MEMORANDUM OF AGREEMENT Norwegian Shipbrokers'Association's Memo- randum of Agreement for sale and purchase of ships.Adopted by The Baltie and International Maritime Council (BIMCO)in 1956. Code-name Dated: SALEFORM 1993 Revised1966.1983and198687. hereinafter called the Sellers,have agreed to sell,and 1 hereinafter called the Buyers,have agreed to buy 2 Name: 3 Classification Society/Class: 4 Built: By: 5 Flag: Place of Registration: 6 Call Sign: Grt/Nrt: 7 Register Number: 8 hereinafter called the Vessel,on the following terms and conditions: 9 Definitions 10 "Banking days"are days on which banks are open both in the country of the currency 11 stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. "In writing"or "written"means a letter handed over from the Sellers to the Buyers or vice versa. 13 a registered letter,telex,telefax or other modern form of written communication. 4 "Classification Society"or "Class"means the Society referred to in line 4. 15 1. Purchase Price 16 2. Deposit 17 As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10 18 (ten per cent)of the Purchase Price within banking days from the date of this 19 Agreement.This deposit shall be placed with 0 and held by them in a joint account for the Sellers and the Buyers,to be released in accordance 1 with joint written instructions of the Sellers and the Buyers.Interest,if any,to be credited to the 22 Buyers.Any fee charged for holding the said deposit shall be borne equally by the Sellers and the Buyers. 24 3.Payment 25 The said Purchase Price shall be paid in full free of bank charges to 26 on delivery of the Vessel,but not later than 3 banking days after the Vessel is in every respect 27 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. 8 4. Inspections 30 a)*The Buyers have inspected and accepted the Vessel's classification records.The Buyers 31 have also inspected the Vessel at/in on 3 and have accepted the Vessel following this inspection and the sale is outright and definite. 3 subject only to the terms and conditions of this Agreement. 34 b)*The Buyers shall have the right to inspect the Vessel's classification records and declare 35 whether same are accepted or not within 36 The Sellers shall provide for inspection of the Vessel at/in 37 The Buyers shall undertake the inspection without undue delay to the Vessel.Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 38hereinafter called the Sellers, have agreed to sell, and 1 hereinafter called the Buyers, have agreed to buy 2 Name: 3 Classification Society/Class: 4 Built: By: 5 Flag: Place of Registration: 6 Call Sign: Grt/Nrt: 7 Register Number: 8 hereinafter called the Vessel, on the following terms and conditions: 9 Definitions 10 "Banking days" are days on which banks are open both in the country of the currency 11 stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. 12 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, 13 a registered letter, telex, telefax or other modern form of written communication. 14 "Classification Society" or "Class" means the Society referred to in line 4. 15 1. Purchase Price 16 2. Deposit 17 As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10 % 18 (ten per cent) of the Purchase Price within banking days from the date of this 19 Agreement. This deposit shall be placed with 20 and held by them in a joint account for the Sellers and the Buyers, to be released in accordance 21 with joint written instructions of the Sellers and the Buyers. Interest, if any, to be credited to the 22 Buyers. Any fee charged for holding the said deposit shall be borne equally by the Sellers and the 23 Buyers. 24 3. Payment 25 The said Purchase Price shall be paid in full free of bank charges to 26 on delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect 27 physically ready for delivery in accordance with the terms and conditions of this Agreement and 28 Notice of Readiness has been given in accordance with Clause 5. 29 4. Inspections 30 a)* The Buyers have inspected and accepted the Vessel's classification records. The Buyers 31 have also inspected the Vessel at/in on 32 and have accepted the Vessel following this inspection and the sale is outright and definite, 33 subject only to the terms and conditions of this Agreement. 34 b)* The Buyers shall have the right to inspect the Vessel's classification records and declare 35 whether same are accepted or not within 36 The Sellers shall provide for inspection of the Vessel at/in 37 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the 38 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 39