FIRST SUPPLEMENTAL LETTER TO LOAN AGREEMENT no 190/12-5-2008
Exhibit 10.13
FIRST SUPPLEMENTAL LETTER TO LOAN AGREEMENT no 190/12-5-2008
|
|
|
|
To: |
CHRISTOS MARITIME CORPORATION (of Monrovia, Liberia) |
|
|
COSTIS MARITIME CORPORATION (of Monrovia, Liberia) |
|
|
Xx. Xxxxxxxxx Xxxxxxxxxxxxxxxxx |
Date: 28 January 2009
Re : Loan Agreement
no 190 dated 12 May 2008 (the “Loan Agreement”)made between (i) CHRISTOS
MARITIME CORPORATION and COSTIS MARITIME CORPORATION as joint and several
borrowers (the “Borrowers”),
(ii) Xx. Xxxxxxxxx Xxxxxxxxxxxxxxxxx son of Konstantinos, resident of 00
Xxxxxxxx xxx., Xxx.Xxxxxx, as personal guarantor (the “Personal Guarantor”)and
(iii) Emporiki Bank of Greece S.A. as lender (the “Lender”) in respect of a
term loan of up to US$150,000,000 (the “Loan”).
We refer to the Loan Agreement and the Personal Guarantee. Words and expressions defined in the Loan Agreement shall have the same meaning when used in this letter.
The Borrowers and the Personal Guarantor hereby acknowledge that as at the date hereof, the outstanding principal balance of the Loan is $145,500,000.-
Pursuant to discussions between us, we have agreed -subject to the terms of this Letter- to increase the Margin under the Loan Agreement with effect from 1st January 2009 and for the period of one year only, i.e. until 31st December 2009.
We hereby confirm our approval to these arrangements, subject to the Borrowers and the Personal Guarantor signing the acknowledgement to this letter confirming their agreement to the terms and conditions of the same.
1. Agreement the Lender and the Borrowers hereby confirm and agree that in respect of the period 1st January 2009 to 30 December 2009 only, the Margin shall be adjusted to zero point eight zero per cent (0,80%) per annum.
2. Notices. Clause 15 (notices) of the Loan Agreement shall extend and apply to this letter as if the same were (mutatis mutandis) herein expressly set forth.
3. Governing law. This letter shall be governed by and construed in accordance with Greek law and Clause 16 (law and jurisdiction) of the Loan Agreement shall extend and apply to this letter as if the same were (mutatis mutandis) herein expressly set forth.
All other provisions of the Loan Agreement Security Documents which have not been amended and/or supplemented by this letter shall remain in full and force and effect.
Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance at the foot of this letter.
Yours faithfully
|
|
|
|
|
For and on behalf of |
|
|
|
EMPORIKI BANK OF GREECE S.A. |
||
|
Name : |
|
|
|
|
|
|
|
|
/s/ X. Mapyέλou |
|
|
|
|
|
|
|
X. Mapyέλou |
|
We hereby acknowledge receipt of the above letter and confirm out agreement to the terms of same.
|
|
|
|
|
For and on behalf of |
|
|
|
COSTIS MARITIME CORPORATION |
|
|
|
Name: K.V. Konstantakopoulos |
/s/ K.V. Konstantakopoulos |
|
|
|
|
|
|
Title: Attorney in fact |
|
|
|
|
|
|
|
For and on behalf of |
|
|
|
CHRISTOS MARITIME CORPORATION |
|
|
|
Name: K.V. Konstantakopoulos |
/s/ K.V. Konstantakopoulos |
|
|
|
|
|
|
Title: Attorney in fact |
|
|
I hereby confirm and acknowledge that I have read and understood the terms and conditions of the above letter and agree in all respects to the same and confirm that the Guarantee shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrowers under the Loan agreement (as amended and supplemented by this letter).
|
|
|
|
Xx. Xxxxxxxxx Xxxxxxxxxxxxxxxxx |
|
|
|
|
|
/s/ Xxxxxxxxx Xxxxxxxxxxxxxxxxx |
|
|
|
|
|
|
|
|
Date: 28 January 2009 |
|
