Document:

EXHIBIT
      10.35

    
      	 	 
	
               

              MEMORANDUM
                OF AGREEMENT

               

              Dated:
                10 November 2007

            	
              Norwegian
                Shipbrokers' Association's Memo- 

              randum
                of Agreement for sale and purchase of ships. 

              Adopted
                by the Baltic and International Maritime 

              Council
                (BIMCO) in 1956  

              Code-name

              SALEFORM
                1993

              Revised
                1966, 1983 and 1986/87.

            

    

     

    Trojan
      Maritime Inc. ("Trojan") of 80 Broad Street, Monrovia, Liberia or a Company
      to
      be nominated
      by
      Trojan in accordance with Clause 26 hereof hereinafter called the Sellers,
      have agreed to sell, and 

    Maxdeka
      Shipping Corp. of 80 Broad Street, Monrovia, Liberia 

    hereinafter
      called the Buyers, have agreed to buy 

    Name:
      Hull No. 2054 see also clause 22 hereof 

    Classification
      Society/Class: Lloyd's
      Register of Shipping / LRS: +100A1 Bulk Carrier, CSR, BC-A,
{Holds
      2, 4 and 6 may be empty}, +LMC, UMS, GRAB[20], ESP, LI, *IWS, ShipRight(CM),
      ShipRight(ACS)
      (B), with desriptive notes "Pt. Ht., ShipRight(SCM,
      BWMP(F))"

    
      	
              Built:
                expected
                on or before 31 March 

            	
              By:
                STX
                Shipbuilding Co., Ltd. of 100 Wonpo-dong, Jinhae,
                

            
	
              2010

            	
              Gyeongsangnam-do,
                Korea (the "Builder")

            
	
              Flag:
                see
                clause 8, line 206 hereof

            	
              Place
                of Registration: see
                clause 8, line 206 hereof

            
	
              Call
                Sign: n/a,
                see clause 8, line 206

            	
              Grt/Nrt:
                in
                accordance with the Specifications
                hereof

            

    

    IMO
      Number: n/a,
      see clause 8, line 206 hereof

    

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

    

    Definitions

    

    "Banking
      days" are days on which banks are open both in the country of the currency
      stipulated for the Purchase Price in Clause 1
      and in
      the place of closing stipulated in Clause 8 and
      where a payment
      is to be made under
      this Agreement.

    

    "In
      writing" or "written" means a letter handed over from the Sellers to the Buyers
      or vice versa, a registered letter, telex, telefax or other modern form of
      written communication.

    

    "Bank"
      means such bank acceptable to
      the Buyers as the Sellers shall finance one or more of the first four
      installments of the contract price payable by the Sellers to the Builder under
      the Shipbuilding Contract.

    

    "Classification
      Society" or "Class" means the Society referred to in line 4.

    

    "Loan
      Agreement" means the loan agreement made or, as the context may require, to
      be
      made between the Sellers and the Bank in connection with the financing by the
      Bank of the first four installments of the contract price payable by the Sellers
      to the Builder under the Shipbuilding Contract a copy of which loan agreement
      shall be provided by the Sellers to the Buyers promptly after it is
      executed.

    

    "Shipbuilding
      Contract" means the shipbuilding contract dated 15 June 2007 made between the
      Builder and the Sellers in connection with the construction of the Vessel by
      the
      Builder and its purchase by the Sellers, a copy of which contract is attached
      hereto as Appendix "A".

    

    "Shipyard"
      means the Builder's facilities where the Vessel is being built and which are
      located at Jinhae, Korea.

    

    "Specifications"
      means the specifications and plans to the Shipbuilding Contract, a copy of
      which
      Specifications and plans are attached hereto as Appendix "B".

    

    "United
      States Dollars" and "US$" mean the lawful currency of the United States of
      America at any relevant time.

    

    1.   Purchase
      Price

    

    US$48,080,000
      plus:

    

    (a)
      any upward adjustments pursuant to Clause 19 hereof;
      and

    

    (b) any
      cost incurred by the Sellers by obtaining a bank loan in connection with
      financing of the four pre-delivery instalments payable by the Sellers under
      the
      Shipbuilding Contract (which cost comprises of interest, commitment commission,
      arrangements fees, legal expenses, valuations and any other related costs as
      referred to in the Loan Agreement and payable by the Sellers thereunder, but
      excluding, for the avoidance of doubt, any repayment to be made under the terms
      of the Loan

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers' Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      	
              Printed
                by BIMCO's idea

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    
      Agreement);
        and 

       

      (c)
        any cost to the Sellers in setting up and maintaining the Nominee (as defined
        in
        Clause 26 hereof) until the Vessel is delivered to and accepted by the
        Buyers hereunder; and

       

      (d)
        any cost incurred by the Sellers during the construction period of the Vessel
        in
        respect of plan approval and supervision at the Shipyard of the construction
        process of the Vessel

       

      (in
        each case as evidenced by appropriate documentation passed on to the Buyers
        by
        the Sellers and/or the Bank)

       

      minus
        any adjustments as provided in Clause 19 hereof,
        provided
        however always that the maximum amount to be paid by the Borrowers as Purchase
        Price of the Vessel under this clause 2, shall never exceed
        US$52,000,000.

       

      2.   Deposit

       

      As
        security for the correct fulfilment of this Agreement the Buyers shall pay
        a
        deposit in
        the amount
        of
US$7,212,000
        within
        three
        Banking
        days from the date this Agreement is signed by the parties hereto. This deposit
        shall be placed with a
        bank to be nominated by the Sellers and approved in writing by the Buyers
        and
        held
        by them in an interest bearing joint account for the Sellers and the Buyers,
        to
        be released in accordance with joint written instructions of the Sellers
        and the
        Buyers. Accrued
        interest
        to be credited to the Buyers. Any fee charged for holding the said deposit
        shall
        be borne by the Buyers.

       

      3.   Payment

       

      The
        remaining of the said Purchase Price after
        deducting the amount of the deposit made in accordance
        with Clause 2 hereof shall be deposited
        in full
        free of bank charges as
        follows:

       

      a.
        an
        amount in Dollars equal to the amount of the fifth and final instalment of
        the
        contract price payable by the Sellers to the Builder under the terms of the
        Shipbuilding Contract shall be deposited in the name of the Buyers or their
        financiers with the bank in Korea where the Sellers are obliged under the
        terms
        of the Shipbuilding Contract to deposit the fifth instalment at the same
        time as
        the Sellers have to make such deposit in accordance with the terms of the
        Shipbuilding Contract; and

       

      b.
        the
        remaining part of the Purchase Price shall be deposited in full free of bank
        charges in the name of the Buyers or their financiers to a
        bank to be nominated by the Sellers and approved in writing by the
        Buyers,
        five
        Banking days prior to the estimated delivery date of the Vessel.

       

      The
        Purchase Price (comprising of the deposits made under Clause 2 hereof and
        Clause 3 hereof) shall be released by the Buyers or their financiers as
        follows:

       

      a.
        as
        regards the part of the Purchase Price deposited in Korea in accordance with
        this Clause, to the Builder; and

       

      b.
        as
        regards the remainder of the Purchase
        Price deposited with the Bank nominated by the
        Sellers
        and approved by the
        Buyers in accordance with this Clause, to the Sellers,

       

      in
        either
        case on delivery of the Vessel and upon the signing of the Protocol of Delivery
        and Acceptance from the Sellers and the Buyers, but not later than 3
Banking
        days after the Vessel is in every respect physically ready for delivery in
        accordance with the terms and conditions of this Agreement and Notice of
        Readiness has been given in accordance with Clause 5.

       

      4.   Inspections –
        see
        Clause 20

       

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      

       

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

       

      
        
          	5.	
                  Notices,
                    time and place of
                    delivery

                

        

      

       

      
        	a)	
                The
                  Sellers shall keep the buyers well informed of the Vessel's estimated
                  time of
                  delivery and shall provide the Buyers with 15,
                  10 and 3 days approximate notice and
                  3
                  day
                  definite notice
                  thereof. When the Vessel is in every respect physically ready for
                  delivery
                  in accordance with this Agreement, the Sellers shall give the Buyers
                  a
                  written Notice of Readiness for
                  delivery.

