Document:

d1064872_ex4-20.htm

    
EXHIBIT
4.20

    
 

    
      	
              Private
      & Confidential

            
	
               

               

               Dated
      6 October 2009

              ____________________________________

               

            	
               

               

               

            

       

      	
              
AMCIC CAPE HOLDINGS LLC

               

              and

               

              BIRD
      ACQUISITION CORP.

            	
              (1)

               

               

               

              (2)

            

       

      	
               

              ____________________________________

               

               
      

              MEMBERSHIP
      INTEREST TRANSFER AGREEMENT

               

              for
      the transfer of membership interests in

              Christine
      Shipco LLC

               

              ____________________________________

               

               

            	
               

              

               

               

               

               

               

              
              

               

               

            
	 
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Contents

    

    
      	
              Clause

            	 
      	
              Page

            
	 
      	 
      	 
      
	
              1

            	
              Definitions
      and interpretation

            	
              1

            
	
              2

            	
              Conditions
      precedent

            	
              3

            
	
              3

            	
              Agreement
      to sell the Christine Membership Interests

            	
              4

            
	
              4

            	
              Consideration

            	
              4

            
	
              5

            	
              Completion

            	
              4

            
	
              6

            	
              The
      Warranties

            	
              6

            
	
              7

            	
              Dealing
      with and voting on the Christine Membership Interests

            	
              8

            
	
              8

            	
              Entire
      agreement

            	
              8

            
	
              9

            	
              Announcements
      and confidentiality

            	
              8

            
	
              10

            	
              Waivers
      and releases

            	
              9

            
	
              11

            	
              Miscellaneous

            	
              9

            
	
              12

            	
              Notices

            	
              10

            
	
              13

            	
              Assignment

            	
              10

            
	
              14

            	
              Governing
      law and agent for service of process

            	
              11

            
	
              15

            	
              Jurisdiction

            	
              11

            

    

    

    

    

    
      	
              Schedule
      1 Information on Christine

            	
              12

            
	
              Schedule
      2 The AMCIC Warranties

            	
              13

            
	
              Schedule
      3 The Bird Warranties

            	
              15

            

    

    

    

    

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS AGREEMENT is dated 6
October 2009 and is made BETWEEN:

     

    
      	
              (1)

            	
              AMCIC CAPE HOLDINGS LLC
      whose registered office is at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 (AMCIC);
    and

            

    

     

    
      	
              (2)

            	
              BIRD ACQUISITION CORP.
      whose registered office is at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 (Bird).

            

    

     

    NOW IT IS HEREBY AGREED as
follows:

     

    
      	
               
      

            	
              1

            	
              Definitions
      and interpretation

            

    

     

    
      	
               
      

            	
              1.1

            	
              In
      this Agreement, unless the context requires
  otherwise:

            

    

     

    Alma SPA means the share
purchase agreement made or, as the context may require, to be made between
Keagan Enterprises S.A. and MK Maritime LLC in relation to the sale and purchase
of interests in Quest Maritime Enterprises S.A. and Alma Maritime Limited in
agreed form;

     

    AMCIC Performance Guarantee means a
letter of guarantee dated 5 April 2007 executed by AMCIC in favour of the Seller
guaranteeing to the Seller 28.6% of the financial obligations of Christine under
the Christine Contract;

     

    AMCIC Warranties means the
warranties given by AMCIC and set out in schedule 2;

     

    Bank means The Royal Bank of
Scotland plc of 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland acting through
its branch known as The Shipping Business Centre at 5-10 Great Tower Street,
London EC3P 3HX, England and includes its successors in title, transferees
and/or assignees;

     

    Bird Warranties means the
warranties given by Bird and set out in Schedule 3;

     

    Builder means Imabari
Shipbuilding Co., Ltd. of Tokyo, Japan and includes its successors in
title;

     

    Business Day means a day other
than a Saturday or Sunday on which banks are ordinarily open for the transaction
of normal banking business in Athens and New York;

     

    Charterer means EDF Trading
Limited of 80 Victoria Street, Cardinal Place, London SW1E 5JL, England and
includes its successors in title;

     

    Christine means Christine
Shipco LLC, further details of which are set out in schedule 1;

     

    Christine Charter means the
"NYPE 93 Form" time charter in respect of the Christine Vessel dated 28 December
2006 and made between the Charterer and Christine as amended and supplemented by
a side letter dated 16 April 2007 made between the Charterer and Christine and
as the same may from time to time be further amended and supplemented pursuant
to which Christine has agreed to let and the Charterer has agreed to take on
charter the Christine Vessel for a period of 66 to 72 months commencing on its
delivery from the Builder at $25,000 per day plus an amount in Dollars equal to
50% of that daily hire calculated by the parties to the Christine Charter
pursuant to clause 10 thereof which is in excess of $25,000 per day and
otherwise on the terms set out therein;

     

    Christine Contract means a "Nipponsale
1993" memorandum of agreement dated 5 April 2007 made between the Seller as
seller and Christine as buyer in relation to the sale and delivery by the Seller
to Christine of the Christine Vessel;

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

     

    Christine Indemnity means a
deed of indemnity to be executed by Bird in favour of AMCIC whereby Bird agrees
to indemnify 100% of any liability of AMCIC to the Seller under the AMCIC
Performance Guarantee in agreed form;

     

    Christine Limited Liability Company
Agreement means the limited liability company agreement regarding
Christine dated 30 March 2007 and made between Robertson Maritime Investors LLC,
AMCIC and Bird;

     

    Christine Loan Agreement means
the loan agreement dated 11 April 2007 made between the Bank, as lender and
Christine, as borrower, pursuant to which the Bank has agreed, inter alia, to
make available to Christine a term loan in the amount of up to
$25,333,000;

     

    Christine LOU means a letter
of undertaking dated 11 April 2007 provided jointly by AMCIC and Robertson
Maritime Investors LLC and addressed to the Bank in relation to the obligations
of Christine under the Christine Loan Agreement as the same has been or shall be
amended from time to time;

     

    Christine Membership Interests
means the limited liability company interests in Christine owned by AMCIC equal
to 28.6% of the total limited liability company interests in
Christine;

     

    Christine Vessel means the approximately
180,000 dwt capesize bulk carrier motor vessel to be constructed by the Builder
and bearing during such construction Hull No. S-2295;

     

    Completion means completion of
the sale by AMCIC and purchase by Bird of the Christine Membership Interests by
the performance by the parties of their respective obligations under, and
otherwise in accordance with, clause 5;

     

    Completion Date means 31
October 2009 or such earlier or later date as the parties hereto may agree in
writing;

     

    Conditions means the
conditions specified in clause 2.1;

     

    Conditions Final Date means 9
October 2009 or such later date as the parties hereto may agree in
writing;

     

    Dollars and $ mean the lawful currency of
the United States of America and in respect of all payments to be made under
this Agreement mean funds which are for same day settlement in the New York
Clearing House Interbank Payments System (or such other US dollar funds as may
at the relevant time be customary for the settlement of international banking
transactions denominated in US dollars);

     

    Encumbrance means any
mortgage, charge, pledge, lien, option, restriction, right of first refusal,
right of pre-emption, claim, right, interest or preference granted to any person
or any other encumbrance or security interest of any kind (or an agreement or
commitment to create any of the same);

     

    Guarantee means any guarantee,
indemnity, suretyship, letter of comfort or other assurance, security or right
of set-off given or undertaken by a person to secure or support the obligations
(actual or contingent) of any other person and whether given directly or by way
of counter-indemnity to any other person who has provided a
Guarantee;

     

    Lillie and Hope Membership Interest
Transfer Agreement means the membership interest transfer agreement made
or, as the context may require, to be made between Bird and AMCIC in relation to
the transfer of membership interests in Lillie Shipco LLC and Hope Shipco LLC,
in agreed form;

     

    Membership Interests Purchase
Documents has the meaning given to it in clause 8.1;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    Nominated Account means a bank
account in the name of AMCIC Kaperbrief Holdings B.V. held at Rabobank
International of The Netherlands (SWIFT: RABONL2U), with account number NL5O
RABO 0127169938 (IBAN);

     

    Other Purchase Agreements
means together the Alma SPA and the Lillie and Hope Membership Interest
Transfer Agreement;

     

    Purchase Price means two
million eight hundred thousand Dollars ($2,800,000);

     

    Refund Guarantor means Mizuho
Corporate Bank, Ltd. of 3-3, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8210,
Japan and includes its successors in title;

     

    Relevant Claim means (i) in
relation to Bird, a claim by Bird involving or relating to a breach of any of
the AMCIC Warranties, whether for damages, compensation or any other relief and
(ii) in relation to AMCIC, a claim by AMCIC involving or relating to a breach of
any of the Bird Warranties, whether for damages, compensation or any other
relief; and

     

    Seller means Cosmos World
Maritime S.A. of 53rd Street, Urbanizacion Obarrio, Torre Bancosur, 16th Floor,
Panama, Republic of Panama.

     

    
      	
               
      

            	
              1.2

            	
              In
      this Agreement, unless the context requires
  otherwise:

            

    

     

    
      	
              1.2.1

            	
              a
      document expressed to be in agreed form means a
      document in a form which has been agreed by the parties on or before the
      execution of this Agreement and signed or initialled by them or on their
      behalf, for the purposes of
identification;

            

    

     

    
      	
              1.2.2

            	
              references
      to a clause or schedule are to a clause of or a schedule to this
      Agreement.  The schedules form part of this
      Agreement;

            

    

     

    
      	
              1.2.3

            	
              the
      headings in this Agreement do not affect its
    interpretation;

            

    

     

    
      	
              1.2.4

            	
              words
      importing the singular include the plural and vice versa, words
      importing a gender include every gender and references to persons include
      corporations, partnerships and other unincorporated associations or bodies
      of persons;

            

    

     

    
      	
              1.2.5

            	
              references
      to AMCIC, Bird and Christine will include, where the context permits,
      their respective successors in title;
and

            

    

     

    
      	
              1.2.6

            	
              references
      to any enactment shall be deemed to include references to such enactment
      as re-enacted, amended or extended.

            

    

     

    
      	
               
      

            	
              2

            	
              Conditions
      precedent

            

    

     

    
      	
               
      

            	
              2.1

            	
              The
      sale and purchase of the Christine Membership Interests pursuant to clause
      3 is conditional on the satisfaction of all of the
    following:

            

    

     

    
      	
              2.1.1

            	
              the
      Lillie and Hope Membership Interest Transfer Agreement being duly executed
      by both AMCIC and Bird; and

            

    

     

    
      	
              2.1.2

            	
              the
      Alma SPA being duly executed by both parties
  thereto.

            

    

     

    
      	
               
      

            	
              2.2

            	
              AMCIC
      and Bird undertake to use their respective best endeavours to ensure that
      the Conditions are satisfied as soon as possible after the date of this
      Agreement and in any event by no later than the Conditions Final
      Date.

            

    

     

    
      	
               
      

            	
              2.3

            	
              If
      at any time either party becomes aware of a fact or circumstance that
      might prevent or materially delay any of the Conditions set out in clause
      2.1 being satisfied, it shall promptly notify the
  other.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              2.4

            	
              AMCIC
      and Bird may agree to waive (to the extent agreed between them) either or
      both of the Conditions.

            

    

     

    
      	
               
      

            	
              2.5

            	
              Each
      party shall give notice to the other that a Condition has been satisfied
      within one Business Day of becoming aware of that
  fact.

            

    

     

    
      	
               
      

            	
              2.6

            	
              If
      any Condition is not satisfied or waived on or before the Conditions Final
      Date then this Agreement shall terminate (except clauses 8 (Entire
      agreement), 9 (Announcements and confidentiality) to 12 (Notices), clause
      14 (Governing law and agent for service of process) and clause 15
      (Jurisdiction) which shall remain in full force and effect) and no party
      shall have any claim against the others except for any prior breach of
      clause 2.2.

            

    

     

    
      	
               
      

            	
              3

            	
              Agreement
      to sell the Christine Membership
Interests

            

    

     

    
      	
               
      

            	
              3.1

            	
              AMCIC
      shall sell to Bird the Christine Membership Interests and Bird (relying on
      the AMCIC Warranties and undertakings given by AMCIC contained in this
      Agreement) shall buy the Christine Membership Interests from AMCIC with
      full title guarantee and free from all Encumbrances in accordance with the
      terms and conditions contained in this
  Agreement.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Title
      to and beneficial ownership of the Christine Membership Interests shall
      pass on Completion to Bird together with all associated rights and
      benefits deriving from, attaching or accruing to, them on or after
      Completion as evidenced by the membership interest transfer to be executed
      pursuant to clause 5.1.2(b).

            

    

     

    
      	
               
      

            	
              3.3

            	
              Bird
      shall not be obliged to complete the purchase of any of the Christine
      Membership Interests unless the purchase of all the Christine Membership
      Interests is completed
simultaneously.

