase of the Vessel in accordance with the provisions of the Agreement and the execution on
behalf of the Buyers of inter alia, the acceptance of the Bill of Sale, authorising the
release of the 10% escrow deposit to the favour of the Sellers, the execution of a protocol of
delivery and acceptance and any other document required to be executed by the Buyers in
respect of the delivery of the Vessel from the Sellers to the Buyers pursuant to the Agreement
such resolutions to be duly legalised by Apostille by the Special Agent of the Republic of the
Marshall Islands in Piraeus, Greece;

	(d)	 	an original set of the officer’s certificate of the Buyers certifying the names of all the
present directors and officers and annexing both a certified true and up-to-date copy of the
constitutional documents of the Buyers (articles of incorporation and by-laws), such officer’s
certificate to be duly legalised by Apostille by the Special Agent of the Republic of the
Marshall Islands in Piraeus, Greece;

	(e)	 	an original power of attorney of the Buyers duly legalised by Apostille by the Special Agent
of the Republic of the Marshall Islands in Piraeus, Greece;
	 
	 	 	Drafts of delivery documents to be exchanged between Sellers and Buyers seven days prior to
delivery for approval.

3

 

IN WITNESS WHEREOF the parties hereto have caused this Addendum to be executed as deed by their
duly authorised representatives on the date written above.

	 	 	 	 	 
	EXECUTED as a DEED

	 	)
	by

	 	)
	for and on behalf of

	 	).../s/ Illegible................................................

	WYNNE SHIPHOLDING S.A.

	 	)
	 
	 	 	 	 
	EXECUTED as a DEED

	 	)
	by

	 	)
	for and on behalf of

	 	).../s/ Ion G. Varouxakis.....................................

	ADVENTURE SEVEN S.A.

	 	)

4EX-4.37 Supplemental Agreement

Exhibit 4.37

Private & Confidential

      

      

      

Dated            October 2007

 

      

      

      

      

      

SUPPLEMENTAL AGREEMENT

relating to a Loan of up to US$68,000,000

ADVENTURE EIGHT S.A.

ADVENTURE FIVE S.A.

ADVENTURE SEVEN S.A.

and

ADVENTURE SIX S.A.

provided by

THE BANKS AND FINANCIAL INSTITUTIONS SET OUT IN SCHEDULE 1

Arranger, Agent, Security Agent and Account Bank

HSH NORDBANK AG

Swap Provider

HSH NORDBANK AG

 

Contents

	 	 	 	 	 	 	 
	Clause	 	 	 	Page
	1

	 	Definitions
	 	 	2	 
	 	 	 	 	 	 	 
	2

	 	Consent of the Creditors
	 	 	2	 
	 	 	 	 	 	 	 
	3

	 	Amendments to each release
	 	 	3	 
	 	 	 	 	 	 	 
	4

	 	Representations and warranties
	 	 	3	 
	 	 	 	 	 	 	 
	5

	 	Conditions
	 	 	4	 
	 	 	 	 	 	 	 
	6

	 	Relevant Parties’ confirmation
	 	 	5	 
	 	 	 	 	 	 	 
	7

	 	Expenses
	 	 	5	 
	 	 	 	 	 	 	 
	8

	 	Miscellaneous and notices
	 	 	6	 
	 	 	 	 	 	 	 
	9

	 	Applicable law
	 	 	6	 
	 	 	 	 	 	 	 
	Schedule 1 Names and addresses of the Banks	 	 	7	 
	 	 	 	 	 	 	 
	Schedule 2 Documents and evidence required as conditions precedent	 	 	8	 
	 	 	 	 	 	 	 
	Schedule 3 New Intercreditor Deed	 	 	10	 
	 	 	 	 	 	 	 
	Schedule 4 Amended and restated Loan Agreement	 	 	11	 

 

THIS SUPPLEMENTAL AGREEMENT is dated       October 2007 and made BETWEEN:

	(1)	 	ADVENTURE EIGHT S.A., a corporation incorporated under the laws of the Republic of the
Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Republic of Marshall Islands MH96960 (the “Adventure Eight
Borrower”);
	 
	(2)	 	ADVENTURE FIVE S.A., a corporation incorporated under the laws of the Republic of the
Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Republic of Marshall Islands MH96960 (the “Adventure Five Borrower”);
	 
