Document:

Exhibit 10.28

DATED 22 May 2008

PELEA SHIPPING LTD.

(as borrower)

-and-

DnB NOR BANK ASA

(as lender)

	______________________________________________________________

FIRST SUPPLEMENTAL AGREEMENT TO A SECURED

REDUCING REVOLVING MULTI-CURRENCY CREDIT FACILITY

AGREEMENT

DATED 12 June 2007

______________________________________________________________

STEPHENSON HARWOOD

One, St. Paul’s Churchyard

London EC4M 8SH

Tel: 020 7329 4422

Fax: 020 7329 7100

Ref: 04.140

 

 

1

 

 

CONTENTS

 

	
                         
 	
                         
 	
                        Page

						

	
                        1    Interpretation
 	
                         
 	
                        2
 
	
                        2    Conditions
 	
                         
 	
                        3
 
	
                        3    Representations and Warranties
 	
                         
 	
                        6
 
	
                        4    Amendments to Original Facility Agreement
 	
                         
 	
                        6
 
	
      5     Confirmation and Undertaking
 	
                         
 	
                        20
 
	
      6     Communications, Law and Jurisdiction
 	
                         
 	
                        20
 
	
                        SCHEDULE 1: Form of Compliance Certificate
 	
                         
 	
                         
 

 

 

SUPPLEMENTAL AGREEMENT

Dated: 22 May 2008

BETWEEN:

	
                        (1)
 	
                        PELEA SHIPPING LTD., a company incorporated under the laws of the Republic of Liberia whose registered office is at 80 Broad Street, Monrovia, Liberia (the “Borrower”); and
 

	
                        (2)
 	
                        DnB NOR BANK ASA, acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY, England (the “Lender”).
 

SUPPLEMENTAL TO a secured reducing revolving multi-currency credit facility agreement dated 12 June 2007 (the “Original Facility Agreement”) made between the Borrower and the Lender, on the terms and subject to the conditions of which the Lender agreed to advance to the Borrower an aggregate amount not exceeding forty two million Dollars ($42,000,000) (the “Loan”).

WHEREAS:

	
                        (A)
 	
                        The Borrower has informed the Lender that it wishes to enter into a series of transactions (the “Reorganization”) as a result of which: (a) its shares will cease to be wholly owned by its present shareholders; (b) the Corporate Guarantor will own 100% of the Borrower’s shares; and (c) its ownership structure will change following the initial public offering of the common stock of the Corporate Guarantor in the New York Stock Exchange (the “Offering”).
 

	
                        (B)
 	
                        The Borrower has requested the Lender to proceed in amending, inter alia, clauses 13.2.17 and 14.1.8 of the Original Facility Agreement, which would otherwise be breached upon the occurrence of the Reorganization and the Offering, and to delete, inter alia, clause 13.2.14 and to amend, inter alia, clause 13.2.13 of the Original Facility Agreement.
 

	
                        (C)
 	
                        The Lender is willing to accede to such requests as listed in Recital B above and has agreed to amend the Original Facility Agreement and the Security Documents (as applicable) on the terms and subject to the conditions contained in this Supplemental Agreement.
 

 
 

IT IS AGREED THAT:

 

	
                        1
 	
                        Interpretation
 

	
                         
 	
                        1.1
 	
                        In this Supplemental Agreement
 

	
                         
 	
                        1.1.1
 	
                        “Additional Documents” means the Supplemental Agreement, the Guarantees and the Operating Account Charge.
 

	
                         
 	
                        1.1.2
 	
                        “Avstes” means Avstes Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.
 

	
                         
 	
                        1.1.3
 	
                        “Avstes Guarantee” means the guarantee and indemnity granted by Avstes in respect of the Indebtedness in favour of the Lender, in such form and containing such terms and conditions as the Lender shall require.
 

	
                         
 	
                        1.1.4
 	
                        “Corporate Guarantee” means the guarantee and indemnity to be granted by the Corporate Guarantor in favour of the Lender.
 

	
                         
 	
                        1.1.5
 	
                        “Corporate Guarantor” means Safe Bulkers Inc., a company incorporated according to the laws of the Republic of Marshall Islands or such other company which shall be its successor in title.
 

	
                         
 	
                        1.1.6
 	
                        “Effective Date” means the date of the Listing, such date falling no later than 30 August 2008.
 

	
                         
 	
                        1.1.7
 	
                        “Efragel” means Efragel Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.
 

	
                         
 	
                        1.1.8
 	
                        “Efragel Guarantee” means the guarantee and indemnity granted by Efragel in respect of the Indebtedness in favour of the Lender, in such form and containing such terms and conditions as the Lender shall require.
 

	
                         
 	
                        1.1.9
 	
                        “Group Guarantees” means the Efragel Guarantee, the Marindou Guarantee and the Avstes Guarantee, and “Group Guarantee” means any one of them.
 

	
                         
 	
                        1.1.10
 	
                        “Group Guarantor” means any one of Efragel, Marindou or Avstes, and “Group Guarantors” means more than one of them.
 

 

 

2

 

 

	
                         
 	
                        1.1.11
 	
                        “Guarantees” means the Group Guarantees and the Corporate Guarantee and “Guarantee” means any one of them.
 

	
                         
 	
                        1.1.12
 	
                        “Guarantors” means the Group Guarantors and the Corporate Guarantor and “Guarantor” means any one of them.
 

	
                         
 	
                        1.1.13
 	
                        “Marindou” means Marindou Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.
 

	
                         
 	
                        1.1.14
 	
                        “Marindou Guarantee” means the guarantee and indemnity granted by Marindou in respect of the Indebtedness in favour of the Lender, in such form and containing such terms and conditions as the Lender shall require.
 

	
                         
 	
                        1.1.15
 	
                        “Listing” the effective trading date of the shares of the Corporate Guarantor listed on the New York Stock Exchange.”
 

	
                         
 	
                        1.1.16
 	
                        “Operating Account Charge” means the first priority deed of charge over the Operating Account to be executed by the Borrower in favour of the Lender.
 

	
                         
 	
                        1.1.17
 	
                        “Side Letter” means a side letter evidencing the Current Shareholders of the Corporate Guarantor on the date of the Listing issued by the Corporate Guarantor in favour of the Lender in such form as the Lender may require.
 

	
                         
 	
                        1.1.18
 	
                        “Supplemental Agreement” means this Supplemental Agreement.
 

	
                         
 	
                        1.2
 	
                        All words and expressions defined in the Original Facility Agreement and in Clause 4 of this Supplemental Agreement shall have the same meaning when used in this Supplemental Agreement unless the context otherwise requires, and clause 1.2 of the Original Facility Agreement shall apply to the interpretation of this Supplemental Agreement as if it were set out in full.
 

 

	
                        2
 	
                        Conditions
 

	
                         
 	
                        2.1
 	
                        Conditions Subsequent - Initial The Borrower shall deliver or cause to be delivered to or to the order of the Lender within five (5) Business Days from the Effective Date the following documents and evidence:
 

	
                         
 	
                        2.1.1
 	
                        Borrower’s officer’s certificate A certificate from a duly authorised officer of the Borrower confirming that none of the documents delivered to the Lender pursuant to Schedule 1 Part I (a), (c) and (e) of the Original Facility Agreement have
 

 

 

3

 

been amended or modified in any way since the date of their delivery to the Lender, or copies, certified by a duly authorised officer of the Borrower as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.

	
                         
 	
                        2.1.2
 	
                        Borrower’s and Guarantors’ officer’s certificates A certificate of a duly authorised officer of the Borrower and each Guarantor certifying that each copy document relating to it specified in Clauses 2.1.3 (other than in respect of the Borrower) to 2.1.6 is correct, complete and in full force and effect as at a date no earlier than five days prior to the date of this Supplemental Agreement and setting out the names of the directors and officers of the Borrower and the respective Guarantor.
 

	
                         
 	
                        2.1.3
 	
                        Constitutional Documents Copies of the constitutional documents of each Guarantor together with such other evidence as the Lender may reasonably require that the Guarantor in question is duly incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the relevant Guarantee.
 

	
                         
 	
                        2.1.4
 	
                        Resolutions A copy, certified by a director or the secretary of the Security Party in question as true, complete and accurate and neither amended nor revoked, of a resolution of the directors and, a resolution of the shareholders of each Security Party (together, where appropriate, with signed waivers of notice of any directors’ or shareholders’ meetings) approving, and authorising or ratifying the execution of, this Supplemental Agreement and any document to be executed by that Security Party pursuant to this Supplemental Agreement.
 

