Agreement of Bank. The Bank, relying upon the representations and warranties made by each of the Relevant Parties in clause 4, agrees with the Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment, on or before 25 February 2015, of the conditions contained in clause 5 and Schedule 1, the Bank agrees, with effect on and from the Effective Date to the amendments of the Principal Agreement on the terms set out in clause 3.
Agreement of Bank. The Bank, relying upon the representations and warranties made by each of the Relevant Parties in clause 4, agree with the Borrowers that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment on or before 26 September 2008 of the conditions contained in clause 5 and schedule 1, the Bank agrees to the increase of the Commitment by the amount of $5,600,000 to a total amount of $43,160,000 and to the amendment of the Principal Agreement on the terms set out in clause 3.
Agreement of Bank. Subject to the terms and conditions of this Agreement, the Bank has issued its Letter of Credit in an aggregate amount, the "Stated Amount" which shall be Four Million Two Hundred Twenty Five Thousand Two Hundred Eighty and No/100ths Dollars ($4,225,280), of which (1) an amount not exceeding Four Million One Hundred Thousand and No/100ths Dollars ($4,100,000) (the "Principal Portion") may be drawn with respect to payment of the principal portion of the Bonds at their maturity, by acceleration or otherwise, or payment of the portion of redemption or "put" purchase price corresponding to the principal of the Bonds, and (2) an amount not exceeding One Hundred Twenty Five Thousand Two Hundred Eighty and no/100ths Dollars ($125,280) (the "Interest Portion") may be drawn upon with respect to the payment of accrued interest, or to the portion of redemption price corresponding to accrued interest on the Bonds equal to one hundred ten (110) days' interest (computed on the basis of a 360-day year) with respect to the Bonds (computed at the maximum rate of ten percent (10%) per annum) on or prior to their stated maturity date, all prior to 10:00 A.M. on the Business Day which is the Expiration Date. All payments on the Letter of Credit shall be made with the Bank's funds, and no such payments shall be made with funds furnished by the Company.
Agreement of Bank. On the terms set forth in this Agreement and subject to the satisfaction of the conditions set forth in Section 5(b) below on the Date of Issuance, Bank shall issue the Letter of Credit in the Stated Amount effective on the Date of Issuance.
Agreement of Bank. The Bank, relying upon the representations and warranties made by each of the Relevant Parties in clause 4, agrees with the Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment, on or before 26 March 2013, of the conditions contained in clause 5 and schedule 1, the Bank agrees, with effect on and from the Effective Date:
(a) to waive the application of clause 8.4.1 (a) in respect of any Accounting Period ending during the Waiver Period;
(b) to waive any breach of clause 8.4.1 in respect of any Accounting Period and any other time between 1 July 2012 and 28 December 2012; and
(c) to the amendments of the Principal Agreement on the terms set out in clause 3.
Agreement of Bank. The Bank, relying upon the representations and warranties on the part of the Relevant Parties contained in clause 4, agrees with the Borrowers that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment on or before 28 July 2010 of the conditions contained in clause 5 and schedule 1 (excluding those under paragraphs 6 and 7 of schedule 1), the Bank consents to (a) the extension of the Termination Date for the Santon Tranche and each Advance thereof from 30 April 2010 to 30 September 2010, (b) the revision of the terms of repayment of the Santon Tranche on the terms set out in the amended and restated Loan Agreement and (c) the reduction of the minimum shareholding threshold of Mr. Xxxxxxxxx Melissanidis in the Corporate Guarantor to 15%.
Agreement of Bank. Pursuant to Section 2(c) of the Selling Agency Agreement, BNY accepts and agrees to the ----------------- appointment pursuant to Section 1 above.
Agreement of Bank. The Bank, relying upon the representations and warranties made by each of the Relevant Parties in clause 5, agrees with the Original Borrowers and the New Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment on or before 30 April 2013 of the conditions contained in clause 5 and schedule 6, the Bank agrees to:
(a) the change of flag of the Ship from the Existing Flag State to the New Flag State;
(b) the amendment of the Principal Agreement on the terms set out in clause 4; and
(c) the matters and arrangements set out in clause 3.
Agreement of Bank. Subject to the terms and conditions of this Agreement, the Bank agrees to issue its Letter of Credit in an aggregate amount, the "Stated Amount" which shall be Seven Million Eight Hundred Thirty Thousand One Hundred Thirteen and No/100ths Dollars ($7,830,113.00), of which (1) an amount not exceeding Seven Million Five Hundred Sixty and No/100ths Dollars ($7,560,000.00) (the "Principal Portion") may be drawn with respect to payment of the principal portion of the Bonds at their maturity, by acceleration or otherwise, and (2) an amount not exceeding Two Hundred Seventy Thousand One Hundred Thirteen and No/100ths Dollars ($270,113.00) (the "Interest Portion") may be drawn upon with respect to the payment of accrued interest, or to the portion of redemption price corresponding to accrued interest on the Bonds equal to two hundred ten (210) days' interest (computed on the basis of a 360-day year) with respect to the Bonds (computed at the fixed rate of six and one eighths (6.125%) per annum) on or prior to their stated maturity date, all prior to 10:00 A.M. on the Business Day which is the Expiration Date. All payments on the Letter of Credit shall be made with the Bank's funds, and no such payments shall be made with funds furnished by the Company.
Agreement of Bank. The Bank hereby agrees to act as escrow agent in accordance with the terms, conditions and instructions contained in this Escrow Agreement.