            

    

     

    
      	
               
      

            	
              4

            	
              Consideration

            

    

     

    The
consideration for the sale of the Christine Membership Interests by AMCIC shall
be the payment by Bird to AMCIC of the Purchase Price.

     

    
      	
               
      

            	
              5

            	
              Completion

            

    

     

    
      	
               
      

            	
              5.1

            	
              Subject
      to clauses 5.2, 5.5 and 5.6, Completion shall take place at the offices of
      Norton Rose LLP at 1 Palaia Leoforos Posidonos & 3 Moraitini Street,
      Delta Palaio Faliro, Athens, Greece on the Completion Date when all (but
      not part only unless the parties so agree or waive pursuant to clause 5.5)
      of the following business shall be
transacted:

            

    

     

    
      	
              5.1.1

            	
              Bird
      shall deliver, or shall procure the delivery, to AMCIC
  of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      powers of attorney or other authorities under which the execution of this
      Agreement and the transfer of the Christine Membership Interests are
      authorised and certified copies of the minutes recording the resolution of
      the Board of Directors of Bird authorising the execution of this Agreement
      and the transactions to be performed pursuant to
  it;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      deed of release issued by the Bank in favour of AMCIC in agreed form, duly
      executed by the Bank and any other party thereto releasing AMCIC from its
      obligations under the Christine LOU;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      complete executed original of the Christine
  Indemnity.

            

    

     

    
      	
              5.1.2

            	
              AMCIC
      shall deliver, or shall procure the delivery, to Bird
  of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      duly executed powers of attorney or other authorities under which the
      transfer of the Christine Membership Interests are authorised and
      certified copies of the minutes recording the resolution of the Board of
      Directors of AMCIC authorising the sale of
the

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Christine
Membership Interests and the transfer of the Christine Membership Interests to
Bird;

     

    
      	
               
      

            	
              (b)

            	
              such
      other duly executed documents as may be required to give Bird good title
      to the Christine Membership Interests and to enable Bird to become the
      holder of them, including the execution of a membership interest transfer
      in relation to the Christine Membership Interests in agreed
      form;

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      the statutory and minute books of Christine (written up to the Business
      Day immediately preceding Completion and its limited liability company
      seal (if any), the true, complete and up to date copy of the certificate
      of formation of Christine as provided by the Registry of the Republic of
      the Marshall Islands in Piraeus, Greece, the true, complete and up to date
      executed copy of the Christine Limited Liability Company Agreement and
      other documents and records concerning Christine in the possession or
      under the control of AMCIC, each certified as such by an officer of AMCIC
      not earlier than 5 Business Days prior to Completion;
  and

            

    

     

    
      	
               
      

            	
              (d)

            	
              an
      addendum no.1 to the Christine Charter in agreed form executed by the
      Charterer only.

            

    

     

    
      	
              5.1.3

            	
              AMCIC:

            

    

     

    
      	
               
      

            	
              (a)

            	
              shall
      transfer the Christine Membership Interests to
  Bird;

            

    

     

    
      	
               
      

            	
              (b)

            	
              shall
      procure that an officer of Christine procures that the capital account
      maintained by Christine for AMCIC be closed and the balance be transferred
      into the name of Bird and consolidated with the existing capital account
      maintained by Christine for Bird;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              shall
      procure the delivery to Bird of resignation letters (duly executed as
      deeds) from Mr Hans J. Mende as director, Mr Stamatis Molaris as director
      and officer and Ms Effie Paraskevopoulou as assistant secretary, each in
      agreed form;

            

    

     

    
      	
              5.1.4

            	
              Bird
      shall (a) pay the Purchase Price by electronic funds transfer for value on
      the day of Completion to the Nominated Account and payment of the Purchase
      Price into such account shall constitute a good discharge to AMCIC in
      respect of it and (b) execute and deliver to Christine an adoption
      agreement in an agreed form (the Adoption Agreement)
      pursuant to the terms and conditions of which Bird shall agree to be bound
      by the terms and conditions of the Christine Limited Liability Company
      Agreement with respect to the Christine Membership
    Interests.

            

    

     

    
      	
              5.1.5

            	
              The
      parties shall join in procuring that all bank mandates in force for
      Christine shall if, necessary, be altered (in such manner as Bird shall
      require) to reflect the resignations referred to in clause
      5.1.3(c).

            

    

     

    
      	
               
      

            	
              5.2

            	
              Following:

            

    

     

    
      	
              5.2.1

            	
              transaction
      (or the agreement not to transact pursuant to clause 5.5) of all of the
      business set out in clause 5.1; and

            

    

     

    
      	
              5.2.2

            	
              transaction
      (or the agreement not to transact pursuant to clause 6.5 of the Lillie and
      Hope Membership Interest Transfer Agreement) of all of the business set
      out in clause 6.1 of the Lillie and Hope Membership Interest Transfer
      Agreement; and

            

    

     

    
      	
              5.2.3

            	
              transaction
      (or the agreement not to transact pursuant to clause 5.5 of the Alma SPA)
      of all of the business set out in clause 5.1 of the Alma
    SPA,

            

    

     

    then this
Agreement and the Other Purchase Agreements shall complete simultaneously and
the transfers provided for in this Agreement and the Other Purchase Agreements
shall become effective. For the avoidance of doubt, if the matters specified in
clauses 5.2.1 and/or 5.2.2 and/or 5.2.3 shall fail to occur then neither this
Agreement nor the Other Purchase Agreements shall

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    complete,
the transfers provided for in this Agreement and the Other Purchase Agreements
shall not become effective and, in respect of this Agreement, the terms of
clause 5.6 shall apply.

     

    
      	
               
      

            	
              5.3

            	
              Each
      party hereto undertakes to use its best endeavours to ensure that the
      business that needs to be transacted by such party pursuant to clause 5.1
      is transacted on or before the Completion
Date.

            

    

     

    
      	
               
      

            	
              5.4

            	
              If
      at any time either party becomes aware of a fact or circumstance that
      might prevent or materially delay any of the business set out in clause
      5.1 from being transacted, it shall promptly notify the
    other.

            

    

     

    
      	
               
      

            	
              5.5

            	
              Each
      party may agree in writing to waive all or any of the obligations of the
      other party pursuant to the terms of clause 5.1. The parties may agree in
      writing to waive (to the extent agreed between them) all or any of the
      joint obligations of the parties.

            

    

     

    
      	
               
      

            	
              5.6

            	
              If
      Completion does not take place on the Completion Date then this Agreement
      shall terminate (except clauses 8 (Entire agreement), 9 (Announcements and
      confidentiality) to 12 (Notices), clause 14 (Governing law and agent for
      service of process) and clause 15 (Jurisdiction) which shall remain in
      full force and effect) and no party shall have any claim against the other
      except for any prior breach of clause 5.3 and each party hereto shall have
      the right to ask for any documents given to the other party to be
      returned.

            

    

     

    
      	
               
      

            	
              5.7

            	
              Following
      Completion:

            

    

     

    
      	
              5.7.1

            	
              the
      parties hereto agree to execute an acknowledgement in agreed form that all
      the business set out in clause 5.1 has been transacted or, as the case may
      be, waived and that Completion has taken place;
  and

            

    

     

    
      	
              5.7.2

            	
              Bird
      shall provide AMCIC with written evidence of the delivery of the Adoption
      Agreement to Christine on the Completion
Date.

            

    

     

    
      	
               
      

            	
              6

            	
              The
      Warranties

            

    

     

    
      	
               
      

            	
              6.1

            	
              AMCIC:

            

    

     

    
      	
              6.1.1

            	
              warrants
      to Bird (for itself and as trustee for its successors in title) that each
      of the AMCIC Warranties is true and accurate;
  and

            

    

     

    
      	
              6.1.2

            	
              acknowledges
      that Bird has entered into this Agreement in reliance on, among other
      things, the AMCIC Warranties.

            

    

     

    
      	
               
      

            	
              6.2

            	
              In
      each AMCIC Warranty, where any statement is qualified as being made so far
      as AMCIC is aware or any similar expression, it has been so qualified
      after due and careful enquiries by AMCIC and AMCIC has used all reasonable
      endeavours to ensure that all information given, referred to or reflected
      in that statement is accurate.

            

    

     

    
      	
               
      

            	
              6.3

            	
              Each
      of the paragraphs in schedule 2:

            

    

     

    
      	
              6.3.1

            	
              shall
      be construed as a separate and independent warranty and representation;
      and

            

    

     

    
      	
              6.3.2

            	
              unless
      expressly provided in this Agreement, shall not be limited by reference to
      any other paragraph in schedule 2 or by any other provision of this
      Agreement,

            

    

     

    and Bird
shall have a separate claim and right of action in respect of every breach of an
AMCIC Warranty.

     

    
      	
               
      

            	
              6.4

            	
              The
      AMCIC Warranties shall not in any respect be extinguished or affected by
      Completion.

            

    

     

    
      	
               
      

            	
              6.5

            	
              AMCIC
      agrees with Bird (for itself and as trustee for Christine and its
      directors, employees, agents and advisers) to waive any right or claim
      which it may have in respect of any

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    misrepresentation
or error in, or omission from any information or opinion supplied or given by
Christine and/or any of its directors, officers, employees or agents in the
course of negotiating this Agreement, and that any such right or claim shall not
constitute a defence to any claim by AMCIC under or in relation to this
Agreement.

     

    
      	
               
      

            	
              6.6

            	
              Bird
      shall be entitled to make a Relevant Claim after Completion, whether or
      not Bird and/or any of its agents and/or any of its advisers had knowledge
      (whether actual, constructive or implied) of the matter giving rise to the
      claim before Completion; and Bird's right or ability to make any such
      claim shall not be affected or limited, and the amount recoverable shall
      not be reduced, on the grounds that Bird and/or its agents and/or its
      advisers may before Completion have had actual, constructive or implied
      knowledge of the matter giving rise to the
  claim.

            

    

     

    
      	
               
      

            	
              6.7

            	
              AMCIC
      further warrants to Bird (for itself and as a trustee for its successors
      in title) that each of the AMCIC Warranties shall be true and accurate as
      at Completion (and such AMCIC Warranties shall be deemed to be repeated as
      at Completion) with reference to the facts and circumstances then
      prevailing, and for this purpose a reference in any of the AMCIC
      Warranties to the date of this Agreement shall be construed as a reference
      to the date of Completion.

            

    

     

    
      	
               
      

            	
              6.8

            	
              Bird:

            

    

     

    
      	
              6.8.1

            	
              warrants
      to AMCIC (for itself and as trustee for its successors in title) that each
      of the Bird Warranties is true and accurate;
and

            

    

     

    
      	
              6.8.2

            	
              acknowledges
      that AMCIC has entered into this Agreement in reliance on, among other
      things, the Bird Warranties.

            

    

     

    
      	
               
      

            	
              6.9

            	
              In
      each Bird Warranty, where any statement is qualified as being made so far
      as Bird is aware or any similar expression, it has been so qualified after
      due and careful enquiries by Bird and Bird has used all reasonable
      endeavours to ensure that all information given, referred to or reflected
      in that statement is accurate.

            

    

     

    
      	
              6.10

            	
              Each
      of the paragraphs in schedule 3:

            

    

     

    
      	
              6.10.1

            	
              shall
      be construed as a separate and independent warranty and representation;
      and

            

    

     

    
      	
              6.10.2

            	
              unless
      expressly provided in this Agreement, shall not be limited by reference to
      any other paragraph in schedule 3 or by any other provision of this
      Agreement,

            

    

     

    and AMCIC
shall have a separate claim and right of action in respect of every breach of a
Bird Warranty.

     

    
      	
              6.11

            	
              The
      Bird Warranties shall not in any respect be extinguished or affected by
      Completion.

            

    

     

    
      	
              6.12

            	
              AMCIC
      shall be entitled to make a Relevant Claim after Completion, whether or
      not AMCIC and/or any of its agents and/or any of its advisers had
      knowledge (whether actual, constructive or implied) of the matter giving
      rise to the claim before Completion; and AMCIC's right or ability to make
      any such claim shall not be affected or limited, and the amount
      recoverable shall not be reduced, on the grounds that AMCIC and/or its
      agents and/or its advisers may before Completion have had actual,
      constructive or implied knowledge of the matter giving rise to the
      claim.