	
                         
 	
                        2.1.5
 	
                        Powers of Attorney A notarially attested and legalised power of attorney of each of the Security Parties (other than the Corporate Guarantor) and a duly executed power of attorney in respect of the Corporate Guarantor under which this Supplemental Agreement and any documents required pursuant to it are to be executed by that Security Party.
 

	
                         
 	
                        2.1.6
 	
                        Certificates of good standing A certificate of good standing in respect of each Security Party (if such a certificate can be obtained).
 

	
                         
 	
                        2.1.7
 	
                        Additional Documents The Additional Documents duly executed by all parties thereto.
 

 

 

4

 

	
                         
 	
                        2.1.8
 	
                        Legal Opinions A legal opinion of the legal advisers of the Lender in the relevant jurisdiction, substantially in the form or forms provided to the Lender prior to signing of this Supplemental Agreement or confirmation satisfactory to the Lender that such a legal opinion will be given.
 

	
                         
 	
                        2.1.9
 	
                        Other authorisations A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Lender considers to be necessary or desirable (if it has notified the Security Parties accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Additional Documents or for the validity and enforceability of any of the Additional Documents.
 

	
                         
 	
                        2.1.10
 	
                        Side Letter The side letter evidencing the Current Shareholders of the Corporate Guarantor issued by the Corporate Guarantor in favour of the Lender in such form as the Lender may require.
 

	
                         
 	
                        2.1.11
 	
                        Process agent Evidence that any process agent referred to in Clause of the Agreement and any process agent appointed under any other Finance Document has accepted its appointment.
 

	
                         
 	
                        2.2
 	
                        Conditions Subsequent -Additional The Borrower shall deliver or cause to be delivered to or to the order of the Lender within thirty (30) days from the Effective Date, the following documents and evidence:-
 

	
                         
 	
                        2.2.1
 	
                        Legal opinions The legal opinions specified in Clause 2.1.8 as have not already provided to the Lender.
 

	
                         
 	
                        2.2.2
 	
                        New Management Agreement A photocopy, certified as true, accurate and complete by a director or the secretary or the duly authorised attorney of the Borrower of the New Management Agreement.
 

	
                         
 	
                        2.2.3
 	
                        New Managers’ confirmation The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the Lender, sub­contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower shall be
 

 

 

5

 

subordinated to the claims of the Lender under the Finance Documents.

	
                         
 	
                        2.2.4
 	
                        Reorganisation, Offering and Listing Evidence of the Reorganisation, the Offering and the Listing.
 

	
                         
 	
                        2.3
 	
                        Event of Default Failure of the Borrower to deliver any of the documents or evidence listed in Clause 2.1. or Clause 2.2 in accordance with the requirements thereof shall constitute an Event of Default.
 

	
                         
 	
                        2.4
 	
                        All documents and evidence delivered to the Lender pursuant to this Clause shall:
 

	
                         
 	
                        2.4.1
 	
                        be in form and substance acceptable to the Lender;
 

	
                         
 	
                        2.4.2
 	
                        be accompanied, if required by the Lender, by translations into the English language, certified in a manner acceptable to the Lender; and
 

	
                         
 	
                        2.4.3
 	
                        if required by the Lender, be certified, notarised, legalised or attested in a manner acceptable to the Lender.
 

 

	
                        3
 	
                        Representations and Warranties
 

Each of the representations and warranties contained in clauses 12 and 13 of the Original Facility Agreement shall be deemed repeated by the Borrower at the date of this Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references in the Finance Documents to the Agreement included the Original Facility Agreement as supplemented and amended by this Supplemental Agreement.

 

	
                        4
 	
                        Amendments to Original Facility Agreement
 

	
                         
 	
                        4.1
 	
                        With effect from that Effective Date:-
 

	
                         
 	
                        4.1.1
 	
                        The following additional definitions shall be added in clause 1.1 of the Original Facility Agreement, and the numerical order of the remaining definitions in such Clause shall be amended accordingly:
 

“‘Accounting Information’ means the annual financial statements and/or the quarterly financial statements to be provided by the Corporate Guarantor to the Lender in accordance with Clauses 13.1.1 and 13.1.4 respectively.”

“Avstes” means Avstes Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.

 

 

6

 

“‘Avstes Agreement’ means the reducing revolving multi-currency credit facility agreement dated 17 April 2008 made between Avstes, as borrower and the Lender, as lender, as amended and/or supplemented by a supplemental agreement dated 22 May 2008 entered into by and between Avstes and the Lender, and as the same may be further amended and/or supplemented and/or novated from time to time.”

“‘Avstes Guarantee’ means the guarantee of Avstes referred to in Clause 11.1.7.”

“‘Avstes Indebtedness’ means the Indebtedness as such term is defined in the Avstes Agreement.”

“‘Builder’ means all Amtec Co. of Tokyo, Japan.”

“‘Compliance Certificate’ means a certificate substantially in the form set out in Schedule 4 in form and substance satisfactory to the Lender.”

“‘Consolidated Group Leverage’ means at any relevant time Consolidated Total Liabilities divided by Consolidated Total Assets.”

“‘Consolidated Total Assets’ means, at any date, the aggregate of:

	
                         
 	
                        (a)
 	
                        the then current market values of all vessels owned by any member of the Group (in the case of a Vessel or any other vessel, the market value shall be determined by reference only to the most recent valuation of such Vessel or vessel in accordance with Clause 11.11);
 

	
                         
 	
                        (b)
 	
                        the then current aggregate amount of cash, Marketable Securities (but no other bonds, notes or bills and less any cash or Marketable Securities accounted for in the definition of Consolidated Total Liabilities below) and receivables due to the Group (less provision for bad and doubtful debts) as shown in the latest financial statements; and
 

	
                         
 	
                        (c)
 	
                        the book values of all other assets (other than the assets referred to in sub-paragraphs (a) and (b) hereof) as shown in such latest financial statements.”
 

“‘Consolidated Total Liabilities’ means, at the relevant date and for a particular period, the aggregate of the consolidated Financial Indebtedness of the Group shown in the latest 

 

 

7

 

consolidated financial statements for the Group (excluding (i) liabilities to its shareholders, provided that they are subordinated on terms acceptable to the Lender in its discretion and (ii) debt that is fully collateralised by cash or Marketable Securities to which the right of access, use or dealing is blocked for any member of the Group solely to secure that debt).”

“‘Corporate Guarantee’ means the guarantee and indemnity referred to in Clause 11.1.4.”

“‘Corporate Guarantor’ means Safe Bulkers.”

“‘Current Shareholders’ means the shareholders of the Corporate Guarantor who beneficially hold directly or indirectly not less than fifty one per cent (51%) of the shares in the Corporate Guarantor on the date of the Listing.”

“‘Debt’ means the aggregate (as of the date of calculation) of all obligations of the Group then outstanding for the payment or repayment of Financial Indebtedness as stated in the Accounting Information then most recently required to be delivered pursuant to Clauses 13.1.1 and 13.1.4 including, without limitation:

	
                         
 	
                        (a)
 	
                        any amounts payable by the Group under leases, including, but not limited to, time chartering contracts, or similar arrangements over their respective periods;
 

	
                         
 	
                        (b)
 	
                        any credit to the Group from a supplier of goods or under any instalment purchase or other similar arrangement;
 

	
                         
 	
                        (c)
 	
                        the aggregate amount then outstanding of liabilities and obligations of third parties to the extent that they are guaranteed by the Group;
 

	
                         
 	
                        (d)
 	
                        any contingent liabilities (including any taxes or other payments under dispute or arbitration) which have been or, under GAAP, should be recorded in the notes to the Group’s financial statements; and
 

	
                         
 	
                        (e)
 	
                        any deferred tax liabilities.”
 

“EBITDA’ on a consolidated basis of the Group means the earnings before interest, expenses and other financial charges, taxes, depreciation and amortization (for the previous period of twelve months).”

 

 

8

 

“‘Efragel’ means Efragel Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.”

“Efragel Agreement” means the reducing revolving multi-currency credit facility agreement dated 11 January 2008 made between Efragel, as borrower and the Lender, as lender, as amended and/or supplemented by a supplemental agreement dated 22 May 2008 entered into by and between Efragel and the Lender, and as the same may be further amended and/or supplemented and/or novated from time to time.”

“‘Efragel Guarantee’ means the guarantee of Efragel referred to in Clause 11.1.5.”

“‘Efragel Indebtedness’ means the Indebtedness as such term is defined in the Efragel Agreement.”