              

      

       

      
        	b)	
                Subject
                  to the Vessel having completed her sea trials in accordance with
                  the
                  Shipbuilding Contract and the Specifications. the Vessel shall
                  be
                  delivered and taken over safely afloat at a safe and accessible
                  berth or
                  anchorage at/ the
                  Shipyard
                  alongside the Builder's pier or the Builder's anchorage. If the
                  Vessel
                  is
                  delivered to the Buyers a the Builder's pier, the Buyers shall
                  remove the
                  Vessel therefrom as soon as practically possible after being instructed
                  by
                  the Builder to do so. Expected time of delivery: upon
                  delivery of the Vessel from the Builder to the
                  Sellers

              

      

       

      
        	 	
                Date
                  of canceling (see Clauses
                  5c)
                  and 14):
                  means
                  either of the dates on which the Sellers, but for Clause 21 hereof,
                  could terminate the Shipbuilding Contract pursuant to Article 3 of
                  the Shipbuilding Contract or Article 8 of the Shipbuilding
                  Contract.

              

      

       

      
        	d)	
                Should
                  the Vessel become an actual, constructive or compromised total
                  loss before
                  delivery then the Sellers shall discuss with the Builder in accordance
                  with the terms of Article 17(b) whether the Vessel shall be reconstructed
                  or the Shipbuilding Contract shall be terminated. The Sellers shall
                  not
                  reach an agreement with the Builder to reconstruct the Vessel in
                  accordance with the terms of Article 17(b)(i) of the Shipbuilding
                  Contract
                  unless such agreement is on the terms acceptable to the Buyers.
                  In the
                  case that agreement between

              

      

       

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
      

      
        
          
            	 	
                    the
                      Sellers and the Builder is reached on terms acceptable to the
                      Buyers, this
                      Agreement shall continue in place and the terms agreed in connection
                      with
                      the Shipbuilding Contract shall be also incorporated in this
                      Agreement to
                      the extent required. If there is no Agreement reached between
                      the Sellers
                      and the Builder under Article 17 of the Shipbuilding Contract
                      within two
                      months from the date of the total loss occuring or if the agreement
                      to be
                      reached is not acceptable to the Buyers, then the deposit together
                      with
                      interest earned shall be released immediately to the Buyers
                      whereafter
                      this Agreement shall be null and
                      void.

                  

          

        

      

       

      
        	6.	
                Drydocking/Divers
                  Inspection

              

      

      

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
       

      
        7.   Spares/bunkers,
          etc.

      

       

      
        
          The
            Sellers shall deliver the Vessel to the Buyers with everything belonging
            to her
            on board and on shore. The radio installation and navigational equipment
            shall
            be included in the sale without extra payment Unused stores and provisions
            shall
            be included in the sale and be taken over by the Buyers without extra
            payment if
            originally purchased or supplied by the Buyers. Otherwise Buyers to reimburse
            the Sellers against the Sellers' or, as the case may be the Builder's
            relevant
            invoices (after taking into account any discounts). Spare parts shall
            be in
            accordance with the requirements of the Classification Society to the
            extent
            provided by the Builder.

        

      

       

      
        
          The
            Buyers shall take over the remaining bunkers and lubricating oils (whether
            in
            storage tanks sealed drums or remaining in the main engine, other machinery
            and
            their pipes, stern tube and the like and pay, as regards the bunkers,
            the same
            amount paid by the Sellers to the Builder pursuant to the terms of the
            Shipbuilding Contract and, as regards the lubricant oils, the net price
            paid by
            the Sellers to their suppliers in relation to such lubricant oils (after
            taking
            into account any discount or rebate received by the Sellers or their
            manager by
            such supplier in connection with such lubricating oils), in either case
            as
            evidenced by the relevant invoices. 

           

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

        

      

       

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
       

      
        
          the
            Purchase Price.

        

      

       

      
        8.   Documentation

      

       

      The
        place
        of closing: London,
        England or Piraeus, Greece or New York City, N.Y. in the Buyers'
        option

      In
        exchange for payment of the Purchase Price the Sellers shall furnish the
        Buyers
        with delivery documents, namely:

       

      
        	a)	
                Any
                  original legal Bills of Sale in a form recordable in the port and
                  the
                  country in which the Buyers are to register the Vessel and which
                  the
                  Buyers should nominate at least 10 running days prior to the delivery
                  of
                  the Vessel, warranting that the Vessel is free from all encumbrances,
                  mortgages and maritime liens or any other debts or claims whatsoever,
                  duly
                  notarially attested and legalized by the consul of such country
                  or other
                  competent authority.

              

      

       

      
        	b)	
                All
                  documents to be delivered to the Sellers by the Builder pursuant
                  to
                  Article 7(c) of the Shipbuilding Contract, including the document
                  called
                  the "Builder's Certificate" 

              

      

       

      
        	f)	
                Any
                  such additional documents as may reasonably be required by the
                  competent
                  authorities for the purpose of registering the Vessel, as well
                  as any such
                  additional documents that the Buyers shall require for the purpose
                  of
                  ascertaining (i) the proper constitution of the Sellers and the
                  Builder
                  and (ii) that all appropriate corporate and other action has been
                  taken in
                  connection with the authorisation and the performance by the Sellers
                  and
                  the Builder of this Agreement and the assignment of the warranty
                  of
                  quality as provided in Clause 18 hereof together with any documents
                  referred therein, provided the Buyers notify the Sellers of any
                  such
                  documents as soon as possible after the date of this
                  Agreement.

              

      

       

      At
        the
        time of delivery the Buyers and Sellers shall sign and deliver to each other
        a
        Protocol of Delivery and Acceptance confirming the date and time of delivery
        of
        the Vessel from the Sellers to the Buyers.

       

      At
        the
        time of delivery the Sellers shall hand to the Buyers the classification
        certificate(s) (provided that the Buyers supply the Sellers who will pass
        onto
        the Builder with the necessary information required by the Classification
        Society for issuing such certificates in the Buyers' name) (as provided in
        Clause 11 hereof) as well as all plans, etc., relating to the Vessel and
        her
        equipment whether or not the same are on board the Vessel. Other certificates
        whether or not the same are on board the Vessel shall also be handed over
        to the
        Buyers unless the Sellers are required to retain same, in which case the
        Buyers
        to have the right to take copies. Other technical documentation which may
        be in
        the Sellers' possession (including the Specifications, the Vessel's shipbuilding
        drawings, equipment manuals, sea trial records, correspondence with the Builder
        or the Classification Society concerning the Vessel or its equipment) shall
        be
        promptly forwarded to the Buyers at their expense The Buyers and the Sellers
        agree to arrange for an undocumented transfer, i.e. for the Vessel to be
        registered directly in the Buyer's name, and the Sellers shall procure that
        the
        Builder shall also not register its title prior to tendering delivery to
        the
        Sellers pursuant to the Shipbuilding Contract

       

      9.   Encumbrances

       

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
       

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

       

      10.    
        Taxes,
        etc.

      

      Any
        taxes, fees and expenses in connection with the purchase and registration
        under
        the Buyers' flag and similar charges payable
        by the Sellers under the Shipbuilding
        Contract
        in
        connection with the construction
        and/or delivery of the Vessel to the
        Sellers
        by the Builder
        shall be
        for the
        Buyers' account.

       

      11.    
        Condition
        on delivery

      

      The
        Vessel with everything belonging to her shall be at the Sellers' risk and
        expense until she is delivered to the Buyers, but subject to the terms and
        conditions of this Agreement she shall be delivered and taken over in
brand
        new condition
        as is at the time of delivery of the Vessel to the Sellers by the Builder
        and
        always in compliance with the Specification and the Shipbuilding Contract
        and
        otherwise in accordance with Clause
        20.