	(3)	 	ADVENTURE SIX S.A., a corporation incorporated under the laws of the Republic of the Marshall
Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Republic of Marshall Islands MH96960 (the “Adventure Six Borrower”);
	 
	(4)	 	ADVENTURE SEVEN S.A., a corporation incorporated under the laws of the Republic of the
Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Republic of Marshall Islands MH96960 (the “Adventure Seven Borrower”
and, together with the Adventure Eight Borrower, the Adventure Five Borrower and the Adventure
Six Borrower, the “Borrowers”);
	 
	(5)	 	HSH NORDBANK AG, a company incorporated under the laws of Germany having its registered
office at Gerhart-Hauptmann Platz 50, Hamburg, Germany as arranger (the “Arranger”);
	 
	(6)	 	HSH NORDBANK AG, a company incorporated under the laws of Germany having its registered
office at Gerhart-Hauptmann Platz 50, Hamburg, Germany as agent (the “Agent”);
	 
	(7)	 	HSH NORDBANK AG, a company incorporated under the laws of Germany having its registered
office at Gerhart-Hauptmann Platz 50, Hamburg, Germany as security agent (the “Security
Agent”);
	 
	(8)	 	HSH NORDBANK AG, a company incorporated under the laws of Germany having its registered
office at Gerhart-Hauptmann Platz 50, Hamburg, Germany as account bank (the “Account Bank”);
	 
	(9)	 	HSH NORDBANK AG, a company incorporated under the laws of Germany having its registered
office at Gerhart-Hauptmann Platz 50, Hamburg, Germany as swap provider (the “Swap Provider”);
	 
	(10)	 	THE BANKS AND FINANCIAL INSTITUTIONS whose names and addresses are set out in schedule 1 as
lenders (the “Banks”);
	 
	(11)	 	FREESEAS INC., a corporation incorporated under the laws of the Republic of the Marshall
Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands, MH96960 (the “Corporate Guarantor”); and
	 
	(12)	 	FREE BULKERS S.A., a corporation incorporated under the laws of the Republic of the Marshall
Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
Islands, Majuro, Marshall Islands, MH96960 (the “Manager”).

WHEREAS:

	(A)	 	this agreement is supplemental to a loan agreement dated 27 June 2007 (the “Principal
Agreement”) made between (1) the Borrowers as joint and several borrowers, (2) the Banks, (3)
the Agent, (4) the Security Agent, (5) the Account Bank, (6) the Arranger and (7) the Swap
Provider relating to a loan of up to Sixty eight million Dollars ($68,000,000), of which the
principal amount outstanding at the date hereof is Forty two million seven hundred and thirty
six thousand two hundred and fifty Dollars ($42,736,250), advanced or (as the context may
require) to be advanced by the Banks to the Borrowers, jointly and severally, for the purpose
of (inter alia) financing part of the cost of acquisition of the Ships;

1

 

	(B)	 	the Borrowers have requested that the Banks agree to the substitution of two (2) of the Ships
(which have not been acquired yet) under the Principal Agreement with two other ships; and
	 
	(C)	 	this Agreement now sets out the terms and conditions upon which the Creditors shall, at the
request of the Borrowers, consent to the substitution of such Ships.

NOW IT IS HEREBY AGREED as follows:

	1	 	Definitions
	 
	1.1	 	Defined expressions
	 
	 	 	Words and expressions defined in the Principal Agreement shall, unless the context otherwise
requires or unless otherwise defined herein, have the same meanings when used in this
Agreement.
	 
	1.2	 	Definitions
	 
	 	 	In this Agreement, unless the context otherwise requires:
	 
	 	 	“Effective Date” means the date, being no later than 31 October 2007, on which the Agent
notifies the Borrowers in writing that the Agent has received the documents and evidence
specified in clause 5 and schedule 2 in a form and substance satisfactory to it;
	 
	 	 	“Loan Agreement” means the Principal Agreement as amended and restated by this Agreement;
	 
	 	 	“New Intercreditor Deed” means the deed executed or (as the context may require) to be
executed between (inter alios) the Borrowers, the Manager, the Corporate Guarantor, the
Security Agent and the Junior Lender in the form set out in schedule 3;
	 
	 	 	“Relevant Documents” means this Agreement and the New Intercreditor Deed; and
	 
	 	 	“Relevant Parties” means, together, the Borrowers, the Corporate Guarantor and the Manager
or, where the context so requires or permits, means any or all of them.
	 