            

    

     

    
      	
              6.13

            	
              Bird
      further warrants to AMCIC (for itself and as a trustee for its successors
      in title) that each of the Bird Warranties shall be true and accurate as
      at Completion (and such Bird Warranties shall be deemed to be repeated as
      at Completion) with reference to the facts and circumstances then
      prevailing, and for this purpose a reference in any of the Bird Warranties
      to the date of this Agreement shall be construed as a reference to the
      date of Completion.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              7

            	
              Dealing
      with and voting on the Christine Membership
  Interests

            

    

     

    
      	
               
      

            	
              7.1

            	
              AMCIC
      declares that, for so long as it remains the owner of record of any of the
      Christine Membership Interests after Completion it
  shall:

            

    

     

    
      	
              7.1.1

            	
              hold
      the Christine Membership Interests and the dividends and other
      distributions of profits or surplus or other assets declared, paid or made
      in respect of them after Completion and all rights arising out of or in
      connection with them in trust for Bird and its successors in
      title;

            

    

     

    
      	
              7.1.2

            	
              deal
      with and dispose of the Christine Membership Interests and all such
      dividends, distributions and rights as Bird or any such successor may
      direct; and

            

    

     

    
      	
              7.1.3

            	
              if
      so requested by Bird or any such
successor:

            

    

     

    
      	
               
      

            	
              (a)

            	
              vote
      at all meetings which it shall be entitled to attend as the owner of
      record of the Christine Membership Interests in such manner as Bird or any
      such successor may direct; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              execute
      all instruments of proxy or other documents which Bird may reasonably
      require and which may be necessary or desirable or convenient to enable
      Bird or any such successor to attend and vote at any such
      meeting.

            

    

     

    
      	
               
      

            	
              8

            	
              Entire
      agreement

            

    

     

    
      	
               
      

            	
              8.1

            	
              Each
      party acknowledges and agrees that:

            

    

     

    
      	
              8.1.1

            	
              this
      Agreement and all documents referred to or to be entered into pursuant to
      this Agreement including, without limitation the Alma SPA and the Lillie
      and Hope Membership Interest Transfer Agreement (together the Membership Interests Purchase
      Documents) constitute the entire agreement between the parties and
      supersede any prior agreement, understanding, undertaking or arrangement
      between the parties relating to the subject matter of the Membership
      Interests Purchase Documents;

            

    

     

    
      	
              8.1.2

            	
              by
      entering into the Membership Interests Purchase Documents, they do not
      rely on any statement, representation, assurance or warranty of any person
      (whether a party to the Membership Interests Purchase Documents or not and
      whether made in writing or not) other than as expressly set out in the
      Membership Interests Purchase
Documents;

            

    

     

    
      	
              8.1.3

            	
              except
      as otherwise provided in any of the Membership Interests Purchase
      Documents, no party may rescind or terminate any of the Membership
      Interests Purchase Documents for breach of contract or for negligent or
      innocent misrepresentation or otherwise;
and

            

    

     

    
      	
              8.1.4

            	
              nothing
      in this clause shall exclude or limit any liability for
    fraud.

            

    

     

    
      	
               
      

            	
              9

            	
              Announcements
      and confidentiality

            

    

     

    
      	
               
      

            	
              9.1

            	
              Subject
      to clause 9.2, no announcement, circular or communication (each an Announcement) concerning
      the existence or content of this Agreement shall be made by either party
      without the prior written approval of the other party (such approval not
      to be unreasonably withheld or
delayed).

            

    

     

    
      	
               
      

            	
              9.2

            	
              Clause
      9.1 does not apply to any Announcement if, and to the extent that, it is
      required to be made by the rules of any stock exchange or any
      governmental, regulatory or supervisory body or court of competent
      jurisdiction (a Relevant
      Authority) to which the party making the Announcement is subject,
      whether or not any of the same has the force of law, provided that any
      Announcement shall, so far as is practicable, be made after consultation
      with the other party and after taking into account its reasonable
      requirements regarding the content, timing and manner of despatch of the
      Announcement in question.

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              9.3

            	
              Subject
      to Clause 9.4, each party shall treat as strictly confidential all
      information received or obtained as a result of entering into or
      performing this Agreement which relates
to:

            

    

     

    
      	
              9.3.1

            	
              the
      subject matter and provisions of this
Agreement;

            

    

     

    
      	
              9.3.2

            	
              the
      negotiations relating to this Agreement;
or

            

    

     

    
      	
              9.3.3

            	
              the
      other party.

            

    

     

    
      	
               
      

            	
              9.4

            	
              A
      party may disclose information which would otherwise be confidential if
      and to the extent:

            

    

     

    
      	
              9.4.1

            	
              required
      by the law of any relevant
jurisdiction;

            

    

     

    
      	
              9.4.2

            	
              required
      by existing contractual
obligations;

            

    

     

    
      	
              9.4.3

            	
              required
      by any Relevant Authority to which the party making the disclosure is
      subject, whether or not such requirement has the force of
    law;

            

    

     

    
      	
              9.4.4

            	
              required
      to vest the full benefit of this Agreement in either
  party;

            

    

     

    
      	
              9.4.5

            	
              disclosure
      is made to the professional advisers, auditors and bankers of either
      party;

            

    

     

    
      	
              9.4.6

            	
              the
      information has come into the public domain through no fault of that
      party; or

            

    

     

    
      	
              9.4.7

            	
              the
      other party has given prior written approval to the
      disclosure,

            

    

     

    provided
that any disclosure pursuant to clause 9.4.1, 9.4.2 or 9.4.3 shall, so far as it
practicable, be made only after consultation with the other party.

     

    
      	
               
      

            	
              10

            	
              Waivers
      and releases

            

    

     

    
      	
              10.1

            	
              The
      rights and remedies of each party to this Agreement are, except where
      expressly stated to the contrary, without prejudice to any other rights
      and remedies available to it.  No neglect, delay or indulgence
      by any party in enforcing any provision of this Agreement shall be
      construed as a waiver and no single or partial exercise of any rights or
      remedy of any party under this Agreement shall affect or restrict the
      further exercise or enforcement of any such right or
    remedy.

            

    

     

    
      	
              10.2

            	
              The
      liability of any party to this Agreement may in whole or in part be
      released, compounded or compromised; and, if the other party shall give
      time or indulgence to the person under such liability, this shall in no
      way prejudice or affect that party's rights against any other person under
      the same or similar liability.

            

    

     

    
      	
               
      

            	
              11

            	
              Miscellaneous

            

    

     

    
      	
              11.1

            	
              No
      purported alteration of this Agreement shall be effective unless it is in
      writing, refers to this Agreement and is duly executed by each party to
      this Agreement.

            

    

     

    
      	
              11.2

            	
              This
      Agreement may be executed in any number of counterparts, and each of the
      executed counterparts, when duly exchanged or delivered, shall be deemed
      to be an original, but, taken together, they shall constitute one
      instrument.

            

    

     

    
      	
              11.3

            	
              Each
      of the parties shall be responsible for its respective legal and other
      costs incurred in relation to the negotiation, preparation and completion
      of this Agreement and all ancillary
documents.

            

    

     

    
      	
              11.4

            	
              A
      person who is not a party to this Agreement has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce any of its
      terms.

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              12

            	
              Notices

            

    

     

    
      	
              12.1

            	
              A
      notice or other communication given under or in connection with this
      Agreement (a Notice) shall
      be:

            

    

     

    
      	
              12.1.1

            	
              in
      writing;

            

    

     

    
      	
              12.1.2

            	
              in
      the English language; and

            

    

     

    
      	
              12.1.3

            	
              sent
      by the Permitted Method to the Notified
Address.

            

    

     

    
      	
              12.2

            	
              The
      Permitted Method means any of the methods set out in the first column
      below, the second column setting out the date on which a Notice given by
      such Permitted Method shall be deemed to be given provided the Notice is
      properly addressed and sent in full to the Notified
    Address:

            

    

     

    
      	
              (1)

              Permitted
      Method

            	
              (2)

              Date
      on which Notice deemed given

            
	
              Personal
      delivery

            	
              When
      left at the Notified Address

            
	
              First
      class pre-paid post

            	
              Two
      Business Days after posting

            
	
              Pre-paid
      air-mail

            	
              Six
      Business Days after posting

            
	
              Fax
      transmission

            	
              On
      completion of transmission

            

    

    

    
      	
              12.3

            	
              The
      Notified Addresses of each of the parties is as set out
    below:

            

    

     

    
      	
               

              Name
      of Party

            	
               

              Address

            	
               

              Fax
      Number

            	
               

              Marked
      for the attention of:

            
	
               

              AMCIC

               

               

              With
      a copy to Norose Notices Limited

            	
               

              475
      Steamboat Road, Greenwich, Second Floor, Greenwich CT 06830
      USA

               

              the
      address of its registered office for the time being (at the date of this
      Agreement being 3 More London Riverside, London SE1 2AQ,
    UK)

            	
               

              + 1
      203 625 9231

               

               

              +44
      207 2836500

               

            	
               

              Mr
      Hans Mende/ Mr Nimesh Patel

               

               

              The
      Partnership Office Manager (CCR/LN30281)

            
	
               

              Bird

            	
               

              17th
      km National Road, Athens Lamia & Finikos Street, 145 64 Nea Kifissia,
      Athens, Greece

            	
               

              +30
      210 800 2475

            	
               

              Mrs
      Victoria Poziopoulou

            

    

    

    or such
other Notified Address as any of the parties may, by written notice to the other
parties, substitute for their Notified Address set out above.

     

    
      	
               
      

            	
              13

            	
              Assignment

            

    

     

    Neither
of the parties shall be entitled to assign the benefit of any rights under this
Agreement.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              14

            	
              Governing
      law and agent for service of
process

            

    

     

    
      	
              14.1

            	
              This
      Agreement and any non-contractual obligations connected with it shall be
      governed by and construed in accordance with English
  law.

            

    

     

    
      	
              14.2

            	
              The
      parties irrevocably agree that all disputes arising under or in connection
      with this Agreement, or in connection with the negotiation, existence,
      legal validity, enforceability or termination of this Agreement,
      regardless of whether the same shall be regarded as contractual claims or
      not, shall be exclusively governed by and determined only in accordance
      with English law.

            

    

     

    
      	
              14.3

            	
              Each
      party hereby irrevocably authorises and
  appoints:

            

    

     

    
      	
              14.3.1

            	
              in
      the case of AMCIC, Norose Notices Limited (for the attention of the
      Partnership Office Manager) of 3 More London Riverside, London SE1 2AQ, UK
      (reference CCR/  LN30281);
and

            

    

     

    
      	
              14.3.2

            	
              in
      the case of Bird, Hill Dickinson Services (London) Limited of Irongate
      House, Duke's Place, London EC3A 7HX,
England,

            

    

     

    or such
other person located in England or Wales as each party may at any time in the
future substitute by notice in writing to all the other parties to this
Agreement, to accept on its behalf service of all legal process arising out of
or in connection with any proceedings before the English courts in connection
with this Agreement.

     

    
      	
               
      

            	
              15

            	
              Jurisdiction

            

    

     

    The
parties irrevocably agree that the courts of England and Wales are to have
exclusive jurisdiction, and that no other court is to have jurisdiction
to:

     

    
      	
               
      

            	
              (a)

            	
              determine
      any claim, dispute or difference arising under or in connection with this
      Agreement or in connection with the negotiation, existence, legal
      validity, enforceability or termination of this Agreement, whether the
      alleged liability shall arise under the law of England and Wales or under
      the law of some other country and regardless of whether a particular cause
      of action may successfully be brought in the English courts (Proceedings);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              grant
      interim remedies, or other provisional or protective
    relief.

            

    

     

    The
parties submit to the exclusive jurisdiction of such courts and accordingly any
Proceedings may be brought against the parties or any of them or any of their
respective assets in such courts.

     

    This
Agreement has been executed as a deed and it has been delivered on the date
stated at the beginning of this Agreement.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

     

    Schedule 1

     

    Information
on Christine

     

    

    

    
      	
              Date
      and place of formation

            	
              30
      March 2007, Republic of the Marshall Islands

            
	
              Registered
      office

            	
              Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
      Marshall Islands MH96960

            
	
              Initial
      Capital Contribution

            	
              $1,000
      divided as follows:

              Robertson
      Maritime Investors LLC - 28.6%

              AMCIC
      - 28.6%

              Bird
      - 42.8%

            
	
              Directors

            	
              Corbin
      J. Robertson Jr.

              Hans
      J. Mende

              Stamatis
      Molaris

            
	
              Officers

            	
              Stamatis
      Molaris: Chief Executive Officer

              Paul
      Cornell: Chief Financial Officer and Treasurer

              Nikos
      Frantzeskakis: Chief Operating Officer and Chief Commercial
      Officer

              Steve
      Putman: Vice President and Secretary

              Effie
      Paraskevopoulou: Assistant Secretary

            
	
              Secretary/Assistant
      Secretary

            	
              Steve
      Putman/Effie Paraskevopoulou

            

    

    

     

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

     

    Schedule 2

     

    The
AMCIC Warranties

     

    

    
      	
               
      

            	
              1

            	
              The
      Christine Membership Interests and
Christine

            

    

     

    
      	
               
      

            	
              1.1

            	
              The
      Christine Membership Interests are fully paid and constitute twenty eight
      point six per cent (28.6%) of the issued and allotted membership interests
      of Christine.

