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In cooperation with Kyriakides Georgopoulos Law Firm
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www.daniolos.gr
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CLAUSE
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PAGE
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1.
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AGREEMENT
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2
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2.
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AMENDMENTS TO THE PRINCIPAL AGREEMENT
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2
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3.
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CONDITIONS
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4
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4.
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REPRESENTATIONS AND WARRANTIES
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5
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5.
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UNDERTAKING AND COVENANTS
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5
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6.
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CONTINUED FORCE AND EFFECT
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5
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7.
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FEES AND EXPENSES
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5
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8.
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NOTICES
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5
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9.
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COUNTERPARTS
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5
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10.
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LAW AND JURISDICTION
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5
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SCHEDULE
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10
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| To: |
EUROSEAS LTD.
(as Borrower) |
| To: |
Jonathan John Shipping Ltd
Joanna Maritime Ltd Allendale Investments S.A. Manolis Shipping Limited Alterwall Business Inc. Athens shipping Ltd Oinousses Navigation Ltd Corfu Navigation Ltd and Bridge Shipping Ltd (as Guarantors and Existing Owners) |
| To: |
Eurobulk Ltd.
(as Approved Manager) |
| (a) |
a reducing revolving credit facility agreement dated 21 November 2018 (the “Principal Agreement” and as the same is hereby supplemented and/or amended and as it may
further amended, supplemented, novated or varied from time to time, the “Facility Agreement”) made between (i) Euroseas Ltd. as borrower, (ii) the banks and financial institutions listed in
Schedule 1 of the Principal Agreement, which on the date thereof and on the date hereof comprised only Eurobank Ergasias S.A., as lenders (the “Lenders” or “a
Lender”) and (iii) Eurobank Ergasias S.A., as security trustee (the “Security Trustee”), as agent (the “Agent”), as arranger (the “Arranger”) and as account bank (the “Account Bank” and together with the Lenders, the Security Trustee, the Agent, the Arranger and the Account Bank, the “Creditor Parties”), pursuant to which it was agreed that the Lender would make available for drawing through multiple advances to the Borrower a reducing revolving credit facility of up to Forty Five
Million Dollars ($45,000,000) (the “Facility”, which expression shall, where the context permits, also mean the amount of the facility from time to time outstanding) for the purposes and upon the
terms and conditions set out therein, of which the aggregate amount of Thirty Million Dollars ($30,000,000) representing all Existing Ship-Related Advances has been made available to the Borrower, out of which the amount of twenty eight
million two hundred thousand Dollars ($28,200,000) currently remains outstanding;
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| (b) |
an Agency and Trust Deed dated 21 November 2018 and entered into pursuant to the Principal Agreement, it was, inter alia, agreed that the Security Trustee would hold the Trust Property on trust for the Lenders;
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| (c) |
the Borrower’s request that:
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| 2.1 |
by inserting the following new definitions of “Effective Date” and “Supplemental Letter” in clause 1.2 of the Principal
Agreement in the correct alphabetical order:
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| 2.2 |
by inserting the words “(j) the Supplemental Letter;” after the words “(i) this Agreement;” and re-lettering accordingly the remaining paragraphs in the definition of “Finance
Documents” in clause 1.2 of the Principal Agreement;
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| 2.3 |
by deleting the definitions of “Cash Collateral Deposit” and “Margin” in clause 1.2 of the Principal Agreement in their
entirety and by inserting in their place the following new definitions of “Cash Collateral Deposit” and “Margin”:
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| 2.4 |
by inserting the following new paragraph (c) after paragraph b) of clause 19.3 of the Principal Agreement:
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| 2.5 |
by inserting in Schedule 2 (Ship information) of the Principal Agreement after the block in relation to Ship 1, blocks for the New Ship A and the New Ship B as follows:
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Name of Ship
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EM ASTORIA
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Description
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Container
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Owner
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GREGOS SHIPPING LIMITED
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Year of Built
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2004
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Flag State
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Liberia
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IMO Number
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9243617
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Register/Official Number
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15321
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Ship Commitment
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$6,600,000
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Name of Ship
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EVRIDIKI G
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Description
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Container
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Owner
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NOUMEA SHIPPING LTD
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Year of Built
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2001
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Flag State
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Liberia
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IMO Number
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9231482
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Register/Official Number
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13898
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Ship Commitment
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$5,400,000
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| 2.6 |
by deleting paragraph 9. of Part C of Schedule 4 (Condition Precedent Documents) of the Principal Agreement in its entirety and
by inserting in its place the following new paragraph 6.
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| 2.7 |
by construing all references in the Principal Agreement to “this Agreement”, “hereunder” and the like and in the Finance Documents to the “Facility Agreement” as references to the Principal Agreement as amended
and supplemented by this Supplemental Letter.