      

      Furthermore,
        the Vessel shall be delivered with her class maintained without
        condition/recommendation*, free of average damage affecting the Vessel's
        class,
        and with her classification certificates and national and international
        certificates, as well as all other certificates the Vessel had at the time
        of
        delivery from the Builder,
        valid
        and nextended
        for 5 months (to the extent issued by the Builder) from the date the Vessel
        is
        delivered to
        the
        Buyers under this Agreement, without condition/recommendation* by Class or
        the
        relevant authorities
        and save as provided in line 219 above and provided further that the Buyers
        shall accept the provisional certificates issued by the
        Class
        at the
        time of delivery.

       

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

       

      12.   
        Name/markings

      

      See

       

      13.   
        Buyer's
        default

      

      Should
        the deposit not be paid in accordance with Clause 2,
        the
        Sellers have the right to cancel this Agreement, and they shall be entitled
        to
        claim compensation for their losses and for all expenses incurred together
        with
        interest.

      

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

       

      14.   
        Sellers'
        default

      

      Should
        the Sellers fail to give Notice of Readiness in accordance with Clause
5
        a)
        or fail
        to be ready To validly complete a legal transfer by the date stipulated in
        line
        61 or
        should the Sellers be in breach
        of any of their obligations under Clauses 18, 19, 21 and 22
        hereof
        the
        Buyers shall have the option of canceling this Agreement provided always
        that
        the Sellers shall be granted a maximum of 5 Banking days after Notice of
        Readiness has been given to make arrangements for the documentation set out
        in
Clause
        8.
        If
        after Notice of Readiness has been given but before the Buyers have taken
        delivery, the Vessel ceases to be physically ready for delivery and is not
        made
        physically ready again in every respect by the date stipulated in line
        61
        and new
        Notice of Readiness given, the Buyers shall retain their option to cancel.
        In
        the event that the Buyers elect to cancel this Agreement the deposit together
        with interest earned shall be released to them

       

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
       

      immediately.

      

      Should
        the Sellers fail to give Notice of Readiness by the date stipulated in
line
        61
        or fail
        to be ready to validly complete a legal transfer as aforesaid or
        are in breach of any of Clauses 18,19, 21 and 22
        hereof
        they shall make due compensation to the Buyers for their loss and for all
        expenses together with interest if their failure is due to proven negligence
        and
        whether or not the Buyers cancel this Agreement.

      

      15.   
        Buyers'
        representatives – see Clause 20

       

      16.    
        Arbitration

      

      
        	a)	
                This
                  Agreement shall be governed by and construed in accordance with
                  English
                  law and any dispute arising out of this Agreement shall be referred
                  to
                  arbitration in London in accordance with the Arbitration Act 1996
                  or any
                  statutory modification or re-enactment thereof for the time being
                  in
                  force, one arbitrator being appointed by each party. On the receipt
                  by one
                  party of the nomination in writing of the other party's arbitrator,
                  that
                  party shall appoint their arbitrator within fourteen days, failing
                  which
                  the decision of the single arbitrator appointed shall apply. If
                  two
                  arbitrators are properly appointed they shall in turn appoint a
                  third arbitrator and the three arbitrators will be deciding by
                  majority
                  and their majority decision shall be final. In the event the two
                  arbitrators appointed by the parties hereto fail to agree on the
                  appointment of the third arbitraor then the President of the Lloyds
                  Maritime Arbitration Association at the relevant time shall be
                  asked by
                  either party to appoint the third
                  arbitator,.

              

      

       

      
        	 	
                No
                  term of this Agreement shall be enforceable under the Contracts
                  (Rights of
                  Third Parties) Act of 1999 by a person who is not a party to this
                  Agreement.

              

      

       

      Clauses
        17 to 26 hereof, inclusive, as attached, form an integral part of this
        Agreement. The Buyers also acknowledge that they have read and accepted the
        terms of the Shipbuilding Contract.

      

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers' Association. Any insertion or deletion to the form
        must
        be clearly visible. In the event of any modification made to the pre-printed
        text of this document which is not clearly visible, the text of the original
        approved document shall apply. BIMCO and the Norwegian Shipbrokers' Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
      

      ADDITIONAL
        CLAUSES TO THE MEMORANDUM OF AGREEMENT DATED 10 NOVEMBER 2007 BETWEEN TROJAN
        MARITIME INC. AND MAXDEKA SHIPPING CORP. IN RESPECT OF HULL NO.
        2054

      

      Clause
        17

      

      Neither
        of the parties hereto shall assign this Agreement to a third party, PROVIDED
        ALWAYS HOWEVER THAT, the Buyers shall have the right to assign, without the
        need
        to obtain the Sellers' prior consent, any of their rights under this Agreement
        to a bank or other financial institution providing the Buyers with finance
        in
        relation to the acquisition of the Vessel.

      

      Clause
        18

      

      On
        the
        delivery of the Vessel under this Agreement, the Sellers undertake to assign
        to
        the Buyers all their rights, interest and title (a) under Article 9 of the
        Shipbuilding Contract and (b) under any other suppliers' or equipment
        manufacturers' warranties that are available to the Sellers, to the extent
        the
        same is obtainable from such supplier or equipment manufacturer.

      

      The
        assignment of the rights described above, shall be effected by (a) the Sellers
        executing a deed in a standard form (the "Deed
        of Assignment")
        and
        (b) the Builder or such other relevant supplier or manufacturer countersigning
        a
        notice of assignment again in a standard form, such notice to be duly
        executed.

      

      The
        Sellers undertake with the Buyers that following the date of this Agreement,
        they shall:

      

      
        	(a)	
                at
                  the Buyers' expense, provide the Buyers on the date of delivery
                  of the
                  Vessel to the Buyers under this Agreement with a true and complete
                  certified copy of the Shipbuilding Contract pursuant to which the
                  Sellers
                  have obtained the benefit of the relevant warranties as well as
                  list of
                  any claims made thereunder;

              

      

      

      
        	(b)	
                not
                  in any manner vary, waive, surrender, assign to any person other
                  than the
                  Buyers or suspend any of their rights under the relevant warranties;
                  and

              

      

      

      
        	(c)	
                advise
                  the Buyers of any event that falls within any of the warranties
                  to be
                  assigned to the Buyers hereunder.

              

      

      

      Clause
        19

      

      To
        the
        extent that the Sellers receive the benefit of a reduction (the "reduction")
        in the
        contract price to be paid by them under the Shipbuilding Contract for any
        reason
        whatsoever (including by operation of Article 3 of the Shipbuilding Contract),
        then the Buyers would automatically be entitled to receive, in the Buyer's
        option, either a reduction in the Purchase Price or a lump sum payment by
        the
        Sellers to the Buyers on delivery of the Vessel under this Agreement, in
        either
        case equal to the amount of the reduction.

      

      To
        the
        extent that the contract price to be paid by the Sellers under the Shipbuilding
        Contract has increased (the "increase")
        in
        accordance with the terms of the Shipbuilding Contract (for example in
        accordance with the terms of Article 3(a)(iv) of the Shipbuilding Contract
        because of the Builder delivering the Vessel earlier than provided in Article
        7
        of the Shipbuilding Contract), then the purchase price payable under Clause
        1
        hereof shall be increased by an amount in Dollars equal to the amount of
        the
        increase. The final purchase price payable by the Buyers under Clause 1 hereof
        may be increased not only because of early delivery under the Shipbuilding
        Contract but also because of amendments to the Specifications requested by
        the
        Sellers. The Sellers have the right to request any changes to the Specifications
        (including the Makers' list). While the Sellers will give the Buyers notice
        of
        any changes to the Specifications, the Sellers shall retain full discretion
        in
        such respect, Provided However that to the extent that the aggregate of all
        increases, which may take place from the date of this agreement until delivery
        of the Vessel hereunder, are to exceed US$2,000,000, then the increase bringing
        the total of such increases over the said limit of US$2,000,000 shall only
        be

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
      

      payable
        by the Buyers to the Sellers if such increase has been previously approved
        in
        writing by the Buyers.