            

    

     

    
      	
               
      

            	
              1.2

            	
              There
      is no Encumbrance on, over or affecting the Christine Membership
      Interests, there is no agreement or commitment to give or create any such
      Encumbrance and no person has made any claim to be entitled to any right
      over or affecting the Christine Membership
  Interests.

            

    

     

    
      	
               
      

            	
              1.3

            	
              Christine
      is a Marshall Islands limited liability company registered in the Republic
      of the Marshall Islands. The information set out in schedule 1 is complete
      and accurate and Christine does not have, nor has it ever had, any
      subsidiaries or interest in any body corporate, partnership, joint venture
      or other legal entity of any nature
whatsoever.

            

    

     

    
      	
               
      

            	
              1.4

            	
              Save
      pursuant to Article 10 of the Christine Limited Liability Company
      Agreement, no person has the right (whether exercisable now or in the
      future and whether contingent or not) to call for the issue or transfer of
      any membership interest or loan capital of Christine under any option or
      other agreement or otherwise
howsoever.

            

    

     

    
      	
               
      

            	
              2

            	
              Powers
      and obligations of AMCIC

            

    

     

    
      	
               
      

            	
              2.1

            	
              AMCIC
      has the right, power and authority and has taken all action necessary to
      execute and deliver, and to exercise its rights and perform its
      obligations under, this Agreement and each document to be executed at or
      before Completion will, when executed, constitute legal, valid and binding
      obligations of AMCIC enforceable in accordance with their respective
      terms.

            

    

     

    
      	
               
      

            	
              2.2

            	
              AMCIC
      is entitled to sell and transfer or procure the sale and transfer of the
      full legal and beneficial ownership in the Christine Membership Interests
      to Bird on the terms set out in this
Agreement.

            

    

     

    
      	
               
      

            	
              2.3

            	
              No
      consent, authorisation, licence or approval of any governmental,
      administrative, judicial or regulatory body, authority or organisation or
      by the holders of  the membership interests in Christine is
      required to authorise the execution, delivery, validity, enforceability or
      the performance by AMCIC of its obligations under this Agreement or will
      be required as a consequence of this
Agreement.

            

    

     

    
      	
               
      

            	
              3

            	
              Compliance
      with legal requirements

            

    

     

    
      	
               
      

            	
              3.1

            	
              All
      registers and minute books required by law to be kept by Christine have
      been properly written up and contain an accurate and complete record of
      the matters which should be recorded in them, and Christine has not
      received any application or request for rectification of its statutory
      registers or any notice or allegation that any of them is
      incorrect.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Christine
      is conducting and has at all times conducted its business in all respects
      in accordance with all applicable laws and regulations in the Republic of
      the Marshall Islands (including, without limitation, all laws and
      regulations pertaining to competition matters) and has no liability for
      any unlawful act committed by any other
person.

            

    

     

    
      	
               
      

            	
              3.3

            	
              Christine
      has obtained all licences, permissions, consents and other approvals
      (together Permits)
      and made all filings required for or in connection with the carrying on of
      its business in the places and in the manner in which business is now
      carried on; such Permits are in full force and effect, are not limited in
      duration or subject to any unusual or onerous conditions and
      have

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    been
complied with in all respects, and there are no circumstances which exist or
indicate that any of such Permits will or may be revoked or not renewed or which
may confer a right of revocation.

     

    
      	
               
      

            	
              3.4

            	
              Christine
      has not been notified that any investigation or enquiry in respect of its
      affairs is being or has been conducted by any governmental or other body,
      and so far as AMCIC is aware there are no circumstances likely to give
      rise to any such investigation or
enquiry.

            

    

     

    
      	
               
      

            	
              4

            	
              Certificate
      of membership interests

            

    

     

    Christine has not issued any
certificate regarding the Christine Membership Interests.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

     

    Schedule 3

     

    The
Bird Warranties

     

    

    
      	
               
      

            	
              1

            	
              Powers
      and obligations of Bird

            

    

     

    
      	
               
      

            	
              1.1

            	
              Bird
      has the right, power and authority and has taken all action necessary to
      execute and deliver, and to exercise its rights and perform its
      obligations under, this Agreement and each document to be executed at or
      before Completion will, when executed, constitute legal, valid and binding
      obligations of Bird enforceable in accordance with their respective
      terms.

            

    

     

    
      	
               
      

            	
              1.2

            	
              No
      consent, authorisation, licence or approval of any governmental,
      administrative, judicial or regulatory body, authority or organisation or
      by the holders of  the membership interests in Christine is
      required to authorise the execution, delivery, validity, enforceability or
      the performance by Bird of its obligations under this Agreement or will be
      required as a consequence of this
Agreement.

            

    

     

    
      	
               
      

            	
              2

            	
              Merger

            

    

     

    Bird is
the successor in interest by merger to Quintana Maritime Limited (Quintana) and acquired all
right, title and interest in and to the limited liability company interests in
Christine owned by it equal to 28.6% of the total limited liability company
interest in Christine.

     

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    
      	
              EXECUTED as a DEED by

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              AMCIC
      CAPE HOLDINGS LLC

            	
              )

            	 
      	
              Attorney-in-fact

            
	
              in
      the presence of:

            	
              )

            	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:

            	 
      	 
      	 
      
	
              Address:

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    

    
      	
              EXECUTED as a DEED by

            	
              )

            	 
      	 
      
	
              for
      and on behalf of

            	
              )

            	 
      	 
      
	
              BIRD
      ACQUISITION CORP.

            	
              )

            	 
      	
              Attorney-in-fact

            
	
              in
      the presence of:

            	
              )

            	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              Witness

            	 
      	 
      	 
      
	
              Name:

            	 
      	 
      	 
      
	
              Address:

            	 
      	 
      	 
      
	
              Occupation:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

    

    

    

    

    

    
      
         

      

      
        16d1064872_ex4-21.htm

    
 

    EXHIBIT
4.21

    
 

    
      	
              Private
      & Confidential

               

               

               

            
	
              Dated
      6 October 2009

              _______________________________

               

               

               

               

               

            
	 	
              AMCIC
      CAPE HOLDINGS LLC

               

              and

               

              BIRD
      ACQUISITION CORP.

            	
              (1)

               

               

               

              (2)

            
	 
      	
               

               

               

               

               

               

               

               

               

               

               

              _______________________________

               

              
MEMBERSHIP INTEREST TRANSFER
      AGREEMENT

               

              for
      the transfer of membership interests in

              Lillie
      Shipco LLC and

              Hope
      Shipco LLC

               

              _______________________________

               

               

               

            	 
      
	 
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Contents

     

    

    
      	Clause	 	Page
	 	 	 
	
              1

            	
              Definitions
      and interpretation

            	
              1

            
	
              2

            	
              Conditions
      precedent

            	
              4

            
	
              3

            	
              Agreement
      to sell the Lillie Membership Interests

            	
              4

            
	
              4

            	
              Consideration

            	
              5

            
	
              5

            	
              Agreement
      to transfer the Hope Membership Interests

            	
              5

            
	
              6

            	
              Completion

            	
              5

            
	
              7

            	
              The
      Warranties

            	
              8

            
	
              8

            	
              Dealing
      with and voting on the Lillie Membership Interests and the Hope Membership
      Interests

            	
              9

            
	
              9

            	
              Bird
      undertaking

            	
              10

            
	
              10

            	
              Entire
      agreement

            	
              10

            
	
              11

            	
              Announcements
      and confidentiality

            	
              11

            
	
              12

            	
              Waivers
      and releases

            	
              11

            
	
              13

            	
              Miscellaneous

            	
              12

            
	
              14

            	
              Notices

            	
              12

            
	
              15

            	
              Assignment

            	
              13

            
	
              16

            	
              Governing
      law and agent for service of process

            	
              13

            
	
              17

            	
              Jurisdiction

            	
              14

            

    

    

    

    
      	
              Schedule
      1 Information on Lillie

            	
              15

            
	
              Schedule
      2 Information on Hope

            	
              16

            
	
              Schedule
      3 The Bird Warranties

            	
              17

            
	
              Schedule
      4 The AMCIC Warranties

            	
              19

            
	
              Schedule
      5 Draft Proforma Management Agreement

            	
              21

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
THIS AGREEMENT is dated 6
October 2009 and is made BETWEEN:

     

    
      	
              (1)

            	
              AMCIC CAPE HOLDINGS LLC
      whose registered office is at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 (AMCIC);
    and

            

    

     

    
      	
              (2)

            	
              BIRD ACQUISITION CORP.
      whose registered office is at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 (Bird).

            

    

     

    NOW IT IS HEREBY AGREED as
follows:

     

    
      	
               
      

            	
              1

            	
              Definitions
      and interpretation

            

    

     

    
      	
               
      

            	
              1.1

            	
              In
      this Agreement, unless the context requires
  otherwise:

            

    

     

    Alma SPA means the share
purchase agreement made or, as the context may require, to be made between
Keagan Enterprises S.A. and MK Maritime LLC in relation to the sale and purchase
of interests in Quest Maritime Enterprises S.A. and Alma Maritime Limited in
agreed form;

     

    AMCIC Warranties means the
warranties given by AMCIC and set out in schedule 4;

     

    Bank means The Royal Bank of
Scotland plc of 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland acting through
its branch known as The Shipping Business Centre at 5-10 Great Tower Street,
London EC3P 3HX, England and includes its successors in title, transferees
and/or assignees;

     

    Bird Warranties means the
warranties given by Bird and set out in schedule 3;

     

    Builder means STX Offshore
& Shipbuilding Co., Ltd. of 100 Wonpo-dong, Jinhae, Gyeongsangnam-do,
Republic of Korea and includes its successors in title;

     

    Business Day means a day other
than a Saturday or Sunday on which banks are ordinarily open for the transaction
of normal banking business in Athens and New York;

     

    Charterer means EDF Trading
Limited of 80 Victoria Street, Cardinal Place, London SW1E 5JL, England and
includes its successors in title;

     

    Christine Membership Interest
Transfer Agreement means the membership interest transfer agreement made
or, as the context may require, to be made between Bird and AMCIC in relation to
the transfer of membership interests in Christine Shipco LLC, in agreed
form;

     

    Completion means completion of
the sale by Bird and purchase by AMCIC of the Lillie Membership Interests and
the transfer of the Hope Membership Interests by AMCIC to Bird by the
performance by the parties of their respective obligations under, and otherwise
in accordance with, clause 6;

     

    Completion Date means 31
October 2009 or such earlier or later date as the parties hereto may agree in
writing;

     

    Conditions means the
conditions specified in clause 2.1;

     

    Conditions Final Date means 9
October 2009 or such later date as the parties hereto may agree in
writing;

     

    Dollars and $ mean the lawful currency of
the United States of America and in respect of all payments to be made under
this Agreement mean funds which are for same day settlement in the New York
Clearing House Interbank Payments System (or such other US dollar funds as may
at the relevant time be customary for the settlement of international banking
transactions denominated in US dollars);

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

     

    Encumbrance means any
mortgage, charge, pledge, lien, option, restriction, right of first refusal,
right of pre-emption, claim, right, interest or preference granted to any person
or any other encumbrance or security interest of any kind (or an agreement or
commitment to create any of the same);

     

    Hope means Hope Shipco LLC,
further details of which are set out in schedule 2;

     

    Hope Charter means the "NYPE
93 Form" time charter in respect of m.v. Fritz dated 3 March 2007 made
between the Charterer and Fritz Shipco LLC as amended by addendum No.1 dated 16
November 2007, and as further amended by addendum No.2 dated 21 August 2008
which allowed the owner to substitute m.v. Iron Beauty for m.v. Fritz, pursuant to which the
owner agreed to let and the Charterer agreed to take on charter the relevant
vessel for a period of 60 to 66 months at $28,000 per day plus an amount in
Dollars equal to 50% of that daily hire calculated by the parties to the Hope
Charter pursuant to clause 10 thereof which is in excess of $28,000 per day and
otherwise on terms set out therein;

     

    Hope Charter Addendum means
addendum no.3 to the Hope Charter made or, as the context may require, to be
made between Fritz Shipco LLC, Hope and the Charterer in agreed form, pursuant
to which the Hope Vessel will be substituted for m.v. Iron Beauty and the charter
period will commence from the Hope Vessel's delivery from the
Builder;

     

    Hope Contract means a
shipbuilding contract dated 16 April 2007 made between Bird as the purchaser and
the Builder as builder, as transferred in favour of Hope by a letter of
nomination and transfer dated 4 May 2007 addressed by Bird to Hope and the
Builder pursuant to which the Builder agrees to design, construct, sell and
deliver to Hope the Hope Vessel;

     