	1.3	 	Principal Agreement
	 
	 	 	References in the Principal Agreement to “this Agreement” shall, with effect from the
Effective Date and unless the context otherwise requires, be references to the Principal
Agreement as amended and restated by this Agreement and words such as “herein”, “hereof”,
“hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in the Principal
Agreement, shall be construed accordingly.
	 
	1.4	 	Headings
	 
	 	 	Clause headings and the table of contents are inserted for convenience of reference only and
shall be ignored in the interpretation of this Agreement.
	 
	1.5	 	Construction of certain terms
	 
	 	 	Clause 1.4 of the Principal Agreement shall apply to this Agreement (mutatis mutandis) as if
set out herein and as if references therein to “this Agreement” were references to this
Agreement.
	 
	2	 	Consent of the Creditors
	 
	 	 	Each of the Creditors, relying upon the representations and warranties on the part of the
Relevant Parties contained in clause 4, agrees with the Borrowers that, subject to the terms
and conditions of this Agreement and in particular, but without prejudice to the generality
of the
foregoing, fulfilment on or before 31 October 2007 of the conditions contained in clause 5
and schedule 2, each of the Creditors agrees to the amendment of the Principal Agreement on
the terms set out in clause 3.1.

2

 

	3	 	Amendments to each release
	 
	3.1	 	Amendments to Principal Agreement
	 
	 	 	The Principal Agreement shall, with effect on and from the Effective Date, be (and it is
hereby) amended in accordance with the form of the amended and restated Loan Agreement set
out in schedule 4 (without certain of its schedules) and (as so amended) will continue to be
binding upon the Creditors and the Borrowers upon such terms as so amended and restated (and
the schedules thereto which are not appended to it in this schedule shall remain the same as
are appended to the Principal Agreement).
	 
	3.2	 	Continued force and effect
	 
	 	 	Save as amended and restated by this Agreement, the provisions of the Principal Agreement
shall continue in full force and effect and the Principal Agreement and this Agreement shall
be read and construed as one instrument.
	 
	4	 	Representations and warranties
	 
	4.1	 	Primary representations and warranties
	 
	 	 	Each of the Relevant Parties represents and warrants to the Creditors that:

	4.1.1	 	Existing representations and warranties
	 
	 	 	the representations and warranties set out in clause 7 of the Principal Agreement and clause
4 of the Corporate Guarantee were true and correct on the dates of the Principal Agreement
and the Corporate Guarantee, respectively, and are true and correct, including to the extent
that they have been or shall be amended by this Agreement, as if made at the date of this
Agreement with reference to the facts and circumstances existing at such date;
	 
	4.1.2	 	Corporate power
	 
	 	 	each of the Relevant Parties has power to execute, deliver and perform its obligations under
the Relevant Documents to which it is or is to be a party; all necessary corporate,
shareholder and other action has been taken by each of the Relevant Parties to authorise the
execution, delivery and performance of the Relevant Documents to which it is or is to be a
party;
	 
	4.1.3	 	Binding obligations
	 
	 	 	the Relevant Documents to which it is or is to be a party constitute valid and legally
binding obligations of each of the Relevant Parties enforceable in accordance with their
terms;
	 
	4.1.4	 	No conflict with other obligations
	 
	 	 	the execution, delivery and performance of their respective obligations under, and compliance
with the provisions of, the Relevant Documents to which it is or is to be a party by each of
the Relevant Parties will not (i) contravene any existing applicable law, statute, rule or
regulation or any judgment, decree or permit to which any of the Relevant Parties is subject,
(ii) conflict with, or result in any breach of any of the terms of, or constitute a default
under, any agreement or other instrument to which any of the Relevant Parties is a party or
is subject or by which it or any of its property is bound, (iii) contravene or conflict with
any provision of the constitutional documents of any of the Relevant Parties or (iv) result
in the creation or imposition of or oblige any of the Relevant Parties to create any
Encumbrance (other than a Permitted Encumbrance) on any of the undertaking, assets, rights or
revenues of any of the Relevant Parties;

3

 

	4.1.5	 	No filings required
	 
	 	 	it is not necessary to ensure the legality, validity, enforceability or admissibility in
evidence of any of the Relevant Documents that they or any other instrument be notarised,
filed, recorded, registered or enrolled in any court, public office or elsewhere in any
Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any
Relevant Jurisdiction on or in relation to the Relevant Documents and each of the Relevant
Documents is in proper form for its enforcement in the courts of each Relevant Jurisdiction;
	 
