Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Carbiz Inc. - Exhibit 10.8

ESCROW AGREEMENT 

     THIS ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of February 28, 2007 among
CARBIZ INC., an Ontario, Canada corporation (the “Company”); the
Buyer(s) listed on the Securities Purchase Agreement, dated the date hereof
(also referred to as the “Investor(s)”), and JAMES G. DODRILL II,
P.A., as Escrow Agent hereunder (the “Escrow Agent”). 

BACKGROUND 

     WHEREAS, the Company and
the Investor(s) have entered into a Securities Purchase Agreement (the
“Securities Purchase Agreement”; capitalized terms that are not otherwise
defined herein shall have the meanings assigned to them in the Securities
Purchase Agreement), dated as of the date hereof. 

     WHEREAS, the Securities
Purchase Agreement provides that its Investor(s) shall deposit its purchase
amount Subscription Amount in a segregated escrow account to be held by Escrow
Agent in order to effectuate a disbursement to the Company at each Closing. 

     WHEREAS, Escrow Agent has
agreed to accept, hold, and disburse the funds deposited with it in accordance
with the terms of this Agreement and the Securities Purchase Agreement; and 

     WHEREAS, in order to
establish the escrow of funds and to effect the provisions of the Securities
Purchase Agreement, the parties hereto have entered into this Agreement. 

NOW THEREFORE, in consideration of the foregoing, it is
hereby agreed as follows: 

     1. Definitions. The
following terms shall have the following meanings when used herein: 

     a. “Escrow Funds” shall
mean the funds deposited with Escrow Agent pursuant to the Securities Purchase
Agreement and this Agreement. 

     b. “Joint Written
Direction” shall mean a written direction executed by the
Investor(s) and the Company directing Escrow Agent to disburse all or a portion
of the Escrow Funds or to take or refrain from taking any action pursuant to
this Agreement. 

     2. Appointment of and
Acceptance by Escrow Agent. The Investor(s) and the Company
hereby appoint Escrow Agent to serve as Escrow Agent hereunder. Escrow Agent
hereby accepts such appointment and, upon receipt by wire transfer of the Escrow
Funds in accordance with Section 3 below, agrees to hold, invest and disburse
the Escrow Funds in accordance with this Agreement. The Company hereby
acknowledges that the Escrow Agent is counsel to the Investor(s) in connection
with the transactions contemplated and referred herein. The Company agrees that
in the event of any dispute arising in connection with this Escrow 

Agreement or otherwise in connection with any transaction or
agreement contemplated and referred herein, the Escrow Agent shall be permitted
to continue to represent the Investor(s) and the Company will not seek to
disqualify such counsel.

     3. Creation of Escrow
Funds. On or prior to the date hereof, the Escrow Agent shall
establish an escrow account, which escrow account shall be entitled as follows:
“Carbiz, Inc../Trafalgar Capital Specialized Investment Fund Escrow Account” for
the deposit of the Escrow Funds. Prior to each Closing, the Investor(s) shall
wire funds for the Subscription Amount(s) necessary for such Closing to the
account of the Escrow Agent as follows: 

	Bank: 	Bank of America 
	 	 
	Routing #: 	026009583 
	 	 
	SWIFT #: 	BOFAUS3N 
	 	 
	Account #: 	8980 0504 8237 
	  	  
	  	  
	Name on Account: 	James G. Dodrill II, P.A. as Escrow Agent

	 	 
	Name on Sub-Account: 	Carbiz, Inc./ Trafalgar Capital Specialized
  
	  	Investment Fund Escrow account

     4. Disbursements from the
Escrow Account. The Escrow Agent will continue to hold such funds
until Trafalgar Capital Sarl on behalf of the Investor(s) and Company execute a
Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds
pursuant to such Joint Written Direction. In disbursing such funds, Escrow Agent
is authorized to rely upon such Joint Written Direction from the Company and
Trafalgar Capital Sarl and may accept any signatory from the Company listed on
the signature page to this Agreement and any signature from Trafalgar Capital
Sarl that the Escrow Agent already has on file. 

     5. Collection
Procedure. Escrow Agent is hereby authorized to deposit the
proceeds of each wire in the Escrow Account. 

     6. Suspension of
Performance: Disbursement Into Court. If at any time, there shall
exist any dispute between the Company and the Investor(s) with respect to
holding or disposition of any portion of the Escrow Funds or any other
obligations of Escrow Agent hereunder, or if at any time Escrow Agent is unable
to determine, to Escrow Agent’s sole satisfaction, the proper disposition of any
portion of the Escrow Funds or Escrow Agent’s proper actions with respect to its
obligations hereunder, or if the parties have not within thirty (30) days of the
furnishing by Escrow Agent of a notice of resignation pursuant to Section 9
hereof, appointed a successor Escrow Agent to act hereunder, then Escrow Agent
may, in its sole discretion, take either or both of the following actions: 

     a. suspend the performance of any
of its obligations (including without limitation any disbursement obligations)
under this Escrow Agreement until such dispute or 

2 

uncertainty shall be resolved to the sole satisfaction of
Escrow Agent or until a successor Escrow Agent shall be appointed (as the case
may be); provided however, Escrow Agent shall continue to invest the Escrow
Funds in accordance with Section 8 hereof; and/or 

     b. petition (by means of an
interpleader action or any other appropriate method) any court of competent
jurisdiction in any venue convenient to Escrow Agent, for instructions with
respect to such dispute or uncertainty, and to the extent required by law, pay
into such court, for holding and disposition in accordance with the instructions
of such court, all funds held by it in the Escrow Funds, after deduction and
payment to Escrow Agent of all fees and expenses (including court costs and
attorneys’ fees) payable to, incurred by, or expected to be incurred by Escrow
Agent in connection with performance of its duties and the exercise of its
rights hereunder. 

     c. Escrow Agent shall have no
liability to the Company, the Investor(s), or any person with respect to any
such suspension of performance or disbursement into court, specifically
including any liability or claimed liability that may arise, or be alleged to
have arisen, out of or as a result of any delay in the disbursement of funds
held in the Escrow Funds or any delay in with respect to any other action
required or requested of Escrow Agent. 

