Exhibit 10.49
THIS VARIATION OF DEBENTURE is made the 22ND day of February 2002 (A Variation
of the Collateral Charge is registered over Xxxx Xxx Xxxxx Xxxxx, Xxxxx 11D,
Parcel 00 xxx 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., Trafalgar Place, West Bay Road, P.O. Box
1114 GT, 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$200,000.00 borrowed from the Bank. A Supplemental Deed was
entered into on the 30th day of April 1981 for an additional
borrowing of CI$ 275,000.00. 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. A further Variation
to the Debenture was entered into on the 11th day of October
1999;
(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$500,000.00 so that the total amount of the loan to the
borrower shall be us$3,000,000.00;
(3) The Bank and the Borrower have now agreed that the interest rate
shall be at the Bank's US$ LIBOR rate plus 1.5%;
(4) The Bank and the Borrower have now agreed to that the repayment
of the loan shall be revolving.
2
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 consideration of the said agreement the Borrower and the Bank hereby
agree the Debenture and the Variation of Debenture shall hereafter
stand as security for all sums owing to the Bank from time to time up
to maximum of US$3,000,000.00 (Three Million United States Dollars)
altogether with interest thereon;
3. The rate of interest payable shall be the Bank's US$ 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 Debentures shall remain in full
force and effect;
7. This Variation of Debenture shall be governed by and interpreted in
accordance with Cayman Islands Law.
3
IN WITNESS WHEREOF the parties have executed this Variation of Debenture as a
deed the day and year first before written.
SCHEDULE
All those parcels of land on Grand Cayman comprised within Registration Section
Xxxx Xxx Xxxxx Xxxxx Xxxxx 00X Parcel 8 and West Bay Beach North, Block 11D,
Parcel 40
THE COMMON SEAL of )
CONSOLIDATED WATER CO. LTD. )
Was hereunto affixed by )
)
In the presence of ) /s/ Xxxxxxxxx Xxxxxxxxx
--------------------------------
) Director
)
) /s/ Xxxxx Xxxxxxx
--------------------------------
/s/ Xxxxxxx X. Xxxxxx ) Secretary
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Witness
THE COMMON SEAL of )
ROYAL BANK OF CANADA)
Was hereunto affixed by ) /s/ X. Xxxxxxxxx
-------------------------------
And by ) Director
In the presence of )
) /s/ Xxxxxx Xxxxxx
-------------------------------
) Asst. Secretary
/s/ Xxxx Xxxxxxxxx )
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Witness