“‘GAAP’ means generally accepted accounting principles in the United States of America.”

“‘Group’ means the Corporate Guarantor and its Subsidiaries.”

“‘Group Guarantees’ means the Efragel Guarantee, the Marindou Guarantee and the Avstes Guarantee, and “Group Guarantee” means any one of them.”

“‘Group Guarantors’ means Efragel, Marindou and Avstes, and “Group Guarantor” means any one of them.”

“‘Guarantees’ means the Corporate Guarantee and the Group Guarantees and “Guarantee” means any one of them.”

“‘Guarantors’ means the Corporate Guarantor and the Group Guarantors, and “Guarantor” means any one of them.”

“‘Listing’ means the effective trading date of the shares of the Corporate Guarantor listed on the New York Stock Exchange.”

“‘Marindou’ means Marindou Shipping Corporation, a company incorporated according to the laws of the Republic of Liberia or such other company which shall be its successor in title.”

“‘Marindou Agreement’ means the reducing revolving multi-currency credit facility agreement dated 11 January 2008 made between Marindou, as borrower and the Lender, as lender as amended and/or supplemented by a supplemental agreement

 

 

9

 

dated 22 May 2008 entered into by and between Marindou and the Lender, and as the same may be further amended and/or supplemented and/or novated from time to time.”

“‘Marindou Guarantee’ means the guarantee of Marindou referred to in Clause 11.1.6.”

“‘Marindou Indebtedness’ means the Indebtedness as such term is defined   in the Marindou Agreement.”

“‘Margin’ means zero point seventy per cent (0.70%) per annum.”

“‘Marketable Securities’ means any bonds, stocks, notes or bills payable in a freely convertible and transferable currency and which are listed on a stock exchange acceptable to the Lender.”

“‘Net Worth’ means Consolidated Total Assets less Consolidated Total Liabilities.”

“‘New Management Agreement’ means the agreement for the commercial and technical management of the Vessel made or to be made between the Borrower and the Managers.”

“‘New Managers’ Confirmation’ means a letter of confirmation from the Managers in respect of the Vessel and the Borrower.”

“‘Operating Account Charge’ means the deed of charge referred to in Clause 11.1.8.”

“‘Owner’ means Owner A or Owner B, together the “Owners”.”

“‘Owner A’ means a single purpose ship-owning company incorporated or to be incorporated in a jurisdiction acceptable to the Lender in its absolute discretion and which shall be wholly owned legally and beneficially by the Corporate Guarantor and which shall be the owner of Vessel A.”

“‘Owner B’ means a single purpose ship-owning company incorporated or to be incorporated in a jurisdiction acceptable to the Lender in its absolute discretion and which shall be wholly owned legally and beneficially by the Corporate Guarantor and which shall be the Owner of Vessel B.”

 

 

10

 

“‘Pelea Guarantees’ means the guarantees and indemnities to be granted by the Borrower in favour of the Lender in respect of each of the Marindou Indebtedness, the Efragel Indebtedness and the Avstes Indebtedness and “Pelea Guarantee” means any one of them.”

“‘Safe Bulkers’ means Safe Bulkers Inc., a company incorporated according to the laws of the Republic of Marshall Islands or such other company which shall be its successor in title.”

“‘Side Letter’ means the side letter evidencing the Current Shareholders of the Corporate Guarantor on the date of the Listing issued by the Corporate Guarantor in favour of the Lender in such form as the Lender may require.”

“‘Subsidiary’ has the meaning ascribed to it by section 1159 of the Companies Act 2006 (as the same may be amended and/or supplemented from time to time), and “Subsidiaries” shall be interpreted accordingly.”

“‘Vessel A’ means the dry-bulk carrier of approximately 87,000 dwt and everything now or in the future belonging to it on board and ashore, currently under construction by the Builder with the Builder’s hull number 3255 to be named “MARTINE” and intended to be registered under a flag acceptable to the Lender in its absolute discretion in the ownership of Owner A.”

“‘Vessel A Agreement’ means the reducing revolving multi-currency credit facility agreement to be entered into by and between the Lender and Owner A pursuant to which the Lender would advance to Owner A an aggregate amount not exceeding forty five million Dollars ($45,000,000) for the purpose of, inter alia, financing part of the acquisition cost of Vessel A.”

“‘Vessel A Indebtedness’ means the Indebtedness as such term is defined in the Vessel A Agreement.”

“‘Vessel Agreements’ means Vessel A Agreement and Vessel B Agreement, “Vessel Agreement” means either of them.

“‘Vessel B’ means the dry-bulk carrier of approximately 87,000 dwt, currently under construction by the Builder with the Builder’s hull number 3254, to be named “ELENI” and intended to be registered under a flag acceptable to the Lender in its absolute discretion in the ownership of Owner B.”

 

 

11

 

“‘Vessel B Agreement’ means the reducing revolving multi-currency credit facility agreement to be entered into by and between the Lender and Owner B pursuant to which the Lender would advance to Owner B an aggregate amount not exceeding forty five million Dollars ($45,000,000) for the purpose of, inter alia, financing part of the acquisition cost of Vessel B.”

“‘Vessel B Indebtedness’ means the Indebtedness as such term is defined in the Vessel B Agreement.”

	
                         
 	
                        4.1.2
 	
                        The following definitions set out in clause 1.1 of the Original Facility Agreement shall be deleted and replaced by the following new respective definitions:-
 

“‘Management Agreement’ means the agreement(s) for the commercial and/or technical management of the Vessel between the Borrower and the Managers, including, but not limited to, the New Management Agreement.”

“‘Operating Account’ means the bank account opened in the name of the Borrower with the Lender and designated “Pelea Shipping Ltd.— Operating Account” with account number 63397003.”

“‘Relevant Documents” means the Finance Documents, the Management Agreement, the Managers’ confirmation specified in Part I of Schedule 1 and the New Managers’ Confirmation.”

“‘Security Documents’ means the Mortgage, the Deed of Covenants, the Assignment, the Account Charge, the Operating Account Charge, the Guarantees, or (where the context permits) any one or more of them and any other agreement or document which may at any time be executed by any person as security for the payment of all or any part of the Indebtedness and “Security Document” means any one of them.”

“‘Security Parties’ means the Borrower, the Guarantors and any other person who may at any time during the Facility Period be liable for, or provide security for, all or any part of the Indebtedness, and “Security Party” means any one of them.”

	
                         
 	
                        4.1.3
 	
                        In clause 11.1.2 of the Original Facility Agreement the word “and” at the end of the sentence shall be deleted.
 

	
                         
 	
                        4.1.4
 	
                        In clause 11.1.3 of the Original Facility Agreement the word “and” at the end of the sentence shall be added.
 

 

 

12

 

	
                         
 	
                        4.1.5
 	
                        An additional clause 11.1.4 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

	
                        “11.1.4
 	
                         
 	
  a guarantee and indemnity from the Corporate Guarantor;”
 

	
                         
 	
                        4.1.6
 	
                        An additional clause 11.1.5 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

	
                        “11.1.5
 	
                         
 	
  a guarantee and indemnity from Efragel;”
 

	
                         
 	
                        4.1.7
 	
                        An additional clause 11.1.6 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

	
                        “11.1.6
 	
                         
 	
  a guarantee and indemnity from Marindou;”
 

	
                         
 	
                        4.1.8
 	
                        An additional clause 11.1.7 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

	
                        “11.1.7
 	
                         
 	
  a guarantee and indemnity from Avstes; and”
 

	
                         
 	
                        4.1.9
 	
                        An additional clause 11.1.8 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

	
                        “11.1.8
 	
                         
 	
  a first priority deed of charge over the Operating Account and all amounts from time to time standing to the credit of it.”
 

	
                         
 	
                        4.1.10
 	
                        Clause 12.1.14 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

	
                        “12.1.14
 	
                         
 	
  No established place of business in the UK or US No Security Party, other than the Corporate Guarantor, has an established place of business in the United Kingdom or the United States of America.”
 

	
                         
 	
                        4.1.11
 	
                        Clause 13.1 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

	
                        “13.1
 	
                         
 	
  Information Undertakings
 

 

 

13

 

 

	
                        13.1.1                                    
 	
                         
 	
                        Financial statements The Borrower shall procure that the Corporate Guarantor supplies to the Lender as soon as the same become available, but in any event within one hundred and eighty (180) days after the end of each of its financial years, its audited consolidated financial statements for that financial year, together with a Compliance Certificate, signed by two directors of the Corporate Guarantor, setting out (in reasonable detail) computations as to compliance with Clause 13.2.22 as at the date at which those financial statements were drawn up.
 