     7. Investment of Escrow
Funds. Escrow Agent shall deposit the Escrow Funds in a
non-interest bearing account.

     8. Resignation and Removal
of Escrow Agent. Escrow Agent may resign from the performance of
its duties hereunder at any time by giving thirty (30) days’ prior written
notice to the parties or may be removed, with or without cause, by the parties,
acting jointly, by furnishing a Joint Written Direction to Escrow Agent, at any
time by the giving of ten (10) days’ prior written notice to Escrow Agent as
provided herein below. Upon any such notice of resignation or removal, the
representatives of the Investor(s) and the Company identified in Sections
13a.(iv) and 13b.(iv), below, jointly shall appoint a successor Escrow Agent
hereunder, which shall be a commercial bank, trust company or other financial
institution with a combined capital and surplus in excess of US$10,000,000.00.
Upon the acceptance in writing of any appointment of Escrow Agent hereunder by a
successor Escrow Agent, such successor Escrow Agent shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the
retiring Escrow Agent, and the retiring Escrow Agent shall be discharged from
its duties and obligations under this Escrow Agreement, but shall not be
discharged from any liability for actions taken as Escrow Agent hereunder prior
to such succession. After any retiring Escrow Agent’s resignation or removal,
the provisions of this Escrow Agreement shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Escrow Agent under this
Escrow Agreement. The retiring Escrow Agent shall transmit all records
pertaining to the Escrow Funds and shall pay all funds held by it in the Escrow
Funds to the successor Escrow Agent, after making copies of such records as the
retiring Escrow Agent deems advisable and after deduction and payment to the
retiring Escrow Agent of all fees and expenses (including court costs and
attorneys’ fees) payable to, incurred by, or expected to be incurred by the
retiring Escrow Agent in connection with the performance of its duties and the
exercise of its rights hereunder. 

     9. Liability of Escrow
Agent. 

3 

     a. Escrow Agent shall have no
liability or obligation with respect to the Escrow Funds except for Escrow
Agent’s willful misconduct or gross negligence. Escrow Agent’s sole
responsibility shall be for the safekeeping, investment, and disbursement of the
Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall
have no implied duties or obligations and shall not be charged with knowledge or
notice or any fact or circumstance not specifically set forth herein. Escrow
Agent may rely upon any instrument, not only as to its due execution, validity
and effectiveness, but also as to the truth and accuracy of any information
contained herein, which Escrow Agent shall in good faith believe to be genuine,
to have been signed or presented by the person or parties purporting to sign the
same and conform to the provisions of this Agreement. In no event shall Escrow
Agent be liable for incidental, indirect, special, and consequential or punitive
damages. Escrow Agent shall not be obligated to take any legal action or
commence any proceeding in connection with the Escrow Funds, any account in
which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or
to appear in, prosecute or defend any such legal action or proceeding. Escrow
Agent may consult legal counsel selected by it in any event of any dispute or
question as to construction of any of the provisions hereof or of any other
agreement or its duties hereunder, or relating to any dispute involving any
party hereto, and shall incur no liability and shall be fully indemnified from
any liability whatsoever in acting in accordance with the opinion or
instructions of such counsel. The Company and the Investor(s) jointly and
severally shall promptly pay, upon demand, the reasonable fees and expenses of
any such counsel. 

     b. Escrow Agent is hereby
authorized, in its sole discretion, to comply with orders issued or process
entered by any court with respect to the Escrow Funds, without determination by
Escrow Agent of such court’s jurisdiction in the matter. If any portion of the
Escrow Funds is at any time attached, garnished or levied upon under any court
order, or in case the payment, assignment, transfer, conveyance or delivery of
any such property shall be stayed or enjoined by any court order, or in any case
any order judgment or decree shall be made or entered by any court affecting
such property or any part thereof, then and in any such event, Escrow Agent is
authorized, in its sole discretion, to rely upon and comply with any such order,
writ judgment or decree which it is advised by legal counsel selected by it,
binding upon it, without the need for appeal or other action; and if Escrow
Agent complies with any such order, writ, judgment or decree, it shall not be
liable to any of the parties hereto or to any other person or entity by reason
of such compliance even though such order, writ judgment or decree may be
subsequently reversed, modified, annulled, set aside or vacated. 

     10. Indemnification of
Escrow Agent. From and at all times after the date of this
Agreement, the parties jointly and severally, shall, to the fullest extent
permitted by law and to the extent provided herein, indemnify and hold harmless
Escrow Agent and each director, officer, employee, attorney, agent and affiliate
of Escrow Agent (collectively, the “Indemnified Parties”) against
any and all actions, claims (whether or not valid), losses, damages,
liabilities, costs and expenses of any kind or nature whatsoever (including
without limitation reasonable attorney’s fees, costs and expenses) incurred by
or asserted against any of the Indemnified Parties from and after the date
hereof, whether direct, indirect or consequential, as a result of or arising
from or in any way relating to any claim, demand, suit, action, or proceeding
(including any inquiry or investigation) by any person, including without
limitation the parties to this Agreement, whether threatened or initiated,
asserting a claim for any legal or equitable remedy against any person under any
statute or regulation, including, but not limited to, any federal or 

4 

state securities laws, or under any common law or equitable
cause or otherwise, arising from or in connection with the negotiation,
preparation, execution, performance or failure of performance of this Agreement
or any transaction contemplated herein, whether or not any such Indemnified
Party is a party to any such action or proceeding, suit or the target of any
such inquiry or investigation; provided, however, that no Indemnified Party
shall have the right to be indemnified hereunder for liability finally
determined by a court of competent jurisdiction, subject to no further appeal,
to have resulted from the gross negligence or willful misconduct of such
Indemnified Party. If any such action or claim shall be brought or asserted
against any Indemnified Party, such Indemnified Party shall promptly notify the
Company and the Investor(s) hereunder in writing, and the Investor(s) and the
Company shall assume the defense thereof, including the employment of counsel
and the payment of all expenses. Such Indemnified Party shall, in its sole
discretion, have the right to employ separate counsel (who may be selected by
such Indemnified Party in its sole discretion) in any such action and to
participate and to participate in the defense thereof, and the fees and expenses
of such counsel shall be paid by such Indemnified Party, except that the
Investor(s) and/or the Company shall be required to pay such fees and expense if
(a) the Investor(s) or the Company agree to pay such fees and expenses, or (b)
the Investor(s) and/or the Company shall fail to assume the defense of such
action or proceeding or shall fail, in the sole discretion of such Indemnified
Party, to employ counsel reasonably satisfactory to the Indemnified Party in any
such action or proceeding, (c) the Investor(s) and the Company are the plaintiff
in any such action or proceeding or (d) the named or potential parties to any
such action or proceeding (including any potentially impleaded parties) include
both the Indemnified Party, the Company and/or the Investor(s) and the
Indemnified Party shall have been advised by counsel that there may be one or
more legal defenses available to it which are different from or additional to
those available to the Company or the Investor(s). The Investor(s) and the
Company shall be jointly and severally liable to pay fees and expenses of
counsel pursuant to the preceding sentence, except that any obligation to pay
under clause (a) shall apply only to the party so agreeing. All such fees and
expenses payable by the Company and/or the Investor(s) pursuant to the foregoing
sentence shall be paid from time to time as incurred, both in advance of and
after the final disposition of such action or claim. The obligations of the
parties under this section shall survive any termination of this Agreement, and
resignation or removal of the Escrow Agent shall be independent of any
obligation of Escrow Agent. 

