Document:

Exhibit 10.1

	
                        $260,000,000 REVOLVING CREDIT FACILITY FOR THE FINANCING
 OF UP TO 9 BULK CARRIERS

            Navios MLP  
 	
      

 
	
                        COMMITTED TERM SHEET
 	
        26/10/2007 
 

 

	
                        Disclaimer
 	
                        Set forth below is a summary of the main terms and conditions of the Facility (the “Committed Term Sheet”). This Committed Term Sheet does not constitute a legally binding commitment on DVB Bank AG or any of its affiliates or subsidiaries (the “Lender”) but contains only an outline of certain terms and conditions which will, inter alia, be embodied in the Facility Documentation. The execution (and registration where necessary) of the Facility Documentation in a form satisfactory to the Lender is a condition precedent to the advancing of any monies. In the event that there is any conflict between the provisions of this Committed Term Sheet and the provisions of the Facility Documentation, the provisions of the Facility Documentation shall prevail.
 
	
                        Withdrawal previous 

                        Term Sheet
 	
                        This Committed Term Sheet replaces all previous issued term sheet(s), indicative or committed, confirmed or not, and renders them null and void.
 

 

 

Purpose and Parties

	
                        Purpose
 	
                        To provide part financing for the acquisition of the Security Vessels.
 
	
                        Security Vessels
 	
                        The facility package will comprise of 9 vessels, namely (a) 6 vessels which are to be purchased by the Owners on or before the drawdown of this Facility (the “Owned Vessels”), and (b) 3 timechartered-in vessels (the “Chartered Vessels”) with Purchase Options, as follows:

             

            Owned Vessels

            1. mv “Navios Gemini S”, a 68,636dwt Panamax bulk carrier built in 1994.

            2. mv “Navios Libra II”, a 70,136dwt Panamax bulk carrier built in 1995.

            3. mv “Navios Felicity”, a 73,867dwt Panamax bulk carrier built in 1997.

            4. mv “Navios Alegria”, a 76,466dwt Panamax bulk carrier built in 2004.

            5. mv “Navios Galaxy”, a 74,195dwt Panamax bulk carrier built in 2001.

            6. mv “TBN”, a 180,000 Capesize bulk carrier under construction in Daewoo for delivery in June 2009. (the “Newbuilding Cape”).

             

            Chartered Vessels

            7. mv “Navios Prosperity”, a 82,535dwt Panamax bulk carrier built in 2007.

            8. mv “Navios Aldebaran”, a 76,500dwt Panamax bulk carrier with expected delivery in March 2008.

            9. mv “Fantastiks”, a 180,265dwt Capesize bulk carrier built in 2005.

             

            The Owned Vessels together with the Chartered Vessels to be referred to as the Security Vessels.
 
	
                        Owners
 	
                        To be named, single purpose companies incorporated in jurisdictions acceptable to the Lenders, each one being the owner of an Owned Vessel to be financed. The Owners to be 100% beneficially owned by the Borrower.
 
	
                        Borrower
 	
                        Navios Maritime Partners L. P., a company incorporated under the laws of Marshall Islands (the “Borrower”). The Owners to be 100% beneficially owned by the Borrower. In the case where an intermediary company exists between the Borrower and the Owners, this company shall provide its corporate guarantee towards the Borrower. The Borrower to successfully undertake an IPO in New York utilising an MLP structure. 
 
	
                        General Partner
 	
                        Navios G. P. LC, a company incorporated under the laws of Marshall Islands, at all times being a 100% subsidiary of Navios Maritime Holdings Inc (the “General Partner”). Navios Maritime Holdings Inc to maintain directly or indirectly at all times at least 30% of the shareholding in the Borrower. At facility drawdown the shareholding of the Navios Maritime Holdings Inc. in the Borrower to be at least 40%.
 
	
                        Corporate Guarantors
 	
                        Each Owner will irrevocably and unconditionally guarantee the performance of the Borrower under the Facility towards the Lenders on a joint and several basis (the “Corporate Guarantors”).
 
	
                        Lenders
 	
                        DVB Bank AG and Commerzbank AG and one of their subsidiaries or affiliates and up to 4 more financial institutions (the “Lenders”).
 

 

	
                        DVB INITIAL
 	
                        

          
 
	
                        Page 1 of 9
 

 

	
                        DVB Bank AG
 Representative Office Greece
 	
                        Akti Miaouli 95
 GR 185 38 Piraeus
 	
                        Greece
 www.dvbbank.com
 

 

 

 

	 	
  

 

 

	
                        Underwriter
 	
                        DVB Bank AG and Commerzbank AG to underwrite 100% (50% each) of the Facility Amount and to have the right to syndicate its part of the facility to up to 4 more financial institutions (the “Underwriter”).
 
	
                        Lead Arrangers 
 	
                        DVB Bank AG (Security Trustee) and Commerzbank AG (Paying Agent).
 
	
                        Timecharters
 	
                        Owned Vessels:

            The Owned Vessels will be employed on the following Timecharters:

            1. mv “Navios Gemini S”: Timecharter to Augustea at $19,523net per day until 01.03.2009 and thereafter at $24,225 per day until March 2014.

            2. mv “Navios Libra II”: Timecharter to Cargill at $21,613 net per day until 01.01.2008 and thereafter at $23,513 per day until 31.12.2010.

            3. mv “Navios Felicity”: Timecharter to Cosco at $9,595 net per day until 25.05.2008 and thereafter to Mitsui at a rate of $26,169 net per day until April 2013. 

            4. mv “Navios Alegria”: Timecharter to Cargill at $19,475 net per day until 01.01.2008 and thereafter at $23,595 net per day until 31.12.2010. 

            5. mv “Navios Galaxy”: Timecharter to Mitsui OSK at $24,062 net until December 2007 / March 2008 and thereafter to Rio Tinto at $21,937 net per day until 25.01.2018.

            6. Newbuilding Cape:  Time charter to Mitsui OSK at $47,400 net per day until June 2014. 

             

            Chartered Vessels

            The Chartered Vessels will be timechartered-in based on the following:

            7. mv “Navios Prosperity”: Timecharter-in rate $13,625 per day until 19.06.2012.

            8. mv “Navios Aldebaran”: Timecharter-in rate $13,400 per day until 01.03.2013.

            9. mv “Fantastiks”: Timecharter-in rate $14,428 per day until March 2013.

            (current vessel owners to be advised).

             

            and will be timechartered-out as follows:

            7. mv “Navios Prosperity”: Timecharter to Daichi at $24,000 per day until 19.06.2012.

            8. mv “Navios Aldebaran”: Timecharter to Mitsui at $28,390 per day until 01.03.2013.

            9. mv “Fantastiks”: Timecharter to Sanko at $32,275 until March 2011.

             

            The rates mentioned above refer to net daily timecharter rates.

             

            The Timecharters, timecharterers (legal entities) and all charter-related documents to be acceptable to the Agent prior to the closing. After expiry of the Timecharters the Owners shall not enter into any new term employment with duration of more than 13 months without the prior written consent of the Agent, such consent not to be unreasonably withheld.
 
	
                        Purchase Option
 	
                        The following purchase option related to the Capesize Chartered Vessel exists:

            mv “Fantastiks” option price: $34,150,000; exercise date: March 2008.
 

 

Facility

	
                        Facility
 	
                        Senior-secured up to 4 years Revolving Credit Facility (RCF) followed by a year Term Loan (total duration of the Facility to be up to 10 years) to be evidenced by a Facility Agreement to be made between the Borrower, the Lenders, the Agent and the Security Trustee (the “Facility Agreement”).
 
	
                        Facility Amount
 	
                        The Facility Amount will be up to $260,000,000 to be made available as follows:

            (i) $140,000,000 for the financing of the 5 Panamax Owned Security Vessels, 

            (ii) $60,000,000 for the financing of mv “Fantastiks”. $30,000,000 of this amount to be made available upon signing of the Facility Agreement and the remaining $30,00,000 when the underlying Purchase Option is exercised and a mortgage on this vessel is registered;

            (iii) The lesser of $60,000,000 and 65% of the market value of the Newbuilding Cape one month prior to its delivery (following the drawdown of the last tranche the Minimum Value covenant has to be in compliance as well). This amounts to be available at delivery of the Newbuilding Cape.

             

            Drawings under the RCF will be subject to Borrower’s compliance with the Minimum Value clause and with all other applicable covenants prior to and after each drawing.
 