	
                        13.1.2
 	
                         
 	
                        Management accounts The Borrower or the Managers will supply to the Lender, on the Lender’s request within sixty (60) days of the end of each calendar year during the Facility Period the unaudited management accounts for the Vessel prepared by the Managers showing the income and expenditure for the Vessel for such calendar year.
 
	
                        13.1.3
 	
                         
 	
  Requirements as to financial statements Each set of financial statements delivered by the Corporate Guarantor under Clauses 13.1.1 and 13.1.4 shall be:-
 

 	

	
                        (a)
 	
                        prepared using GAAP; and
 
	
                        (b)
 	
  certified by a director of the Corporate Guarantor as fairly representing its financial condition as at the date at which those financial statements were drawn up.
 

 

	
      13.1.4
 	
                         
 	
  Interim financial statements The Borrower shall procure that the Corporate Guarantor supplies to the Lender as soon as the same become available, but in any event within ninety (90) days after the end of each quarter during each of the Corporate Guarantor’s financial years, its unaudited consolidated quarterly financial statements for that quarter, together with a Compliance Certificate, to be provided on a semi-annual basis, signed by two directors of the Corporate Guarantor, setting out (in reasonable detail) computations as to compliance with Clause 13.2.22 as at the date at which those financial statements were drawn up.
 

 

 

14

 

	
                        13.1.5
 	
                         
 	
  Information: miscellaneous The Borrower shall supply to the Lender:
 

 

	
                        (a)
 	
                        all documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched other than any documents that are subject to any confidentiality restrictions pursuant to the New York Stock Exchange regulations that may prohibit such dissemination;
 
	
                        (b)
 	
                        promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Security Party, and which might, if adversely determined, have a materially adverse effect on the business, assets, financial condition or credit worthiness of that Security Party; and
 
	
                        (c)
 	
  promptly, such further information regarding the financial condition, business and operations of any Security Party as the Lender may reasonably request.
 

 

	
                        13.1.6
 	
                         
 	
  Notification of default
 

 

	
                        (a)
 	
                        The Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.
 
	
                        (b)
 	
  Promptly upon a request by the Lender, the Borrower shall supply to the Lender a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).
 

 

	
                        13.1.7
 	
                         
 	
  “Know your customer” checks If:
 

 

	
                        (a)
 	
  the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;
 

 

 

15

 

 

	
                        (b)
 	
                        any change in the status of the Borrower after the date of this Agreement; or
 
	
                        (c)
 	
  a proposed assignment or transfer by the Lender of any of its rights and obligations under this Agreement,
 

obliges the Lender (or, in the case of (c) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender for itself (or, in the case of (c) above, on behalf of any prospective new Lender) in order for the Lender (or, in the case of (c) above, any prospective new Lender) to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

	
                         
 	
                        4.1.12
 	
                        Clause 13.2.6 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.6
 	
                         
 	
  Negative pledge and no disposals Other than in favour of the Lender, the Borrower shall not create nor permit to subsist any Encumbrance or other third party rights over any of its present or future assets or undertaking nor dispose of any those assets or of all or part of that undertaking.”
 

	
                         
 	
                        4.1.13
 	
                        Clause 13.2.7 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.7
 	
                         
 	
  Merger The Borrower shall not without the prior written consent of the Lender enter into any amalgamation, demerger, merger or corporate reconstruction other than the Reorganization.”
 

	
                         
 	
                        4.1.14
 	
                        Clause 13.2.12 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.12
 	
                         
 	
  No substantial liabilities Except in the ordinary course of business and other than in favour of the Lender, the Borrower shall not without the prior written consent of the Lender incur any liability to any third party which is in the Lender’s opinion of a substantial nature.”
 

 

 

16

 

	
                         
 	
                        4.1.15
 	
                        Clause 13.2.13 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.13
 	
                         
 	
  No loans or other financial commitments The Borrower shall not without the prior written consent of the Lender make any loan nor enter into any guarantee or indemnity (other than the Pelea Guarantees, other than any guarantee or indemnity from time to time required by any insurer and which is in accordance with the terms and conditions of clause 5 of the Deed of Covenants, the Insurances and any acceptable Insurance letter of undertaking) or otherwise voluntarily assume any actual or contingent liability in respect of any obligation of any other person.”
 

	
                         
 	
                        4.1.16
 	
                        Clause 13.2.14 of the Original Facility Agreement shall be deleted.
 

	
                         
 	
                        4.1.17
 	
                        Clause 13.2.15 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.15
 	
                         
 	
  Inspection of records The Borrower will permit the inspection of its financial records and accounts and procure that the Corporate Guarantor permits the inspection of the Corporate Guarantor’s financial records and accounts from time to time by the Lender or its nominee.”
 

	
                         
 	
                        4.1.18
 	
                        Clause 13.2.13 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “13.2.13
 	
                         
 	
  No change in ownership or control of the Borrower of the Managers The Borrower shall not cease to be a wholly owned Subsidiary of the Corporate Guarantor and shall not permit any change in the beneficial ownership and control of the Managers from that advised to the Lender on the date of the Listing.”
 

	
                         
 	
                        4.1.19
 	
                        An additional clause 13.2.20 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

 

	
                        “13.2.20
 	
                         
 	
  Ownership The Borrower shall procure that the Corporate Guarantor shall remain directly or indirectly beneficially owned by its Current 
 

 

 

17

 

 

	
                         
 	
                         
 	
  Shareholders or any of them at a minimum of fifty one per cent (51%).”
 

	
                         
 	
                        4.1.20
 	
                        An additional clause 13.2.21 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

 

	
                        “13.2.21
 	
                         
 	
  Guarantees and indemnities The Borrower shall by not later than the execution date of the Vessel Agreements execute in favour of the Lender guarantees and indemnities in such forms and containing such terms and conditions as the Lender shall in its discretion require and which shall secure the Vessel A Indebtedness and the Vessel B Indebtedness, and shall procure that each Owner shall by not later than the execution date of the relevant Vessel Agreement grant in favour of the Lender a guarantee and indemnity in such form and containing such terms and conditions as the Lender shall in its discretion require and which shall secure the Indebtedness.”
 

	
                         
 	
                        4.1.21
 	
                        An additional clause 13.2.22 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

 

	
                        “13.2.22
 	
                         
 	
  Financial covenants The Borrower shall procure that the Corporate Guarantor shall on a consolidated basis comply with the following financial covenants to be assessed on a semi­annual basis based on the Accounting Information received by the Lender in accordance with Clauses 13.1.1 and 13.1.4:-
 

 

	
                        (a)
 	
                        Consolidated Group Leverage The Consolidated Group Leverage shall be equal to or less than seventy per cent (70%).
 
	
                        (b)
 	
                        Debt to EBITDA ratio The ratio of Debt to EBITDA on a trailing twelve (12) month’s basis shall not at any time exceed 5.5:1.
 
	
                        (c)
 	
  Net Worth The Net Worth shall not at any time be less than one hundred and seventy five million Dollars ($175,000,000).”
 

	
                         
 	
                        4.1.22
 	
                        Clause 14.1.8 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

 

18

 

 

	
                        “14.1.8
 	
                         
 	
  Change in ownership or control of the Borrower or the Managers The Borrower ceases to be a wholly owned Subsidiary of the Corporate Guarantor or there is any change in the beneficial ownership or control of the Borrower or the Managers from that advised to the Lender by the Borrower on the date of the Listing.”
 

	
                         
 	
                        4.1.23
 	
                        Clause 14.1.14 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “14.1.14
 	
                         
 	
  Reduction of capital A Security Party (other than the Corporate Guarantor) reduces its authorised or issued or subscribed capital.”
 

	
                         
 	
                        4.1.24
 	
                        An additional clause 14.1.20 shall be added to the Original Facility Agreement which shall be read and construed as follows:-
 

 

	
                        “14.1.20
 	
                         
 	
  Notice of termination Any of the Guarantors gives notice to the Lender to determine its obligations under the relevant Guarantee.”
 

	
                         
 	
                        4.1.25
 	
                        Clause 22.5 of the Original Facility Agreement shall be deleted and replaced by the following:-
 

 

	
                        “22.5
 	
                         
 	
  Service of process Without prejudice to any other mode of service allowed under any relevant law, each Security Party:
 

 

	
                        22.5.1
 	
                        irrevocably appoints Mr. Savvas Savvides, 24 Exeter Road, London N14 5JY, England (tel/fax: +44 208 361 2606) as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement; and
 
	
                        22.5.2
 	
  agrees that failure by a process agent to notify the relevant Security Party of the process will not invalidate the proceedings concerned.”
 