     The parties agree that neither
payment by the Company or the Investor(s) of any claim by Escrow Agent for
indemnification hereunder shall impair, limit, modify, or affect, as between the
Investor(s) and the Company, the respective rights and obligations of
Investor(s), on the one hand, and the Company, on the other hand. 

     11. Expenses of Escrow
Agent. Except as set forth in Section 11 the Company shall
reimburse Escrow Agent for all of its reasonable out-of-pocket expenses,
including telephone and facsimile transmission costs, postage (including express
mail and overnight delivery charges), copying charges and the like. All of the
reimbursement obligations set forth in this Section shall be payable by the
Company, upon demand by Escrow Agent. The obligations of the Company under this
Section shall survive any termination of this Agreement and the resignation or
removal of Escrow Agent. 

     12. Warranties.

5 

     a. The Investor(s) makes the
following representations and warranties to Escrow Agent: 

     (i) The Investor(s) has full
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. 

     (ii) This Agreement has been duly
approved by all necessary action of the Investor(s), including any necessary
approval of the limited partner of the Investor(s) or necessary corporate
approval, as applicable, has been executed by duly authorized officers of the
Investor(s), enforceable in accordance with its terms. 

     (iii) The execution, delivery,
and performance of the Investor(s) of this Agreement will not violate, conflict
with, or cause a default under any agreement of limited partnership of
Investor(s) or the certificate of incorporation or bylaws of the Investor(s) (as
applicable), any applicable law or regulation, any court order or administrative
ruling or degree to which the Investor(s) is a party or any of its property is
subject, or any agreement, contract, indenture, or other binding arrangement.

     (iv) Andrew Garai has been duly
appointed to act as the representative of the Investor(s) hereunder and has full
power and authority to execute, deliver, and perform this Escrow Agreement, to
execute and deliver any Joint Written Direction, to amend, modify, or waive any
provision of this Agreement, and to take any and all other actions as the
Investor(s)’s representative under this Agreement, all without further consent
or direction form, or notice to, the Investor(s) or any other party. The
Investor can revoke such appointment at any time and designate a replacement
representative upon written notice to the parties in accordance with Section 14.

     (v) No party other than the
parties hereto and the Investor(s) have, or shall have, any lien, claim or
security interest in the Escrow Funds or any part thereof. No financing
statement under the Uniform Commercial Code is on file in any jurisdiction
claiming a security interest in or describing (whether specifically or
generally) the Escrow Funds or any part thereof. 

     (vi) All of the representations
and warranties of the Investor(s) contained herein are true and complete as of
the date hereof and will be true and complete at the time of any disbursement
from the Escrow Funds. 

     b. The Company makes the
following representations and warranties to the Escrow Agent: 

     (i) The Company is a
corporation duly organized, validly existing, and in good standing under the
laws of Ontario, Canada and has full power and authority to execute and deliver
this Agreement and to perform its obligations hereunder. 

     (ii) This Agreement has been duly
approved by all necessary corporate action of the Company, including any
necessary shareholder approval, has been executed by duly authorized officers of
the Company, enforceable in accordance with its terms. 

6 

     (iii) The execution, delivery,
and performance by the Company of this Agreement is in accordance with the
Securities Purchase Agreement and will not violate, conflict with, or cause a
default under the certificate of incorporation or bylaws of the Company, any
applicable law or regulation, any court order or administrative ruling or decree
to which the Company is a party or any of its property is subject, or any
agreement, contract, indenture, or other binding arrangement, including without
limitation to the Securities Purchase Agreement, to which the Company is a
party. 

     (iv) Stan Heitz has been duly
appointed to act as the representative of the Company hereunder and has full
power and authority to execute, deliver, and perform this Agreement, to execute
and deliver any Joint Written Direction, to amend, modify or waive any provision
of this Agreement and to take all other actions as the Company’s Representative
under this Agreement, all without further consent or direction from, or notice
to, the Company or any other party. The Company can revoke such appointment at
any time and designate a replacement representative upon written notice to the
parties in accordance with Section 14. 

     (v) No party other than the
parties hereto and the Investor(s) have, or shall have, any lien, claim or
security interest in the Escrow Funds or any part thereof. No financing
statement under the Uniform Commercial Code is on file in any jurisdiction
claiming a security interest in or describing (whether specifically or
generally) the Escrow Funds or any part thereof. 

     (vi) All of the representations
and warranties of the Company contained herein are true and complete as of the
date hereof and will be true and complete at the time of any disbursement from
the Escrow Funds. 

     13. Consent to Jurisdiction
and Venue. In the event that any party hereto commences a lawsuit
or other proceeding relating to or arising from this Agreement, the parties
hereto agree that the United States District Court for the Southern District of
Florida shall have the sole and exclusive jurisdiction over any such proceeding.
If all such courts lack federal subject matter jurisdiction, the parties agree
that the State Court of Florida, located in Broward County, Florida shall have
sole and exclusive jurisdiction. Any of these courts shall be proper venue for
any such lawsuit or judicial proceeding and the parties hereto waive any
objection to such venue. The parties hereto consent to and agree to submit to
the jurisdiction of any of the courts specified herein and agree to accept the
service of process to vest personal jurisdiction over them in any of these
courts.