	
                        Availability Period
 	
                        The Borrower may draw under the RCF (repay any portion and re-draw) as from the date of the Facility Agreement until the date falling on the 4th anniversary (assuming that the Employment Condition is met otherwise the 3.5th anniversary) after the date of the Facility Agreement.
 

 

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 2 of 9 
	 

 

 

  	 	

      

 

 

	
                        Drawdown
 	
                        Drawdown to take place with at least 3 Business Days' (London, Frankfurt, Piraeus and New York) prior written notice, and only after the Agent has confirmed that all conditions precedent have been met to its satisfaction. 
 
	
                        Quarterly movements under the RCF
 	
                        The Borrower may make only up to 6 movements (drawings and prepayments) under the RCF per quarter.
 
	
                        Final Maturity Date
 	
                        Revolving Credit Facility

            Up to 4 years after signing of the Facility Agreement (the “RCF Maturity Date”).

            Term Loan

            Up to 6.5 years after the RCF Maturity Date depending on the duration of the Revolving Credit Facility so that the Final Maturity Date falls 10 years from signing of the Facility Agreement (the “final Maturity Date”).
 
	
                        Commitment Reductions
 	
                        In accordance with the following table:

             

                                                                        Facility Amount outstanding                                                        

            Quarter after signing of Facility Agreement      Employment Condition Met        Employment Condition Not Met 

            15                                          
                                                                      $251,750,000

            16                                          
                                                                      $243,500,000

            17                                                                 $250,000,000                              $235,375,000

            18                                                                 $240,000,000                              $227,250,000

            19                                                                 $230,000,000                              $219,125,000

            20                                                                 $220,000,000                              $211,000,000

            21                                                                 $210,500,000                              $202,875,000

            22                                                                 $201,000,000                              $194,750,000

            23                                                                 $191,500,000                              $186,625,000

            24                                                                 $182,000,000                              $178,500,000

            25                                                                 $173,000,000                              $170,375,000

            26                                                                 $164,000,000                              $162,250,000

            27                                                                 $155,000,000                              $154,125,000

            28                                                                 $146,000,000                              $146,000,000

            29                                                                 $138,375,000                              $138,375,000

            30                                                                 $130,750,000                              $130,750,000

            31                                                                 $123,125,000                              $123,125,000

            32                                                                 $115,500,000                              $115,500,000

            33                                                                 $107,875,000                              $107,875,000

            34                                                                 $100,250,000                              $100,250,000

            35                                                                 $  92,625,000                              $  92,625,000

            36                                                                 $  85,000,000                              $  85,000,000

            37                                                                 $  77,375,000                              $  77,375,000

            38                                                                 $  69,750,000                              $  69,750,000

            39                                                                 $  62,125,000                              $  62,125,000

            40                                                                 0                                              0

             

            No further drawings under the RCF after the RCF Maturity Date.

             

            Employment condition: 

            In Sept 2010 the company has to renew the charter of the Navios Fantastics ending in March 2011 until Sept. 2014 at a minimum rate of $35,000pd net. 

            
 
	
                        Optional Prepayment
 	
                        Subject to 5 Business Days prior written notice, the Borrower may elect to prepay the entire amount outstanding under the Term Loan or any part of it being a multiple of $500,000 on any interest payment date subject to payment of interest and breakage costs. Any prepayment, will be applied against all future repayment instalments including the Balloon pro-rata.

             

            The Borrower may repay and redraw any amount under the RCF being a multiple of $500,000 at any time before the RCF Maturity Date.
 

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 3 of 9 
	 

 

  	 	

      

 

 

	
                        Mandatory commitment cancellation
 	
                        If the Capesize Purchase Option is not exercised the commitment under the Facility shall be reduced by $30,000,000 by means of 4 equal quarterly reductions of $7,500,000 each, with the first reduction starting one quarter after the expiry of the Capesize Purchase Option. 

             

            If for whatever reason the Newbuilding Cape is not entered into the security package, then the $60,000,000 commitment related to the Newbuilding Cape will be cancelled and the Facility commitment reductions presented above will further be reduced as follows: 

            (a) Employment Condition met:

            Quarter after signing of the Facility Agreement: 17-28: $2,625,000, 29-40: $750,000.

            (b) Employment Condition not met:

            Quarter after signing of the Facility Agreement: 15-28: $2,250,000, 29-40: $750,000.
 
	
                        Optional commitment cancellation
 	
                        Subject to 5 Business Days prior written notice, the Borrower may elect to cancel the total commitment under this facility or any part of it being a multiple of $500,000.
 
	
                        (P)repayments available for redrawing
 	
                        Any amount repaid under the RCF shall be available for redrawing subject to the available commitment.

             

            Any amount repaid or prepaid under the Term Loan shall not be available for redrawing.
 
	
                        Mandatory 

                        Prepayment on Total 

                        Loss or Sale
 	
                        In the event that a Security Vessel (being either an Owned Vessel or a purchased Chartered Vessel) is sold, or in the unfortunate event that it is declared an actual, constructive, agreed or compromised total loss, the outstanding commitment under the RCF or the outstanding amount under the Term Loan will be reduced in accordance with the share of this Security Vessel in the security package, which will be determined in accordance with the provisions set out in Market Value clause.

             

            Mandatory prepayments shall be made within 180 days after the Total Loss or immediately upon completion of the sale of a Security Vessel.
 
	
                        Interest
 	
                        LIBOR + Margin per cent per annum. LIBOR as published by the British Bankers Association (BBA) on Telerate Page 3750. 
 
	
                        Interest periods
 	
                        3, 6, 9 or 12 months or such other periods as the Lenders may agree to upon request.
 
	
                        Fixed Interest Rate Option
 	
                        On request of the Borrower and subject to the Lenders' agreement, the interest rate of all or a substantial part of the Facility can be fixed for a period longer than 12 months. Such request of the Borrower requires at least a 5 Business Days prior written notice. The interest rate will be determined at the level of the highest Cost of Funds of the Lenders for that interest maturity period + Mandatory Costs payable to the FSA + Margin.
 
	
                        Interest payment
 	
                        Interest to be paid on the last day of each interest period selected. If interest periods longer than 3 months are agreed, interest nevertheless payable every 3 months as well as on the last day of each interest period.
 
	
                        Margin
 	
                        In accordance with the following Margin Grid:

            0.80% per annum if Loan to Value is up to 40%

            1.00% per annum if Loan to Value is between 40% and 65%

            1.25% per annum in Loan to Value is above 65%

             

            Loan to Value is defined as the average amount drawn in the previous quarter divided by the Market Value of the Owned (mortgaged) Vessels. 

            The applicable Margin shall be 0.80% per annum until 31 March 2008 and thereafter it shall be based on the Margin Grid. The Margin shall be tested on quarterly basis versus and to be attested via a compliance certificate.
 
	
                        Commitment Fee
 	
                        0.35 per cent per annum calculated on undrawn part of the Facility. Commitment fee to commence on the date of the Facility Agreement and shall be payable quarterly in arrears.
 
	
                        Arrangement Fee
 	
                        0.50 per cent of the Facility Amount payable upon signing of the Facility Agreement.
 
	
                        Agency Fee
 	
                        $20,000 per annum, payable upon successful syndication of the Facility and on each anniversary thereafter.
 

 

 

	NAVIOS MLP 
	DVB INITIAL
	

      

	26/10/2007

	Page 4 of 9 
	 

  	 	

      

 

Security and Covenants

	
                        Securities
 	
                        (applicable on the Owned Vessels and on the Chartered Vessels)
 
	
                        
 	
                        •     First priority cross-collateralised mortgages  for any amounts outstanding under the Facility;
 
	
                        
 	
                        •     Corporate Guarantee from the Corporate Guarantors;
 
	
                        
 	
                        •     General assignment of all earnings, Insurances (also including the Credit Default Risk insurance) and requisition compensation related to all Security Vessels;
 
	
                        
 	
                        •     Specific assignment of all Timecharter out contracts;
 
	
                        
 	
                        •     Specific assignment of any new employment contracts having duration in excess of 13 months;
 
	
                        
 	
                        •     Pledge or charge over the Earnings Accounts (to be held with an institution acceptable to the Lenders) and Retention Accounts to be held with the Agent or one of the Lenders;
 
	
                        
 	
                        •     Lenders to retain the right to effect pledge or charge over each Owners’ shares.
 
	
                        
 	
                        (The Facility Agreement, together with the above Security, the “Facility Documentation”).
 
	
                        Insurances
 	
                        •     Hull & machinery, marine and war risks including blocking and trapping to cover 120 per cent of the Facility.
 