      

      Clause
        20

      

      The
        Buyers understand and agree that Sellers shall be building the Vessel to
        the
        same specifications as all other vessels (the "Other
        Vessels")
        under
        construction currently being built at the Shipyard by the Builder for Trojan's
        account. The Sellers have absolute and sole discretion on the Specifications
        and
        any maker's list selection in respect of the Vessel, which both may be modified
        during the construction of the Vessel to coincide with changes also made
        as
        regards the Other Vessels and the Buyers will be kept fully informed in a
        timely
        manner. The Buyers may make recommendations at any time to the Sellers regarding
        the Specifications but the final specifications to remain fully within the
        Sellers' sole discretion. The Buyers are free to make recommendations to
        the
        Sellers with regard to the Specifications.

      

      Upon
        lodging the deposit under Clause 2 of this Agreement, the Buyers have the
        right
        to place up to two (2) persons at the Shipyard until delivery of the Vessel
        hereunder to work along with and form part of the Seller's supervision team
        and
        to follow the working protocol that is established by the Sellers' team and
        under no circumstance are the Buyers' personnel to deviate from the Sellers'
        working protocol nor to communicate directly with the Builder unless approved
        by
        the Sellers. In any event, under no circumstance may the Buyers' personnel
        communicate with the Builder's personnel or otherwise act independently of
        the
        Sellers team. The Sellers have the right to request the Buyers to change
        their
        personnel or part thereof, if the Sellers reasonably deem that such personnel
        is
        deviating from what is provided above. The Buyers' personnel situate at the
        Shipyard will have free access to all information/documentation and the full
        cooperation of the Sellers' team at all times.

      

      The
        Buyers' personnel at the Shipyard will be under employment of the Buyers
        with
        the Buyers remaining responsible/liable for the said personnel's salaries,
        expenses and other costs and the Buyers agree to indemnify and hold the Sellers
        harmless from any and all personal injury claims (including death) concerning
        the Buyers' personnel and made against the Sellers.

      

      The
        Buyer's personnel are subject to the provisions of Articles 4 and 10(h) of
        the
        Shipbuilding Contract.

      

      Clause
        21

      

      If
        for
        any reason whatsoever the Sellers become entitled to terminate the Shipbuilding
        Contract or to reject the Vessel, then the Sellers shall, before exercising
        such
        right of termination or rejection, advise in writing the Buyers of the existence
        thereof and shall act in relation to the said right(s) in accordance with
        the
        Buyers' instructions. Within seven (7) Banking days from receiving such advice
        the Buyers shall in turn advise the Sellers in writing:

      

      
        	
              	(i)	
                if
                  they wish the Shipbuilding Contract to be terminated or, as the
                  case may
                  be, the Vessel to be rejected. Upon such notice the deposit together
                  with
                  the interest earned shall be released immediately to the Buyers
                  after
                  which this Agreement shall be null and void;
                  or

              

      

      

      
        	
              	(ii)	
                if
                  they do not wish the Shipbuilding Contract to be terminated or,
                  as the
                  case may be, the Vessel to be rejected, of the terms, if any, upon
                  which
                  the Buyers will be willing for the Sellers to continue the Shipbuilding
                  Contract or accept the Vessel. Upon receipt by the Sellers of the
                  said
                  notice and depending on the instructions contained therein, the
                  Sellers
                  would either (a) if the Buyers have given instructions to negotiate
                  terms,
                  negotiate the terms on which delivery of the Vessel would be taken
                  or the
                  Shipbuilding Contract would be continued or (b) if there are no
                  instructions to negotiate terms but merely instructions to continue,
                  unconditionally continue the Shipbuilding Contract, take delivery
                  of the
                  Vessel and deliver the Vessel to the Buyers. In the event that
                  the Builder
                  does not agree to 

              

      

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
      

      
        	 	
                the
                  terms requested by the Buyers in their notice to the Sellers, then
                  the
                  Sellers, having first obtained the Buyers' prior written consent,
                  shall be
                  entitled to terminate the Shipbuilding Contract, or, as the case
                  may be,
                  reject the Vessel whereupon the provisions of sub-paragraph (i)
                  shall
                  apply.

              

      

      

      Clause
        22

      

      It
        is
        hereby agreed that it will be for the Buyers and not for the Sellers to provide
        the name of the Vessel and the Sellers agree that they will pass the Buyers'
        proposed name to the Builder and arrange that the same is imprinted by the
        Builder on the Vessel's hull and on the Vessel's papers. To the extent the
        Builder requires any additional payment for making such imprints, then such
        payment shall be for the Buyers' account.

      

      Subject
        to the Builder's consent, the Sellers shall procure that any naming ceremony,
        as
        well as any delivery ceremony, relating to the Vessel is attended by the
        Buyers
        (as well as the Sellers) as if it were a ceremony arranged by the Builder
        for
        the Buyers' guests and personnel.

      

      Clause
        23

      

      The
        Sellers undertake with the Buyers to provide to the Buyers, promptly after
        receiving the same, a copy of all notices, demands, correspondence, documents,
        etc., received by the Sellers and or their agents, attorneys, employees under
        or
        in connection with the Shipbuilding Contract, including any correspondence
        between the Classification Society and the Builder and/or the
        Sellers.

      

      Clause
        24

      

      Any
        and
        all notices and communications in connection with this Agreement shall be
        in
        English and addressed as follows:

      

      if
        to the
        Buyers at:

      

      c/o
        Safety Management Overseas S.A.

      32
        K.
        Karamanlis Avenue

      166
        73
        Voula

      Athens

      Greece

      

      
        	
                Fax
                  number:

              	
                +30
                  210 8956900

              
	
                Attn.:

              	
                Dr.
                  Loucas N. Barbaris

              

      

      

      if
        to the
        Sellers to:

      

      Trojan
        Maritime Inc.

      c/o
        Independence Maritime Agency Inc.

      39
        Broadway, Suite 2140

      New
        York,
        NY 10006

      USA

      

      
        	
                Fax
                  number: 

              	
                +1
                  212 50 98 681

              
	
                Attn:

              	
                Mr.
                  Nicos Notias

              

      

      

      Clause
        25

      

      The
        Buyers agree not to resell the Vessel to a third party at any time prior
        to the
        delivery of the Vessel and acceptance thereof by the Buyers under this
        Agreement. The Sellers shall have a right of first refusal in connection
        with
        any sale by the Buyers prior to the delivery of the Vessel under this
        Agreement.

       

      
        
          
          

        

          
          

          
  

          

        

        
          
          

        

      
      

      Clause
        26

      

      The
        Sellers have the right under Article 7(e) of the Shipbuilding Contract to
        nominate one of their associated companies (the "Nominee")
        to
        take delivery of the Vessel under the Shipbuilding Contract.

      

      The
        Buyers and the Sellers agree that if Trojan nominates the Nominee under the
        Shipbuilding Contract, then at the same time Trojan shall also nominate the
        Nominee as the seller of the Vessel under this Agreement. It is further agreed
        between the Sellers and the Buyers that any such nomination is to be made
        by
        Trojan in writing at the same time as the nomination by Trojan under the
        Shipbuilding Contract and at least 10 running days before delivery of the
        Vessel
        and in connection therewith Trojan will also provide to the Buyers a copy
        of its
        letter nominating the Nominee as Sellers, which nomination shall be accepted
        by
        the Nominee countersigning such letter.

      

      Finally,
        it is hereby agreed between the parties thereto, that upon such nomination
        taking place the Nominee shall become the "Sellers" for the purposes of this
        Agreement and shall have all the rights and obligations Trojan had by signing
        this Agreement. Trojan will remain responsible for all the obligations the
        Sellers have under this Agreement, notwithstanding the nomination of the
        Nominee, provided however that, to the extent that the Nominee duly performs
        and
        discharges (or procures the performance and discharge of) the duties and
        liabilities undertaken by the Sellers in this Agreement, then such performance
        and discharge of the said duties and liabilities by the Nominee shall be
        deemed
        to be proper and due performance and discharge of Trojan's duties and
        liabilities under this Agreement and the Buyers' shall not be construed by
        virtue of the terms of this Clause 26 that they have the right to ask Trojan
        to
        perform again any duty or liability that has already been performed by the
        Nominee.