     14. Notice.
All notices and other communications hereunder shall be in writing and shall
be deemed to have been validly served, given or delivered five (5) days after
deposit in the United States mails, by certified mail with return receipt
requested and postage prepaid, when delivered personally, one (1) day delivered
to any overnight courier, or when transmitted by facsimile transmission and upon
confirmation of receipt and addressed to the party to be notified as follows:

7 

	If to Investor(s), to: 	Trafalgar Capital Specialized
      Investment Fund 
	  	8-10 Rue Mathias Hardt 
	  	BP 3023 	  
	  	L-1030 Luxembourg 
	  	Attention: 	 Andrew Garai, Chairman of the Board of
  
	  	  	 Trafalgar Capital Sarl, General Partner
    
	  	Facsimile: 	 011-44-207-405-0161 and 
	  	  	 001-786-323-1651 
	  	  	  
	If to Escrow Agent, to: 	James G. Dodrill II, P.A. 
	  	5800 Hamilton Way 
	  	Boca Raton, FL 33496 
	  	Attention: 	 James Dodrill Esq. 
	  	Telephone: 	 (561) 862-0529 
	  	Facsimile: 	 (561) 892-7787 
	  	  	  
	If to the Company, to: 	Carbiz Inc. 	  
	  	7405 North Tamiami Trail 
	  	Sarasota, FL 34243 
	  	Attn: Mr. Carl Ritter, CEO 
	  	Telephone: (800) 547-2277 
	  	Facsimile: (941) 308-2718 
	  	  	  
	With a copy to: 	Troutman Sanders LLP 
	  	222 Central Park Avenue, Suite 2000
    
	  	Virginia Beach, VA 23462 
	  	Attn: Mr. Thomas M. Rose, Esq. 
	  	Telephone: 	 (757) 687-7715 
	  	Facsimile: 	 (757) 687-1529 

Or to such other address as each party may designate for itself
by like notice. 

     15. Amendments or
Waiver. This Agreement may be changed, waived, discharged or
terminated only by a writing signed by the parties hereto. No delay or omission
by any party in exercising any right with respect hereto shall operate as
waiver. A waiver on any one occasion shall not be construed as a bar to, or
waiver of, any right or remedy on any future occasion. 

     16.
Severability. To the extent any provision of this Agreement
is prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition, or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Agreement. 

     17. Governing
Law. This Agreement shall be construed and interpreted in
accordance with the internal laws of the State of Florida without giving effect
to the conflict of laws principles thereof. 

8 

     18. Entire
Agreement. This Agreement constitutes the entire Agreement
between the parties relating to the holding, investment, and disbursement of the
Escrow Funds and sets forth in their entirety the obligations and duties of the
Escrow Agent with respect to the Escrow Funds. 

     19. Binding
Effect. All of the terms of this Agreement, as amended from time
to time, shall be binding upon, inure to the benefit of and be enforceable by
the respective heirs, successors and assigns of the Investor(s), the Company, or
the Escrow Agent. 

     20. Execution of
Counterparts. This Agreement and any Joint Written Direction may
be executed in counter parts, which when so executed shall constitute one and
same agreement or direction. 

     21. Termination.
Upon the first to occur of the disbursement of all amounts in the Escrow
Funds pursuant to Joint Written Directions or the disbursement of all amounts in
the Escrow Funds into court pursuant to Section 7 hereof, this Agreement shall
terminate and Escrow Agent shall have no further obligation or liability
whatsoever with respect to this Agreement or the Escrow Funds. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

9 

     IN WITNESS WHEREOF the
parties have hereunto set their hands and seals the day and year above set
forth. 

	 	CARBIZ INC. 
	 	  	  
	 	By: 	 
    
	 	Name: 	  
	 	Title: 	  
	 	  	  
	 	  	  
	 	TRAFALGAR CAPITAL SPECIALIZED
    
	 	INVESTMENT FUND, LUXEMBOURG
  
	 	  	  
	 	By: 	Trafalgar Capital Sarl 
	 	Its: 	General Partner 
	 	  	  
	 	By: 	 
    
	 	Name: 	Andrew Garai 
	 	Title: 	Chairman of the Board 
	 	  	  
	 	  	  
	 	JAMES G. DODRILL II, P.A.
  
	 	  	  
	 	By: 	 
    
	 	Name: 	James Dodrill, Esq. 

10MOA on sale of the SEMINOLE PRINCESS

                                                                                       EXHIBIT
      10.1

     

    

      

        Norwegian
          Shipbrokers' Association's Memo-

        random
          of Agreement for sale and purchase of

        ships.
          Adopted by the Baltic and International 

        Maritime
          Council (BIMCO) in 1956.

        Code-name

        SALEFORM
          1993

        Revised
          1968,1983 and 1986/87.

        

         

        MEMORANDUM
          OF AGREEMENT

        Dated:  as
          of January 24, 2007

        
          	 	 
	
                  Fairfax
                    Shipping Corp.,
                    Majuro, Marshall Islands

                  hereinafter
                    called the Sellers, have agreed to sell, and

                	
                  1

                
	 	 	 	 	 
	
                  Adirondack
                    Shipping LLC,
                    Majuro, Marshall Islands

                  hereinafter
                    called the Buyers, have agreed to buy

                	
                  2

                
	 	 
	
                  Name:
                    

                	
                  “SEMINOLE
                    PRINCESS”

                	
                  3

                
	 
	
                  Classification
                    Society/Class: Lloyd’s Register

                	 	 	
                  4

                
	
                  Built:       1997                   By:       Dalian
                    S.B. Heavy Industry Co., Ltd., China

                	
                  5

                
	
                  Flag:  Phil/Pan                    Place
                    of Registration:  Manila/Panama

                	 	
                  6

                
	
                  Call
                    Sign:  DYPA/3EIE6                       Grt/Nrt:          19,354/9,614

                	
                  7

                
	
                  Register
                    Number:    MNLA000678/35009-PEXT

                	
                  8

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

                	
                  9

                
	 	 
	
                  Definitions

                	
                  10

                
	 	 
	
                  “Charter”
                    as defined in Clause 17

                	
                  11

                
	 	 
	
                  “Banking
                    Days” as defined in the Charter.

                	
                  12

                
	 	 
	
                  “In
                    writing” or “written” means a letter handed over from the Sellers to the
                    Buyers or vice versa, 

                	
                  13

                
	
                  a
                    registered letter, telefax or other modern form of written
                    communication.

                	
                  14

                
	 	 
	
                  “Classification
                    Society” or “Class” means the Society referred to in line
                    4

                	
                  15

                
	 	 
	
                  1. Purchase
                    Price
                    $45 Million En Bloc for the Vessel and the Laguna Belle as part
                    of
                    sale/charter back Arrangement. See Clause 17.

                	
                  16

                
	 	 	 	 	 
	
                  2. Deposit

                	
                  17

                
	 	 	 	 	
                  18

                
	 	 	 	 	
                  21

                
	 	 	 	 	
                  22

                
	 	 	 	 	
                  23

                
	
                  3. Payment

                	
                  25

                
	 	 
	
                  The
                    said Purchase Price shall be paid in full free of bank charges
                    to Sellers,
                    less: (i) Sellers’ Credit per Clause 32 of the Charter; and (ii) the
                    balance of the 2% fee per clause 49(1)(b) of the Charter

                	
                  26

                
	 	 	 	 	 
	
                  4. Inspections

                	
                  30

                
	 	 
	
                  a)* The
                    Buyers have inspected and accepted the Vessel’s classification records.
                    The Buyers

                	
                  31

                
	
                  have
                    also inspected the Vessel at/in                                                                                                      

                	
                  32

                
	
                  and
                    have accepted the Vessel following this inspection and the sale
                    is
                    outright and definite,

                	
                  33

                
	
                  and
                    subject only to the terms and conditions of this
                    Agreement.