    Hope Limited Liability Company
Agreement means the limited liability company agreement regarding Hope
dated 27 April 2007 and made between AMCIC and Bird;

     

    Hope Loan Agreement means the
loan agreement dated 11 May 2007 made between the Bank, as lender and Hope as
borrower as amended and supplemented by a first supplemental agreement dated 14
April 2008 and a second supplemental agreement dated 30 July 2008, both made
between the Bank and Hope pursuant to which the Bank has agreed, inter alia, to
make available to Hope a term loan in the amount of up to
$10,934,000;

     

    Hope LOU means a letter of
undertaking dated 11 May 2007 provided by AMCIC and Bird and addressed to the
Bank in relation to the obligations of Hope under the Hope Loan Agreement as the
same has been or shall be amended from time to time;

     

    Hope Membership Interests
means the limited liability company interests in Hope owned by AMCIC equal to
50% of the total limited liability company interests in Hope;

     

    Hope Performance Guarantee
means a letter of guarantee dated 4 May 2007 executed by Bird in favour of the
Builder guaranteeing to the Builder the obligations of Hope under the Hope
Contract;

     

    Hope Vessel means the 180,838 dwt
capesize bulk carrier motor vessel to be constructed by the Builder for Hope
pursuant to the Hope Contract and bearing during such construction Hull No.
S-1335;

     

    Lillie means Lillie Shipco
LLC, further details of which are set out in schedule 1;

     

    Lillie Charter means the "NYPE
93 Form" time charter in respect of Lillie Vessel dated 3 March 2007 and made
between the Charterer and Lillie as amended by addendum no. 1 dated 16 November
2007 made between the Charterer and Lillie as same may from time to time be
amended and supplemented pursuant to which Lillie has agreed to let and the
Charterer has agreed to take on charter the Lilly Vessel for a period of 60 to
66 months commencing on its delivery from the Builder at $28,000 per day plus an
amount in Dollars equal to 50% of that daily hire calculated by the parties to
the Lillie Charter pursuant to clause 10 thereof in excess of US$28,000 per day
and otherwise on the terms set out therein;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    Lillie Contract means a shipbuilding
contract dated 16 April 2007 made between Bird as the purchaser and the Builder
as builder, as transferred in favour of Lillie by a letter of nomination and
transfer dated 4 May 2007 addressed by Bird to Lillie and the Builder pursuant
to which the Builder agrees to design, construct, sell and deliver to Lillie the
Lillie Vessel;

     

    Lillie Indemnity means a deed
of indemnity to be executed by AMCIC in favour of Bird whereby AMCIC agrees to
indemnify 100% of any liability of Bird to the Builder under the Lillie
Performance Guarantee in agreed form;

     

    Lillie Limited Liability Company
Agreement means the limited liability company agreement regarding Lillie
dated 27 April 2007 and made between AMCIC and Bird;

     

    Lillie Loan Agreement means the loan
agreement dated 11 May 2007 made between the Bank, as lender and Lillie as
borrower, as amended and supplemented by a first supplemental agreement dated 14
April 2008 and a second supplemental agreement dated 30 July 2008, both made
between the Bank and Lillie pursuant to which the Bank has agreed, inter alia,
to make available to Lillie a term loan in the amount of
$16,926,000;

     

    Lillie LOU means a letter of
undertaking dated 11 May 2007 provided by AMCIC and Bird and addressed to the
Bank in relation to the obligations of Lillie under the Lillie Loan Agreement as
the same has been or shall be amended from time to time;

     

    Lillie Material Contracts means,
together, the Lillie Contract, the Lillie Refund Guarantee, the second
supplemental agreement dated 30 July 2008 referred to in the Lillie Loan
Agreement and the Lillie Charter;

     

    Lillie Membership Interests
means the limited liability company interests in Lillie owned by Bird equal to
50% of the total limited liability company interests in Lillie;

     

    Lillie Performance Guarantee
means a letter of guarantee dated 4 May 2007 executed by Bird in favour of the
Builder guaranteeing to the Builder the obligations of Lillie under the Lillie
Contract;

     

    Lillie Purchase Price means
one million two hundred and nine thousand Dollars ($1,209,000);

     

    Lillie Refund Guarantee means
the refund guarantee No. 1372-600-009754 dated 9 May 2007 issued by the Refund
Guarantor in favour of Lillie in respect of the Lillie Contract;

     

    Lillie Vessel means the 180,838 dwt
capesize bulk carrier motor vessel to be constructed by the Builder for Lillie
pursuant to the Lillie Contract and bearing during such construction Hull No.
S-1330;

     

    Membership Interests Purchase
Documents has the meaning given to it in clause 9.1;

     

    Nominated Account means a bank
account in the name of Excel Maritime Carriers Ltd, held at EFG EUROBANK
ERGASIAS S.A. of 83-85 Akti Miaouli & Flessa Str., Piraeus, Greece (SWIFT:
EFGBGRAA) with account number GR4602600290000291200089737 (IBAN);

     

    Other Purchase Agreements
means together the Alma SPA and the Christine Membership Interest
Transfer Agreement;

     

    Refund Guarantor means Woori
Bank of Republic of Korea and includes its successors in title; and

     

    Relevant Claim means (i) in
relation to AMCIC, a claim by AMCIC involving or relating to a breach of any of
the Bird Warranties, whether for damages, compensation or any other relief and
(ii) in relation to Bird, a claim by Bird involving or relating to a breach of
any of the AMCIC Warranties, whether for damages, compensation or any other
relief.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              1.2

            	
              In
      this Agreement, unless the context requires
  otherwise:

            

    

     

    
      	
              1.2.1

            	
              a
      document expressed to be in agreed form means a
      document in a form which has been agreed by the parties on or before the
      execution of this Agreement and signed or initialled by them or on their
      behalf, for the purposes of
identification;

            

    

     

    
      	
              1.2.2

            	
              references
      to a clause or schedule are to a clause of or a schedule to this
      Agreement.  The schedules form part of this
      Agreement;

            

    

     

    
      	
              1.2.3

            	
              the
      headings in this Agreement do not affect its
    interpretation;

            

    

     

    
      	
              1.2.4

            	
              words
      importing the singular include the plural and vice versa, words
      importing a gender include every gender and references to persons include
      corporations, partnerships and other unincorporated associations or bodies
      of persons;

            

    

     

    
      	
              1.2.5

            	
              references
      to AMCIC, Lillie, Hope and Bird will include, where the context permits,
      their respective successors in title;
and

            

    

     

    
      	
              1.2.6

            	
              references
      to any enactment shall be deemed to include references to such enactment
      as re-enacted, amended or extended.

            

    

     

    
      	
               
      

            	
              2

            	
              Conditions
      precedent

            

    

     

    
      	
               
      

            	
              2.1

            	
              The
      sale and purchase of the Lillie Membership Interests pursuant to clause 3
      and the transfer of the Hope Membership Interests pursuant to clause 5 is
      conditional on the satisfaction of all of the
  following:

            

    

     

    
      	
              2.1.1

            	
              the
      Christine Membership Interest Transfer Agreement being duly executed by
      both AMCIC and Bird; and

            

    

     

    
      	
              2.1.2

            	
              the
      Alma SPA being duly executed by both parties
  thereto.

            

    

     

    
      	
               
      

            	
              2.2

            	
              AMCIC
      and Bird undertake to use their respective reasonable endeavours to ensure
      that the Conditions are satisfied as soon as possible after the date of
      this Agreement and in any event by no later than the Conditions Final
      Date.

            

    

     

    
      	
               
      

            	
              2.3

            	
              If
      at any time either party becomes aware of a fact or circumstance that
      might prevent or materially delay any of the Conditions set out in clause
      2.1 being satisfied, it shall promptly notify the
  other.

            

    

     

    
      	
               
      

            	
              2.4

            	
              AMCIC
      and Bird may agree to waive (to the extent agreed between them) either or
      both of the Conditions.

            

    

     

    
      	
               
      

            	
              2.5

            	
              Each
      party shall give notice to the other that a Condition has been satisfied
      within one Business Day of becoming aware of that
  fact.

            

    

     

    
      	
               
      

            	
              2.6

            	
              If
      any Condition is not satisfied or waived on or before the Conditions Final
      Date then this Agreement shall terminate (except clauses 10 (Entire
      agreement), 11 (Announcements and confidentiality) to 14 (Notices), clause
      16 (Governing law and agent for service of process) and clause 17
      (Jurisdiction) which shall remain in full force and effect) and no party
      shall have any claim against the others except for any prior breach of
      clause 2.2.

            

    

     

    
      	
               
      

            	
              3

            	
              Agreement
      to sell the Lillie Membership
Interests

            

    

     

    
      	
               
      

            	
              3.1

            	
              Bird
      shall sell to AMCIC the Lillie Membership Interests and AMCIC (relying on
      the warranties and undertakings contained in this Agreement) shall buy the
      Lillie Membership Interests from Bird with full title guarantee and free
      from all Encumbrances in accordance with the terms and conditions
      contained in this Agreement.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              3.2

            	
              Title
      to and beneficial ownership of the Lillie Membership Interests shall pass
      on Completion to AMCIC together with all associated rights and benefits
      deriving from, attaching or accruing to, them on or after Completion as
      evidenced by the membership interest transfer to be executed pursuant to
      clause 6.1.1(b).

            

    

     

    
      	
               
      

            	
              3.3

            	
              Bird
      irrevocably waives any rights of pre-emption that may be conferred on it
      by Article 10 of the Lillie Limited Liability Company Agreement or
      otherwise over any of the Lillie Membership
  Interests.

            

    

     

    
      	
               
      

            	
              3.4

            	
              AMCIC
      shall not be obliged to complete the purchase of any of the Lillie
      Membership Interests unless the purchase of all the Lillie Membership
      Interests is completed
simultaneously.

            

    

     

    
      	
               
      

            	
              4

            	
              Consideration

            

    

     

    
      	
               
      

            	
              The
      consideration for the sale of the Lillie Membership Interests by Bird
      shall be:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      payment by AMCIC to Bird of the Lillie Purchase Price;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      transfer by AMCIC to Bird of the Hope Membership
  Interests.

            

    

     

    
      	
               
      

            	
              5

            	
              Agreement
      to transfer the Hope Membership
Interests

            

    

     

    
      	
               
      

            	
              5.1

            	
              AMCIC
      shall transfer to Bird and Bird (relying on the warranties and
      undertakings contained in this Agreement) shall accept the transfer of the
      Hope Membership Interests from AMCIC with full title guarantee and free
      from all Encumbrances in accordance with the terms and conditions
      contained in this Agreement.

            

    

     

    
      	
               
      

            	
              5.2

            	
              Title
      to and beneficial ownership of the Hope Membership Interests shall pass on
      Completion to Bird together with all associated rights and benefits
      deriving from, attaching or accruing to, them on or after Completion as
      evidenced by the membership interest transfer to be executed pursuant to
      clause 6.1.3(b).

            

    

     

    
      	
               
      

            	
              5.3

            	
              AMCIC
      irrevocably waives any rights of pre-emption that may be conferred on it
      by Article 10 of the Hope Limited Liability Company Agreement or otherwise
      over any of the Hope Membership
Interests.

            

    

     

    
      	
               
      

            	
              5.4

            	
              Bird
      shall not be obliged to accept the transfer of any of the Hope Membership
      Interests unless the transfer of all the Hope Membership Interests is
      completed simultaneously.

            

    

     

    
      	
               
      

            	
              6

            	
              Completion

            

    

     

    
      	
               
      

            	
              6.1

            	
              Subject
      to clauses 6.2, 6.5 and 6.6, Completion shall take place at the offices of
      Norton Rose LLP at 1 Palaia Leoforos Posidonos & 3 Moraitini Street,
      Delta Palaio Faliro, Athens, Greece on the Completion Date when all (but
      not part only unless the parties so agree or waive pursuant to clause 6.5)
      of the following business shall be
transacted:

            

    

     

    
      	
              6.1.1

            	
              Bird
      shall deliver, or shall procure the delivery, to AMCIC
  of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      powers of attorney or other authorities under which the execution of this
      Agreement and the transfer of the Lillie Membership Interests are
      authorised and certified copies of the minutes recording the resolution of
      the Board of Directors of Bird authorising the sale of the Lillie
      Membership Interests and the transfer of the Lillie Membership Interests
      to AMCIC;

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      other duly executed documents as may be required to give AMCIC good title
      to the Lillie Membership Interests and to enable AMCIC to become the
      holder of them including a membership interest transfer in respect of the
      Lillie Membership Interests, in agreed
form;

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (c)

            	
              all
      the statutory and minute books of Lillie (written up to the Business Day
      immediately preceding Completion and its limited liability company seal
      (if any), the true, complete and up to date copy of the certificate of
      formation of Lillie as provided by the Registry of the Republic of the
      Marshall Islands in Piraeus, Greece, the true, complete and up to date
      executed copy of the Lillie Limited Liability Company Agreement and other
      documents and records concerning Lillie in the possession or under the
      control of Bird, each certified as such by an officer of Bird not earlier
      than 5 Business Days prior to
Completion;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      complete executed originals of the Lillie Material Contracts (save for the
      Lillie Refund Guarantee the original of which is held by the
      Bank);

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      true, complete and up to date copy of the Lillie Refund Guarantee,
      certified as such by an officer of Bird not earlier than 5 Business Days
      prior to Completion;

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      true, complete and up to date copy of the Lillie Performance Guarantee,
      certified as such by an officer of Bird not earlier than 5 Business Days
      prior to Completion;

            

    

     

    
      	
               
      

            	
              (g)

            	
              a
      true, complete and up to date copy of the Hope LOU, certified as such by
      an officer of Bird not earlier than 5 Business Days prior to
      Completion;

            

    

     

    
      	
               
      

            	
              (h)

            	
              a
      deed of release issued by the Bank in favour of AMCIC in agreed form, duly
      executed by the Bank and any other party thereto releasing AMCIC from its
      obligations under the Hope LOU; and

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      termination agreement made between Lillie, as owner, and Maryville
      Maritime Inc., as manager, in agreed form, duly executed by the parties
      thereto, terminating the de facto management of the Lillie Vessel under
      the terms of the draft pro forma management agreement attached hereto as
      schedule 5.