	4.1.6	 	Choice of law
	 
	 	 	the choice of English law to govern the Relevant Documents and the submissions by the
Relevant Parties to the non-exclusive jurisdiction of the English courts are valid and
binding; and
	 
	4.1.7	 	Consents obtained
	 
	 	 	every consent, authorisation, licence or approval of, or registration or declaration to,
governmental or public bodies or authorities or courts required by any of the Relevant
Parties in connection with the execution, delivery, validity, enforceability or admissibility
in evidence of the Relevant Documents to which it is or will become a party or the
performance by any of the Relevant Parties of their respective obligations under such
documents has been obtained or made and is in full force and effect and there has been no
default in the observance of any conditions or restrictions (if any) imposed in, or in
connection with, any of the same.

	4.2	 	Repetition of representations and warranties
	 
	 	 	Each of the representations and warranties contained in (a) clause 4.1 of this Agreement, (b)
clause 7 of the Principal Agreement and (c) clause 4 of the Corporate Guarantee shall be
deemed repeated by each of the Relevant Parties, in each case on the Effective Date as if
made with reference to the facts and circumstances existing on such day and subject to clause
3.1.
	 
	5	 	Conditions
	 
	5.1	 	Documents and evidence
	 
	 	 	The consent of the Creditors referred to in clause 2 shall be subject to the receipt by the
Agent or its duly authorised representative, on or before the Effective Date, of the
documents and evidence specified in schedule 2 in form and substance satisfactory to the
Agent.
	 
	5.2	 	General conditions precedent
	 
	 	 	The agreement of the Creditors referred to in clause 2 shall be further subject to:

	5.2.1	 	the representations and warranties in clause 4 being true and correct on the Effective
Date as if each was made with respect to the facts and circumstances existing at such time;
and
	 
	5.2.2	 	no Default having occurred and continuing at the time of the Effective Date.

	5.3	 	Waiver of conditions precedent
	 
	 	 	The conditions specified in this clause 5 are inserted solely for the benefit of the
Creditors and may be waived by the Agent (acting on the instructions of the Majority Banks)
in whole or in part with or without conditions.

4

 

	6	 	Relevant Parties’ confirmation
	 
	 	 	Each of the Relevant Parties hereby confirms its consent to the amendments to the Principal
Agreement as set out in clause 3 and further acknowledges and agrees, for the avoidance of
doubt, that:
	 
	6.1	 	each of the Security Documents to which it is a party, and its obligations thereunder,
shall remain and continue in full force and effect notwithstanding the amendments made to the
Principal Agreement contained in this Agreement; and
	 
	6.2	 	with effect from the Effective Date:

	 	(a)	 	references to “the Agreement” or “the Loan Agreement” in any of the other
Security Documents to which it is a party shall henceforth be references to the
Principal Agreement as amended by this Agreement and as from time to time hereafter
amended and shall also be deemed to include this Agreement and the obligations of the
Borrowers thereunder; and
	 
	 	(b)	 	in any of the Security Documents (other than the Loan Agreement) (i)
references to the “Phoenix Mortgage”, the “Phoenix General Assignment”, the “Phoenix
Charter Assignment” and the “Phoenix Manager’s Undertaking” shall be references to
the “Free Hero Mortgage”, the “Free Hero General Assignment”, the “Free Hero Charter
Assignment” and the “Free Hero Manager’s Undertaking” and (ii) in any of the Security
Documents (other than the Loan Agreement) references to be the “Goddess Mortgage”,
the “Goddess General Assignment”, the “Goddess Charter Assignment” and the “Goddess
Manager’s Undertaking” shall be references to be “Free Jupiter Mortgage”, the “Free
Jupiter General Assignment”, the “Free Jupiter Charter Assignment” and the “Free
Jupiter Manager’s Undertaking”.

	7	 	Expenses
	 
	7.1	 	Expenses
	 
	 	 	The Borrowers agree to pay to the Agent on a full indemnity basis on demand all expenses
(including legal and out-of-pocket expenses) incurred by the Creditors or any of them:

	7.1.1	 	in connection with the negotiation, preparation, execution and, where relevant,
registration of this Agreement and of any amendment or extension of or the granting of any
waiver or consent under this Agreement; and
	 
	7.1.2	 	in contemplation of, or otherwise in connection with, the enforcement of, or preservation
of any rights under this Agreement or otherwise in respect of the monies owing and
obligations incurred under this Agreement,
	 
	 	 	together with interest at the rate referred to in clause 3.4 of the Principal Agreement from
the date on which such expenses were incurred to the date of payment (as well after as before
judgment).