                	
                  34

                
	
                  b)* The
                    Buyers shall have the right to inspect the Vessel’s classification records
                    and
                    declare                  

                	
                  35

                
	
                  whether
                    same are accepted or not
                    within                                                                                               

                	
                  36

                
	
                  The
                    Sellers shall provide for the inspection of the Vessel at/in
                    

                	
                  37

                
	
                  The
                    Buyers shall undertake the inspection without undue delay to
                    the Vessel.
                    Should the 

                	
                  38

                
	
                  Buyers
                    cause undue delay they shall compensate the Sellers for the losses
                    thereby
                    incurred.

                	
                  39

                
	
                  The
                    Buyers shall inspect the vessel without opening up and without
                    cost to
                    Sellers.

                	
                  40

                
	
                  During
                    the inspection, the Vessel’s deck and engine logs shall be made available
                    for 

                	
                  41

                
	
                  examination
                    by the Buyers. If the Vessel is accepted after such inspection,
                    the sale
                    shall 

                	
                  42

                
	
                  become
                    outright and definite, subject only to the terms and conditions
                    of this
                    Agreement,

                	
                  43

                
	
                  provided
                    the Sellers receive written notice of acceptance from the Buyers
                    within 72
                    hours

                	
                  44

                
	
                  after
                    completion of such inspection.

                	
                  45

                
	
                  Should
                    notice of acceptance of the Vessel’s classification records and of the
                    Vessel not be 

                	 	
                  46

                
	
                  received
                    by the Sellers as aforesaid, the deposit together with interest
                    earned
                    shall be

                	
                  47

                
	
                  released
                    immediately to the Buyers, whereafter this Agreement shall be
                    null and
                    void.

                	
                  48

                
	 	 	 	 	 
	 	
                  50

                
	
                  5. Notices,
                    time and place of delivery

                	 
	 	 
	
                  a) The
                    Vessel will be delivered on a mutually convenient agreed date
                    as she is at
                    such port or place as the Vessel may be located on the agreed
                    date.

                	
                  51

                
	 	 
	
                  a) The
                    Sellers shall keep the Buyers well informed of the Vessel’s itinerary and
                    shall

                	
                  52

                
	
                  provide
                    the Buyers with , , and days notice of the estimated time of
                    arrival at
                    the 

                	
                  53

                
	
                  intended
                    place of underwater inspection/delivery. When the Vessel is at
                    the place
                                             54

                	 
	
                  of
                    delivery and in every respect physically ready for delivery in
                    accordance
                    with this

                	
                  55

                
	
                  Agreement,
                    the Sellers shall give the Buyers a written Notice of Readiness
                    for
                    delivery.

                	
                  56

                
	
                  b) The
                    Vessel shall be delivered and taken over safely afloat at a safe
                    and
                    accessible berth or anchorage at/in

                	
                  57

                
	 	 
	 	
                  58

                
	
                  Expected
                    time of delivery:

                	
                  60

                
	 	 
	
                  Date
                    of cancelling (see Clause 5c) and 14): February 1, 2007

                	
                  61

                
	 	 
	
                  c) If
                    the Sellers anticipate that, notwithstanding the exercise of
                    due diligence
                    by them, the

                	
                  62

                
	
                  Vessel
                    will not be ready for delivery by the cancelling date they may
                    notify the
                    Buyers in 

                	
                  63

                
	
                  writing
                    stating the date when they anticipate that the Vessel will be
                    ready for
                    delivery and

                	
                  64

                
	
                  propose
                    a new cancelling date. Upon receipt of such notification the
                    Buyers shall
                    have the

                	
                  65

                
	
                  option
                    of either cancelling this Agreement in accordance with Clause
                    14 within
                    

                	
                  66

                
	
                  twenty-four
                    hours of receipt of the notice or of accepting the new date as
                    the new
                    cancelling date. If the

                	
                  67

                
	
                  Buyers
                    have not declared their option within twenty-four hours of receipt
                    of the
                    Sellers’

                	
                  68

                
	
                  notification
                    or if the Buyers accept the new date, the date proposed in the
                    Sellers’
                    notification

                	
                  69

                
	
                  shall
                    be deemed to be the new cancelling date and shall be substituted
                    for the
                    cancelling

                	
                  70

                
	
                  date
                    stipulated in line 61.

                	
                  71

                
	 	 
	
                  If
                    this Agreement is maintained with the new cancelling date all
                    other terms
                    and conditions

                	
                  72

                
	
                  hereof
                    including those contained in Clauses 5 a) and 5 c) shall remain
                    unaltered
                    and in full

                	
                  73

                
	
                  force
                    and effect. Cancellation or failure to cancel shall be entirely
                    without
                    prejudice to any

                	
                  74

                
	
                  claim
                    for damages the Buyers may have under Clause 14 for the Vessel
                    not being
                    ready by

                	
                  75

                
	
                  the
                    original cancelling date.

                	
                  76

                
	 	 
	 	
                  78

                
	 	
                  79

                
	
                  6. Drydocking/Divers
                    Inspection

                	
                  80

                
	 	 
	
                  a)** The
                    Sellers shall place the Vessel in drydock at the port of delivery
                    for
                    inspection by the 

                	
                  81

                
	
                  Classification
                    Society of the Vessel’s underwater parts below the deepest load line,
                    the

                	
                  82

                
	
                  extent
                    of the inspection being in accordance with the Classification
                    Society’s
                    rules. If the

                	
                  83

                
	
                  rudder,
                    propeller, bottom or other underwater parts below the deepest
                    load line
                    are found 

                	
                  84

                
	
                  broken,
                    damaged or defective so as to affect the Vessel’s class, such defects
                    shall be made

                	
                  85

                
	
                  good
                    at the Sellers’ expense to the satisfaction of the Classification Society
                    without

                	
                  86

                
	
                  condition/recommendation.