	
                         
 	
                        4.1.26
 	
                        All references to “this Agreement” shall be references to the Original Facility Agreement as amended and/or supplemented by this Supplemental Agreement.
 

 

 

19

 

	
                         
 	
                        4.1.27
 	
                        The Schedule to this Supplemental Agreement shall be incorporated as “Schedule 4” to the Original Facility Agreement.
 

	
                         
 	
                        4.1.28
 	
                        All references in the Security Documents to the Agreement (however it may be defined) shall be read and construed as the Original Facility Agreement as supplemented and amended hereby.
 

	
                         
 	
                        4.1.29
 	
                        All references to the “Security Documents” shall be read and construed to include the Guarantees and the Operating Account Charge.
 

All other terms and conditions of the Original Facility Agreement shall remain unaltered and in full force and effect.

 

	
                        5
 	
                        Confirmation and Undertaking
 

	
                         
 	
                        5.1
 	
                        Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Original Facility Agreement made in this Supplemental Agreement, as if all references in any of the Security Documents to the Facility Agreement (however described) were references to the Original Facility Agreement as amended and supplemented by this Supplemental Agreement.
 

	
                         
 	
                        5.2
 	
                        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 Original Facility Agreement made in this Supplemental Agreement.
 

 

	
                        6
 	
                        Communications, Law and Jurisdiction
 

The provisions of clauses 18 and 22 of the Original Facility Agreement shall apply to this Supplemental Agreement as if they were set out in full and as if references to the Facility Agreement were references to this Supplemental Agreement and references to the Borrower were references to the Security Parties.

 

 

20

 

IN WITNESS of which the parties to this Supplemental Agreement have executed this Supplemental Agreement as a deed the day and year first before written.

 

	
                        SIGNED and DELIVERED as
 	
                        )
 	
      

      
 
	
                        a DEED by
 	
                        )
 
	
                        PELEA SHIPPING LTD.
 	
                        )
 
	
                        acting by Iannis Foteinos
 	
                        )
 
	
                         
 	
                        )
 
	
                        its duly authorised attorney-in-fact
 	
                        )
 
	
                         
 	
                        )
 
	
                        in the presence of:
 	
                        )
 

 

	
                        SIGNED and DELIVERED as
 a DEED by

                        DnB NOR BANK ASA
 	
      )
 
	
                         
 	
                         
 
	
                        acting by 
 	
                         
 	
                        )
 
	
                         
 	
                        
 	
                         
 
	
                         
 	
                         
 
	
                        its duly authorised attorney-in-fact
 	
                        )
 
	
                         
 	
                        )
 
	
                        in the presence of:
 	
                         
 	
                        )
 
	
                         
 	
                        
 	
                         
 
				

 

	
                        
 
 
	
                        STEPHENSON HARWOOD
 ARISTON BUILDING
 2 FILELLINON STR. & AKTI MIAOULI
 PIRAEUS 185 36
 VAT. NO. 998711156
 TEL 210 42 95 160
 

 

 

21

 

Form of Compliance Certificate

	
      To:
 	
  DnB NOR BANK ASA
 

	
      From:
 	
  Safe Bulkers Inc.
 

Dated:

Dear Sirs

Pelea Shipping Ltd. — US$42,000,000 Reducing revolving multi-currency credit facility agreement dated 12 June 2007 as amended, supplemented, novated and/or replaced from time to time (the “Agreement”)

We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

	
                        The covenant calculations below are made as of, and in respect of the six (6) month period ending on [      ].
 	
                         
 

We confirm that:

 

	
                        Agreement Clause
 	
                         
 	
      Covenant determination/Calculation compliance
 	
                         
 	
                        (min/max amount)
 
	
       
 	
       
 	
       
 	
       
 	
       
 	
       
 	
       
 
	
                        13.2.23(a)
 	
                         
 	
                        Consolidated Group Leverage
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        Consolidated Total Liabilities
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        ÷Consolidated Total Assets
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        =Consolidated Group Leverage
 	
                         
 	
                        [    %]
 	
                         
 	
                        [maximum 70%]
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        13.2.23(b)
 	
                         
 	
                        Debt to EBITDA ratio
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        Debt
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        ÷EBITDA
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        =Debt to EBITDA ratio
 	
                         
 	
                        [    %]
 	
                         
 	
                        [maximum 5.5:1]
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        13.2.23(c)
 	
                         
 	
                        Net Worth
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        Consolidated Total Assets 
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        (minus) Consolidated Total Liabilities 
 	
                         
 	
                        USD [    ]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        =Net Worth
 	
                         
 	
                        [    %]
 	
                         
 	
  [min. USD175,000,000]
 

[We confirm that no Default is continuing.]*

	
                        *
 	
                        If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.
 

 

 

22

 

 

	
                        Signed:
 	
       
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        
 	
                         
 	
                         
 	
                        
 
	
                         
 	
                        Director
 of
 Safe Bulkers Inc.
 	
                         
 	
                         
 	
                        Director
 of
 Safe Bulkers Inc.
 

 

 

23c52273_ex10-31.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.31

Private & Confidential

 
	
      Dated 23 May 2008         

 

SUPPLEMENTAL AGREEMENT

relating to a 

loan of US$45,000,000 
 

 

to 

SOFFIVE SHIPPING CORPORATION
 

 

provided by 

THE ROYAL BANK OF SCOTLAND PLC
 

 

	 	

	
Contents	
	
Clause		 		
Page	
	 	 	 	 	 
	
1		 		
Definitions		 		
1	
	 	 	 	 	 
	
2		 		
Agreement of the Bank		 		
3	
	 	 	 	 	 
	
3		 		
Amendments		 		
3	
	 	 	 	 	 
	
4		 		
Representations and warranties		 		
5	
	 	 	 	 	 
	
5		 		
Conditions		 		
6	
	 	 	 	 	 
	
6		 		
Confirmation		 		
7	
	 	 	 	 	 
	
7		 		
Expenses		 		
7	
	 	 	 	 	 
	
8		 		
Miscellaneous and notices		 		
8	
	 	 	 	 	 
	
9		 		
Applicable law		 		
8	
	 	 	 
	
Schedule 1 Documents and evidence required as conditions precedent		 		
10	
	 	 	 
	
Schedule 2 Form of Corporate Guarantee		 		
12	

2

	THIS SUPPLEMENTAL AGREEMENT is
    dated 23 May 2008 and made BETWEEN:
	 	 	 
	(1)       	 	SOFFIVE SHIPPING CORPORATION,
        a corporation incorporated in the Republic of Liberia with its registered
    office at 80 Broad Street, Monrovia, Liberia (the “Borrower”);    
	 	 	 
	(2)	 	SAFETY
          MANAGEMENT OVERSEAS S. A. ,
          a corporation incorporated in the Republic of Panama with its registered
          office at Edificio Torre Universal, Piso 12, Avenida Federico Boyd,
          P. O. Box 8807, Panama, Republic of Panama (the “Manager”);
    and 
	 	 	 
	(3)	 	THE
          ROYAL BANK OF SCOTLAND PLC of
          5-10 Great Tower Street, London EC3P 3HX, England (the “Bank”)
    . 
	 	 	 
	WHEREAS: 
	 	 	 
	(A)	 	 this Agreement is supplemental to
        a loan agreement dated 19 November 2007 made between (1) the Borrower
        and (2) the Bank (the “Principal
        Agreement”) relating to
        a multi-currency loan of Forty five million Dollars ($45,000,000)
        advanced by the Bank to the Borrower, of which the principal amount outstanding
    at the date hereof is $44,100,000; and 
	 	 	 
	(B)	 	 this Agreement sets out the terms
        and conditions upon which the Bank provides, at the request of the Borrower,
    its consent to: 
	 	 	 
	 	 	(a)	 the transfer of the legal and beneficial
        ownership of all the shares of the Borrower to the Corporate Guarantor
    (as defined below); 
	 	 	 
	 	 	(b) 	the Listing (as defined below); 
	 	 	 
	 	 	(c)	 the change of the ultimate beneficial
        ownership of certain of the shares in the Borrower as a result of, and
    in order to facilitate, the Listing; 
	 	 	 
	 	 	(d) 	the consent to the substitution of the
        Management Agreement by a new management agreement in respect of the
    Ship; 
	 	 	 
	 	 	(e)	 certain amendments to the terms and conditions
        applicable to the Loan and the Principal Agreement agreed to by the Borrower
    and the Bank; and 
	 	 	 
	 	 	(f) 	certain consequential changes to the Principal
        Agreement required in connection with the above and agreed to by the
    Borrower and the Bank. 
	 	 	 