            

    

     

    
      	
              6.1.2

            	
              Bird:

            

    

     

    
      	
               
      

            	
              (a)

            	
              shall
      transfer the Lillie Membership Interests to
  AMCIC;

            

    

     

    
      	
               
      

            	
              (b)

            	
              shall
      procure that an officer of Lillie procures that the capital account
      maintained by Lillie for Bird be closed and the balance be transferred
      into the name of AMCIC and consolidated with the existing capital account
      maintained by Lillie for AMCIC.

            

    

     

    
      	
              6.1.3

            	
              AMCIC
      shall deliver, or shall procure the delivery, to Bird
  of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      duly executed powers of attorney or other authorities under which the
      transfer of the Hope Membership Interests are authorised and certified
      copies of the minutes recording the resolution of the Board of Directors
      of AMCIC authorising the sale of the Hope Membership Interests and the
      transfer of the Hope Membership Interests to
  Bird;

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      other duly executed documents as may be required to give Bird good title
      to the Hope Membership Interests and to enable Bird to become the holder
      of them, including a membership interest transfer in respect of the Hope
      Membership Interests in agreed
form;

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      the statutory and minute books of Hope (written up to the Business Day
      immediately preceding Completion and its limited liability company seal
      (if any), the true, complete and up to date copy of the certificate of
      formation of Hope as provided by the Registry of the Republic of the
      Marshall Islands in Piraeus, Greece, the true, complete and up to date
      executed copy of the Hope Limited Liability Company Agreement and other
      documents and records concerning Hope in the possession or under the
      control of AMCIC, each certified as such by an officer of AMCIC not
      earlier than 5 Business Days prior to
  Completion;

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (d)

            	
              the
      true, complete and up to date copy of the Hope Contract and the Hope Loan
      Agreement (save for the second supplemental agreement dated 30 July 2008
      referred to in the relevant definition), certified as such by an officer
      of AMCIC not earlier than 5 Business Days prior to
    Completion;

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      true, complete and up to date copy of the Lillie LOU, certified as such by
      an officer of AMCIC not earlier than 5 Business Days prior to
      Completion;

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      deed of release issued by the Bank in favour of Bird in agreed form, duly
      executed by the Bank and any other party thereto releasing Bird from its
      obligations under the Lillie LOU;

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      complete executed original of the Lillie Indemnity;
  and

            

    

     

    
      	
               
      

            	
              (h)

            	
              the
      complete executed original of the Hope Charter
  Addendum.

            

    

     

    
      	
              6.1.4

            	
              AMCIC:

            

    

     

    
      	
               
      

            	
              (a)

            	
              shall
      transfer the Hope Membership Interests to
Bird;

            

    

     

    
      	
               
      

            	
              (b)

            	
              shall
      procure that an officer of Hope procures that the capital account
      maintained by Hope for AMCIC be closed and the balance be transferred into
      the name of Bird and consolidated with the existing capital account
      maintained by Hope for Bird;

            

    

     

    
      	
               
      

            	
              (c)

            	
              shall
      procure the delivery to Bird of resignation letters (duly executed as
      deeds) from Mr Stamatis Molaris as director and officer, Mr Hans J. Mende
      as director and Ms Effie Paraskevopoulou as assistant secretary, in agreed
      form; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              shall
      pay the Lillie Purchase Price by electronic funds transfer for value on
      the day of Completion to the Nominated Account and payment of the Lillie
      Purchase Price into such account shall constitute a good discharge to Bird
      in respect of it.

            

    

     

    
      	
              6.1.5

            	
              The
      parties shall join in procuring that all bank mandates in force for Hope
      shall, if necessary, be altered (in such manner as Bird shall require) to
      reflect the resignations referred to in clause
  6.1.4(c).

            

    

     

    
      	
               
      

            	
              6.2

            	
              Following:

            

    

     

    
      	
              6.2.1

            	
              transaction
      (or the agreement not to transact pursuant to clause 6.5) of all of the
      business set out in clause 6.1; and

            

    

     

    
      	
              6.2.2

            	
              transaction
      (or the agreement not to transact pursuant to clause 5.5 of the Christine
      Membership Interest Transfer Agreement) of all of the business set out in
      clause 5.1 of the Christine Membership Interest Transfer Agreement;
      and

            

    

     

    
      	
              6.2.3

            	
              transaction
      (or the agreement not to transact pursuant to clause 5.5 of the Alma SPA)
      of all of the business set out in clause 5.1 of the Alma
    SPA,

            

    

     

    then this
Agreement and the Other Purchase Agreements shall complete simultaneously and
the transfers provided for in this Agreement and the Other Purchase Agreements
shall become effective. For the avoidance of doubt, if the matters specified in
clauses 6.2.1 and/or 6.2.2 and/or 6.2.3 shall fail to occur then neither this
Agreement nor the Other Purchase Agreements shall complete, the transfers
provided for in this Agreement and the Other Purchase Agreements shall not
become effective and, in respect of this Agreement, the terms of clause 6.6
shall apply.

     

    
      	
               
      

            	
              6.3

            	
              Each
      party hereto undertakes to use its best endeavours to ensure that the
      business that needs to be transacted by such party pursuant to clause 6.1
      is transacted on or before the Completion
Date.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              6.4

            	
              If
      at any time either party becomes aware of a fact or circumstance that
      might prevent or materially delay any of the business set out in clause
      6.1 from being transacted, it shall promptly notify the
    other.

            

    

     

    
      	
               
      

            	
              6.5

            	
              Each
      party may agree in writing to waive all or any of the obligations of the
      other party pursuant to the terms of clause 6.1. The parties may agree in
      writing to waive (to the extent agreed between them) all or any of the
      joint obligations of the parties.

            

    

     

    
      	
               
      

            	
              6.6

            	
              If
      Completion does not take place on the Completion Date then this Agreement
      shall terminate (except clauses 10 (Entire agreement), 11 (Announcements
      and confidentiality) to 14 (Notices), clause 16 (Governing law and agent
      for service of process) and clause 17 (Jurisdiction) which shall remain in
      full force and effect) and no party shall have any claim against the other
      except for any prior breach of clause 6.3 each party hereto shall have the
      right to ask for any documents given to the other party to be
      returned.

            

    

     

    
      	
               
      

            	
              6.7

            	
              Following
      Completion the parties agree to execute an acknowledgement in agreed form
      that all the business set out in clause 6.1 has been transacted or, as the
      case may be, waived and that Completion has taken
  place.

            

    

     

    
      	
               
      

            	
              7

            	
              The
      Warranties

            

    

     

    
      	
               
      

            	
              7.1

            	
              Bird:

            

    

     

    
      	
              7.1.1

            	
              warrants
      to AMCIC (for itself and as trustee for its successors in title) that each
      of the Bird Warranties is true and accurate;
and

            

    

     

    
      	
              7.1.2

            	
              acknowledges
      that AMCIC has entered into this Agreement in reliance on, among other
      things, the Bird Warranties.

            

    

     

    
      	
               
      

            	
              7.2

            	
              In
      each Bird Warranty, where any statement is qualified as being made so far
      as Bird is aware or any similar expression, it has been so qualified after
      due and careful enquiries by Bird and Bird has used all reasonable
      endeavours to ensure that all information given, referred to or reflected
      in that statement is accurate.

            

    

     

    
      	
               
      

            	
              7.3

            	
              Each
      of the paragraphs in schedule 3:

            

    

     

    
      	
              7.3.1

            	
              shall
      be construed as a separate and independent warranty and representation;
      and

            

    

     

    
      	
              7.3.2

            	
              unless
      expressly provided in this Agreement, shall not be limited by reference to
      any other paragraph in schedule 3 or by any other provision of this
      Agreement,

            

    

     

    and AMCIC
shall have a separate claim and right of action in respect of every breach of a
Bird Warranty.

     

    
      	
               
      

            	
              7.4

            	
              The
      Bird Warranties shall not in any respect be extinguished or affected by
      Completion.

            

    

     

    
      	
               
      

            	
              7.5

            	
              Bird
      agrees with AMCIC (for itself and as trustee for Lillie and its directors,
      agents and advisers) to waive any right or claim which it may have in
      respect of any misrepresentation or error in, or omission from any
      information or opinion supplied or given by Lillie and/or any of its
      directors, officers or agents in the course of negotiating this Agreement,
      and that any such right or claim shall not constitute a defence to any
      claim by AMCIC under or in relation to this
  Agreement.

            

    

     

    
      	
               
      

            	
              7.6

            	
              AMCIC
      shall be entitled to make a Relevant Claim after Completion, whether or
      not AMCIC and/or any of its agents and/or any of its advisers had
      knowledge (whether actual, constructive or implied) of the matter giving
      rise to the claim before Completion; and AMCIC's right or ability to make
      any such claim shall not be affected or limited, and the amount
      recoverable shall not be reduced, on the grounds that AMCIC and/or its
      agents and/or its advisers may before Completion have had actual,
      constructive or implied knowledge of the matter giving rise to the
      claim.

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              7.7

            	
              Bird
      further warrants to AMCIC (for itself and as a trustee for its successors
      in title) that each of the Bird Warranties shall be true and accurate as
      at Completion (and such Bird Warranties shall be deemed to be repeated as
      at Completion) with reference to the facts and circumstances then
      prevailing, and for this purpose a reference in any of the Bird Warranties
      to the date of this Agreement shall be construed as a reference to the
      date of Completion.

            

    

     

    
      	
               
      

            	
              7.8

            	
              AMCIC:

            

    

     

    
      	
              7.8.1

            	
              warrants
      to Bird (for itself and as trustee for its successors in title) that each
      of the AMCIC Warranties is true and accurate;
  and

            

    

     

    
      	
              7.8.2

            	
              acknowledges
      that Bird has entered into this Agreement in reliance on, among other
      things, the AMCIC Warranties.

            

    

     

    
      	
               
      

            	
              7.9

            	
              In
      each AMCIC Warranty, where any statement is qualified as being made so far
      as AMCIC is aware or any similar expression, it has been so qualified
      after due and careful enquiries by AMCIC and AMCIC has used all reasonable
      endeavours to ensure that all information given, referred to or reflected
      in that statement is accurate.

            

    

     

    
      	
              7.10

            	
              Each
      of the paragraphs in schedule 4:

            

    

     

    
      	
              7.10.1

            	
              shall
      be construed as a separate and independent warranty and representation;
      and

            

    

     

    
      	
              7.10.2

            	
              unless
      expressly provided in this Agreement, shall not be limited by reference to
      any other paragraph in schedule 4 or by any other provision of this
      Agreement,

            

    

     

    and Bird
shall have a separate claim and right of action in respect of every breach of an
AMCIC Warranty.

     

    
      	
              7.11

            	
              The
      AMCIC Warranties shall not in any respect be extinguished or affected by
      Completion.

            

    

     

    
      	
              7.12

            	
              AMCIC
      agrees with Bird (for itself and as trustee for Hope and its directors,
      employees, agents and advisers) to waive any right or claim which it may
      have in respect of any misrepresentation or error in, or omission from any
      information or opinion supplied or given by Hope and/or any of its
      directors, officers, employees or agents in the course of negotiating this
      Agreement, and that any such right or claim shall not constitute a defence
      to any claim by Bird under or in relation to this
    Agreement.