                	
                  87

                
	 	 
	
                  b)** (i) The
                    Vessel is to be delivered without drydocking. However, the Buyers
                    shall

                	
                  88

                
	
                  have
                    the right at their expense to arrange for an underwater inspection
                    by a
                    diver approved

                	
                  89

                
	
                  by
                    the Classification Society prior to the delivery of the Vessel.
                    the
                    Sellers shall at their 

                	
                  90

                
	
                  cost
                    make the Vessel available for such inspection. The extent of
                    the
                    inspection and the

                	
                  91

                
	
                  conditions
                    under which it is performed shall be to the satisfaction of the
                    Classification 

                	
                  92

                
	
                  Society.
                    If the conditions at the port of delivery are unsuitable for
                    such
                    inspection, the 

                	
                  93

                
	
                  Sellers
                    shall make the Vessel available at a suitable alternative place
                    near to
                    the delivery 

                	
                  94

                
	
                  port.

                	
                  95

                
	 	 
	
                  (ii) If
                    the rudder, propeller, bottom or other underwater parts below
                    the deepest
                    load line

                	
                  96

                
	
                  are
                    found broken, damaged or defective so as to affect the Vessel’s class,
                    then unless

                	
                  97

                
	
                  repairs
                    can be carried out afloat to the satisfaction of the Classification
                    Society, the Sellers

                	
                  98

                
	
                  shall
                    arrange for the Vessel to be drydocked at their expense for inspection
                    by
                    the 

                	
                  99

                
	
                  Classification
                    Society of the Vessel’s underwater parts below the deepest load line,
                    the

                	
                  100

                
	
                  extent
                    of the inspection being in accordance with the Classification
                    Society’s
                    rules. If the

                	
                  101

                
	
                  rudder,
                    propeller, bottom or other underwater parts below the deepest
                    load line
                    are found

                	
                  102

                
	
                  broken,
                    damaged or defective so as to affect the Vessel’s class, such defects
                    shall be made

                	
                  103

                
	
                  good
                    by the Sellers at their expense to the satisfaction of the Classification
                    Society

                	
                  104

                
	
                  without
                    condition/recommendation*. In such event the Sellers are to pay
                    also for
                    the cost of

                	
                  105

                
	
                  the
                    underwater inspection and the Classification Society’s
                    attendance.

                	
                  106

                
	 	 
	
                  (iii) If
                    the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and
                    no suitable
                    dry-

                	
                  107

                
	
                  docking
                    facilities are available at the port of delivery, the Sellers
                    shall take
                    the Vessel

                	
                  108

                
	
                  to
                    a port where suitable drydocking facilities are available, whether
                    within
                    or outside the

                	
                  109

                
	
                  delivery
                    range as per Clause 5 b). Once drydocking has taken place the
                    Sellers
                    shall deliver

                	
                  110

                
	
                  the
                    Vessel at a port within the delivery range as per Clause 5 b)
                    which shall,
                    for the

                	
                  111

                
	
                  purpose
                    of this Clause, become the new port of delivery. In such event
                    the
                    cancelling date 

                	
                  112

                
	
                  provided
                    for in Clause 5 b) shall be extended by the additional time required
                    for
                    the 

                	
                  113

                
	
                  drydocking
                    and extra steaming, but limited to a maximum of 14 running
                    days.

                	
                  114

                
	 	 
	
                  c) If
                    the Vessel is drydocked pursuant to Clause 6 a) or 6 b)
                    above

                	
                  115

                
	
                  (i) the
                    Classification Society may require survey of the tailshaft system,
                    the
                    extent of 

                	
                  116

                
	
                  the
                    survey being to the satisfaction of the Classification surveyor.
                    If such
                    survey is not 

                	
                  117

                
	
                  required
                    by the Classification Society, the Buyers shall have the right
                    to require
                    the tailshaft

                	
                  118

                
	
                  to
                    be drawn and surveyed by the Classification Society, the extent
                    of the
                    survey being in

                	
                  119

                
	
                  accordance
                    with the Classification Society’s rules for the tailshaft survey and
                    consistent with

                	
                  120

                
	
                  the
                    current stage of the Vessel’s survey cycle. The Buyers shall declare
                    whether they

                	
                  121

                
	
                  require
                    the tailshaft to be drawn and surveyed not later than by the
                    completion of
                    the

                	
                  122

                
	
                  inspection
                    by the Classification Society. The drawing and refitting of the
                    tailshaft
                    shall be

                	
                  123

                
	
                  arranged
                    by the Sellers. Should any parts of the tailshaft system be condemned
                    or
                    found

                	
                  124

                
	
                  defective
                    so as to affect the Vessel’s Class, those parts shall be renewed or made
                    good at

                	
                  125

                
	
                  the
                    Sellers’ expense to the satisfaction of the Classification Society without
                    

                	
                  126

                
	
                  condition/recommendation*.

                	
                  127

                
	
                  (ii) the
                    expenses relating to the survey of the tailshaft system shall
                    be
                    borne

                	
                  128

                
	
                  by
                    the Buyers unless the Classification Society requires such survey
                    to be
                    carried out, in

                	
                  129

                
	
                  which
                    case the Sellers shall pay these expenses. The Sellers shall
                    also pay the
                    expenses

                	
                  130

                
	
                  if
                    the Buyers require the survey and parts of the system are condemned
                    of
                    found defective

                	
                  131

                
	
                  or
                    broken so as to affect the Vessel’s Class*.

                	
                  132

                
	 	 
	
                  (iii) the
                    expenses in connection with putting the Vessel in and taking
                    her out
                    of

                	
                  133

                
	
                  drydock,
                    including the drydock dues and the Classification Society’s fees shall be
                    paid by

                	
                  134

                
	
                  the
                    Sellers if the Classification Society issues any condition/recommendation*
                    as a result

                	
                  135

                
	
                  of
                    the survey or if it requires survey of the tailshaft system.
                    In all other
                    cases the Buyers 

                	
                  136

                
	
                  shall
                    pay the aforesaid expenses, dues and fees.

                	
                  137

                
	 	 
	
                  (iv) the
                    Buyers’ representative shall have the right to be present in the drydock,
                    but

                	
                  138

                
	
                  without
                    interfering with the work or decisions of the Classification
                    surveyor.