      

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

       

      
        	
                

              
	Signed
                for and on behalf of
	TROJAN
                MARITIME INC.
	by:

      

      

      
        	
                

              
	Signed
                for and on behalf of
	MAXDEKA
                SHIPPING CORP.
	by:EXHIBIT
      10.36

    

    
      	 	 
	
              MEMORANDUM
                OF AGREEMENT

              

Dated:
                10
                November 2007

            	
              Norwegian Shipbrokers’ Association’s Memo-
                

              randum of Agreement for sale and purchase of ships.
                

              Adopted by The Baltic and International Maritime
                

              Council
                (BIMCO) in 1956.

              Code-name:

              SALEFORM
                1993

              Revised
                1966, 1983 and 1986-87.

            

    

    

    Trojan
      Maritime Inc. (“Trojan”) of 80 Broad Street, Monrovia, Libera or a company
      to be nominated by
      Trojan in accordance with Clause 26 hereof
      hereinafter called the Sellers, have agreed to sell, and Maxenteka
      Shipping Corp. of 80 Broad Street, Monrovia, Liberia 

    hereinafter
      called the Buyers, have agreed to buy 

     

    Name:
      Hull
      No. 2055 see also clause 22 hereof

    Classification
      Society/Class: Lloyd’s
      Register of Shipping / LRS: +100A1 Bulk Carrier, CSR, BC-A, Holds 2,
      4 and 6 may be empty), +LMC, UMS, GRAB[20], ESP, LI, *IWS, ShipRight (CM),
      Shipright
      (ACS) (B), with desriptive notes “Pt. Ht., ShipRight (SCM,
      BWMP(F))”

    
      	
              Built:
                expected
                on or before 31 May 2010

            	
              By: STX Shipbuilding Co., Ltd. of 100 Wonpo-dong, Jinhee,
                

              Gyeongsangnam-do,
                Korea (the “Builder”)

            
	 	 
	
              Flag:
                see
                clause 8, line 206 hereof

            	
              Place
                of Registration: see
                clause 8, line 206 hereof

            
	 	 
	
              Call
                Sign: n/a,
                see clause 8, line 206 hereof

            	
              Grt/Nrt:
                In accordance with the
                Specifications

            

    

     

    IMO
      Number: n/a,
      see clause 8, line 206 hereof 

     

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

     

    Definitions 

     

    “Banking
      days” are days on which banks are open both in the country of the currency
      stipulated for the Purchase Price in Clause 1
      and in
      the place of closing stipulated in Clause 8
      and
      where a payment is to be made under this Agreement.

     

    “In
      writing” or “written” means a letter handed over from the Sellers to the Buyers
      or vice versa, a registered letter, telex, telefax or other modern form of
      written communication. 

     

    “Bank”
      means such bank acceptable to the Buyers as the Sellers shall finance one or
      more of the first four instaments of the contract price payable by the Sellers
      to the Builder under the Shipbuilding Contract. 

     

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

     

    “Loan
      Agreement” means the loan agreement made or, as the context may require, to be
      made between the Sellers and the Bank in connection with the financing by the
      Bank of the first four instalments of the contract price payable by the Sellers
      to the Builder under the Shipbuilding Contract, a copy of which loan agreement
      shall be provided by the Sellers to the Buyers promptly after it is executed.
      

     

    “Shipbuilding
      Contract” means the shipbuilding contract dated 15 June 2007 made between
      the Builder and the Sellers in connection with the construction of the Vessel
      by
      the Builder and its purchase by the Sellers, a copy of which contract is
      attached hereto as Appendix “A”. 

     

    “Shipyard”
      means the Builders’ facilities where the Vessel is being built and which are
      located at Jinhae, Korea. 

     

    “Specifications”
      means the specifications and plans to the Shipbuilding Contract, a copy of
      which
      Specifications and plans are attached hereto as Appendix “B”. 

     

    “United
      States Dollars” and “US$” mean the lawful currency of the United States of
      America at any relevant time.

     

    
      	1.	
              Purchase
                Price 

            

    

     

    US$48,080,000
      plus:

     

    (a)
      any upward adjustments pursuant to Clause 19 hereof;
      and

     

    (b)
      any cost incurred by the Sellers by obtaining a bank loan in connection with
      financing of the four pre-delivery instalments payable by the Sellers under
      the
      Shipbuilding Contract (which cost comprises of interest, commitment commission,
      arrangements fees, legal expenses, valuations and any other related costs as
      referred to in the Loan Agreement and payable by the Sellers thereunder, but
      excluding, for the avoidance of doubt, any repayment to be made under the terms
      of the Loan 

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer
generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Agreement;
      and 

     

    (c)
      any cost to the Sellers in setting up and maintaining the Nominee (as defined
      in
      Clause 26 hereof) until the Vessel is delivered to and accepted by the
      Buyers hereunder; and

     

    (d)
      any cost incurred by the Sellers during the construction period of the Vessel
      in
      respect of plan approval and supervision at the Shipyard of the construction
      process of the Vessel

     

    (in
      each case as evidenced by appropriate documentation passed on to the Buyers
      by
      the Sellers and/or the Bank)

     

    minus
      any adjustments as provided in Clause 19 hereof, provided
      however always that the maximum amount to be paid by the Borrowers as Purchase
      Price of the Vessel under this clause 2, shall never exceed US$52,000,000.

     

    
      	2.	
              Deposit 

            

    

     

    As
      security for the correct fulfilment of this Agreement the Buyers shall pay
      a
      deposit in the amount of US$7,212,000
      within
three
      Banking
      days from the date of this Agreement
      is signed by the parties hereto. This deposit shall be placed with a
      bank to be nominated by the
      Sellers and approved in writing by the Buyers and
      held
      by them in an interest bearing joint account for the Sellers and the Buyers,
      to
      be released in accordance with joint written instructions of the Sellers and
      the
      Buyers. Accrued interest to be credited to the Buyers. Any fee charged for
      holding the said deposit shall be borne by
      the
      Buyers.

     

    
      	3.	
              Payment 

            

    

     

    The
      remaining of the said Purchase Price after deducting the amount of the deposit
      made in accordance with Clause 2 hereof shall be deposited
      in full
      free of bank charges as follows:

     

    (a)
      an
      amount in Dollars equal to the amount of the fifth and final instalment of
      the
      contract price payable by the Sellers to the Builder under the terms of the
      Shipbuilding Contract shall be deposited in the name of the Buyers or their
      financiers with the bank in Korea where the Sellers are obliged under the terms
      of the Shipbuilding Contract to deposit the fifth instalment at the same time
      as
      the Sellers have to make such deposit in accordance with the terms of the
      Shipbuilding Contract; and

     

    (b)
      the
      remaining part of the Purchase Price shall be deposited in full free of bank
      charges in the name of the Buyers or their financiers to a
      bank to be nominated by the Sellers and approved in writing by the Buyers,
      five
      Banking
      days
      prior to the estimated delivery date of the Vessel.

     

    The
      Purchase Price (comprising of the deposits made under Clause 2 hereof and
      Clause 3 hereof) shall be released by the Buyers or their financiers as
      follows:

     

    (a)
      as
      regards the part of the Purchase Price deposited in Korea in accordance with
      this Clause, to the Builder; and

     

    (b)
      as
      regards the remainder of the Purchase Price deposited with the Bank nominated
      by
      the Sellers and approved by the Buyers in accordance with this Clause, to the
      Sellers.

     

    in
      either
      case on delivery of the Vessel and upon the signing of the Protocol of Delivery
      and Acceptance from the Sellers and the Buyers, but not later than 3
Banking
      days after the Vessel is in every respect physically ready for delivery in
      accordance with the terms and conditions of this Agreement and Notice of
      Readiness has been given in accordance with Clause 5.
      