	NOW IT IS HEREBY AGREED as
    follows: 
	 	 	 
	1
	 	 Definitions 
	
	 	 
	1.1 
	 	Defined expressions 
	 	 	 
	 	 	Words and expressions defined in the Principal
        Agreement shall unless the context otherwise requires or unless otherwise
    defined herein, have the same meanings when used in this Agreement. 

 

3

	
      1.2      
	 	
Definitions
	
	    

	    	 	
In this Agreement, unless the context otherwise requires:
	
	    

	    	 	
“Conditions Date” means the earlier of (a) 15 July 2008 and (b) 30 days after the Listing has taken
place;
	
	    

	    	 	
“Corporate Guarantee” means the guarantee executed or (as the context may require) to be executed by the
Corporate Guarantor in favour of the Bank in the form set out in schedule 2;
	
	    

	    	 	
“Corporate Guarantor” means Safe Bulkers, Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960 and includes its successors in title;
	
	    

	    	 	
“Effective Date” means the date when the Listing has taken place;
	
	    

	    	 	
“Government Entity” means and includes (whether having a distinct legal personality or not) any national or
local government authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is
subject or in whose activities any of the foregoing is a participant;
	
	    

	    	 	
“Indebtedness” means any obligation for the payment or repayment of money, whether as principal or as surety
and whether present or future, actual or contingent;
	
	    

	    	 	
“Listing” means the successful completion of the initial public offering of approximately 20% of the shares
of the Corporate Guarantor, and the listing of the shares of the Corporate Guarantor on the New York Stock Exchange;
	
	    

	    	 	
“Loan Agreement” means the Principal Agreement as amended by this Agreement;
	
	    

	    	 	
“Relevant Documents” means, together, this Agreement and the Corporate Guarantee;
	
	    

	    	 	
“Relevant Parties” means, together, the Borrower, the Manager and the Corporate Guarantor; and
	
	    

	    	 	
“Supplemental Parties” means, together, each of the parties to this Agreement (other than the Bank) or, where
the context so requires or permits, means any of them.
	
	    

	
      1.3      	
	 	
Principal Agreement
	
	    

	    	 	
References in the Principal Agreement to “this Agreement” shall, with effect from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement as
amended by this Agreement and words such as “herein”, “hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in the Principal Agreement, shall be construed
accordingly.
	
	    

	
      1.4      	
	 	
Headings
	
	    

	    	 	
Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement.
	
	    

	
      1.5      	
	 	
Construction of certain terms
	
	    

	    	 	
In this Agreement, unless the context otherwise requires:
	
	    

	
      1.5.1      	
	 	
references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement includes its schedules;
	
	    

	
      1.5.2      	
	 	
references to (or to any specified provision of) this Agreement or any other document shall be
	
	    

4

	    	 	
construed as references to this Agreement, that provision or that document as in force for the time being and as amended in accordance with terms thereof, or, as the case may be, with the agreement of
the relevant parties;
	
	      

	
      1.5.3
	 	
references to a “regulation” include any present or future regulation, rule, directive, requirement, request
or guideline (whether or not having the force of law) of any agency, authority, central bank or government department or any self-regulatory or other national or supra-national authority;
	
	      

	
      1.5.4
	 	
words importing the plural shall include the singular and vice versa;
	
	      

	
      1.5.5
	 	
references to a time of day are to London time;
	
	      

	
      1.5.6
	 	
references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity;
	
	      

	
      1.5.7      	
	 	
references to a “guarantee” include references to an indemnity or other assurance against financial loss
including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; and
	
	      

	
    1.5.8
	 	
references to any enactment shall be deemed to include references to such enactment as reenacted, amended or extended.
	
	      

	
      2      	
	 	
Agreement of the Bank
	
	    
	    	 	
The Bank, relying upon the representations and warranties on the part of the Borrower contained in clause 4, agrees with the Borrower that, subject to the terms and conditions of this Agreement and with
effect on the Effective Date, the Bank consents and agrees to:
	
	    
	
      2.1      	
	 	
the matters and transactions described in paragraphs (a), (b) (c) and (d) of the Recitals to this Agreement; and
	
	    
	
      2.2      	
	 	
the amendment of the Principal Agreement on the terms set out in clause 3.
	
	    
	
      3      	
	 	
Amendments
	
	    
	
      3.1      	
	 	
Amendments to Principal Agreement
	
	    
	    	 	
The Principal Agreement shall, with effect on and from the Effective Date, be (and it is hereby) amended in accordance with the following provisions (and the Principal Agreement (as so amended) will
continue to be binding upon each of the parties hereto upon such terms as so amended):
	
	    
	
      3.1.1      	
	 	
by deleting the existing definition of “Management Agreement” in clause 1.2 and by inserting the following
definitions of “Conditions Date”, “Corporate Guarantee”,
“Corporate Guarantor” “Hadjioannou Family”,
“Management Agreement” and “Supplemental Agreement” in the
correct alphabetical order in clause 1.2:
	
	    
	    	 	
““Conditions Date” has the meaning given to it in the Supplemental Agreement;
	
	    
	    	 	
“Corporate Guarantee” means the corporate guarantee executed or (as the context may require) to be executed
by the Corporate Guarantor in favour of the Bank in the form set out in schedule 2 to the Supplemental Agreement;
	
	    
	    	 	
“Corporate Guarantor” means Safe Bulkers, Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960 and includes its successors in title;
	
	    

5 

	 	 	
“Hadjioannou Family” means Mr Polys V. Hadjioannou, Mr Nikolaos V. Hadjioannou, Ms Eleni V. Hadjioannou and
Ms Maria V. Hadjioannou and their direct lineal descendants;
	
	 
	 	 	
“Management Agreement” means, together, the agreement made or (as the context may require) to be made between
the Corporate Guarantor and the Manager and the agreement made, or (as the context may require) to be made between the Borrower and the Manager, providing (inter alia) for the Manager to manage the Ship, as amended and supplemented from time to
time; and
	
	 
	 	 	
“Supplemental Agreement” means the agreement dated [23] May 2008 supplemental to this Agreement made between
(inter alios) (1) the Borrower and (2) the Bank;”;
	
	 
	
3.1.2      		 	
by inserting the words “the Supplemental Agreement, the Corporate Guarantee”, after the words “this Agreement,” in the first line of the definition of “Security Documents” in clause 1.2;
	
	 
	
3.1.3      		 	
by inserting the words “the Corporate Guarantor”, after the words “the Borrower,” in the first line of the definition of “Security
Party” in clause 1.2;
	
	 
	
3.1.4      		 	
by deleting the definition of “Margin” in clause 1.2 and by inserting in its place the following new
definition of “Margin”:
	
	 
	 	 	
““Margin” means zero point seven five per cent (0.75%) per annum;”;
	
	 
	
3.1.5      		 	
by deleting the definition of “Security Requirement” in clause 1.2 and by inserting in its place the
following new definition of “Security Requirement”:
	
	 
	 	 	
““Security Requirement” means the amount in Dollars (as certified by the Bank whose certificate shall,
in the absence of manifest error, be conclusive and binding on the Borrower and the Bank) which shall be equal to one hundred and twenty per cent (120%) of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is
denominated in an Optional Currency) and (ii) the cost (if any) (as certified by the Bank whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower and the Bank) of terminating any Transaction entered into
pursuant to the Master Swap Agreement;”;
	
	 
	
3.1.6      		 	
by deleting clause 8.1.1 and by inserting in its place the following new clause 8.1.1:
	
	 	 	 
	 	 	“8.1.1 	 	Due incorporation
	 	 	 	 	 
	 	 	 	 	the Borrower and each of the other Security
      Parties are duly incorporated and validly existing in good standing under
      the laws of their respective countries of incorporation as limited liability
      companies or, as the case may be, corporations and have power to carry
      on their respective businesses as they are now being conducted and to own
    their respective property and other assets;”; 
	 	 	 	 	 
	3.1.7	 	 by: 	(a)
	 deleting the existing clause 9.3.13
      in its entirety and renumbering existing clauses 9.3.14 and 9.3.15 accordingly;
    and 
	 	 	 	
	 
	 	 	 	(b) 
	inserting the following
        new clause 8.2.12 immediately after the existing clause 8.2.11 and renumbering
        the existing clauses 8.2.12 and 8.2.13 accordingly: 
   