                	
                  139

                
	
                  (v) the
                    Buyers shall have the right to have the underwater parts of the
                    Vessel

                	
                  140

                
	
                  cleaned
                    and painted at their risk and expense without interfering with
                    the
                    Sellers’ or the

                	
                  141

                
	
                  Classification
                    surveyor’s work, if any, and without affecting the Vessel’s timely
                    delivery. If

                	
                  142

                
	
                  however,
                    the Buyers’ work in drydock is still in progress when the Sellers
                    have

                	
                  143

                
	
                  completed
                    the work which the Sellers are required to do, the additional
                    docking
                    time

                	
                  144

                
	
                  needed
                    to complete the Buyers’ work shall be for the Buyers’ risk and expense. In
                    the event

                	
                  145

                
	
                  that
                    the Buyers’ work requires such additional time, the Sellers may upon
                    completion of the

                	
                  146

                
	
                  Sellers’
                    work tender Notice of Readiness for delivery whilst the Vessel
                    is still in
                    drydock

                	
                  147

                
	
                  and
                    the Buyers shall be obliged to take delivery in accordance with
                    Clause 3,
                    whether

                	
                  148

                
	
                  the
                    Vessel is in drydock or not and irrespective of Clause 5
                    b).

                	
                  149

                
	 	 
	
                  * Notes,
                    if any, in the surveyor’s report which are accepted by the Classification
                    Society

                	
                  150

                
	
                  without
                    condition/recommendation are not to be taken into
                    account.

                	
                  151

                
	 	 
	 	
                  153

                
	
                  7. Spares/bunkers,
                    etc.

                	
                  154

                
	 	 
	
                  The
                    Sellers shall deliver the Vessel to the Buyers with everything
                    belonging
                    to her on board and on shore.

                	
                  155

                
	
                  All
                    spare parts and spare equipment including spare tail-end shaft(s)
                    and/or
                    spare 

                	
                  156

                
	
                  propeller(s)/propeller
                    blade(s), if any, belonging to the Vessel at the time of inspection
                    used
                    or unused,

                	
                  157

                
	
                  whether
                    on board or not shall become the Buyers’ property, but spares on order are
                    to be

                	
                  158

                
	
                  excluded.
                    Forwarding charges, if any, shall be for the Buyers’ account. The Sellers
                    are not required to 

                	
                  159

                
	
                  replace
                    spare parts including spare tail-end shaft(s) and spare
                    propeller(s)/propeller blade(s) which

                	
                  160

                
	
                  are
                    taken out of spare and used as replacement prior to delivery,
                    but the
                    replaced items shall be the

                	
                  161

                
	
                  property
                    of the Buyers. The radio installation and navigational equipment
                    shall be
                    included in the sale

                	
                  162

                
	
                  without
                    extra payment if they are the property of the Sellers. Unused
                    stores and provisions shall be

                	
                  163

                
	
                  included
                    in the sale and be taken over by the Buyers without extra
                    payment.

                	
                  164

                
	 	 
	
                  The
                    Sellers have the right to take ashore crockery, plates, cutlery,
                    linen and
                    other articles bearing the

                	
                  165

                
	
                  Sellers’
                    flag or name, provided they replace same with similar items.
                    Library,
                    forms, etc.,

                	
                  166

                
	
                  exclusively
                    for use in the Sellers’ vessel(s), shall be excluded without compensation.
                    Captain’s,

                	
                  167

                
	
                  Officers’
                    and Crew’s personal belongings including the slop chest are to be excluded
                    from the sale,

                	
                  168

                
	
                  as
                    well as the following additional items:

                	 
	
                                                                                                                                                                                                      

                	
                  169

                
	 	 
	 	 
	
                  The
                    Buyers shall take over the remaining bunkers and unused lubricating
                    oils
                    in storage tanks and

                	
                  170

                
	
                  sealed
                    drums and pay the current net market price (excluding barging
                    expenses) at
                    the port and date

                	
                  171

                
	
                  of
                    delivery of the Vessel at no extra cost.

                	
                  172

                
	
                  Payment
                    under this Clause shall be made at the same time and place and
                    in the same
                    currency as

                	
                  173

                
	
                  the
                    Purchase Price.

                	
                  174

                
	 	 
	 	 
	
                  8. Documentation 
                    See Addendum No. 1

                	
                  175

                
	 	 	 	 	 
	
                  The
                    place of closing: New York.

                	
                  176

                
	 	 	 	 	 
	
                  In
                    exchange for payment of the Purchase Price the Sellers shall
                    furnish the
                    Buyers at the Closing with the following documents:

                	
                  178

                
	 	 
	 	 	 	 	 
	
                  a) Legal
                    Bill of Sale in a form recordable in Panama (the country in 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) Current
                    Certificate of Ownership issued by the competent authorities
                    of the flag
                    state of the Vessel. 

                	 
	 	 	 	 	
                  184

                
	
                  c) Confirmation
                    of Class issued within 72 hours prior to delivery.

                	 
	 	 	 	 	 
	
                  d) Current
                    Certificate issued by the competent authorities stating that
                    the Vessel is
                    free from registered encumbrances.

                	 
	 	 	 	 	 
	
                  e) Any
                    such additional documents as may reasonably be required by the
                    competent
                    authorities

                	
                  194

                
	
                  for
                    the purpose of registering the Vessel, provided the Buyers notify
                    the
                    Sellers of any such 

                	
                  195

                
	
                  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

                	
                  197

                
	
                  Delivery
                    and Acceptance confirming the date and time of delivery of the
                    Vessel from
                    the Sellers to the

                	
                  198

                
	
                  Buyers.

                	 	 	 	
                  199

                
	 	 	 	 	 
	
                  At
                    the time of delivery the Sellers shall hand make available to
                    the Buyers
                    the classification certificate(s) as well as all

                	
                  200

                
	
                  plans
                    etc., which are on board the Vessel. Other certificates which
                    are on board
                    the Vessel shall also

                	
                  201

                
	
                  be
                    handed over made available to the Buyers unless the Sellers are
                    required
                    to retain same, in which case the 

                	
                  202

                
	
                  Buyers
                    to have the right to take copies. Other technical documentation
                    which may
                    

                	
                  203

                
	
                  be
                    in the Sellers’ possession shall be promptly forwarded to the Buyers at
                    their expense, if they so

                	
                  204

                
	
                  request.
                    The Sellers may keep the Vessel’s log books but the Buyers to have the
                    right to take 

                	
                  205

                
	
                  copies
                    of same.

                	
                  206

                
	 	 	 	 	 
	 	 	 	 	 
	
                  9. Encumbrances

                	
                  207

                
	 	 	 	 	 
	
                  The
                    Sellers warrant that the Vessel, at the time of delivery, is
                    free from all
                    mortgages.

                	 
	 	 	 	 	 
	
                  10. Taxes,
                    etc.

                	
                  212

                
	 	 	 	 	 
	
                  Any
                    taxes, fees and expenses in connection with the purchase and
                    registration
                    under the Buyers’ flag, and in 

                	
                  213

                
	
                  connection
                    with the closing of the Sellers’ register shall be for Buyers’
                    account.