    
       

      
        	4.	
                Inspections—-see
                  Clause 20 

              

      

       

    

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

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

     

    
      	5.	
              Notices,
                time and place of delivery 

            

    

     

    
      	a)	
              The
                Sellers shall keep the Buyers well informed of the Vessel’s estimated
                time
                of
                delivery and shall provide
                the Buyers with 15, 10, and 3 days approximate notice and 3 days
                definite notice
                thereof When
                the Vessel is
                in
                every respect physically ready for delivery in accordance with this
                Agreement, the Sellers shall give the Buyers a written Notice of
                Readiness
                for delivery. 

            

    

      

    
      	b)	
              Subject
                to the Vessel having completed her sea trials in accordance with
                the
                Shipbuilding Contract
                and the Specifications,
                the Vessel shall be delivered and taken over safely afloat at a safe
                and
                accessible berth or anchorage
                at/ the
                Shipyard alongside
                the Builder’s pier or the Builder’s anchorage. If the Vessel
                is delivered
                to the Buyers at the Builder’s pier, the Buyers shall remove the Vessel
                therefrom as soon as practically possible after being instructed
                by the
                Builder to do so. Expected time of delivery: upon delivery of the
                Vessel
                from the Builder to the Sellers 

            

    

     

    Date
      of
      cancelling (see Clauses 5 c and 14):
      means
      either of the dates on which the Sellers,
      but for Clause 21 hereof, could terminate the Shipbuilding Contract
      pursuant to Article 3 of the Shipbuilding Contract or Article 8 of the
      Shipbuilding Contract.

     

    
      	d)	
              Should
                the Vessel become an actual, constructive or compromised total loss
                before
                delivery then the Sellers shall discuss with the Builder in accordance
                with the terms of Article 17(b) whether the Vessel shall be
                reconstructed or the Shipbuilding Contract shall be terminated. The
                Sellers shall not reach an agreement with the Builder to reconstruct
                the
                Vessel in accordance with the terms of Article 17(b)I(i) of the
                Shipbuilding Contract unless such agreement is on the terms acceptable
                to
                the Buyers. In the case that agreement between

            

    

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    the
      Sellers and the Builder is reached on terms acceptable to the Buyers, this
      Agreement shall continue in place and the terms agreed in connection with the
      Shipbuilding Contract shall be also incorporated in this Agreement to the extent
      required. If there is no Agreement reached between the Sellers and the Builder
      under Article 17 of the Shipbuilding Contract within two months from the date
      of
      the total loss occuring or if the agreement to be reached in not acceptable
      to
      the Buyers, then the deposit together with interest earned shall be released
      immediately to the Buyers whereafter this Agreement shall be null and void.
      

     

    
      	6.	
              Drydocking/Divers
                Inspection 

            

    

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    
      	7.	
               Spares/bunkers,
                etc. 

            

    

     

    The
      Sellers shall deliver the Vessel to the Buyers with everything belonging to
      her
      on board and on Shore. Forwarding charges, if any, shall be for the Buyers’
account. The radio installation and navigational equipment shall be included
      in
      the sale without extra payment. Unused
      stores and provisions shall be included in the sale and be taken over by the
      Buyers without extra payment if originally purchased or supplied by the Buyers.
      Otherwise Buyers to reimburse the Sellers against the Sellers’ or, as the case
      may be, the Builder’s relevant invoices (after taking into account any
      discounts). Spare parts shall be in accordance with the requirements of the
      Classification Society to the extent provided by the
      Builder.

     

    The
      Buyers shall take over the remaining bunkers and lubricating
      oils (whether in storage tanks, sealed
      drums or remaining in the main engine, other machinery and their pipes, stern
      tube and the like) and pay, as regards the bunkers, the same amount paid by
      the
      Sellers to the Builder pursuant to the terms of the Shipbuilding
      Contract 
      and, as regards the lubricant oils, the net price paid by the Sellers to their
       suppliers
      in relation to such lubricant oils (after taking into account any discount
      or
      rebate received by the Sellers or their manager by such supplier in connection
      with such lubricating oils), in either case as evidenced by the relevant
      invoices. Payment
      under the Clause shall be made at the same time and place and in the same
      currency as 

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    
      the
        Purchase Price.

    

     

    
      	8.	
              Documentation 

            

    

     

    The
      place
      of closing: London,
      England or Piraeus, Greece or New York City, N.Y. in the
      Buyers’ option.

    In
      exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
      with delivery documents, namely: 

     

    
      	a)	
              Four
                original legal
                Bills of Sale in a form recordable in
                          the port and the
                country in which the Buyers are to register the Vessel and which
                the
                Buyers should nominate at least 10 running days prior to the delivery
                of
                the Vessel, warranting that the Vessel is free from all encumbrances,
                mortgages and maritime liens or any other debts or claims whatsoever,
                duly
                notarially attested and legalized by the consul of such country or
                other
                competent authority. 

            

    

     

    
      	b)	
              All
                documents to be delivered to the Sellers by the Builders pursuant
                to
                Article 7(c) of the Shipbuilding Contract, including the documents
                called ““Builder’s Certificate” 

            

    

     

    
      	f)	
              Any
                such additional documents as may reasonably be required by the competent
                authorities for the purpose of registering the Vessel, as well as
                any such
                additional documents that the Buyers shall require for the purpose
                of
                ascertaining (i) the proper constitution of the Sellers and the Builder
                and (ii) that all appropriate corporate and other action has been
                taken in
                connection with the authorisation and the performance by the Sellers
                and
                the Builder of this Agreement and the assignment of the warranty
                of
                quality as provided in Clause 18 hereof together with any documents
                referred therein, provided the Buyers notify the Sellers of any such
                documents as soon as possible after the date of this Agreement.
                

            

    

     

    At
      the
      time of delivery the Buyers and Sellers shall sign and deliver to each other
      a
      Protocol of Delivery and Acceptance confirming the date and time of delivery
      of
      the Vessel from the Sellers to the Buyers. 

     

    At
      the
      time of delivery the Sellers shall hand to the Buyers the classification
      certificate(s) (provided that the Buyers supply the Sellers who will pass onto
      the Builder with the necessary information required by the Classification
      Society for issuing such certificates in the Buyers’ name) (as provided in
      Clause 11 hereof) as well as all plans etc., relating to the Vessel and her
      equipment whether or not the same are on board the Vessel. Other certificates
      whether or not the same are on board the Vessel shall also be handed over to
      the
      Buyers unless the Sellers are required to retain same, in which case the Buyers
      to have the right to take copies. Other technical documentation which may be
      in
      the Sellers’ possession (including the Specifications, the Vessel’s shipbuilding
      drawings, equipment manuals, sea trial records, correspondence with the Builder
      or the Classification Society concerning the Vessel or its equipment) shall
      be
      promptly forwarded to the Buyers at their expense The Buyers and the Sellers
      agree to arrange for an undocumented transfer, i.e. for the Vessel to be
      registered directly in the Buyer’s name, and the Sellers shall procure that the
      Builder shall also not register its title prior to tendering delivery to the
      Sellers pursuant to the Shipbuilding Contract.

    
       

      
        	
                9.

              	
                Encumbrances 

              

      

    

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

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

     

    
      	10.	
              Taxes,
                etc. 

            

    

     

    ny
      taxes,
      fees and expenses in connection with the purchase and registration under the
      Buyers’ flag and similar charges payable
      by the Sellers under the Shipbuilding Contract in connection with the
      construction and/or delivery of the Vessel to the Sellers by the Builder shall
      be
      r for
      the Buyers’ account. 

     

    
      	11.	
              Condition
                on delivery 

            

    

     

    The
      Vessel with everything belonging to her shall be at the Sellers’ risk and
      expense until she is delivered to the Buyers, but subject to the terms and
      conditions of this Agreement she shall be delivered and taken
      over in
      brand new condition as is at the time of delivery of the Vessel to the Sellers
      by the Builder and always in compliance with the Specifications and the
      Shipbuilding Contract and otherwise in accordance with Clause 20.