	
                        
 	
                        •     P & I Cover including freight, demurrage and defence cover.
 
	
                        
 	
                        •     Credit Default Risk insurance in accordance with the terms disclosed to the Lenders by the Borrower.
 
	
                        
 	
                        Insurances to be on terms acceptable to the Lenders and to be placed with insurers, brokers or clubs acceptable to the Lenders. The Agent will require to be advised with whom such insurances will be placed and upon what main terms they will be effected, at least 15 days prior to the Drawdown.
 
	
                        MII
 	
                        The Agent shall, at the expense of the Borrower, effect Mortgagees Interest Insurance (M.I.I.) and Mortgagee’s Additional Perils Pollution Insurance in favour of the Lenders for 120 per cent of the Facility.
 
	
                        Earnings and Retention accounts
 	
                        All earnings of the Vessels to be paid into Earnings Accounts held with an institution acceptable to the Lenders and Retention Accounts to be held with the Agent or one of the Lenders. The Earnings and Retention Accounts to be pledged or charged to the Lenders. 

             

            The Borrower shall pay into the Retention Accounts on monthly basis one third of the next repayment instalment (when applicable) and one third of the interest due in the end of the respective quarter.
 
	
                        Financial Statements
 	
                        •     Annual audited accounts and cashflow reports of the Borrower and the Corporate Guarantors to be delivered within 180 days after the end of the reported fiscal year;

            •     Quarterly management prepared accounts of the Borrower to be delivered within 60 days after the end of the reported quarter.

             

            Financial statements to be supplemented by updated details of all off-balance sheet and time-charter hire commitments and any other financial information as the Agent may reasonably require.

             

            The Financial Statements to be prepared in accordance with US GAAP.
 
	
                        Financial Covenants on the Borrower
 	
                        (to be attested on quarterly basis via a compliance certificate and be signed by the authorised signatories of the Borrower)
 
	
	•     Minimum Liquidity: $5,000,000 upon drawdown, thereafter increasing by $8,000,000 per annum by the end of each year until it reaches $37,000,000 (to be maintained at this level at all times thereafter). The minimum liquidity shall also include any committed undrawn but available amounts under the RCF. Part of the minimum Liquidity may be utilised for further vessel acquisitions subject to Lenders right of first refusal for the financing and subject to their approval which shall not be unreasonably withheld. 

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 5 of 9 
	 

 

  	 	

      

 

 

 

	
                        
 	
                        •     Minimum Value Adjusted Tangible Net Worth: $120,000,000. Value Adjusted Tangible Net worth to be defined as total tangible assets  less total liabilities. Total tangible assets to be determined in accordance with the Market Value clause.
 
	
                        
 	
                        •     EBITDA to Interest Expense: greater than 2:1.
 
	
                        
 	
                        •     Maximum Value Adjusted Leverage: 75%. Value Adjusted Leverage to be defined as total liabilities divided by total tangible assets. The calculation of the market value of the owned fleet at any given time shall be in accordance with the Market Value clause.
 
	
                        Minimum Value
 	
                        The Market Value of the Owned Vessels (mortgaged vessels) shall always be at least 143% per cent of the outstanding Facility amount at all times. 

             

            If the Market Value of the Vessels falls below the above-mentioned levels the Lenders shall have the right to require the Borrower to provide additional security and/or to prepay a portion of the Facility within 30 days. Any additional security to be in form and substance acceptable to the Lenders.
 
	
                        Market Value
 	
                        Market Values to be determined on quarterly basis by two independent brokers appointed by the Agent on the basis of the vessel sale (i) for prompt delivery, (ii) for cash, (iii) on charter-free basis, and (iv) at arm’s length on normal commercial terms between willing seller and willing buyer. If the two valuations differ by a margin over 15% then a third appraiser from the aforementioned panel of brokers will be appointed by the Agent and the Market Value will be calculated as the average of the three valuations. All valuations to be at the cost of the Borrowers.

             

            At the time of calculation of the Market Values for the purposes of Mandatory Prepayments on Total Loss or Sale the valuations shall not be older than 2 months.
 
	
                        Affirmative Covenants
 	
                        Usual and customary for a syndicated transaction of this type, including but not limited to:
 
	
                        
 	
                        •     Flag: The Security Vessels to be registered in jurisdictions acceptable to the Lenders.
 
	
                        
 	
                        •     Management: Commercial and technical management to be conducted by Navios Maritime Holdings or by an acceptable nominee (the “Manager”). The terms of the management agreements to be acceptable to the Lenders.

            The Manager to guarantee to the Owners that the maximum operating expenses (including management fees and amortised drydocking / special survey expenses) in respect of each Panamax and Capesize bulk carrier will not exceed $4,000 and $5,000 per day respectively during the first two years of operation. 
 
	
                        
 	
                        •     Trading compliance: The Borrower, the Manager(s) and the Security Vessels to be in the possession of proper trading certificates and to comply with other relevant regulations.
 
	
                        
 	
                        •     Class: The Security Vessels shall be classed with a class notation and with a classification society acceptable to the Lenders. Furthermore, the Security Vessels shall be free of all recommendations and qualifications unless otherwise agreed by the Agent in writing. The Agent will require to be notified of the Class and the Classification Society with which a Security Vessel will be classed at least 15 days prior to Drawdown.
 
	
                        
 	
                        •     Ownership: The Owners of the Owned Ships and the companies timechartering-in the Chartered Ships (if the latter are companies other than the Borrower) shall be 100 per cent beneficially owned directly by the Borrower.
 
	
                        
 	
                        •     Subordination: All shareholder’s loans to the Borrower, all claims of the Borrower against the Corporate Guarantors, and all sums owed to the Managers to be fully subordinated whilst any amount remains outstanding under the Facility.
 
	
	•     Other Information: The Borrower, the Corporate Guarantors and the General Partner shall from time to time provide such information as the Lenders may reasonably request.

	
	•     Cross Default: Cross default with all other obligations in respect of the Borrower.

	
	•     The Lenders to have the right to inspect the Vessels (at the cost of the Borrower), subject to sufficient notice (15 days) given.

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 6 of 9 
	 

 

  	 	

      

 

 

 

	
                        
 	
                        •     Navios GP LC a 100% subsidiary of Navios Maritime Holdings shall be the general partner of the Borrower (the “General Partner”) and Navios Maritime Holdings shall maintain at all times at least 30% of the shareholding in the Borrower. 
 
	
                        Negative Covenants
 	
                        Usual and customary for a syndicated transaction of this type, including but not limited to:
 
	
                        
 	
                        •     The Class, Flag and Management of the Security Vessels not to be changed without the prior written consent of the Agent.
 
	
                        
 	
                        •     Unless reasonably incurred in the normal course of business and in accordance with the omnibus agreement to be signed by Navios Maritime Holdings and the Borrower (subject document to be approved by the Agent prior to the closing), the Borrower shall not enter into any transactions with any associated companies or companies associated with the Corporate Guarantors without the prior written consent of the Agent.
 
	
                        
 	
                        •     Unless reasonably incurred in the normal course of business, the Corporate Guarantors will not create any form of security, including quasi security, over any of their assets or revenues, without the prior written consent of the Agent.
 
	
                        
 	
                        •     The Borrower and the Corporate Guarantors shall not enter into any transaction, the effect of which would be, the material disposal of their assets or revenues without the prior written consent of the Agent.
 
	
                        
 	
                        •     The Corporate Guarantors not to borrow any additional funds or enter into any transaction (including derivative transactions) that may result in the incurrence of any additional indebtedness without the prior written consent of the Agent.
 
	
                        
 	
                        •     The Corporate Guarantors to undertake not to engage in any business other than operation of the Security Vessels without the prior written consent of the Agent.
 
	
                        
 	
                        •     No dividends or new investments unless all covenants are complied with before and after such distributions / investments.
 
	
                        
 	
                        •     The Borrower shall at all times maintain the minimum required Capital Replacement Reserve in accordance with the relevant MLP provisions.
 
	
                        Events of Default
 	
                        Usual and customary for a syndicated transaction of this type, including but not limited to:
 
	
                        
 	
                        •     Payment default.
 
	
                        
 	
                        •     Breach of insurance requirements.
 
	
                        
 	
                        •     Breach of Covenants including breach of the Minimum Value clause.
 
	
                        
 	
                        •     Arrest and/or detention of one or more of the Security Vessels.
 
	
                        
 	
                        •     Instability affecting a country of Flag.
 
	
                        
 	
                        •     Bankruptcy or insolvency of the Borrower and/or of the General Partner.
 