	 	 	 	 	 
	 	 	“8.2.12 
	Shareholdings 
	 	 	 	 	 
	 	 	 	 	the Borrower is a wholly-owned direct Subsidiary
      of the Corporate Guarantor and no less than 75% of all the issued share
      capital of the Corporate Guarantor are ultimately beneficially owned (whether
    directly or indirectly) by the Hadjioannou Family; and”; 

6

	3.1.8 	 	by deleting the words “during
        the Security Period (as such term is defined in the Deed of Covenant)
        exceeds one hundred and four per cent (104%) of” in the first and
    second lines of clause 9.2.7 and by inserting in its place the word “exceed”; 
	 
	3.1.9 	 	by adding
          the following words at the end of clause 11.1.3 after the words “9.2,
          9.3 or 9.4”: 

	 	 	 
	 	 	“or the
          Corporate Guarantor commits any breach of or omits to observe any of
          the obligations or undertakings expressed to the assumed by it under
          clauses 5.1.4, 5.1.5, 5.2 or 5.3 of the Corporate Guarantee”; 
   
	 	 	 	 	 
	3.1.10 	 	by deleting
          clause 11.1.27 in its entirety and by inserting in its place the following
          new clauses 11.1.27, 11.1.28, and 11.1.29 and 11.1.30 and by renumbering
    the existing clause 11.1.28 as clause 11.1.31: 
  
	 	 	 	 	 
	 	 	“11.1.27	Shareholdings:
        there is any change in the legal and/or ultimate beneficial ownership
        of any of the shares of the Borrower or the Corporate Guarantor which
    results in: 
	 	 	 	 	 
	 	 	 	(a)	the Borrower ceasing at any time to be
    a wholly-owned direct Subsidiary of the Corporate Guarantor; or 
	 	 	 	 	 
	 	 	 	(b)	 the Hadjioannou Family
          becoming at any time the ultimate beneficial owners of less than 51%
          of the total issued share capital of the Corporate Guarantor; or 
   
	 	 	 	 	 
	 	 	 	(c) 	any person, or persons
          acting in concert (other than the Hadjioannou Family), having control
          of the Corporate Guarantor at any time (and for the purposes of this
          paragraph (c) “control”   shall
          have the meaning given to it in the definition of “Subsidiary”   in
          clause 1.2); or 
 
	 	 	 	 	 
	 	 	11.1.28 	Change
          of CEO: Mr Polys V. Hadjioannou
          ceases to be the Chief Executive Officer of the Corporate Guarantor
    at any time; or 
	 	 	 	 	 
	 	 	11.1.29	Listing: the
          shares of the Corporate Guarantor are de-listed or suspended from,
          or cease to trade (whether temporarily for longer than 3 consecutive
    days or permanently) on, the New York Stock Exchange; or 

	 	 	 	 	 
	 	 	11.1.30 	Conditions:
          the Bank has not received the documents and evidence specified in schedule
    1 to the Supplemental Agreement by the Conditions Date; or”. 

	 	 	 	 	 
	3.2
	 	 Continued force and effect 
	
	 	 
	
	 	Save as amended
          by this Agreement, the provisions of the Principal Agreement and the
          other Security Documents shall continue in full force and effect and
          the Principal Agreement and this Agreement shall be read and construed
          as one instrument. 
 
	
	 	 
	
      4      
 	 	Representations
    and warranties 
	
	 	 
	4.1 
	 	Primary representations
    and warranties 
	 	 	 
	
	 	The Borrower represents and
    warrants to the Bank that: 
	
	 	 
	4.1.1
	 	 Existing representations
    and warranties 
	
	 	 
	
	 	the representations
          and warranties set out in clause 8 of the Principal Agreement were
          true and correct on the date of the Principal Agreement and are true
          and correct, including to the extent that they may have been or shall
          be amended by this Agreement, as if made at the date of this Agreement
          with reference to the facts and circumstances existing at such date; 

7

	
4.1.2	 	
Corporate power
	
	 
	 	 	
each of the Relevant Parties has power to execute, deliver and perform its obligations under the Relevant Documents to which it is or is to be a party; all necessary corporate, shareholder and other
action has been taken by each of the Relevant Parties to authorise the execution, delivery and performance of the Relevant Documents to which it is or is to be a party;
	
	 
	
4.1.3	 	
Binding obligations
	
	 
	 	 	
the Relevant Documents to which it is or is to be a party constitute valid and legally binding obligations of each of the Relevant Parties enforceable in accordance with their terms;
	
	 
	
4.1.4	 	
No conflict with other obligations
	
	 
	 	 	
the execution, delivery and performance of the Relevant Documents to which it is or is to be a party by each of the Relevant Parties will not (i) contravene any existing law, statute, rule or regulation
or any judgment, decree or permit to which any of the Relevant Parties is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which any of the Relevant
Parties is a party or is subject or by which any of the Relevant Parties or any of its property is bound or (iii) contravene or conflict with any provision of the constitutional documents of any of the Relevant Parties or (iv) result in the creation
or imposition of or oblige any of the Relevant Parties to create any Encumbrance on any of their undertakings, assets, rights or revenues of any of the Relevant Parties;
	
	 
	
4.1.5	 	
No filings required
	
	 
	 	 	
it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of any of the Relevant Documents that they or any other instrument be notarised, filed, recorded,
registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to the Relevant Documents and each of the
Relevant Documents is in proper form for its enforcement in the courts of the Relevant Jurisdiction;
	
	 
	
4.1.6	 	
Choice of law
	
	 
	 	 	
the choice of English law to govern the Relevant Documents and the submissions by the Relevant Parties to the non-exclusive jurisdiction of the English courts are valid and binding; and
	
	 
	
4.1.7	 	
Consents obtained
	
	 
	 	 	
every consent, authorisation, licence or approval of, or registration or declaration to, governmental or public bodies or authorities or courts required by any of the Relevant Parties in connection with
the execution, delivery, validity, enforceability or admissibility in evidence of the Relevant Documents to which it is or is to be a party or the performance by each Relevant Party of its obligations under such document has been obtained or made
and is in full force and effect and there has been no default in the observance of any conditions or restrictions (if any) imposed in, or in connection with, any of the same.
	
	 
	
4.2	 	
Repetition of representations and warranties
	
	 
	 	 	
Each of the representations and warranties contained in clause 4.1 of this Agreement and clause 8 of the Principal Agreement (as amended by this Agreement) shall be deemed to be repeated by the Borrower
on the Effective Date as if made with reference to the facts and circumstances existing on such day.
	
	 
	
5	 	
Conditions
	
	 

8

	
5.1	     	
Documents and evidence
	
	 
	 	 	
The agreement of the Bank referred to in clause 2 shall be subject to the receipt by the Bank or its duly authorised representative of the documents and evidence specified in schedule 1 in form and
substance satisfactory to the Bank. The Borrower agrees with the Bank that failure by the Borrower to deliver such documents or evidence to the Bank by the Conditions Date, will constitute an Event of Default under the Principal
Agreement.
	
	 
	
5.2	 	
General conditions precedent
	
	 
	 	 	
The agreement of the Bank referred to in clause 2 shall be further subject to:
	
	 
	
5.2.1	 	
the representations and warranties in clause 4 being true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and
	
	 
	
5.2.2	 	
no Default having occurred and continuing at the time of the Effective Date.
	
	 
	
5.3	 	
Waiver of conditions precedent
	
	 
	 	 	
The conditions specified in this clause 5 are inserted solely for the benefit of the Bank and may be waived by the Bank in whole or in part with or without conditions.
	
	 
	
6	 	
Confirmation
	
	 
	
6.1	 	
Security Documents
	
	 
	 	 	
The Borrower acknowledges and agrees, for the avoidance of doubt, that:
	
	 
	
6.1.1	 	
each of the Security Documents to which it is a party, and its obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Principal Agreement by this
Agreement; and
	
	 
	
6.1.2	 	
with effect from the Effective Date, references to “the Agreement” or “the Loan Agreement” in any of the other Security Documents to which it is a party shall henceforth be
references to the Principal Agreement as amended by this Agreement and as from time to time hereafter amended.
	
