SUPPLEMENTAL LETTER
Kronos
Shipping I, Ltd. c/o
Walkers
SPV Limited
Xxxxxx
House
00 Xxxx
Xxxxxx
Xxxxxx
Xxxx
Xxxxx
Xxxxxx XXx-0000
Cayman
Islands
Dated: 4th February 20089
Dear
Sirs
Loan
and Guarantee facility
dated 2008
(the “Agreement”) in respect of (i) a loan of up to $30,000,000 and
(ii) a related guarantee facility of up to $16,320,000
This
letter (the “Supplemental
Letter”) is supplemental to the Agreement.
Terms
defined in the Agreement shall have the same meanings in this Supplemental
Letter.
NOW IT IS
HEREBY AGREED AS FOLLOWS:
With
effect from the date of this Supplemental Letter, the Agreement shall be
amended, varied and supplemented as follows:
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1.
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by
deleting Clause 17.2.21and inserting a new Clause as
follows:
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“17.2.21ensure
that the beneficial owner of the Borrower remains the Shareholder PROVIDED THAT
with the prior written consent of the Lender, a company belonging to the Xxxxxxx
Group of companies may take over the legal and beneficial ownership of the
Borrower from the Shareholder subject to (i) them entering into a Shares
Security in favour of the Lender, (ii) receipt by the Lender in writing from the
a company belonging to the Xxxxxxx Group of companies that they agree and
consent to such change in Shareholder and (iii) receipt by the Lender of any
corporate documentation or financial or other information as the Lender may
reasonably request;”
The
definition of any term defined in any of the Security Documents shall, to the
extent necessary, be modified to reflect the amendments to the Agreement made in
or pursuant to this Supplemental Letter.
This
Supplemental Letter shall be construed with and shall constitute an instrument
supplemental to the Agreement. Save as Otherwise provided herein and as hereby
expressly varied and supplemented the Agreement and the Security Documents shall
remain valid and binding and in full force and effect in accordance with their
respective terms.
This
Supplemental Letter is issued to you on the basis that it shall be governed by,
and construed in accordance with, English law. The provisions of Clause 30 of
the Agreement shall apply to this Supplemental Letter as if such clause were set
out herein in full and references therein to “this Agreement” were references to
this Supplemental Letter.
Please
acknowledge your consent to and agreement of the foregoing by signing and
returning to us a copy of this Supplemental Letter.
Yours
faithfully
Deutsche
Schiffsbank Aktiengesellschaft
Accepted
and agreed.
Dated:
4th February
2008
For and
on behalf of
Kronos
Shipping 1, Ltd.
Xxxxx
Xxxxxx, Chief Financial Officer
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/S/
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Acknowledged
and agreed
Dated:
28th January
20089
For and
on behalf of
Xxxxxxx
Group
Xxxxxx
Xxxxxx, Chief Financial Officer
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/S/
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Acknowledged
and agreed
Dated:
4th February
2008
For and
on behalf of
III
to I Maritime Partners Cayman I, L.P.
Xxxxx
Xxxxxx, Chief Financial Officer
Ill
to I International Maritime Solutions Cayman, Inc.
General
Partner for and on behalf of,
Maritime
Partners Cayman I, L.P.
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/S/
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Dated:
28th January
20089
For and
on behalf of
Anthos
Shipping Co. Limited
Xxxxxx
Xxxxxxxx, Director
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/S/
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