Trust Company Complex Ajeltake Road Ajeltake Island Majuro Marshall Islands MH96960
EXHIBIT 4.16
From: CHAILEASE INTERNATIONAL FINANCIAL
SERVICES (SINGAPORE) PTE. LTD.
00 Xxxxxxxx Xxxx
#15-01, 18 Xxxxxxxx
Singapore 048547
To: ARETI SHIPPING LTD
Trust Company Complex
Ajeltake Road
Ajeltake Island
Majuro
Xxxxxxxx Islands
MH96960
21 October 2022
Dear Sirs
Facility agreement dated 6 October 2021 (as amended and/or supplemented by a deed of release and reassignment dated 4 October 2022 and as may be further amended and/or supplemented from time to time, the “Facility Agreement”) made between (i) Areti Shipping Ltd of the Xxxxxxxx Islands as borrower (the “Borrower”), (ii) Eurodry Ltd as guarantor, and (iii) Chailease International Financial Services (Singapore) Pte. Ltd. as lender (the “Lender”), in respect of a term loan facility of a term loan facility of up to $9,000,000
We refer to the Facility Agreement.
Words and expressions defined in the Facility Agreement have the same meaning when used in this letter unless the content otherwise requires.
The Borrower requested to the Lender to consent to the change of registry and flag of m/v “TASOS” with IMO Number 9180906 (the “Ship”), which was registered in the ownership of the Borrower under the Cyprus flag, to the Xxxxxxxx Islands registry and flag.
We hereby further agree and confirm that, with effect on and from the 21st of October 2022:
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1. |
the definition of "Deed of Covenants" in clause 1.1 of the Facility Agreement shall be deleted; |
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2. |
the words "Deed of Covenants" in the definition of "Finance Documents" in clause 1.1 of the Facility Agreement shall be deleted; |
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3. |
the words “first priority Cyprus ship mortgage” in the definition of “Mortgage A” in clause 1.1 of the Facility Agreement shall be deleted and replaced with the words “first preferred Xxxxxxxx Islands ship mortgage”; |
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4. |
the words “first priority Cyprus ship mortgage” in clause 21.5.1 of the Facility Agreement shall be deleted and replaced with the words “first preferred Xxxxxxxx Islands ship mortgage”; |
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5. |
the words “The Republic of Cyprus” in Schedule 2 of the Facility Agreement in respect of Ship A shall be deleted and replaced with the words “The Republic of the Xxxxxxxx Islands”; |
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6. |
references to “the Mortgage” in respect of Ship A or the Ship (as the case may be) in the Finance Documents shall be construed as references to the first preferred Xxxxxxxx Islands ship mortgage dated 21 October 2022; and |
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7. |
all references to “Cyprus” in the Finance Documents in so far as they refer to Ship A or the Ship (as the case may be) shall be construed as references to “Xxxxxxxx Islands”. |
We hereby further agree that all the provisions of the Facility Agreement and other Finance Documents shall be and are hereby re-affirmed (as amended hereby) and remain in full force and effect.
This letter may be executed in any number of counterparts.
This letter and any non-contractual obligations arising out of or in connection to it shall be governed by and construed in accordance with English law.
Please confirm your agreement by signing the acknowledgement below.
___/s/ XxxxXxxxx Matsa_____________________
SIGNED
by Xxxx-Xxxxx Xxxxx
for and on behalf of
CHAILEASE INTERNATIONAL FINANCIAL
SERVICES (SINGAPORE) PTE. LTD.
We hereby confirm our acceptance of, and our agreement to, the terms and conditions of the above letter.
Dated 21 October 2022
By ………/s/ Xxxxxxxx Xxxxxxx……………..
SIGNED
By XXXXXXXX XXXXXXX
for and on behalf of
ARETI SHIPPING LTD
COUNTERSIGNED this 21st day of October 2022 by the following parties who, by executing the same, confirm and acknowledge that they have read and understood the terms and conditions of the above letter agreement, that they agree in all respects to the same and that the Finance Documents to which they are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement, as amended by the above letter agreement, and each of them hereby reaffirms the Finance Documents to which it is a party.
___/s/ Xxxxxxxx Xxxxxxx______________ _________________________
XXXXXXXX XXXXXXX
on behalf of on behalf of
EURODRY LTD. EUROBULK (FAR EAST) LTD. INC.