	
                        
 	
                        •     Material Adverse Change in the financial position or prospects of the Borrower and of the General Partner.
 
	
                        
 	
                        •     The Borrower to evidence its compliance with covenants by delivery of a Compliance Certificate on quarterly basis.
 

	Conditions Precedent
	Usual and customary for a syndicated transaction of this type, including but not limited to:

	
	•     The Borrower to successfully undertake an IPO in New York raising a minimum of $130,000,000.

	
	•     Delivery of certified resolutions of the board of directors and, if required by the Lenders, shareholders of the Borrower and the Corporate Guarantors approving the Facility.

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 7 of 9 
	 

 

  	 	

      

 

 

 

	
                        
 	
                        •     Delivery of certified copies of the constitutional documents of the Borrower, the Corporate Guarantors and the General Partner in addition to any such evidence as the Lenders may require in order to satisfy their Know Your Customer regulatory obligations.
 
	
                        
 	
                        •     Receipt by the Agent of all Fees due.
 
	
                        
 	
                        •     No Event of Default or event that with the giving of notice or passage of time could give rise to an Event of Default under the Facility Documentation.
 
	
                        
 	
                        •     Delivery of evidence of satisfactory capital structure of the Borrower and the Corporate Guarantor. Such evidence and capital structure to be in a form and substance acceptable to the Agent.
 
	
                        
 	
                        •     Receipt by the Agent of copies of all the technical and commercial management agreements and charterparties (including the Timecharters) in relation to the Security Vessels. All such documents to be acceptable to the Agent.
 
	
                        
 	
                        •     Execution and delivery of all documentation in form and substance satisfactory to the Agent, the Lenders and their legal counsel.
 
	
                        
 	
                        •     Delivery of all relevant legal opinions.
 
	
                        
 	
                        •     Evidence of compliance with the ISM and/or ISPS Codes and/or IAPPC.
 
	
                        
 	
                        •     Interim Class Certificates evidencing the Vessels to be free of all recommendations and requirements.
 

 

 

 

 

Documentation and Other Provisions
 

	
                        Indemnities
 	
                        Full indemnities to be provided by the Borrower and all related parties for all expenses relating to matters arising from the Facility and against third party claims, including environmental or pollution claims.
 
	
                        Market Flex
 	
                        The Borrower acknowledges that if, in the Lead Arranger's reasonable opinion, it appears likely that the Lead Arranger will be unable to reach its Final Take Amount in relation to the Facility through the normal syndication process of the Facility, on the basis of the agreed structure, terms and pricing set out in this Committed Term Sheet, the Lead Arranger may change any of the pricing, structure and/or terms of the Facility, if the Lead Arranger determines that changes are advisable in order to ensure a successful syndication of the Facility. The Lead Arranger's rights under this paragraph shall not be superseded by the terms of the Facility Agreement but shall continue in full force and effect until the date upon which syndication is completed. For these purposes (i) Syndication means the successful close of syndication of the
facility following which the Lead Arranger has achieved its Final Take Amount, and (ii) Final Take Amount means 25% of the Facility Amount.
 
	
                        Material adverse Change
 	
                        The terms and conditions of this Committed Term Sheet are subject to:
 
	
                        
 	
                        a)      No material adverse change in financial strength of the Borrower and of the General Partner;
 
	
                        
 	
                        b)      No material adverse, global economic and political developments; and
 
	
	c)      No material adverse development in the international money and capital markets;

	Transferability clause
	The Lenders shall be permitted to assign, transfer and sell participations in the Facility without the consent of the Borrower.

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 8 of 9 
	 

 

  	 	

      

 

 

 

	
                        Consent to Disclosure
 	
                        The Borrower irrevocably authorises the Lenders to give, divulge and reveal from time to time information and details relating to its account, the Facility Documentation and the Facility to any authorities, to the Lenders’ respective head office, branches and affiliates, to any other parties to the Facility Documentation, and to any other person regarding the funding, operational arrangement or other transaction in relation thereto, including without limitation, for purposes in connection with any enforcement or assignment or transfer of any of the Lenders’ rights and obligations.
 
	
                        Costs
 	
                        All costs in connection with the preparation and negotiation of the Facility Documentation and all costs connected with enforcement of the securities are to be borne by the Borrower even if the transaction does not materialise.
 
	
                        Taxes and other Deductions
 	
                        Any payment to any party in connection with the Facility Documentation by the Borrower to be made free and clear of any tax, reserve, levy or duty whatsoever and standard grossing up provisions to apply.
 
	
                        Documentation
 	
                        In terms acceptable to the Lenders and their legal advisers, and to contain all provisions commonly included in financings of this type. The governing law of the Facility Agreement and the Corporate Guarantees shall be the laws of England or, in the case of the security documents, the appropriate country as advised by the Lenders' legal advisers.
 
	
                        Jurisdiction
 	
                        The parties shall submit to the non-exclusive jurisdiction of the English courts.
 
	
                        Documentation status
 	
                        Once the Facility Documentation is signed, the Facility Documentation will have superseded this Committed Term Sheet and this Committed Term Sheet will have ceased to be binding in every aspect, even relating to parties that were parties to this Committed Term Sheet but are not parties to the signed Facility Documentation.
 
	
                        Legal Opinions
 	
                        To be obtained in terms satisfactory to the Agent. Such opinions to be commissioned from lawyers as required by the Agent.
 
	
                        Confidentiality
 	
                        This Committed Term Sheet and its contents are intended for the exclusive use of the Borrower and shall not be disclosed by the Borrower to any persons other than the Borrower's legal and financial advisors for the purposes of the proposed transaction without the prior written consent of the Lead Arranger.
 
	
                         
 	
                        Authorised Signatories of DVB Bank AG

             

             

             /s/ Klaus Schümann                             /s/ Ingo Frühauf                 

             

            Name: Klaus Schümann                    Name: Ingo Frühauf

                         (Vice President)

            Date:     26 October 2007                     Date:      ____________________

             
 
	
                        Time Schedule
 	
                        This Committed Term Sheet will remain open for acceptance until 02/11/2007. Any extension of this acceptance period to be in the sole discretion of the Arranger.
 
	
                         
 	
                        For acceptance:

            Authorised Signatories for and on behalf of the Borrower and Corporate Guarantors

             

             

             

             

            Name: ____________________      Name: ____________________

             

            Date:   ____________________      Date:   ____________________
 

 

 

 

	NAVIOS MLP 
	DVB INITIAL
	

    

	26/10/2007

	Page 9 of 9Exhibit 10.2

 

 
 
 

FORM OF

OMNIBUS AGREEMENT

AMONG

NAVIOS MARITIME HOLDINGS INC.

NAVIOS GP L.L.C.

NAVIOS MARITIME OPERATING L.L.C.

AND

NAVIOS MARITIME PARTNERS L.P.

 
 
 

 

TABLE OF CONTENTS

 

	
                        ARTICLE I
 
	
                        DEFINITIONS
 
	
      SECTION 1.1.
 	
                         
 	
      Definitions
 	
                         
 	
      1
 
	
                        ARTICLE II
 
	
                        PANAMAX AND CAPESIZE DRYBULK  
 CARRIER RESTRICTED BUSINESS OPPORTUNITIES
 
	
                        SECTION 2.1.
 	
                         
 	
                        Panamax Drybulk Carrier and Capesize Drybulk Carrier Restricted Businesses
 	
                         
 	
                        6
 
	
                        SECTION 2.2.
 	
                         
 	
                        Permitted Exceptions
 	
                         
 	
                        6
 
	
                        SECTION 2.3.
 	
                         
 	
                        Charter Opportunities
 	
                         
 	
                        7
 
	
                        ARTICLE III
 
	
                        NON-PANAMAX AND NON-CAPESIZE DRYBULK  
 CARRIER RESTRICTED BUSINESS OPPORTUNITIES
 
	
                        SECTION 3.1.
 	
                         
 	
                        Non-Panamax and Non-Capesize Drybulk Carrier Restricted Businesses
 	
                         
 	
                        7
 
	
                        SECTION 3.2.
 	
                         
 	
                        Permitted Exceptions
 	
                         
 	
                        8
 
	
                        ARTICLE IV
 
	
                        BUSINESS OPPORTUNITIES PROCEDURES
 
	
                        SECTION 4.1.
 	
                         
 	
                        Procedures
 	
                         
 	
                        8
 
	
                        SECTION 4.2.
 	
                         
 	
                        Scope of Prohibition
 	
                         
 	
                        10
 
	
                        SECTION 4.3.
 	
