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Exhibit 10.44
THIS VARIATION OF DEBENTURE is made the 11th day of October 1999.
(A Variation of the Collateral Charge is registered over Xxxx Xxx Xxxxx Xxxxx
Xxxxx 00X Parcel 8)
BETWEEN:
(1) CONSOLIDATED WATER CO. LTD., a company incorporated under the laws of the
Cayman Islands and having its registered office at the offices of
Consolidated Water Co. Ltd., Xxxxxxxxx Xxxxx, Xxxx Xxx Xxxx, X.X. 0000,
Grand Cayman (hereinafter called "the Borrower") of the ONE PART; and
(2) ROYAL BANK OF CANADA., a banking corporation licensed to carry on business
in the Cayman Islands with offices at X.X. Xxx 000, Xxxxxx Xxxx, Xxxxx
Xxxxxx (hereinafter called "the Bank") of the OTHER PART,
WHEREAS:
(1) The Bank and the Borrower entered into a form of Debenture dated the 1st
day of June 1979 (the "Debenture") to secure the loan of CI$200,000.00
borrowed from the Bank. A Supplemental Deed was entered into on the 30th
day of April 1981 for an additional borrowing of CI275,000.00. A second
Supplemental Deed to the Debenture was entered into on the 10th day of
March 1983 for an additional borrowing. A third Supplemental Deed to the
Debenture was entered into on the 6th day of December 1984 for additional
borrowing. A fourth Supplemental Deed to the Debenture was entered into on
the 31st day of August 1989;
(2) The Bank and the Borrower have now agreed to enter into this Variation of
Debenture to secure a further borrowing from the Bank of US$1,394,000.00 so
that the total amount of the loan to the borrower shall be US$2,500,000.00;
(3) The Bank and the Borrower have now agreed that the interest rate shall be
varied to the Bank's US$ LIBOR plus 1.5%;
(4) The Bank and the Borrower have now agreed that the repayment of the loan
shall be revolving
NOW THIS DEED WITNESSES as follows:
1. Words and terms defined in this Variation of Debenture shall bear the same
meaning herein as in the Debenture unless expressly provided to the
contrary.
2. In consolidation of the said agreement the Borrower and the Bank hereby
agree the Debenture
[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
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and the Variation of Debenture shall hereafter stand as security for all
sums owing to the Bank from time to time up to a maximum of
US$2,500,000.00 (Two Million, Five Hundred Thousand) together with
interest thereon.
3. The rate of interest payable shall be the Bank's US$ LIBOR plus 1.5%;
4. The repayment of the loan by the Borrower shall be revolving;
5. The Bank hereby consents to the registration of a Variation of Collateral
Charge over property being held as collateral security to the loan and
being mentioned in the Schedule to this Variation of Debenture.
6. All other terms and conditions of the Debenture shall remain in full force
and effect.
7. This Variation of Debenture shall be governed by and interpreted in
accordance with Cayman Islands Law.
IN WITNESS WHEREOF the parties have executed this Variation of Debenture as a
deed the day and year first before written.
SCHEDULE
All that parcel of land on Grand Cayman comprised within Registration Section
West Bay Beach North Block 11D Parcel 8.
THE COMMON SEAL of ) /s/ Xxxxx Xxxxxxx
CONSOLIDATED WATER CO. LTD. ) ------------------------
was hereunto affixed by ) Director
and by ) /s/ illegible
in the presence of: ) -------------------------
Secretary
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Witness
THE COMMON SEAL OF ) XXXXX XXXX XX XXXXXX
XXXXX XXXX XX XXXXXX ) XXXXXX TOWN, GRAND CAYMAN
was hereunto affixed by ) Director
and by )
in the presence of: ) /s/ illegible
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MANAGER
Asst. Secretary
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Witness
[PUBLIC RECORDER STAMP]
[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