            

    

     

    
      	
              7.13

            	
              Bird
      shall be entitled to make a Relevant Claim after Completion, whether or
      not Bird and/or any of its agents and/or any of its advisers had knowledge
      (whether actual, constructive or implied) of the matter giving rise to the
      claim before Completion; and Bird's right or ability to make any such
      claim shall not be affected or limited, and the amount recoverable shall
      not be reduced, on the grounds that Bird and/or its agents and/or its
      advisers may before Completion have had actual, constructive or implied
      knowledge of the matter giving rise to the
  claim.

            

    

     

    
      	
              7.14

            	
              AMCIC
      further warrants to Bird (for itself and as a trustee for its successors
      in title) that each of the AMCIC Warranties shall be true and accurate as
      at Completion (and such AMCIC Warranties shall be deemed to be repeated as
      at Completion) with reference to the facts and circumstances then
      prevailing, and for this purpose a reference in any of the AMCIC
      Warranties to the date of this Agreement shall be construed as a reference
      to the date of Completion.

            

    

     

    
      	
               
      

            	
              8

            	
              Dealing
      with and voting on the Lillie Membership Interests and the Hope Membership
      Interests

            

    

     

    
      	
               
      

            	
              8.1

            	
              Bird
      declares that, for so long as it remains the owner of record of any of the
      Lillie Membership Interests after Completion it
  shall:

            

    

     

    
      	
              8.1.1

            	
              hold
      the Lillie Membership Interests and the dividends and other distributions
      of profits or surplus or other assets declared, paid or made in respect of
      them after Completion and all rights arising out of or in connection with
      them in trust for AMCIC and its successors in title;
  and

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

     

    
      	
              8.1.2

            	
              deal
      with and dispose of the Lillie Membership Interests and all such
      dividends, distributions and rights as AMCIC or any such successor may
      direct; and

            

    

     

    
      	
              8.1.3

            	
              if
      so requested by AMCIC or any such
successor:

            

    

     

    
      	
               
      

            	
              (a)

            	
              vote
      at all meetings which it shall be entitled to attend as the owner of
      record of the Lillie Membership Interests in such manner as AMCIC or any
      such successor may direct; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              execute
      all instruments of proxy or other documents which AMCIC may reasonably
      require and which may be necessary or desirable or convenient to enable
      AMCIC or any such successor to attend and vote at any such
      meeting.

            

    

     

    
      	
               
      

            	
              8.2

            	
              AMCIC
      declares that, for so long as it remains the owner of record of any of the
      Hope Membership Interests after Completion it
  shall:

            

    

     

    
      	
              8.2.1

            	
              hold
      the Hope Membership Interests and the dividends and other distributions of
      profits or surplus or other assets declared, paid or made in respect of
      them after Completion and all rights arising out of or in connection with
      them in trust for Bird and its successors in title;
  and

            

    

     

    
      	
              8.2.2

            	
              deal
      with and dispose of the Hope Membership Interests and all such dividends,
      distributions and rights as Bird or any such successor may direct;
      and

            

    

     

    
      	
              8.2.3

            	
              if
      so requested by Bird or any such
successor:

            

    

     

    
      	
               
      

            	
              (a)

            	
              vote
      at all meetings which it shall be entitled to attend as the owner of
      record of the Hope Membership Interests in such manner as Bird or any such
      successor may direct; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              execute
      all instruments of proxy or other documents which Bird may reasonably
      require and which may be necessary or desirable or convenient to enable
      Bird or any such successor to attend and vote at any such
      meeting.

            

    

     

    
      	
               
      

            	
              9

            	
              Bird
      undertaking

            

    

     

    Bird
hereby confirms to AMCIC that if any deed of indemnity (other than, if
applicable, the Lillie Indemnity) has been given by AMCIC to Bird prior to the
execution of this Agreement for any reason whatsoever in relation to the Hope
Performance Guarantee or the Lillie Performance Guarantee, Bird agrees to the
cancellation of such deed of indemnity and irrevocably and unconditionally
releases AMCIC from all its obligations whatsoever which, but for this clause,
it might otherwise have had against Bird under such deed of indemnity and
confirms that such deed of indemnity has expired and is of no legal effect
whatsoever. Bird irrevocably and unconditionally undertakes to AMCIC that it
will under no circumstances make any demand on AMCIC under or in connection with
such deed of indemnity.

     

    
      	
               
      

            	
              10

            	
              Entire
      agreement

            

    

     

    
      	
              10.1

            	
              Each
      party acknowledges and agrees that:

            

    

     

    
      	
              10.1.1

            	
              this
      Agreement and all documents referred to or to be entered into pursuant to
      this Agreement including, without limitation, the Alma SPA and the
      Christine Membership Interest Transfer Agreement (together the Membership Interests Purchase
      Documents) constitute the entire agreement between the parties and
      supersede any prior agreement, understanding, undertaking or arrangement
      between the parties relating to the subject matter of the Membership
      Interests Purchase Documents;

            

    

     

    
      	
              10.1.2

            	
              by
      entering into the Membership Interests Purchase Documents, they do not
      rely on any statement, representation, assurance or warranty of any person
      (whether a party to the Membership Interests Purchase Documents or not and
      whether made in writing or not) other than as expressly set out in the
      Membership Interests Purchase
Documents;

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

    
      	
              10.1.3

            	
              except
      as otherwise provided in any of the Membership Interests Purchase
      Documents, no party may rescind or terminate any of the Membership
      Interests Purchase Documents for breach of contract or for negligent or
      innocent misrepresentation or otherwise;
and

            

    

     

    
      	
              10.1.4

            	
              nothing
      in this clause shall exclude or limit any liability for
    fraud.

            

    

     

    
      	
               
      

            	
              11

            	
              Announcements
      and confidentiality

            

    

     

    
      	
              11.1

            	
              Subject
      to clause 11.2, no announcement, circular or communication (each an Announcement) concerning
      the existence or content of this Agreement shall be made by either party
      without the prior written approval of the other party (such approval not
      to be unreasonably withheld or
delayed).

            

    

     

    
      	
              11.2

            	
              Clause
      11.1 does not apply to any Announcement if, and to the extent that, it is
      required to be made by the rules of any stock exchange or any
      governmental, regulatory or supervisory body or court of competent
      jurisdiction (a Relevant
      Authority) to which the party making the Announcement is subject,
      whether or not any of the same has the force of law, provided that any
      Announcement shall, so far as is practicable, be made after consultation
      with the other party and after taking into account its reasonable
      requirements regarding the content, timing and manner of despatch of the
      Announcement in question.

            

    

     

    
      	
              11.3

            	
              Subject
      to Clause 11.4, each party shall treat as strictly confidential all
      information received or obtained as a result of entering into or
      performing this Agreement which relates
to:

            

    

     

    
      	
              11.3.1

            	
              the
      subject matter and provisions of this
Agreement;

            

    

     

    
      	
              11.3.2

            	
              the
      negotiations relating to this Agreement;
or

            

    

     

    
      	
              11.3.3

            	
              the
      other party.

            

    

     

    
      	
              11.4

            	
              A
      party may disclose information which would otherwise be confidential if
      and to the extent:

            

    

     

    
      	
              11.4.1

            	
              required
      by the law of any relevant
jurisdiction;

            

    

     

    
      	
              11.4.2

            	
              required
      by existing contractual
obligations;

            

    

     

    
      	
              11.4.3

            	
              required
      by any Relevant Authority to which the party making the disclosure is
      subject, whether or not such requirement has the force of
    law;

            

    

     

    
      	
              11.4.4

            	
              required
      to vest the full benefit of this Agreement in either
  party;

            

    

     

    
      	
              11.4.5

            	
              disclosure
      is made to the professional advisers, auditors and bankers of either
      party;

            

    

     

    
      	
              11.4.6

            	
              the
      information has come into the public domain through no fault of that
      party; or

            

    

     

    
      	
              11.4.7

            	
              the
      other party has given prior written approval to the
      disclosure,

            

    

     

    provided
that any disclosure pursuant to clause 11.4.1, 11.4.2 or 11.4.3 shall, so far as
it practicable, be made only after consultation with the other
party.

     

    
      	
               
      

            	
              12

            	
              Waivers
      and releases

            

    

     

    
      	
              12.1

            	
              The
      rights and remedies of each party to this Agreement are, except where
      expressly stated to the contrary, without prejudice to any other rights
      and remedies available to it.  No neglect, delay or indulgence
      by any party in enforcing any provision of this Agreement shall be
      construed as a waiver and no single or partial exercise of any rights or
      remedy of any party under this Agreement shall affect or restrict the
      further exercise or enforcement of any such right or
    remedy.

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

     

    
      	
              12.2

            	
              The
      liability of any party to this Agreement may in whole or in part be
      released, compounded or compromised; and, if the other party shall give
      time or indulgence to the person under such liability, this shall in no
      way prejudice or affect that party's rights against any other person under
      the same or similar liability.

            

    

     

    
      	
               
      

            	
              13

            	
              Miscellaneous

            

    

     

    
      	
              13.1

            	
              No
      purported alteration of this Agreement shall be effective unless it is in
      writing, refers to this Agreement and is duly executed by each party to
      this Agreement.

            

    

     

    
      	
              13.2

            	
              This
      Agreement may be executed in any number of counterparts, and each of the
      executed counterparts, when duly exchanged or delivered, shall be deemed
      to be an original, but, taken together, they shall constitute one
      instrument.

            

    

     

    
      	
              13.3

            	
              Each
      of the parties shall be responsible for its respective legal and other
      costs incurred in relation to the negotiation, preparation and completion
      of this Agreement and all ancillary
documents.

            

    

     

    
      	
              13.4

            	
              A
      person who is not a party to this Agreement has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce any of its
      terms.

            

    

     

    
      	
               
      

            	
              14

            	
              Notices

            

    

     

    
      	
              14.1

            	
              A
      notice or other communication given under or in connection with this
      Agreement (a Notice) shall
      be:

            

    

     

    
      	
              14.1.1

            	
              in
      writing;

            

    

     

    
      	
              14.1.2

            	
              in
      the English language; and

            

    

     

    
      	
              14.1.3

            	
              sent
      by the Permitted Method to the Notified
Address.

            

    

     

    
      	
              14.2

            	
              The
      Permitted Method means any of the methods set out in the first column
      below, the second column setting out the date on which a Notice given by
      such Permitted Method shall be deemed to be given provided the Notice is
      properly addressed and sent in full to the Notified
    Address:

            

    

     

    
      	
              (1)

              Permitted
      Method

            	
              (2)

              Date
      on which Notice deemed given

            
	
              Personal
      delivery

            	
              When
      left at the Notified Address

            
	
              First
      class pre-paid post

            	
              Two
      Business Days after posting

            
	
              Pre-paid
      air-mail

            	
              Six
      Business Days after posting

            
	
              Fax
      transmission

            	
              On
      completion of transmission

            

    

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    
      	
              14.3

            	
              The
      Notified Addresses of each of the parties is as set out
    below:

            

    

     

    
      	
              Name
      of Party

            	
              Address

            	
              Fax

              number

            	
              Marked
      for the attention of:

            
	
              Bird

            	
              17th
      km National Road, Athens Lamia & Finikos Street, 145 64 Nea Kifissia,
      Athens, Greece

            	
              +30
      210 800 2475

            	
              Mrs
      Victoria Poziopoulou

            
	
              AMCIC

            	
              475
      Steamboat Road, Greenwich, Second Floor, Greenwich CT 06830
      USA

            	
              + 1
      203 625 9231

               

            	
              Mr
      Hans Mende/Mr Nimesh Patel

            
	With
      a copy to Norose Notices Limited	      
              the
      address of its registered office for the time being (at the date of this
      Agreement being 3 More London Riverside, London SE1 2AQ,
      UK)

            	 +44
      207 283 6500	The
      Partnership Office Manager (CCR/LN
30281)

    

    

    or such
other Notified Address as any of the parties may, by written notice to the other
parties, substitute for their Notified Address set out above.

     

    
      	
               
      

            	
              15

            	
              Assignment

            

    

     

    Neither
of the parties shall be entitled to assign the benefit of any rights under this
Agreement.

     

    
      	
               
      

            	
              16

            	
              Governing
      law and agent for service of
process

            

    

     

    
      	
              16.1

            	
              This
      Agreement and any non-contractual obligations connected with it shall be
      governed by and construed in accordance with English
  law.

            

    

     

    
      	
              16.2

            	
              The
      parties irrevocably agree that all disputes arising under or in connection
      with this Agreement, or in connection with the negotiation, existence,
      legal validity, enforceability or termination of this Agreement,
      regardless of whether the same shall be regarded as contractual claims or
      not, shall be exclusively governed by and determined only in accordance
      with English law.