                         
 	
                        Enforcement
 	
                         
 	
                        10
 
	
                        ARTICLE V
 
	
                        RIGHTS OF FIRST OFFER
 
	
                        SECTION 5.1.
 	
                         
 	
                        Rights of First Offer
 	
                         
 	
                        11
 
	
                        SECTION 5.2.
 	
                         
 	
                        Procedures For Rights of First Offer
 	
                         
 	
                        11
 
	
                        ARTICLE VI
 
	
                        INDEMNIFICATION
 
	
                        SECTION 6.1.
 	
                         
 	
                        Navios Maritime Indemnification
 	
                         
 	
                        12
 

 

 

i

 

 

	
      SECTION 6.2.
 	
                         
 	
      Limitation Regarding Indemnification
 	
                         
 	
      12
 
	
                        SECTION 6.3.
 	
                         
 	
                        Indemnification Procedures
 	
                         
 	
                        12
 
	
                        ARTICLE VII
 
	
                        MISCELLANEOUS
 
	
                        SECTION 7.1.
 	
                         
 	
                        Choice Of Law; Submission To Jurisdiction
 	
                         
 	
                        14
 
	
                        SECTION 7.2.
 	
                         
 	
                        Notice
 	
                         
 	
                        14
 
	
                        SECTION 7.3.
 	
                         
 	
                        Entire Agreement
 	
                         
 	
                        14
 
	
                        SECTION 7.4.
 	
                         
 	
                        Termination
 	
                         
 	
                        14
 
	
                        SECTION 7.5.
 	
                         
 	
                        Waiver; Effect of Waiver or Consent
 	
                         
 	
                        14
 
	
                        SECTION 7.6.
 	
                         
 	
                        Amendment or Modification
 	
                         
 	
                        15
 
	
                        SECTION 7.7.
 	
                         
 	
                        Assignment
 	
                         
 	
                        15
 
	
                        SECTION 7.8.
 	
                         
 	
                        Counterparts
 	
                         
 	
                        15
 
	
                        SECTION 7.9.
 	
                         
 	
                        Severability
 	
                         
 	
                        15
 
	
                        SECTION 7.10.
 	
                         
 	
                        Gender, Parts, Articles and Sections
 	
                         
 	
                        15
 
	
                        SECTION 7.11.
 	
                         
 	
                        Further Assurances
 	
                         
 	
                        15
 
	
                        SECTION 7.12.
 	
                         
 	
                        Withholding or Granting of Consent
 	
                         
 	
                        15
 
	
                        SECTION 7.13.
 	
                         
 	
                        Laws and Regulations
 	
                         
 	
                        15
 
	
                        SECTION 7.14.
 	
                         
 	
                        Negotiation of Rights of Navios Maritime, Limited Partners, Assignees, and Third Parties
 	
                         
 	
                        15
 

 

 

ii

 

OMNIBUS AGREEMENT

THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the Closing Date (as defined herein), among Navios Maritime Holdings Inc., a Marshall Islands corporation (“Navios Maritime”), Navios GP L.L.C., a Marshall Islands limited liability company (including any permitted successors and assigns under the MLP Agreement (as defined herein), the “General Partner”), Navios Maritime Operating L.L.C., a Marshall Islands limited liability company (the “OLLC”), and Navios Maritime Partners L.P., a Marshall Islands limited partnership (the “MLP”).

RECITALS:

1. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles II and IV, with respect to (a) those business opportunities that the Navios Maritime Entities (as defined herein) will not pursue during the term of this Agreement, unless permitted to do in accordance with the terms of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Partnership Group (as defined herein).

2. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles III and IV, with respect to (a) those business opportunities that the Partnership Group will not pursue during the term of this Agreement, unless permitted to do in accordance with the terms of this Agreement and (b) the procedures whereby such business opportunities are to be offered to Navios Maritime.

3. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to certain rights of first offer.

4. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article VI, with respect to certain indemnification obligations of Navios Maritime.

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

ARTICLE I

DEFINITIONS

SECTION 1.1. Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below:

“Acquiring Party” has the meaning given such term in Section 4.1(a).

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common

 

 

1

 

control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

“Agreement” means this Omnibus Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 7.6 hereof.

“Board” means the Board of Directors of the MLP.

“Break-up Costs” means the aggregate amount of any and all additional taxes, flag administration, financing, legal and other similar costs  to (a) the Navios Maritime Entities that would be required to transfer Panamax and Capesize Drybulk Carrier Assets acquired by the Navios Maritime Entities as part of a larger transaction to a Partnership Group Member pursuant to Section 2.2(c), or (b) the Partnership Group that would be required to transfer Non-Panamax and Non-Capesize Drybulk Carrier Assets acquired by the Partnership Group as part of a larger transaction to a Navios Maritime Entity pursuant to Section 3.2(a).

“Capesize Carrier Asset” means any owned Capesize Drybulk Carrier subject to a Qualifying Contract.

“Capesize Drybulk Carrier” means any drybulk carrier with a carrying capacity of over 100,000 dwt.

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than
any such transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act), other than (A) Navios Maritime or its Affiliates (including Angeliki Frangou) with respect to the General Partner or the MLP and (B) Angeliki Frangou, with respect to Navios Maritime, being or becoming the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above.

“Charter-Out Opportunity” means the opportunity to enter into a charter-out contract with a duration, excluding any extension options, of at least three years, for a Panamax Drybulk Carrier or a Capesize Drybulk Carrier.

 

 

2

 

“Closing Date” means the date of the closing of the initial public offering of common units representing limited partner interests in the MLP.

“Conflicts Committee” means the Conflicts Committee of the Board of Directors of the MLP.

“Contribution Assets” has the meaning given such term in Section 6.1.

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

“Covered Environmental Losses” means all Losses suffered or incurred by the Partnership Group by reason of, arising out of or resulting from:

(i) any violation or correction of violation of Environmental Laws; or

(ii) any event or condition relating to environmental or human health and safety matters, in each case, associated with the ownership or operation by the Navios Maritime Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on, under, about or migrating to or from the Contribution Assets or the disposal or release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including, without limitation, (a) the cost and expense of any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (b) the cost or expense of the preparation and implementation of any closure, remedial, corrective action or other plans required or
necessary under Environmental Laws and (c) the cost and expense for any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation support work;

but only to the extent that such violation complained of under clause (i), or such events or conditions included in clause (ii), occurred before the Closing Date; and, provided that, in no event shall Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered Environmental Losses.”

“Environmental Laws” means all international, federal, state, foreign and local laws, statutes, rules, regulations, treaties, conventions, orders, judgments and ordinances relating to protection of natural resources, health and safety and the environment, each in effect and as amended through the Closing Date.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“First Offer Negotiation Period” has the meaning given such term in Section 5.2.

“General Partner” is defined in the introduction to this Agreement.

“Hazardous Substances” means (a) substances defined in or regulated under applicable Environmental Laws; (b) petroleum and petroleum products, including crude oil and

 

 

3

 

any fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any substances with respect to which a federal, state, foreign or local agency requires environmental investigation, monitoring, reporting or remediation; (e) any hazardous waste or solid waste, within the meaning of any Environmental Law; (f) any solid, hazardous, dangerous or toxic chemical, material, waste or substance, within the meaning of and regulated by any Environmental Law; (g) any radioactive material; and (h) any asbestos-containing materials.

“Losses” means losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including, without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided, however, that such term shall not include any special, indirect, incidental or consequential damages.

“MLP” is defined in the introduction to this Agreement.

“MLP Agreement” means the First Amended and Restated Agreement of Limited Partnership of the MLP, dated as of the Closing Date, as such agreement is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No amendment or modification to the MLP Agreement subsequent to the Closing Date shall be given effect for purposes of this Agreement unless consented to by each of the Parties to this Agreement.

“Navios Maritime Entities” means Navios Maritime and any Person controlled, directly or indirectly, by Navios Maritime other than the Partnership Entities.

“Non-Capesize Drybulk Carrier” means (i) any drybulk carrier other than a drybulk carrier with a carrying capacity of over 100,000 dwt, or (ii) any Capesize Drybulk Carrier not subject to a Qualifying Contract. 

“Non-Panamax Drybulk Carrier” means (i) any drybulk carrier other than a drybulk carrier with a carrying capacity of over 60,000 dwt, or (ii) any Panamax Drybulk Carrier not subject to a Qualifying Contract.

“Non-Capesize Drybulk Carrier Asset” means any Non-Capesize Drybulk Carrier and its related charter.