	 
	
7	 	
Expenses
	
	 
	
7.1	 	
Expenses
	
	 
	 	 	
The Borrower agrees to pay to the Bank on a full indemnity basis on demand all expenses (including legal and out-of-pocket expenses) incurred by the Bank:
	
	 
	
7.1.	 	
in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement and the Corporate Guarantee and of any amendment or extension of, or the granting of any
waiver or consent under, this Agreement and the Corporate Guarantee;
	
	 
	
7.1.2	 	
in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement and the Corporate Guarantee or otherwise in respect of the monies owing and
obligations incurred under this Agreement and the Corporate Guarantee,
	
	 
	 	 	
together with interest at the rate referred to in clause 3.4 of the Principal Agreement from the date on which such expenses were incurred to the date of payment (as well after as before
judgement).
	
	 
	
7.2	 	
Value Added Tax
	
	 	 	 
	 	 	All expenses payable pursuant to this clause
    7 shall be paid together with value added tax or any 

9 

	 	 	
similar tax (if any) properly chargeable thereon.
	
	 
	
7.3	 	
Stamp and other duties
	
	 
	 	 	
The Borrower agrees to pay to the Bank on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the Bank) imposed on or in connection with
this Agreement and shall indemnify the Bank against any liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes.
	
	 
	
8	 	
Miscellaneous and notices
	
	 
	
8.1	 	
Notices
	
	 
	 	 	
Every notice, request, demand or other communication under this Agreement shall:
	
	 
	
8.1.1	 	
be in writing, delivered personally or by first-class prepaid letter (airmail if available) or telefax or other means of telecommunication in permanent written form;
	
	 
	
8.1.2	 	
be deemed to have been received, subject as otherwise provided in the relevant Security Document, in the case of a letter, when delivered personally or three (3) days after it has been put into the post
and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the addressee or, if the time of
despatch is after the close of business in the country of the addressee, it shall be deemed to have been received at the opening of business on the next such business day); and
	
	 
	
8.1.3	 	
be sent:
	
	 
	 	 	 	
(a)      		
if to the Supplemental Parties or any of them:
	
	 
	 	 	 	 	
32 Karamanli Avenue
	 	 	 	 	
166 05 Voula
	 	 	 	 	
Greece

	
	 
	 	 	 	 	Fax No: 	+30 210 8956900 
	 	 	 	 	
Attention: 

		George Papadopoulos
	 
	 	 	 	
(b)      		
if to the Bank at:
	
	 
	 	 	 	 	
The Shipping Business Centre 

  5-10 Great Tower Street 

  London, EC3P 3HX

  England

	
	 
	 
	 	 	 	 	Fax: 	+44 207 085 7132 
	 	 	 	 	
Attention: 

		Shipping Business Centre
	 
	
8.2	 	
Counterparts
	
	 
	 	 	
This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered shall be an original but all counterparts
shall together constitute one and the same instrument.
	
	 

10

	
9      		 	
Applicable law
	
	 
	
9.1      		 	
Law
	
	 
	 	 	
This Agreement is governed by, and shall be construed in accordance with, English law.
	
	 
	
9.2      		 	
Submission to jurisdiction
	
	 
	 	 	
Each of the Supplemental Parties agrees, for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Agreement against any of their assets may be brought
in the English courts. Each of the Supplemental Parties irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably designates, appoints and empowers Mr. Savvas Savvides at present of 24 Exeter Road, London N14 5JY
England to receive for it and on its behalf, service of process issued out of the English courts in any such legal action or proceedings and each of the Supplemental Parties further undertakes that, in the event that such individual passes away or
cannot be found, each of the Supplemental Parties hereby irrevocably and unconditionally authorises the Bank to designate, appoint and empower, on each of the Supplemental Parties’ behalf, Messrs Cheeswrights or Messrs Saville & Co. at
their then principal place of business in London, as substitute process agents of Mr. Savvas Savvides for the purposes of this clause. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Bank to
take proceedings against any of the Supplemental Parties in the courts of any other competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether
concurrently or not. Each of the Supplemental Parties further agrees that only the courts of England and not those of any other state shall have jurisdiction to determine any claim which any of the Supplemental Parties may have against the Bank
arising out of or in connection with this Agreement.
	
	 
	
9.3      		 	
Contracts (Rights of Third Parties) Act 1999
	
	 
	 	 	
No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement.
	
	 

IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed as a deed on the date first above written. 

 

11

Schedule 1

Documents and evidence required as conditions subsequent

(referred to in clause 5.1) 

	
1      		
Corporate authorisations

	
	 
	 	
In relation to each of the Relevant Parties:

	
	 
	 	
(a)      		
Constitutional documents

	
	 
	 	 	
copies certified by an officer of each of the Relevant Parties, as a true, complete and up to date copies, of all documents which contain or establish or relate to the constitution of that party or a
secretary’s certificate confirming that there have been no changes or amendments to the constitutional documents certified copies of which were previously delivered to the Bank pursuant to the Principal Agreement;

	
	 
	 	
(b)      		
Resolutions

	
	 
	 	 	
copies of resolutions of each of its board of directors and, if required following advice by the Bank’s counsel, its shareholders approving this Agreement and the other Relevant Documents and the
terms and conditions hereof and thereof and authorising the signature, delivery and performance of each such party’s obligations thereunder, certified (in a certificate dated no earlier than five (5) Banking Days prior to the date of this
Agreement) by an officer of such Relevant Party as:

	
	 
	 	 	
(1)      		
being true and correct;

	
	 
	 	 	
(2)      		
being duly passed at meetings of the directors of such Relevant Party and, as the case may be, of the shareholders of such Relevant Party each duly convened and held;

	
	 
	 	 	
(3)      		
not having been amended, modified or revoked; and

	
	 
	 	 	
(4)      		
being in full force and effect,

	
	 
	 	 	
together with originals or certified copies of any powers of attorney issued by any party pursuant to such resolutions; and

	
	 
	 	
(c)      		
Certificate of incumbency

	
	 
	 	 	
a list of directors and officers of each Relevant Party specifying the names and positions of such persons, certified (in a certificate dated no earlier than five (5) Banking Days prior to the date of
this Agreement) by an officer of such Relevant Party to be true, complete and up to date;

	
	 
	
2      		
Consents

	
	 
	 	
a certificate (dated no earlier than five (5) Banking Days prior to the date of this Agreement) from an officer of each of the Relevant Parties stating that no consents, authorisations, licences or
approvals are necessary for such Relevant Party to authorise, or are required by each of the Relevant Parties or any other party (other than the Bank) in connection with, the execution, delivery, and performance of this Agreement and the other
Relevant Documents to which such Relevant Party is or is to be a party;

	
	 

12

	
3      		
Corporate Guarantee

	
	 
	 	
the Corporate Guarantee (together with any other documents and/or letters to be executed and/or delivered to the Bank pursuant thereto) duly executed;

	
	 
	
4      		
Legal opinions

	
	 
	 	
such legal opinions in relation to the laws of the Republic of Liberia, the Republic of the Marshall Islands and the Republic of Panama and any other legal opinions as the Bank shall in its absolute
discretion require;

	
	 
	
5      		
Listing

	
	 
	 	
evidence that the Listing has taken place; and

	
	 
	
6      		
Process agent

	
	 
	 	
a letter from each Relevant Party’s agent for receipt of service of proceedings accepting its appointment under this Agreement and the other Relevant Documents to which such Relevant Party is or is
to be a party as such Relevant Party’s process agent.

	
	 

13

Schedule 2 

Form of Corporate Guarantee
 

 

 

14

	EXECUTED as
        a DEED 	 	) 	 	 
	by 	 	) 	 	 
	for and
        on behalf of 	 	) 	 	 	 
	SOFFIVE
    SHIPPING CORPORATION	 	) 	 	Attorney-in-fact 
	as Bank 	 	) 	 	 
	in the presence
        of: 	 	) 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	Witness 

        Name: 

        Address: 

        Occupation:	 	 	 	 

 
 
 

	EXECUTED as
        a DEED 	 	) 	 	 
	by 	 	) 	 	 
	for and
        on behalf of 	 	) 	 	 	 
	SAFETY
    MANAGEMENT OVERSEAS S.A.	 	) 	 	Attorney-in-fact 
	as Bank 	 	) 	 	 
	in the presence
        of: 	 	) 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	Witness 

        Name: 

        Address: 

        Occupation:	 	 	 	 

 
 
 

	EXECUTED as
        a DEED 	 	) 	 	 
	by 	 	) 	 	 
	for and
        on behalf of 	 	) 	 	 	 
	THE ROYAL
    BANK OF SCOTLAND PLC	 	) 	 	Attorney-in-fact 
	as Bank 	 	) 	 	 
	in the presence
        of: 	 	) 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	Witness 

        Name: 

        Address: 

        Occupation:	 	 	 	 

 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]