            

    

     

    
      	
              16.3

            	
              Each
      party hereby irrevocably authorises and
  appoints:

            

    

     

    
      	
              16.3.1

            	
              in
      the case of Bird, Hill Dickinson Services (London) Limited of Irongate
      House, Duke's Place, London EC3A 7HX, England;
  and

            

    

     

    
      	
              16.3.2

            	
              in
      the case of AMCIC, Norose Notices Limited (for the attention of the
      Partnership Office Manager) of 3 More London Riverside, London SE1 2AQ, UK
      (reference CCR/LN30281);

            

    

     

    or such
other person located in England or Wales as each party may at any time in the
future substitute by notice in writing to all the other parties to this
Agreement, to accept on its behalf service of all legal process arising out of
or in connection with any proceedings before the English courts in connection
with this Agreement.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              17

            	
              Jurisdiction

            

    

     

    The
parties irrevocably agree that the courts of England and Wales are to have
exclusive jurisdiction, and that no other court is to have jurisdiction
to:

     

    
      	
               
      

            	
              (a)

            	
              determine
      any claim, dispute or difference arising under or in connection with this
      Agreement or in connection with the negotiation, existence, legal
      validity, enforceability or termination of this Agreement, whether the
      alleged liability shall arise under the law of England and Wales or under
      the law of some other country and regardless of whether a particular cause
      of action may successfully be brought in the English courts (Proceedings);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              grant
      interim remedies, or other provisional or protective
    relief.

            

    

     

    The
parties submit to the exclusive jurisdiction of such courts and accordingly any
Proceedings may be brought against the parties or any of them or any of their
respective assets in such courts.

     

    This
Agreement has been executed as a deed and it has been delivered on the date
stated at the beginning of this Agreement.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

     

    Schedule 1

     

    Information
on Lillie

     

    

    

    

    
      	
              Date
      and place of formation

            	
              27
      April 2007, Republic of the Marshall Islands

            
	
              Registered
      office

            	
              Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
      Marshall Islands MH96960

            
	
              Initial
      Capital Contribution

            	
              $1,000
      divided into 2 equal membership interests

            
	
              Directors

            	
              Hans
      J. Mende

              Stamatis
      Molaris

            
	
              Officers

            	
              Stamatis
      Molaris: Chief Executive Officer

              Paul
      Cornell: Chief Financial Officer and Treasurer

              Nikos
      Frantzeskakis: Chief Operating Officer and Chief Commercial
      Officer

              Steve
      Putman: Vice President and Secretary

              Effie
      Paraskevopoulou: Assistant Secretary

            
	
              Secretary/Assistant
      Secretary

            	
              Steve
      Putman/Effie Paraskevopoulou

            

    

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

     

    Schedule 2

     

    Information
on Hope

     

    

    

    

    
      	
              Date
      and place of formation

            	
              27
      April 2007, Republic of the Marshall Islands

            
	
              Registered
      office

            	
              Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
      Marshall Islands MH96960

            
	
              Initial
      Capital Contribution

            	
              $1,000
      divided into 2 equal membership interests

            
	
              Directors

            	
              Hans
      J. Mende

              Stamatis
      Molaris

            
	
              Officers

            	
              Stamatis
      Molaris: Chief Executive Officer

              Paul
      Cornell: Chief Financial Officer and Treasurer

              Nikos
      Frantzeskakis: Chief Operating Officer and Chief Commercial
      Officer

              Steve
      Putman: Vice President and Secretary

              Effie
      Paraskevopoulou: Assistant Secretary

            
	
              Secretary/Assistant
      Secretary

            	
              Steve
      Putman/Effie Paraskevopoulou

            

    

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

     

    Schedule 3

     

    The
Bird Warranties

     

    

    
      	
               
      

            	
              1

            	
              The
      Lillie Membership Interests and
Lillie

            

    

     

    
      	
               
      

            	
              1.1

            	
              The
      Lillie Membership Interests are fully paid and constitute fifty per cent
      (50%) of the issued and allotted membership interests of
      Lillie.

            

    

     

    
      	
               
      

            	
              1.2

            	
              There
      is no Encumbrance on, over or affecting the Lillie Membership Interests,
      there is no agreement or commitment to give or create any such Encumbrance
      and no person has made any claim to be entitled to any right over or
      affecting the Lillie Membership
Interests.

            

    

     

    
      	
               
      

            	
              1.3

            	
              Lillie
      is a Marshall Islands limited liability company registered in the Republic
      of the Marshall Islands.  The information set out in schedule 1
      is complete and accurate and Lillie does not have, nor has it ever had,
      any subsidiaries or interest in any body corporate, partnership, joint
      venture or any other legal entity of any nature
  whatsoever.

            

    

     

    
      	
               
      

            	
              1.4

            	
              No
      person has the right (whether exercisable now or in the future and whether
      contingent or not) to call for the issue or transfer of any membership
      interest or loan capital of Lillie under any option or other agreement or
      otherwise howsoever.

            

    

     

    
      	
               
      

            	
              2

            	
              Powers
      and obligations of Bird

            

    

     

    
      	
               
      

            	
              2.1

            	
              Bird
      has the right, power and authority and has taken all action necessary to
      execute and deliver, and to exercise its rights and perform its
      obligations under, this Agreement and each document to be executed at or
      before Completion will, when executed, constitute legal, valid and binding
      obligations of Bird enforceable in accordance with their respective
      terms.

            

    

     

    
      	
               
      

            	
              2.2

            	
              Bird
      is entitled to sell and transfer or procure the sale and transfer of the
      full legal and beneficial ownership in the Lillie Membership Interests to
      AMCIC on the terms set out in this
Agreement.

            

    

     

    
      	
               
      

            	
              2.3

            	
              No
      consent, authorisation, licence or approval of any governmental,
      administrative, judicial or regulatory body, authority or organisation or
      by the holders of the membership interests in Lillie and/or Bird is
      required to authorise the execution, delivery, validity, enforceability or
      the performance by Bird of its obligations under this Agreement or will be
      required as a consequence of this
Agreement.

            

    

     

    
      	
               
      

            	
              3

            	
              Compliance
      with legal requirements

            

    

     

    
      	
               
      

            	
              3.1

            	
              All
      registers and minute books required by law to be kept by Lillie have been
      properly written up to the Business Day prior to the Completion Date and
      contain an accurate and complete record of the matters which should be
      recorded in them, and Lillie has not received any application or request
      for rectification of its statutory registers or any notice or allegation
      that any of them is incorrect.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Lillie
      is conducting and has at all times conducted its business in all respects
      in accordance with all applicable laws and regulations in the Republic of
      the Marshall Islands and all other jurisdictions in which Lillie does
      business (including, without limitation, all laws and regulations
      pertaining to competition matters) and has no liability for any unlawful
      act committed by any other person.

            

    

     

    
      	
               
      

            	
              3.3

            	
              Lillie
      has obtained all licences, permissions, consents and other approvals
      (together Permits)
      and made all filings required for or in connection with the carrying on of
      its business in the places and in the manner in which business is now
      carried on; such Permits are in full force and effect, are not limited in
      duration or subject to any unusual or onerous conditions and have
      been

            

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              complied
      with in all respects, and there are no circumstances which exist or
      indicate that any of such Permits will or may be revoked or not renewed or
      which may confer a right of
revocation.

            

    

     

    
      	
               
      

            	
              3.4

            	
              Lillie
      has not been notified that any investigation or enquiry in respect of its
      affairs is being or has been conducted by any governmental or other body,
      and so far as Bird is aware there are no circumstances likely to give rise
      to any such investigation or
enquiry.

            

    

     

    
      	
               
      

            	
              4

            	
              Merger

            

    

     

    Bird is
the successor in interest by merger to Quintana Maritime Limited (Quintana) and acquired all
right, title and interest in and to the Lillie Membership Interest previously
held by Quintana by operation of law as a result of such merger.

     

    
      	
               
      

            	
              5

            	
              Certificate
      of membership interests

            

    

     

    Lillie has not issued any certificate
regarding the Lillie Membership Interests.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

     

    Schedule 4

     

    The
AMCIC Warranties

     

    

    
      	
               
      

            	
              1

            	
              The
      Hope Membership Interests and Hope

            

    

     

    
      	
               
      

            	
              1.1

            	
              The
      Hope Membership Interests are fully paid and constitute fifty per cent
      (50%) of the issued and allotted membership interests of
    Hope.

            

    

     

    
      	
               
      

            	
              1.2

            	
              There
      is no Encumbrance on, over or affecting the Hope Membership Interests,
      there is no agreement or commitment to give or create any such Encumbrance
      and no person has made any claim to be entitled to any right over or
      affecting the Hope Membership
Interests.

            

    

     

    
      	
               
      

            	
              1.3

            	
              Hope
      is a Marshall Islands limited liability company registered in the Republic
      of the Marshall Islands. The information set out in schedule 2 is complete
      and accurate and Hope does not have, nor has it ever had, any subsidiaries
      or interest in any body corporate, partnership, joint venture or other
      legal entity of any nature
whatsoever.

            

    

     

    
      	
               
      

            	
              1.4

            	
              No
      person has the right (whether exercisable now or in the future and whether
      contingent or not) to call for the issue or transfer of any membership
      interest or loan capital of Hope under any option or other agreement or
      otherwise howsoever.

            

    

     

    
      	
               
      

            	
              2

            	
              Powers
      and obligations of AMCIC

            

    

     

    
      	
               
      

            	
              2.1

            	
              AMCIC
      has the right, power and authority and has taken all action necessary to
      execute and deliver, and to exercise its rights and perform its
      obligations under, this Agreement and each document to be executed at or
      before Completion will, when executed, constitute legal, valid and binding
      obligations of AMCIC enforceable in accordance with their respective
      terms.

            

    

     

    
      	
               
      

            	
              2.2

            	
              AMCIC
      is entitled to sell and transfer or procure the sale and transfer of the
      full legal and beneficial ownership in the Hope Membership Interests to
      Bird on the terms set out in this
Agreement.

            

    

     

    
      	
               
      

            	
              2.3

            	
              No
      consent, authorisation, licence or approval of any governmental,
      administrative, judicial or regulatory body, authority or organisation or
      by the holders of  the membership interests in Hope is required
      to authorise the execution, delivery, validity, enforceability or the
      performance by AMCIC of its obligations under this Agreement or will be
      required as a consequence of this
Agreement.

            

    

     

    
      	
               
      

            	
              3

            	
              Compliance
      with legal requirements

            

    

     

    
      	
               
      

            	
              3.1

            	
              All
      registers and minute books required by law to be kept by Hope have been
      properly written up and contain an accurate and complete record of the
      matters which should be recorded in them, and Hope has not received any
      application or request for rectification of its statutory registers or any
      notice or allegation that any of them is
  incorrect.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Hope
      is conducting and has at all times conducted its business in all respects
      in accordance with all applicable laws and regulations in the Republic of
      the Marshall Islands and all other jurisdictions in which Hope does
      business (including, without limitation, all laws and regulations
      pertaining to competition matters) and has no liability for any unlawful
      act committed by any other person.

            

    

     

    
      	
               
      

            	
              3.3

            	
              Hope
      has obtained all licences, permissions, consents and other approvals
      (together Permits)
      and made all filings required for or in connection with the carrying on of
      its business in the places and in the manner in which business is now
      carried on; such Permits are in full force and effect, are not limited in
      duration or subject to any unusual or onerous conditions and have
      been

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    complied
with in all respects, and there are no circumstances which exist or indicate
that any of such Permits will or may be revoked or not renewed or which may
confer a right of revocation.

     

    
      	
               
      

            	
              3.4

            	
              Hope
      has not been notified that any investigation or enquiry in respect of its
      affairs is being or has been conducted by any governmental or other body,
      and so far as AMCIC is aware there are no circumstances likely to give
      rise to any such investigation or
enquiry.

            

    

     

    
      	
               
      

            	
              4

            	
              Certificate
      of membership interests

            

    

     

    Hope has not issued any certificate
regarding the Hope Membership Interests.

     

    

     

    

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

     

    

     

    Schedule 5

     

    Draft
Proforma Management Agreement

     

     

     

     

     

     

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    

    
      	
              EXECUTED as a DEED

            	 
      	 
      
	
              by

            	 
      	 
      
	
              for
      and on

            	 
      	 
      
	
              behalf
      of AMCIC CAPE HOLDINGS
      LLC

            	 
      	
              Attorney-in-fact

            
	
              in
      the presence of:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Witness

            	 
      	 
      
	
              Name:

            	 
      	 
      
	
              Address:

            	 
      	 
      
	
              Occupation:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    

    

    

    
      	
              EXECUTED as a DEED

            	 
      	 
      
	
              by

            	 
      	 
      
	
              for
      and on

            	 
      	 
      
	
              behalf
      of BIRD ACQUISITION
      CORP.

            	 
      	
              Attorney-in-fact

            
	
              in
      the presence of:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Witness

            	 
      	 
      
	
              Name:

            	 
      	 
      
	
              Address:

            	 
      	 
      
	
              Occupation:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    

    

    

    
      
         

      

      
        22

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