“Non-Panamax Drybulk Carrier Asset” means any Non-Panamax Drybulk Carrier and its related charter.

“Offer” has the meaning given such term in Section 4.1.

“Offered Assets” has the meaning given such term in Section 4.1.

“Offeree” has the meaning given such term in Section 4.1.

“Offer Period” has the meaning given such term in Section 4.1.

“OLLC” is defined in the introduction to this Agreement.

 

 

4

 

“Qualifying Contract” means a time or bareboat charter-out with a remaining duration, excluding any extension options, of at least three years.

“Panamax Carrier Asset” means any owned Panamax Drybulk Carrier subject to a Qualifying Contract.

“Panamax Drybulk Carrier” means any drybulk carrier with a carrying capacity of 60,000 to 100,000 dwt.

“Parties” means the parties to this Agreement and their successors and permitted assigns.

“Partnership Entities” means the General Partner, the MLP, the OLLC and any Person controlled by any such entity.

“Partnership Group” means the MLP, the OLLC and any Person controlled by any such entity.

“Partnership Group Member” means any Person in the Partnership Group.

“Person” means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or any other entity.

“Potential Transferee” has the meaning given such term in Section 5.2.

“Re-Charter” means the charter of a Capesize Drybulk Carrier or a Panamax Drybulk Carrier pursuant to a Qualifying Contract in the event that its existing charter expires or is terminated early.

“Sale Assets” has the meaning given such term in Section 5.2.

“Transfer” means any transfer, assignment, sale or other disposition of any Panamax Drybulk Carrier or Capesize Drybulk Carrier by a Navios Maritime Entity or of any Non-Panamax and Non-Capesize Drybulk Carrier by a Partnership Group Member; provided, however, that such term shall not include:  (a) transfers, assignments, sales or other dispositions from a Navios Maritime Entity to another Navios Maritime Entity, or from a Partnership Group Member to another Partnership Group Member; (b) transfers, assignments, sales or other dispositions pursuant to the terms of any related charter or other agreement with a charter
party; (c) transfers, assignments, sales or other dispositions pursuant to Article II or III of this Agreement; (d) grants of security interests in or mortgages or liens on such Panamax Carrier Asset or Capesize Carrier Asset or Non-Panamax and Non-Capesize Drybulk Carrier Assets in favor of a bona fide third party lender; or (e) the merger by Navios Maritime or the MLP with or into, or sale of substantially all of the assets by Navios Maritime or the MLP to, an unaffiliated third party.

“Transfer Notice” has the meaning given such term in Section 5.2.

“Transferring Party” has the meaning given such term in Section 5.2.

 

 

5

 

“Voting Securities” means securities of any class of Person entitling the holders thereof to vote in the election of members of the board of directors or other similar governing body of the Person.

ARTICLE II

PANAMAX AND CAPESIZE DRYBULK

 CARRIER RESTRICTED BUSINESS OPPORTUNITIES

SECTION 2.1. Panamax Drybulk Carrier and Capesize Drybulk Carrier Restricted Businesses. Subject to Section 7.4 and except as permitted by Section 2.2, each of the Navios Maritime Entities shall be prohibited from acquiring or owning any Panamax Drybulk Carrier or Capesize Drybulk Carrier subject to a Qualifying Contract.

SECTION 2.2. Permitted Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the Navios Maritime Entities may engage in the following:

(a) acquiring or owning a Panamax Carrier Asset or a Capesize Carrier Asset that is not subject to a Qualifying Contract; 

(b) acquiring a Panamax Carrier Asset or a Capesize Carrier Asset that is subject to a Qualifying Contract if the Navios Maritime Entity offers to sell to the MLP such Panamax Carrier Asset or Capesize Carrier Asset for fair market value;

(c) putting a Panamax Drybulk Carrier or Capesize Drybulk Carrier owned by any Navios Maritime Entity under a Qualifying Contract if the Navios Maritime Entity offers to sell to the MLP such Panamax Drybulk Carrier or Capesize Drybulk Carrier for its fair market value at the time it is made subject to a Qualifying Contract and, in each case, at each renewal or extension of that Qualifying Contract for a period of three or more years, in accordance with the procedures set forth in Section 4.1;

(d) acquiring a Panamax Carrier Asset or a Capesize Carrier Asset that is subject to a Qualifying Contract as part of the acquisition of a controlling interest in a business or package of assets; provided, however, that: 

(i) if less than a majority of the value of the total assets or business acquired is attributable to Panamax Carrier Assets and/or Capesize Carrier Assets, as determined in good faith by the board of directors of Navios Maritime, then the Navios Maritime Entity must offer to sell to the MLP such Panamax Carrier Assets and/or Capesize Carrier Assets for fair market value plus any applicable Break-up Costs in accordance with the procedures set forth in Section 4.1. 

(ii) if a majority or more of the value of the total assets or business acquired is attributable to those Panamax Carrier Assets and/or Capesize Carrier Assets, as determined in good faith by the board of directors of Navios Maritime; Navios Maritime shall notify the MLP in writing, of the proposed acquisition. The MLP shall,

 

 

6

 

not later than the 15th calendar day following receipt of such notice, notify Navios Maritime if the MLP will acquire any Panamax Carrier Asset or Capesize Carrier Asset forming part of the business or package of assets. If the MLP does not notify Navios Maritime of its intent to pursue the acquisition within 15 calendar days, Navios Maritime may proceed with the acquisition as provided in subsection (i) above.

(e) acquiring a non-controlling interest in any company, business or pool of assets; 

(f) acquiring or owning a Panamax Carrier Asset or Capesize Carrier Asset if the MLP does not fulfill its obligations under any written agreement between Navios Maritime and the MLP requiring the MLP to purchase such Panamax Carrier Asset or Capesize Carrier Asset;

(g) acquiring or owning a Panamax Carrier Asset or a Capesize Carrier Asset subject to a Qualifying Contract that is subject to an offer to sell to the MLP by a Navios Maritime Entity, as described in Section 2.2(b) and (c), in each case pending the MLP’s determination pursuant to Section 4.1 whether to purchase the Panamax Carrier Asset or Capesize Carrier Asset (and, if the MLP determines to purchase such Panamax Carrier Asset or Capesize Carrier Asset, pending the closing of such purchase);

(h) providing ship management services relating to any vessel whatsoever; or

(i) acquiring or owning a Panamax Carrier Asset or a Capesize Carrier Asset that is subject to a Qualifying Contract if the MLP has previously advised Navios Maritime that it consents to such acquisition or ownership.

SECTION 2.3. Charter Opportunities. Notwithstanding anything to the contrary herein, Navios Maritime shall not be prohibited from operating a chartered-in Panamax Drybulk Carrier or chartered-in Capesize Drybulk Carrier; provided, however, that if Navios Maritime is presented with a Charter-Out Opportunity with respect to such Panamax Drybulk Carrier or Capesize Drybulk Carrier and the MLP has a Panamax Drybulk Carrier or Capesize Drybulk Carrier that is (i) then available for charter-out, (ii) comparable to the Navios Maritime chartered-in vessel also then available for charter and (iii) acceptable to the customer, the MLP shall have the first
right to accept any Charter-Out Opportunity.

ARTICLE III

NON-PANAMAX AND NON-CAPESIZE DRYBULK

 CARRIER RESTRICTED BUSINESS OPPORTUNITIES

SECTION 3.1. Non-Panamax and Non-Capesize Drybulk Carrier Restricted Businesses. Subject to Section 7.4 and except as permitted by Section 3.2, each Partnership Group Member shall be prohibited from acquiring, owning, operating or chartering-in any Non-Panamax Drybulk Carrier or Non-Capesize Drybulk Carrier.

 

 

7

 

SECTION 3.2. Permitted Exceptions. Notwithstanding any provision of Section  3.1 to the contrary, the Partnership Group Members may engage in the following activities under any of the following circumstances:

(a) acquiring any Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset as part of the acquisition of a controlling interest in a business or package of assets and owning and operating or chartering those vessels, provided, however, that:

(i) if less than a majority of the value of the total assets or business acquired is attributable to any Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset, as determined in good faith by the MLP, the MLP must offer to sell such Non-Panamax or Non-Capesize Drybulk Carrier Asset and related charters to Navios Maritime or any other Navios Maritime Entity for their fair market value plus any applicable Break-up Costs in accordance with the procedures set forth in Section 4.1.