     

    Furthermore,
      the Vessel shall be delivered with her class maintained without
      condition/recommendation*, free of average damage affecting the Vessel’s class,
      and with her classification certificates and national and international
      certificates, as well as all other certificates the Vessel had at the time
      of
delivery
      from the Builder, valid and unextended
      for 5 months (to the extent issued by the Builder) from the date the Vessel
      is
      delivered to
      the Buyers under this Agreement, without condition/recommendation* by Class
      or
      the relevant authorities and save as provided in line 219 above and provided
      further that the Buyers shall accept the provisional certificates issued by
      the
      Class at the time of delivery.
      

     

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

            

    

     

    
      	12.	
              Name/markings 

            

    

     

     See Clause
      22.

     

    
      	13.	
              Buyers’
                default 

            

    

     

    Should
      the deposit not be paid in accordance with Clause
      2,
      the
      Sellers have the right to cancel this Agreement, and they shall be entitled
      to
      claim compensation for their losses and for all expenses incurred together
      with
      interest. 

     

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

     

    
      	14.	
              Sellers’
                default 

            

    

     

    Should
      the Sellers fail to give Notice of Readiness in accordance with Clause
5
      a)
      or fail
      to be ready To validly complete a legal transfer by the date stipulated
      in
      line
      61
      or
      should the Sellers be in breach of any of their obligations under Clause 18,
      19,
      21 and 22 hereof the Buyers shall have the option of cancelling this Agreement
      provided always that the Sellers shall be granted a maximum of 5 Banking days
      after Notice of Readiness has been given to make arrangements for the
      documentation set out in Clause
      8.
      If
      after Notice of Readiness has been given but before the Buyers have taken
      delivery, the Vessel ceases to be physically ready for delivery and is not
      made
      physically ready again in every respect by the date stipulated in line
      61
      and new
      Notice of Readiness given, the Buyers shall retain their option to cancel.
      In
      the event that the Buyers elect to cancel this Agreement the deposit together
      with interest earned shall be released to them  

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    immediately.

     

    Should
      the Sellers fail to give Notice of Readiness by the date stipulated in
line
      61
      or fail
      to be ready to validly complete a legal transfer as aforesaid or are in breach
      of any Clauses 18, 19, 21 and 22 hereof they shall make due compensation to
      the
      Buyers for their loss and for all expenses together with interest if their
      failure is due to proven gross negligence and whether or not the Buyers cancel
      this Agreement. For the avoidance of doubt consequential loss (such as loss
      of
      charter etc.) is excluded.

     

    
      	15.	
              Buyers’
                representatives – see Clause 20 

            

    

     

    
      	16.	
              Arbitration 

            

    

     

    
      	a)*	
              This
                Agreement shall be governed by and construed in accordance with English
                law and any dispute arising out of this Agreement shall be referred
                to
                arbitration in London in accordance with the Arbitration Acts 1996
                or any
                statutory modification or re-enactment thereof for the time being
                in
                force, one arbitrator being appointed by each party. On the receipt
                by one
                party of the nomination in writing of the other party’s arbitrator, that
                party shall appoint their arbitrator within fourteen days, failing
                which
                the decision of the single arbitrator appointed shall apply. If two
                arbitrators are properly appointed they shall in turn appoint a third
                arbitrator and the three arbitrators will be deciding by majority
                and
                their majority decision shall be final.
                In the event the two arbitrators appointed by the parties hereto
                fail to
                agree on the appointment of the third arbitraor then the President
                of the
                Lloyds Maritime Arbitration Association at the relevant time shall
                be
                asked by either party to appoint the third
                arbitrator,.

            

    

     

    No
      term of this Agreement shall be enforceable under the Contracts (Rights of
      Third
      Parties) Act 1999 by a person who is not a party to this
      Agreement.

     

    Clauses
      17 to 26 hereof, inclusive, as attached, form an integral part of this
      Agreement. The Buyers also acknowledge that they have read and accepted the
      terms of the Shipbuilding Contract.

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    ADDITIONAL
      CLAUSES TO THE MEMORANDUM OF AGREEMENT DATED 10 NOVEMBER 2007 BETWEEN TROJAN
      MARITIME INC. AND MAXENTEKA SHIPPING CORP. IN RESPECT OF HULL NO.
      2055

     

    Clause
      17

     

    Neither
      of the parties hereto shall assign this Agreement to a third party, PROVIDED
      ALWAYS HOWEVER THAT, the Buyers shall have the right to assign, without the
      need
      to obtain the Sellers’ prior consent, any of their rights under this Agreement
      to a bank or other financial institution providing the Buyers with finance
      in
      relation to the acquisition of the Vessel.

     

    Clause
      18

     

    On
      the
      delivery of the Vessel under this Agreement, the Sellers undertake to assign
      to
      the Buyers all their rights, interest and title (a) under Article 9 of the
      Shipbuilding Contract and (b) under any other suppliers’ or equipment
      manufacturers’ warranties that are available to the Sellers, to the extent the
      same is obtainable from such supplier or equipment manufacturer.

     

    The
      assignment of the rights described above, shall be effected by (a) the Sellers
      executing a deed in a standard form (the “Deed
      of Assignment”)
      and (b)
      the Builder or such other relevant supplier or manufacturer countersigning
      a
      notice of assignment again in a standard form, such notice to be duly
      executed.

     

    The
      Sellers undertake with the Buyers that following the date of this Agreement,
      they shall:

     

    
      	(a)	
              at
                the Buyers’ expense, provide the Buyers on the date of delivery of the
                Vessel to the Buyers under this Agreement with a true and complete
                certified copy of the Shipbuilding Contract pursuant to which the
                Sellers
                have obtained the benefit of the relevant warranties as well as list
                of
                any claims made thereunder;

            

    

     

    
      	(b)	
              not
                in any manner vary, waive, surrender, assign to any person other
                than the
                Buyers or suspend any of their rights under the relevant warranties;
                and

            

    

     

    
      	(c)	
              advise
                the Buyers of any event that falls within any of the warranties to
                be
                assigned to the Buyers hereunder.

            

    

    

    Clause
      19

     

    To
      the
      extent that the Sellers receive the benefit of a reduction (the “reduction”)
      in the
      contract price to be paid by them under the Shipbuilding Contract for any reason
      whatsoever (including by operation of Article 3 of the Shipbuilding Contract),
      then the Buyers would automatically be entitled to receive, in the Buyer’s
      option, either a reduction in the Purchase Price or a lump sum payment by the
      Sellers to the Buyers on delivery of the Vessel under this Agreement, in either
      case equal to the amount of the reduction.

     

    To
      the
      extent that the contract price to be paid by the Sellers under the Shipbuilding
      Contract has increased (the “increase”)
      in
      accordance with the terms of the Shipbuilding Contract (for example in
      accordance with the terms of Article 3(a)(iv) of the Shipbuilding Contract
      because of the Builder delivering the Vessel earlier than provided in Article
      7
      of the Shipbuilding Contract), then the purchase price payable under Clause
      1
      hereof shall be increased by an amount in Dollars equal to the amount of the
      increase. The final purchase price payable by the Buyers under Clause 1 hereof
      may be increased not only because of early delivery under the Shipbuilding
      Contract but also because of amendments to the Specifications requested by
      the
      Sellers. The Sellers have the right to request any changes to the Specifications
      (including the Makers’ list). While the Sellers will give the Buyers notice of
      any changes to the Specifications, the Sellers shall retain full discretion
      in
      such respect, Provided However that to the extent that the aggregate of all
      increases, which may take place from the date of this agreement until delivery
      of the Vessel hereunder, are to exceed US$2,000,000, then the increase bringing
      the total of such increases over the said limit of US$2,000,000 shall only
      be
      payable by the Buyers to the Sellers if such increase has been previously
      approved in writing by the Buyers.