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| 3.2 |
the Borrower deliver to us:
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| 3.3 |
all conditions of clause 4.1 to 4.6 and clause 9.1 of the Principal Agreement in relation to the advance of the two (2) New Ship-Related Advances have been fully satisfied and all documents and evidences
described in Schedule 4, Part C of the Principal Agreement have been received in form and substance satisfactory to the Agent and its lawyers on or before the Drawdown Date of such New Ship-Related Advances;
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| (a) |
the representations and warranties contained in clause 10 of the Principal Agreement and in clause 10 of the Guarantee granted by each existing Owner are true and correct on the date of this Supplemental Letter
as if all references therein to “this Agreement” were references to the Principal Agreement as supplemented by this Supplemental Letter; and
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| (b) |
this Supplemental Letter comprises the legal, valid and binding obligations of the Borrower and the Existing Owners enforceable in accordance with its terms.
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/s/ Stavros Yagos
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/s/ Maria Gripaiou
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Stavros Yagos and Maria Gripaiou
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Maria Gripaiou
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Attorney -in-fact
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for and on behalf of
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EUROBANK ERGASIAS S.A
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as Lender, Security Trustee, Agent, Arranger and Account Bank
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Accepted and agreed
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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EUROSEAS LTD.
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as Borrower
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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JONATHAN JOHN SHIPPING LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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JOANNA MARITIME LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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ALLENDALE INVESTMENTS S.A.
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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MANOLIS SHIPPING LIMITED
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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ALTERWALL BUSINESS INC.
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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ATHENS SHIPPING LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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OINOUSSES NAVIGATION LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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CORFU NAVIGATION LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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BRIDGE SHIPPING LTD
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as Guarantor/Existing Owner
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Dated: 30 May 2019
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/s/ S. Karmiri
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by S. Karmiri
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for and on behalf of
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EUROBULK LTD.
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as Approved Manager
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Dated: 30 May 2019
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Name of Ship
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AEGEAN EXPRESS
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Description
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Container
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Owner
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JONATHAN JOHN SHIPPING LTD
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Year of Built
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1997
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Flag State
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Panama
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IMO Number
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9138161
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Register/Official Number
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26618-PEXT-5
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Ship Commitment
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$2,375,000
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Name of Ship
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JOANNA
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Description
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Container
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Owner
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JOANNA MARITIME LTD
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Year of Built
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1999
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Flag State
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Liberia
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IMO Number
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9204477
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Register/Official Number
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16118
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Ship Commitment
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$3,250,000
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Name of Ship
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KUO HSIUNG
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Description
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Container
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Owner
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ALLENDALE INVESTMENTS S.A.
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Year of Built
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1993
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Flag State
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Panama
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IMO Number
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9055448
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Register/Official Number
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20825-93-F
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Ship Commitment
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$1,875,000
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Name of Ship
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MANOLIS P.
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Description
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Container
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Owner
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MANOLIS SHIPPING LIMITED
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Year of Built
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1995
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Flag State
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Marshall Islands
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IMO Number
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9101493
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Register/Official Number
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2849
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Ship Commitment
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$2,375,000
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Name of Ship
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NINOS
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Description
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Container
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Owner
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ALTERWALL BUSINESS INC.
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Year of Built
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1990
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Flag State
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Panama
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IMO Number
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8909082
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Register/Official Number
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27893-01-F
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Ship Commitment
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$1,500,000
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Name of Ship
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EM ATHENS
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Description
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Container
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Owner
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ATHENS SHIPPING LTD
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Year of Built
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2000
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Flag State
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Marshall Islands
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IMO Number
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9203538
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Register/Official Number
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4019
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Ship Commitment
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$4,250,000
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Name of Ship
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EM OINOUSSES
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Description
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Container
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Owner
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OINOUSSES NAVIGATION LTD
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Year of Built
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2000
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Flag State
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Marshall Islands
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IMO Number
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9203514
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Register/Official Number
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4018
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Ship Commitment
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$4,250,000
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Name of Ship
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EM CORFU
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Description
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Container
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Owner
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CORFU NAVIGATION LTD
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Year of Built
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2001
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Flag State
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Marshall Islands
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IMO Number
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9231494
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Register/Official Number
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7209
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Ship Commitment
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$4,750,000
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Name of Ship
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AKINADA BRIDGE
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Description
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Container
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Owner
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BRIDGE SHIPPING LTD
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Year of Built
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2001
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Flag State
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Panama
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IMO Number
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9224532
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Register/Official Number
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21874-01-D
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Ship Commitment
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$5,375,000
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Name of Ship
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EM ASTORIA
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Description
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Container
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Owner
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GREGOS SHIPPING LIMITED
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Year of Built
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2004
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Flag State
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Liberia
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IMO Number
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9243617
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Register/Official Number
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15321
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Ship Commitment
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$6,600,000
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Name of Ship
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EVRIDIKI G
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Description
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Container
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Owner
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NOUMEA SHIPPING LTD
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Year of Built
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2001
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Flag State
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Liberia
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IMO Number
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9231482
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Register/Official Number
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13898
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Ship Commitment
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$5,400,000
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