(ii) if a majority or more of the value of the total assets or business acquired is attributable to any Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset, as determined in good faith by the MLP; the MLP shall notify Navios Maritime in writing of the proposed acquisition. Navios Maritime shall, not later than the 15th calendar day following receipt of such notice, notify the MLP if any Navios Maritime Entity wishes to acquire the Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset forming part of the business or package of assets. If Navios Maritime does not notify the MLP of its intent to pursue the acquisition within 15 calendar days, the MLP may proceed with the acquisition as provided in subsection (i) above.

(b) owning, operating or chartering any Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset that is subject to an offer to purchase by Navios Maritime as described in Section 3.2(a) pending the applicable offer of any such Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset to Navios Maritime and Navios Maritime’s determination pursuant to Section 4.1 whether to purchase the Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset and, if Navios Maritime elects to purchase or cause any Navios Maritime Entity to purchase any such Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset, pending the closing of such purchase; and

(c) acquiring, operating or chartering any Non-Panamax Drybulk Carrier or Non-Capesize Drybulk Carrier if Navios Maritime has previously advised the MLP that it consents to such acquisition, operation or charter.

ARTICLE IV

 

BUSINESS OPPORTUNITIES PROCEDURES

SECTION 4.1. Procedures. If (a) the MLP acquires any Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset in accordance with Section 3.2(a), or (b) a Navios Maritime Entity acquires any Panamax Carrier Asset or Capesize Carrier Asset in 

 

8

 

accordance with Section 2.2(b) or (c)(i), then (i)  not later than 30 calendar days after the consummation of the acquisition (in the case of clause (a) or (b) above), such acquiring Party (the “Acquiring Party”) shall notify (a) Navios Maritime, in the case of an acquisition by the MLP or (b) the Board, in the case of an acquisition by a Navios Maritime Entity and offer such party to be notified (each an “Offeree”) the opportunity for any Navios Maritime Entity or Partnership Group Member, as applicable, to purchase such Non-Panamax Drybulk Carrier Asset or Non-Capesize Drybulk Carrier Asset or Panamax Carrier Asset and Capesize Carrier Asset, as applicable (the “Offered Assets”), for their fair market value (plus, in the case of an acquisition in accordance with Section 2.2(c) or 3.2(a), any applicable Break-up Costs), in each case on commercially reasonable terms in accordance with this Section (the “Offer”). The Offer shall set forth the Acquiring Party’s proposed terms relating to the purchase of the Offered Assets by the applicable Navios Maritime Entity or Partnership Group Member, including any liabilities to be assumed by the applicable Navios Maritime Entity or Partnership Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Assets and reasonably requested by the Offeree. Within 30
calendar days after receipt of such notification, the Offeree shall notify the Acquiring Party in writing that either:

(a) If the Offeree elects not to purchase the Offered Assets, then the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement (including Section 2.2(b)(ii)), be forever free, subject to the provisions of this Agreement, to continue to own, operate and charter such Offered Assets; or

(b) If the Offeree elects to purchase the Offered Assets, then the following procedures shall be followed:

(i) After the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good faith, the fair market value (and any applicable Break-up Costs), of the Offered Assets that are subject to the Offer and the other terms of the Offer on which the Offered Assets will be sold to the applicable Navios Maritime Entity or Partnership Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs), of the Offered Assets that are subject to the Offer and the other terms of the Offer during the 30-day period (the “Offer Period”) after receipt by the Acquiring Party of Navios Maritime’s election to purchase (or election to cause any of its permitted Affiliates to purchase) or of the Board’s
election to cause any Partnership Group Member to purchase, as applicable, the Offered Assets, Navios Maritime shall purchase (or cause any of its permitted Affiliates to purchase) or the Board shall cause any Partnership Group Member to purchase, as applicable, the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached.

(ii) If the Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs), of the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree will engage an independent ship broker and/or an independent investment banking firm prior to the end of the Offer Period to determine the 

 

9

 

fair market value (and any applicable Break-up Costs), of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree. In determining the fair market value of the Offered Assets and other terms on which the Offered Assets are to be sold, the ship broker or investment banking firm, as applicable, will have access to the proposed sale and purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf of the Acquiring Party relating to the Offered Assets and reasonably requested by such ship broker or investment banking firm. Such ship broker or investment banking firm will determine the fair market value (and any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30
calendar days of its engagement and furnish the Acquiring Party and the Offeree its determination. The fees and expenses of the ship broker or investment banking firm, as applicable, will be divided equally between the Acquiring Party and the Offeree. Upon receipt of such determination, the Offeree will have the option, but not the obligation:

(A) in the case that the Offeree is Navios Maritime, to purchase or cause any of its permitted Affiliates to purchase, or in the case that the Offeree is the MLP, to cause any Partnership Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs), and on the other terms determined by the ship broker or investment banking firm, as soon as commercially practicable after determinations have been made; or

(B)  in the case that the Offeree is Navios Maritime, to elect not to cause any of its permitted Affiliates to purchase, or in the case that the Offeree is the MLP, not to cause any Partnership Group Member to purchase such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Assets.

SECTION 4.2. Scope of Prohibition. Except as otherwise provided in this Agreement or the MLP Agreement, each party and its Affiliates shall be free to engage in any business activity whatsoever, including those that may be in direct competition with the Navios Maritime Entities or the MLP.

SECTION 4.3. Enforcement. Each Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set forth in this Article IV, and that any breach by any such Party of its covenants and agreements set forth in this Article IV would result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of Article IV of this Agreement.

 

10

 

ARTICLE V

 

RIGHTS OF FIRST OFFER

SECTION 5.1. Rights of First Offer. 

(a) The MLP hereby grants Navios Maritime a right of first offer on any proposed Transfer by any Partnership Group Member of any Panamax Carrier Asset or Capesize Carrier Asset or any Non-Panamax or Non-Capesize Drybulk Carrier Asset owned or acquired by any Partnership Group Member. The Navios Maritime Entities hereby grant the MLP a right of first offer on any proposed Transfer or Re-Charter of any Panamax Carrier Asset or Capesize Carrier Asset owned or acquired by any Navios Maritime Entity.

(b) The Parties acknowledge that all potential Transfers or Re-Charters of any Panamax Carrier Asset or Capesize Carrier Asset and Transfers of Non-Panamax or Non-Capesize Drybulk Carrier Asset pursuant to this Article V are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements in respect of such Panamax Carrier Assets or Capesize Carrier Asset and Non-Panamax or Non-Capesize Drybulk Carrier Asset, as applicable.

SECTION 5.2. Procedures For Rights of First Offer. In the event that a Partnership Group Member or a Navios Maritime Entity (as applicable, the “Transferring Party”) proposes to Transfer or, in the case of a Navios Maritime Entity, Re-Charter any Panamax Carrier Assets or Capesize Carrier Assets or Transfer any Non-Panamax and Non-Capesize Drybulk Carrier Assets (the “Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Sale Assets to any non-affiliated third party, such Transferring Party shall give Navios Maritime or the MLP, as
applicable (the “Potential Transferee”), written notice setting forth all material terms and conditions (including, without limitation, the purchase price (in the event of a Transfer) or the terms of the charter agreement (in the event of a Re-Charter)) and a description of the Sale Asset(s) on which such Transferring Party desires to Transfer or Re-Charter the Sale Assets (the “Transfer Notice”). The Transferring Party then shall be obligated to negotiate in good faith for a 15-day period following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer or Re-Charter of such Sale Assets to the Potential Transferee or any of its Affiliates
on the terms and conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer, such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those include in the Transfer Notice (except to the extent that market conditions during the 180 calendar days after the end of the First Offer Negotiation Period have resulted in a material change in the fair market value of such Sale Assets), then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided above.

 

11

 

ARTICLE VI

 

INDEMNIFICATION

SECTION 6.1. Navios Maritime Indemnification. Subject to the provisions of Section  6.2 and Section 6.3, Navios Maritime shall indemnify, defend and hold harmless the Partnership Group from and against:

(a) any Covered Environmental Losses relating to the assets contributed by the Navios Maritime Entities to the Partnership Group prior to or on the Closing Date (the “Contribution Assets”) to the extent that Navios Maritime is notified by the MLP of any such Covered Environmental Losses within five (5) years after the Closing Date;

(b) Losses to the Partnership Group arising from (i) the failure of the Partnership Group, immediately after the Closing Date, to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary to enable the Partnership Entities to own and operate the Contribution Assets in substantially the same manner that the Contribution Assets were owned and operated by the Navios Maritime Entities immediately prior to the Closing Date or (ii) the failure of the Partnership Entities to have by the Closing Date any consent or governmental permit necessary to allow the Partnership Entities to own or operate the Contribution Assets in substantially the same manner that the Contribution Assets were owned and operated by the Navios Maritime Entities immediately prior to the Closing Date, in each of clauses (i) and
(ii) above, to the extent that Navios Maritime is notified by the MLP of such Losses within three (3) years after the Closing Date; and

(c) all federal, state, foreign and local income tax liabilities attributable to the operation of the Contribution Assets prior to the Closing Date, including any such income tax liabilities of the Navios Maritime Entities that may result from the consummation of the formation transactions for the Partnership Group and the MLP, but excluding any federal, state, foreign and local income taxes reserved on the books of the Partnership Group on the Closing Date.