     

    Clause
      20

     

    The
      Buyers understand and agree that Sellers shall be building the Vessel to the
      same specifications as all other vessels (the “Other
      Vessels”)
      under
      construction currently being built at the Shipyard by the Builder for Trojan’s
      account. The Sellers have absolute and sole discretion on the Specifications
      and
      any makers list selection in respect of the Vessel, which both may be modified
      during the construction of the Vessel to coincide with changes also made as
      regards the Other Vessels and the Buyers will be kept fully informed in a timely
      manner. The Buyers may make recommendations at any time to the Sellers regarding
      the Specifications but the final specifications to remain fully within the
      Sellers sole discretion. The Buyers are free to make recommendations to the
      Sellers with regard to the Specifications.

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Upon
      lodging the deposit under Clause 2 of this Agreement, the Buyers have the right
      to place up to two (2) persons at the Shipyard until delivery of the Vessel
      hereunder to work along with and form part of the Seller’s supervision team and
      to follow the working protocol that is established by the Sellers’ team and
      under no circumstance are the Buyers’ personnel to deviate from the Sellers’
working protocol nor to communicate directly with the Builder unless approved
      by
      the Sellers. In any event, under no circumstance may the Buyers’ personnel
      communicate with the Builder’s personnel or otherwise act independently of the
      Sellers team. The Sellers have the right to request the Buyers to change their
      personnel or part thereof, if the Sellers reasonably deem that such personnel
      is
      deviating from what is provided above. The Buyers’ personnel situate at the
      Shipyard will have free access to all information/documentation and the full
      cooperation of the Sellers’ team at all times.

     

    The
      Buyers’ personnel at the Shipyard will be under employment of the Buyers with
      the Buyers remaining responsible/liable for the said personnel’s salaries,
      expenses and other costs and the Buyers agree to indemnify and hold the Sellers
      harmless from any and all personal injury claims (including death) concerning
      the Buyers’ personnel and made against the Sellers

     

    The
      Buyers personnel are subject to the provisions of Articles 4 and 10(h) of the
      Shipbuilding Contract.

     

    Clause
      21

     

    If
      for
      any reason whatsoever the Sellers become entitled to terminate the Shipbuilding
      Contract or to reject the Vessel, then the Sellers shall, before exercising
      such
      right of termination or rejection, advise in writing the Buyers of the existence
      thereof and shall act in relation to the said right(s) in accordance with the
      Buyers’ instructions. Within seven (7) Banking days from receiving such advice
      the Buyers shall in turn advise the Sellers in writing:

     

    
      	
            	(i)	
              if
                they wish the Shipbuilding Contract to be terminated or, as the case
                may
                be, the Vessel to be rejected. Upon such notice the deposit together
                with
                the interest earned shall be released immediately to the Buyers after
                which this Agreement shall be null and void;
                or

            

    

     

    
      	
            	(ii)	
              if
                they do not wish the Shipbuilding Contract to be terminated or, as
                the
                case may be, the Vessel to be rejected, of the terms, if any, upon
                which
                the Buyers will be willing for the Sellers to continue the Shipbuilding
                Contract or accept the Vessel. Upon receipt by the Sellers of the
                said
                notice and depending on the instructions contained therein, the Sellers
                would either (a) if the Buyers have given instructions to negotiate
                terms,
                negotiate the terms on which delivery of the Vessel would be taken
                or the
                Shipbuilding Contract would be continued or (b) if there are no
                instructions to negotiate terms but merely instructions to continue,
                unconditionally continue the Shipbuilding Contract, take delivery
                of the
                Vessel and deliver the Vessel to the Buyers. In the event that the
                Builder
                does not agree to the terms requested by the Buyers in their notice
                to the
                Sellers, then the Sellers, having first obtained the Buyers’ prior written
                consent, shall be entitled to terminate the Shipbuilding Contract,
                or, as
                the case may be, reject the Vessel whereupon the provisions of
                sub-paragraph (i) shall apply.

            

    

     

    Clause
      22

     

    It
      is
      hereby agreed that it will be for the Buyers and not for the Sellers to provide
      the name of the Vessel and the Sellers agree that they will pass the Buyers’
proposed name to the Builder and arrange that the same is imprinted by the
      Builder on the Vessel’s hull and on the Vessel’s papers. To the extent the
      Builder requires any additional payment for making such imprints, then such
      payment shall be for the Buyers’ account.

     

    Subject
      to the Builder’s consent, the Sellers shall procure that any naming ceremony, as
      well as any delivery ceremony, relating to the Vessel is attended by the Buyers
      (as well as the Sellers) as if it were a ceremony arranged by the Builder for
      the Buyers’ guests and personnel.

     

    Clause
      23

     

    The
      Sellers undertake with the Buyers to provide to the Buyers, promptly after
      receiving the same, a copy of all notices, demands, correspondence, documents,
      etc., received by the Sellers and or their agents, attorneys, employees under
      or
      in connection with the Shipbuilding Contract, including any correspondence
      between the Classification Society and the Builder and/or the
      Sellers.

     

    
      Clause
        24

       

      Any
        and
        all notices and communications in connection with this Agreement shall be
        in
        English and addressed as follows:

       

    

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    if
      to the
      Buyers at:

     

    c/o
      Safety Management Overseas S.A. 

    32
      K.
      Karamanlis Avenue

    166
      73
      Voula

    Athens

    Greece

    

      
        	
                Fax number:

              	
                +30
                  210 8956900 

              
	
                Attn.:

              	
                Dr.
                  Loucas N. Barbaris

              

      

    

     

    if
      to the
      Sellers to:

     

    Trojan
      Maritime Inc.

    c/o
      Independence Maritime Agency Inc. 

    39
      Broadway, Suite 2140

    New
      York.
      NY 10006

    USA

    

      
        	
                Fax number:

              	
                +1
                  212 50 98 681

              
	
                Attn:

              	
                Mr.
                  Nicos Notias

              

      

    

     

    Clause
      25

     

    The
      Buyers agree not to resell the Vessel to a third party at any time prior to
      the
      delivery of the Vessel and acceptance thereof by the Buyers under this
      Agreement. The Sellers shall have a right of first refusal in connection with
      any sale by the Buyers prior to the delivery of the Vessel under this
      Agreement.

     

    Clause
      26

     

    The
      Sellers have the right under Article 7(e) of the Shipbuilding Contract to
      nominate one of their associated companies (the “Nominee”)
      to take
      delivery of the Vessel under the Shipbuilding Contract.

     

    The
      Buyers and the Sellers agree that if Trojan nominates the Nominee under the
      Shipbuilding Contract, then at the same time Trojan shall also nominate the
      Nominee as the seller of the Vessel under this Agreement. It is further agreed
      between the Sellers and the Buyers that any such nomination is to be made by
      Trojan in writing at the same time as the nomination by Trojan under the
      Shipbuilding Contract and at least 10 running days before delivery of the Vessel
      and in connection therewith Trojan will also provide to the Buyers a copy of
      its
      letter nominating the Nominee as Sellers, which nomination shall be accepted
      by
      the Nominee countersigning such letter.

     

    Finally,
      it is hereby agreed between the parties thereto, that upon such nomination
      taking place the Nominee shall become the “Sellers” for the purposes of this
      Agreement and shall have all the rights and obligations Trojan had by signing
      this Agreement. Trojan will remain responsible for all the obligations the
      Sellers have under this Agreement, notwithstanding the nomination of the
      Nominee, provided however that, to the extent that the Nominee duly performs
      and
      discharges (or procures the performance and discharge of) the duties and
      liabilities undertaken by the Sellers in this Agreement, then such performance
      and discharge of the said duties and liabilities by the Nominee shall be deemed
      to be proper and due performance and discharge of Trojan’s duties and
      liabilities under this Agreement and the Buyers’ shall not be construed by
      virtue of the terms of this Clause 26 that they have the right to ask Trojan
      to
      perform again any duty or liability that has already been performed by the
      Nominee.

     

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

     

    

     

    This
      document is a computer generated SALEFORM 1993 form printed by authority of
      the
      Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
      be clearly visible. In the event of any modification made to the pre-printed
      text of this document which is not clearly visible, the text of the original
      approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
      assume no responsibility for any loss, damage or expense as a result of
      discrepancies between the original approved document and this computer generated
      document.

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