                	
                  214

                
	 	 	 	 	 
	
                  11. Condition
                    on delivery

                	
                  216

                
	 	 	 	 	 
	
                  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 at the time of inspection, fair wear and tear expected. However,
                    the
                    Vessel shall be delivered with her class maintained free of conditions
                    and
                    recommendations (other than those for which the time presented
                    by class
                    for curing the condition of recommendation has not passed), with
                    certificates valid and up to date.

                
	 	 	 	 	 
	
                  12. Name/markings

                	
                  230

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

                  This
                    shall be completed within seven (7) days of
                    delivery.

                	
                  231

                
	 	 
	 	 	 	 	 
	
                  13. Buyers’
                    default

                	
                  232

                
	 	 	 	 	 
	
                   

                	 	 	 	 
	
                  16. Arbitration

                	 
	 	 	 	 	 
	
                  a)* This
                    Agreement shall be governed by and construed in accordance with
                    English
                    law

                	
                  263

                
	
                  and
                    any dispute arising our of this Agreement shall be referred to
                    arbitration
                    in London in

                	
                  264

                
	
                  accordance
                    with the Arbitration Acts 1950 and 1979 or any statutory modification
                    or

                	
                  265

                
	
                  re-enactment
                    thereof for the time being in force, one arbitrator being appointed
                    by
                    each

                	
                  266

                
	
                  party.
                    On the receipt by one party of the nomination in writing of the
                    other
                    party’s arbitrator,

                	
                  267

                
	
                  that
                    party shall appoint their arbitrator within fourteen days, failing
                    which
                    the decision of the

                	
                  268

                
	
                  single
                    arbitrator appointed shall apply. If two arbitrators properly
                    appointed
                    shall not agree

                	
                  269

                
	
                  they
                    shall appoint an umpire whose decision shall be
                    final.

                	
                  270

                
	 	 	 	 	 
	
                  b)* This
                    Agreement shall be governed by and construed in accordance with
                    Title 9 of
                    the

                	
                  271

                
	
                  United
                    States Code and the Law of the State of New York and should any
                    dispute
                    arise out of

                	
                  272

                
	
                  this
                    Agreement, the matter in dispute shall be referred to three persons
                    at New
                    York, one to be appointed by each of the parties hereto, and
                    the third
                    shall be appointed by the Chair at the time of the Arbitration
                    Committee
                    of the Maritime Law Association of the United States. The third
                    arbitrator
                    shall serve as chair of the panel and shall be a practicing maritime
                    attorney. The decision of the arbitrators or that of any two
                    of them shall
                    be final, and for purpose of enforcing any award, judgment may
                    be entered
                    thereon by any court having jurisdiction. The proceedings shall
                    be
                    conducted in accordance with the rules of the Society of Maritime
                    Arbitrators, Inc. New York.

                	
                  273

                
	 	 
	 	 
	 	
                  278

                
	
                  c)* Any
                    dispute arising out of this Agreement shall be referred to arbitration
                    at
                    

                	
                  279

                
	
                                         ,
                    subject to the procedures applicable there.

                	
                  280

                
	
                  The
                    laws
                    of                              shall
                    govern this Agreement.

                	
                  281

                
	 	 	 	 	 
	 	 	 	 	 
	
                  17.
                    This MOA is one element of the sale/charter back agreement, which
                    includes
                    a Bareboat Charter Party 

                  dated
                    as of January 24, 2007. Simultaneously upon delivery of the Vessel
                    to the
                    Buyers, the Vessel will be delivered to the Sellers/Charterers
                    under the
                    Bareboat Charter Party dated as of January 24, 2007 (the “Charter”). The
                    Vessel will thus remain in the control and responsibility of
                    the
                    Sellers/Charterers under the Charter, at all times before and
                    after
                    delivery to the Buyers hereunder and the Buyers shall in no way
                    be
                    responsible for any costs, expenses, documents or delays to the
                    Vessel
                    arising out of the delivery hereunder. Any provisions, spares
                    and bunkers
                    shall remain the property and in the possession of the
                    Sellers.

                	 
	 

        

        

        

        

        
          	
                  FOR
                    THE SELLERS:

                	
                  FOR
                    THE BUYERS:

                
	 	 
	 	 
	
                  Signed:         /s/
                    Christophil B.
                    Costas                    

                	
                  Signed:           /s/
                    Carol Ann
                    Malinowski             

                
	 	 
	
                  Name:               Christophil
                    B.
                    Costas                    

                	
                  Name:           /s/
                    Carol Ann
                    Malinowski              

                
	 	 
	
                  Title: 
                                  Attorney-In-Fact                            

                	
                  Title:             Secretary                                        

                
	 	 
	
                  Date:             as
                    of January 24,
                    2007                     

                	
                  Date:             as
                    of January 24,
                    2007                   

                

        

        

        

         

        

        

        
          
            
              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        ADDENDUM
          NO. 1

        

        

        To
          Memorandum of Agreement dated as of January 24, 2007

        

        made
          by
          and between Fairfax Shipping Corp., as Sellers, and Adirondack Shipping
          LLC, as
          Buyers, of the M/V Seminole Princess.

        

        Following
          additional documents to be presented by Sellers to Buyers upon delivery
          of the
          Vessel:

        

        1. Sellers’
          board resolutions

        

        2. Sellers’
          Shareholders’ resolutions ratifying board resolutions

        

        3. Sellers’
          Power of Attorney

        

        4. Sellers’
          Certificate of Goodstanding

        

        5. Secretary’s
          Certificate stating Sellers’ directors/officers/shareholders

        

        6. Commercial
          invoice

        

        
          	 	
                  7.

                	
                  Such
                    other documents, terms and conditions as set forth in the Charter
                    which
                    are applicable to the transaction under this
                    MOA

                

        

        

        Buyers
          shall deliver the following documents to Sellers upon delivery of the
          Vessel

        

        1. Power
          of
          Attorney authorizing individuals to execute and deliver all
          documents

        

        
          	 	
                  2.

                	
                  Certificate
                    of Resolutions approving the purchase of the Vessel from Sellers
                    and
                    authorizing and appointing individuals to act and authorizing
                    issuance of
                    Power of Attorney.

                

        

        

        

        

        

        

        
          	
                    /s/
                    Christophil B. Costas    

                                                  

                  Fairfax
                    Shipping Corp.

                	
                    /s/
                    Carol Ann Malinowski 

                                                    

                  Adirondack
                    Shipping LLC

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