	7.2	 	Value Added Tax
	 
	 	 	All expenses payable pursuant to this clause 7 shall be paid together with value added tax or
any similar tax (if any) properly chargeable thereon.
	 
	7.3	 	Stamp and other duties
	 
	 	 	The Borrowers agree to pay to the Agent on demand all stamp, documentary, registration or
other like duties or taxes (including any duties or taxes payable by the Creditors or any of
them) imposed on or in connection with this Agreement and shall indemnify the Creditors or
any of
them against any liability arising by reason of any delay or omission by the Borrowers to pay
such duties or taxes.

5

 

	8	 	Miscellaneous and notices
	 
	8.1	 	Notices
	 
	 	 	The provisions of clause 17.1 of the Loan Agreement shall extend and apply to the giving or
making of notices or demands hereunder as if the same were expressly stated herein and for
this purpose any notices to be sent to the Relevant Parties or any of them hereunder shall be
sent to the same address indicated for the “Borrowers” in the said clause 17.1.
	 
	8.2	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts and by the different parties on
separate counterparts, each of which when so executed and delivered shall be an original but
all counterparts shall together constitute one and the same instrument.
	 
	8.3	 	Borrowers’ obligations
	 
	 	 	Notwithstanding anything to the contrary contained in this Agreement, the agreements,
obligations and liabilities of the Borrowers herein contained are joint and several and shall
be construed accordingly. Each of the Borrowers agrees and consents to be bound by this
Agreement notwithstanding that any of the other Borrowers which were intended to sign or be
bound may not do so or be effectually bound and notwithstanding that this Agreement may be
invalid or unenforceable against any of the other Borrowers whether or not the deficiency is
known to the Creditors or any of them. The Creditors shall be at liberty to release any of
the Borrowers from this Agreement and to compound with or otherwise vary the liability or to
grant time and indulgence to make other arrangements with any of the Borrowers without
prejudicing or affecting the rights and remedies of the Creditors or any of them against any
of the other Borrowers.
	 
	9	 	Applicable law
	 
	9.1	 	Law
	 
	 	 	This Agreement is governed by, and shall be construed in accordance with, English law.
	 
	9.2	 	Submission to jurisdiction
	 
	 	 	Each of the Relevant Parties agrees, for the benefit of each Creditor, that any legal action
or proceedings arising out of or in connection with this Agreement against the Relevant
Parties or any of them or any of their respective assets may be brought in the English
courts. Each of the Relevant Parties irrevocably and unconditionally submits to the
jurisdiction of such courts and irrevocably designates, appoints and empowers Atlas Maritime
Services Ltd. at present of Enterprise House, 113-115 George Lane, London EL8 1AB, London to
receive for it and on its behalf, service of process issued out of the English courts in any
such legal action or proceedings. The submission to such jurisdiction shall not (and shall
not be construed so as to) limit the right of a Creditor to take proceedings against the
Relevant Parties or any of them in the courts of any other competent jurisdiction nor shall
the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings
in any other jurisdiction, whether concurrently or not. The parties further agree that only
the Courts of England and not those of any other State shall have jurisdiction to determine
any claim which the Relevant Parties or any of them may have against any Creditor arising out
of or in connection with this Agreement.
	 
	9.3	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act
1999 by a person who is not a party to this Agreement.

IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on
the date first above written.

6

 

Schedule 1

Names and addresses of the Banks

	 	 	 	 	 
	Name	 	Address and fax number
	 	 
	HSH Nordbank AG

	 	Lending Office
	 
	 	 	 	 
	 	 	HSH Nordbank AG
	 	 	Gerhart-Hauptmann Platz 50
	 	 	20095 Hamburg
	 	 	Germany
	 
	 	 	 	 
	 	 	Address for Notices
	 
	 	 	 	 
	 	 	HSH Nordbank AG
	 	 	Gerhart-Hauptmann Platz 50
	 	 	20095 Hamburg
	 	 	Germany
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 40 3333 34118
	 

	 	Attn:
	 	Jan Herzel

7

 