SECTION 6.2. Limitation Regarding Indemnification. The aggregate liability of Navios Maritime under Section 6.1(a) above shall not exceed $5.0 million. Furthermore, no claim may be made against Navios Maritime for indemnification pursuant to Section 6.1(a) unless the aggregate dollar amount of all claims for indemnification pursuant to such section shall exceed $500,000, in which case Navios Maritime shall be liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000.

SECTION 6.3. Indemnification Procedures.

(a) The Partnership Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim for indemnification pursuant to Section 6.1, they will provide notice thereof in writing to Navios Maritime specifying the nature of and specific basis for such claim.

(b) Navios Maritime shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against the Partnership Group that

 

12

 

are covered by the indemnification set forth in Section 6.1, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent (which consent shall not be unreasonably withheld) of the Partnership Group unless it includes a full release of the Partnership Group from such matter or issues, as the case may be.

(c) The Partnership Group Members agree to cooperate fully with Navios Maritime with respect to all aspects of the defense of any claims covered by the indemnification set forth in Section 6.1, including, without limitation, the prompt furnishing to Navios Maritime of any correspondence or other notice relating thereto that the Partnership Group may receive, permitting the names of the members of the Partnership Group to be utilized in connection with such defense, the making available to Navios Maritime of any files, records or other information of the Partnership Group that Navios Maritime considers relevant to such defense and the making available to Navios Maritime of any employees of the Partnership Group; provided, however, that in connection therewith Navios Maritime agrees to use reasonable efforts to minimize the impact thereof on the operations of the Partnership Group and further agrees to maintain the confidentiality of all files, records and other information furnished by a Partnership Group Member pursuant to this Section 6.3. In no event shall the obligation of the Partnership Group to cooperate with Navios Maritime as set forth in the immediately preceding sentence be construed as imposing upon the Partnership Group an obligation to hire and pay for counsel in connection with the defense of any claims covered by the indemnification set forth in this Article VI; provided, however, that the Partnership Group Members may, at their own option, cost and expense, hire and pay for counsel in connection with any such
defense. Navios Maritime agrees to keep any such counsel hired by the Partnership Group reasonably informed as to the status of any such defense (including providing such counsel with such information related to any such defense as such counsel may reasonably request) but Navios Maritime shall have the right to retain sole control over such defense.

In determining the amount of any Loss for which any of the members of the Partnership Group is entitled to indemnification under this Agreement, the gross amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Partnership Group, and such correlative insurance benefit shall be net of any incremental insurance premium that becomes due and payable by the Partnership Group as a result of such claim, and (ii) all amounts recovered by the Partnership Group under contractual indemnities from third Persons. The Partnership hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities; provided, however, that
the costs and expenses (including, without limitation, court costs and reasonable attorneys’ fees) of the Partnership Group in connection with such efforts shall be promptly reimbursed by Navios Maritime in advance of any determination of whether such insurance proceeds or other amounts will be recoverable.

 

13

 

ARTICLE VII

 

MISCELLANEOUS

SECTION 7.1. Choice Of Law; Submission To Jurisdiction. This Agreement shall be subject to and governed by the laws of the Republic of the Marshall Islands. 

SECTION 7.2. Notice. All notices or requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by depositing same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by private-courier, prepaid, or by telecopier to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received
during the recipient’s normal business hours. All notices to be sent to a party pursuant to this Agreement shall be sent to or made at the address set forth below such party’s signature to this Agreement, or at such other address as such party may stipulate to the other parties in the manner provided in this Section.

SECTION 7.3. Entire Agreement. This Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

SECTION 7.4. Termination. Upon a Change of Control of the General Partner or of the MLP, the provisions of Articles II, III, IV and V of this Agreement (but not less than all of such Articles) shall terminate immediately. Upon a Change of Control of Navios Maritime, the provisions of Articles II, III, IV and V of this Agreement (but not less than all of such Articles) shall terminate at the time that is the later of (i) the date on which all of the MLP’s outstanding subordinated units have converted to common units of the MLP and (ii) one year following the date of the Change of Control of Navios Maritime; provided, however, that in no
event shall the provisions of Articles II, III, IV and V of this Agreement terminate upon a Change of Control of Navios Maritime prior to the date that is four years following the date of this Agreement.

SECTION 7.5. Waiver; Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound thereby; provided, however, that the MLP and the OLLC may not, without the prior approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of the
Board, will adversely affect the holders of common units of the MLP. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any

 

14

 

 act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run.

SECTION 7.6. Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto; provided, however, that the MLP and the OLLC may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in the reasonable discretion of the Board, will adversely affect the holders of common units of the MLP.

SECTION 7.7. Assignment. No party shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties hereto.

SECTION 7.8. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

SECTION 7.9. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

SECTION 7.10. Gender, Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement.

SECTION 7.11. Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

SECTION 7.12. Withholding or Granting of Consent. Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate.

SECTION 7.13. Laws and Regulations. Notwithstanding any provision of this Agreement to the contrary, no party to this Agreement shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such party to be in violation of any applicable law, statute, rule or regulation.

SECTION 7.14. Negotiation of Rights of Navios Maritime, Limited Partners, Assignees, and Third Parties. The provisions of this Agreement are enforceable solely by the parties to this Agreement, and no shareholder of Navios Maritime and no limited partner, 

 

 

15

 

member, assignee or other Person of the MLP or the OLLC shall have the right, separate and apart from Navios Maritime, the MLP or the OLLC, to enforce any provision of this Agreement or to compel any party to this Agreement to comply with the terms of this Agreement.

[SIGNATURE PAGE FOLLOWS]

 

 

16

 

IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing Date.

 

	
                         
 	
                        NAVIOS MARITIME HOLDINGS INC.,
 
	
                          
 	
                         
 	
                        by 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name: Angeliki Frangou
 
	
                         
 	
                         
 	
                         
 	
                        Title:   Chief Executive Officer
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Address for Notice:
 
	
                         
 	
                        85 Atki Miaouli Street
 Piraeus, Greece 185 38
 Phone: +30 (210) 459-5000
 Fax: +30 (203) 354-[         ]
 Attention:    Villy Papaefthymiou
 
	
                         
 	
                         
 
	
                         
 	
                        NAVIOS GP L.L.C.,
 
	
                         
 	
                         
 	
                        
 by
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 
	
                         
 	
                        Address for Notice:
 
	
                         
 	
                         
 
	
                         
 	
                        85 Atki Miaouli Street
 Piraeus, Greece 185 38
 Phone: +30 (210) 459-5000
 Fax: +30 (203) 354-[          ]
 Attention:    Villy Papaefthymiou
 

 

 

17

 

 

	
                         
 	
                        NAVIOS MARITIME OPERATING L.L.C.,
 
	
                          
 	
                         
 	
                        by 
 	
                        Navios Maritime Partners L.P., its sole member
 
	
                         
 	
                         
 	
                          
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Name: Angeliki Frangou
 
	
                         
 	
                         
 	
                         
 	
                        Title: Chief Executive Officer
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Address for Notice:
 
	
                         
 	
                        85 Atki Miaouli Street
 Piraeus, Greece 185 38
 Phone: +30 (210) 459-5000
 Fax: +30 (203) 354-[          ]
 Attention:    Villy Papaefthymiou
 
	
                         
 	
                         
 
	
                         
 	
                        NAVIOS MARITIME PARTNERS L.P.,
 
	
                         
 	
                         
 	
                        
 by
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Name: Angeliki Frangou
 
	
                         
 	
                         
 	
                         
 	
                        Title: Chief Executive Officer
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 
	
                         
 	
                        Address for Notice:
 
	
                         
 	
                         
 
	
                         
 	
                        85 Atki Miaouli Street
 Piraeus, Greece 185 38
 Phone: +30 (210) 459-5000
 Fax: +30 (203) 354-[          ]
 Attention:    Villy Papaefthymiou
 

 

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]