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Exhibit 10.42
THIS FOURTH DEED is made the 31st day of August, 1989
BETWEEN: CAYMAN WATER COMPANY LIMITED, a Company incorporated and existing
under the laws of the Cayman Islands with registered office in Xxxxxx
Town, Grand Cayman, Cayman Islands (hereinafter called "the Borrower")
OF THE ONE PART
AND: THE ROYAL BANK OF CANADA of X.X. Xxx 000, Xxxxxx Xxxx, Xxxxx Xxxxxx,
Xxxxxx Xxxxxxx (hereinafter called "the Bank") OF THE OTHER PART
WHEREAS:-
1. This Deed is made supplemental to the Debenture ("the Debenture") dated 1st
June, 1979 between the Borrower, the Bank, Xxxxxx X. Xxxxxx ("Xxxxxx") and
Cayman Public Utilities Ltd. ("CPU") as supplemented by Deed dated 30th
April, 1981 between the Borrower and the Bank and the Second Deed dated
10th March, 1983 between the Borrower and the Bank and the Third Deed dated
6th December, 1984 between the Borrower and the Bank and to all collateral
security documents and agreements executed pursuant thereto (hereinafter
together called "the Bank's security").
2. The Bank has agreed to extend to the Borrower additional credit facilities
to the extent of Seven Hundred and Seventy-six Xxxxxxxx Xxx Xxxxxxx xxx
Xxxxxx-xxxx Xxxxxx Xxxxxx Dollars (US$776,239.00) or its equivalent in
Cayman Islands Dollars upon having the same security and manner hereinafter
appearing.
NOW THIS DEED WITNESSETH as follows:-
1. In consideration of the said agreement the Borrower and the Bank hereby
agree that the Debenture shall hereafter stand as security for all sums
owing to the Bank from time to time up to a maximum of One Million One
Hundred Twenty-one Thousand Eight Hundred Sixty-five Cayman Islands Dollars
and Eighty cents (CI$1,121,865.80) (or its equivalent in United States
Dollars) together with interest thereon provided that the Bank shall have
the right in its sole discretion to determine what proportion of the
additional credit facilities shall be advanced in Cayman Islands Dollars
and what proportion in United States Dollars.
2. The rate of interest payable on so much of the principal sum
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[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
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as is payable in Cayman Islands Dollars shall be at the Bank's Prime
Lending Rate for Cayman Islands Dollars or such other rate as the Bank may
from time to time advise the Borrower and on so much thereof as is payable
in United States Dollars at a rate of two percent (2%) per annum above the
Bank's Prime Lending Rate for United States Dollars or such other rate as
the Bank may from time to time advise the Borrower.
3. Insofar as not hereby expressly waived or varied the Borrower and the Bank
hereby confirm the terms and provisions of the Debenture.
IN WITNESS WHEREOF the parties hereto have executed this Deed the day and year
first above written.
THE COMMON SEAL OF CAYMAN CAYMAN WATER COMPANY LIMITED
WATER COMPANY LIMITED was hereunto
affixed by /s/ Xxxxxxx Xxxxxx
and by -----------------------------
in the presence of:- DIRECTOR
/s/ illegible
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SECRETARY
-------------------------
WITNESS
SIGNED SEALED AND DELIVERED BY THE ROYAL BANK OF CANADA
X. X. XXXXXXX the duly
authorised Attorney for the Bank /s/ illegible
in the presence of:- -----------------------------
ATTORNEY FOR THE BANK
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WITNESS
[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
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I, X.X. XXXXXXXX of Xxxxxx Town, Grand Cayman, Cayman Islands make oath and say
as follows:-
1. The foregoing Deed made between Cayman Water Company Limited ("the
Borrower") of the one part and The Royal Bank of Canada ("the Bank") of the
other part was made by the Borrower and the Bank on the ___ day of August,
1989.
2. I was present and did see X.X. Xxxxxxx, the duly authorised Attorney for
and on behalf of the Bank sign seal and as for his proper act and did
execute acknowledge and deliver the said Deed for the purposes therein
mentioned on the 19th day of October, 1989 between the hours of 10 a.m. and
11 a.m. in the forenoon at Xxxxxx Town, Grand Cayman, Cayman Islands.
3. The Bank is a banking corporation existing under the Laws of the Canada and
having a branch office in Xxxxxx Town, Grand Cayman, Cayman Islands.
4. That the name X.X. XXXXXXXX subscribed as a witness attesting to the due
execution of the said Deed by the Borrower is of the proper handwriting of
me this deponent and I reside at Xxxxxx Town, Grand Cayman and am a Banker.
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SWORN AT Xxxxxx Town, Grand Cayman, Cayman Islands this 19th day of October,
1989 before me:-
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[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
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I, Xxxxx X. Xxxxx of Xxxxxx Town, Grand Cayman, Cayman Islands make oath and
say as follows:--
1. The foregoing Deed made between Cayman Water Company Limited ("the
Borrower") of the one part and The Royal Bank of Canada ("the Bank")
of the other part was made by the Borrower and the Bank on the 31st day of
August, 1989.
2. I was present and did see Xxxxxxx X. Xxxxxx and Xxxxxxxx Director
and Secretary respectively of the Borrower affix the Common Seal of the
Borrower to the said Deed and sign the same as and for the proper act and
deed of the Borrower and execute acknowledge and deliver the said Deed for
the purposes therein mentioned on the 11th day of October, 1989 between
the hours of 8:00 and 9:00 in the forenoon at Xxxxxx Town, Grand Cayman,
Cayman Islands.
3. The Borrower has its registered office at Xxxxxx Town, Grand Cayman, Cayman
Islands and is a Company duly incorporated and existing under the Laws of
the Cayman Islands.
4. That the name Xxxxx X. Xxxxx, subscribed as a witness attesting to the due
execution of the said Deed by the Borrower is of the proper handwriting of
me this deponent and I reside at #28 Mariner's Cove, Grand Cayman and am an
Accountant.
/s/
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SWORN AT Xxxxxx Town, Grand Cayman, Cayman Islands this 11th day of August,
1989 before me:--
/s/
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[PUBLIC RECORDER STAMP]
[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
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