Schedule 2

Documents and evidence required as conditions precedent

(referred to in clause 5.1)

	1	 	Corporate authorisations
	 
	 	 	In relation to each of the Relevant Parties:

	 	(a)	 	Constitutional documents
	 
	 	 	 	copies certified by an officer of each of the Relevant Parties, as true, complete and
up to date copies, of all documents which contain or establish or relate to the
constitution of that Relevant Party or a certificate by the secretary of such Relevant
Party confirming that there have been no changes or amendments to the constitutional
documents certified copies of which were previously delivered to the Agent pursuant to
the Principal Agreement;
	 
	 	(b)	 	Resolutions
	 
	 	 	 	copies of resolutions of each of its board of directors and its
shareholders/stockholders approving such of the Relevant Documents to which it is or is
to be a party and the terms and conditions hereof and thereof and authorising the
signature, delivery and performance of each such Relevant Party’s obligations
thereunder, certified (in a certificate dated no earlier than five (5) Banking Days
prior to the date of this Agreement) by an officer of such Relevant Party as:

	 	(1)	 	being true and correct;
	 
	 	(2)	 	being duly passed at meetings of the directors of such Relevant Party
and of the shareholders/stockholders of such Relevant Party each duly convened and
held;
	 
	 	(3)	 	not having been amended, modified or revoked; and
	 
	 	(4)	 	being in full force and effect,

	 	 	 	together with originals or certified copies of any powers of attorney issued by any
party pursuant to such resolutions; and
	 
	 	(c)	 	Certificate of incumbency
	 
	 	 	 	a list of directors and officers of each Relevant Party specifying the names and
positions of such persons, certified (in a certificate dated no earlier than five (5)
Banking Days prior to the date of this Agreement) by an officer of such Relevant Party
to be true, complete and up to date;

	2	 	Consents
	 
	 	 	a certificate (dated no earlier than five (5) Banking Days prior to the date of this
Agreement) from an officer of each of the Relevant Parties stating that no consents,
authorisations, licences or approvals are necessary for such Relevant Party to authorise, or
are required by each of the Relevant Parties or any other party (other than the Creditors) in
connection with, the execution, delivery, and performance of the Relevant Documents to which
they are or will be a party;

8

 

	3	 	New Intercreditor Deed
	 
	 	 	the New Intercreditor Deed duly executed;
	 
	4  	 	Legal opinions
	 
	 	 	such legal opinions in relation to the laws of the Republic of the Marshall Islands and any
other legal opinions as the Agent shall in its sole discretion require;
	 
	5	 	Borrowers’ process agent
	 
	 	 	an original of a letter from the Borrowers’ agent for receipt of service of proceedings
accepting its appointment under this Agreement, and under any of the other Relevant Documents
to which any of the Borrowers is a party, as the Borrowers’ process agent;
	 
	6	 	Relevant Parties’ process agent
	 
	 	 	an original of a letter from each Relevant Party’s agent for receipt of service of
proceedings accepting its appointment under each of the Relevant Documents to which such
Relevant Party is a party, as such Relevant Party’s process agent; and
	 
	7	 	Further matters or opinions
	 
	 	 	any such other matter or opinion as may be required by the Agent.

9

 

Schedule 3

New Intercreditor Deed

10

 

Schedule 4

Amended and restated Loan Agreement

11

 

	 	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	ADVENTURE EIGHT S.A.

	 	 	)	 	 	Attorney-in-fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	ADVENTURE FIVE S.A.

	 	 	)	 	 	Attorney-in-fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	ADVENTURE SEVEN S.A.

	 	 	)	 	 	Attorney-in-fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	ADVENTURE SIX S.A.

	 	 	)	 	 	Attorney-in-fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 

12

 

	 	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	HSH NORDBANK AG

	 	 	)	 	 	Attorney-in-fact
	as Bank and Swap Provider

	 	 	)	 	 	 
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	HSH NORDBANK AG

	 	 	)	 	 	Attorney-in-fact
	as Arranger, Agent, Security Agent and Account Bank

	 	 	)	 	 	 
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	FREESEAS INC.

	 	 	)	 	 	Attorney-in-Fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	______________________
	FREE BULKERS S.A.

	 	 	)	 	 	Attorney-in-Fact
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	_______________________ 

	 	 	 	 	 	 
	Witness
	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	Occupation:
	 	 	 	 	 	 

13

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