Document:

Exhibit 4.58

  

   

  

   

  

  
    Dated  13  June 2018

    US$12,800,000

    US$5,900,000 outstanding

    

    

    

    

    SEANERGY MARITIME HOLDINGS CORP.

    as Borrower

    and

    KNIGHT OCEAN NAVIGATION CO.

    as Guarantor

    and

    JELCO DELTA HOLDING CORP.

    as Lender

    

    

    

    

    

    

    SUPPLEMENTAL AGREEMENT

    relating to

        a facility agreement dated 28 November 2016

    relating to the part financing of the acquisition cost of m.vs.

    “LORDSHIP” and “KNIGHTSHIP”

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    W A T S O N  F A R L E Y

        &

        W I L L I A M S

    
      
        

    

    Index

    	
            Clause

          	
            Page

          
	 	 	 
	
            1

          	
            Definitions and Interpretation

          	
            1

          
	
            2

          	
            Agreement of the Lender

          	
            2

          
	
            3

          	
            Conditions Precedent

          	
            3

          
	
            4

          	
            Representations

          	
            3

          
	
            5

          	
            Amendments to Facility Agreement and other Finance Documents

          	
            3

          
	
            6

          	
            Notices

          	
            5

          
	
            7

          	
            Counterparts

          	
            5

          
	
            8

          	
            Governing Law

          	
            5

          
	
            9

          	
            Enforcement

          	
            5

          
	 	 	 
	
            Schedules

          	 
	 	 	 
	
            Schedule 1 Conditions Precedent

          	
            7

          
	 	 
	
            Execution

          	 
	 	 
	
            Execution Pages

          	
            8

          

    
      
        

    

    THIS AGREEMENT is

        made on 13 June 2018

    PARTIES

    
      
        	(1)	
                SEANERGY MARITIME HOLDINGS CORP., a corporation
                    incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands as borrower (the “Borrower”);

              

      

    

    
      
        	(2)	
                KNIGHT OCEAN NAVIGATION CO., a corporation incorporated and existing under the laws of the Republic of Liberia having its registered office at 80 Broad street, Monrovia, Liberia as
                    guarantor (the “Guarantor”);

              

      

    

    
      
        	(3)	
                JELCO DELTA HOLDING CORP., a corporation incorporated
                    in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands as lender (the “Lender”).

              

      

    

    BACKGROUND

    
      
        	(A)	
                By the Facility Agreement, the Lender agreed to make available to the Borrower a facility of (originally) up to US$12,800,000, of which US$5,900,000 is
                    outstanding at the date of this Agreement.

              

      

    

    
      
        	(B)	
                The Borrower has requested that the Lender gives its consent to the release of m.v. “LORDSHIP” and Lord Ocean Navigation Co. as guarantor under the Facility
                    Agreement, notwithstanding the provisions contained in clause 5 (Prepayment) of the Facility Agreement (the “Request”).

              

      

    

    
      
        	(C)	
                This Agreement sets out the terms and conditions (including, without limitation, (i) the execution of the Additional Guarantee (as defined hereinbelow) and
                    (ii) the execution and registration of the Mortgage Addendum (as defined hereinbelow) (if requested by the Lender)) on which the Lender agrees, with effect on and from the Effective Date, to the Request and to the consequential
                    amendments of the Facility Agreement and the other Finance Documents in connection with those matters.

              

      

    

    OPERATIVE PROVISIONS

    
      
        	1	
                DEFINITIONS AND INTERPRETATION

              

      

    

    
      
        	1.1	
                Definitions

              

      

    

    In this Agreement:

    “Additional

          Guarantee” means an irrevocable and unconditional guarantee of the obligations of the Borrower to be executed by the Additional Guarantor in favour of the Lender in the Agreed Form.

    “Additional

          Guarantor” means Emperor Holding Ltd., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands.

    “Deed
          of Partial Release” means the deed of partial release and reassignment of security in respect of Lord Ocean Navigation Co. as guarantor under the Facility Agreement, to be executed by (inter alios) (i) the Borrower, (ii) the Guarantor and
        (iii) the Lender.

    
      
        

    

    
    

    

    “Effective

          Date” means the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied.

    “Facility

          Agreement” means the facility agreement dated 28 November 2016 (as from time to time amended and/or supplemented) and made between (i) the Borrower as borrower and ((ii) the Lender as lender in respect of a facility of (originally) up to
        US$12,800,000.

    “Mortgage”
        means the second preferred Liberian mortgage over m.v. “KNIGHTSHIP” registered in the ownership of the Guarantor under Liberian flag and having official no. 17746 dated 13 December 2016 duly recorded in the Office of the Deputy Commissioner of
        Maritime Affairs of the Republic of Liberia on 13 December 2016 at 4:48 AM, E.S.T. in New York, U.S.A. in Book PM 68 at Page 1195.

    “Mortgage

          Addendum” means the addendum to the Mortgage in the Agreed Form.

    “Obligor”
        means each of the Borrower and the Guarantor.

    “Party”
        means a party to this Agreement.

    
      
        	1.2	
                Defined expressions

              

      

    

    Defined expressions in the Facility Agreement shall have the same meanings when used in this
        Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

    
      
        	1.3	
                Application of construction and interpretation provisions of Facility Agreement

              

      

    

    Clause 1.2 (construction of certain terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

    
      
        	1.4	
                Designation as a Finance Document

              

      

    

    The Borrower and the Lender designate this Agreement as a Finance Document.

    
      
        	1.5	
                Third party rights

              

      

    

    Unless provided to the contrary in a Finance Document, a person who is not a Party has no right
        under the Third Parties Act to enforce or to enjoy the benefit of any term of this Agreement.

    
      
        	2	
                AGREEMENT OF THE LENDER

              

      

    

    
      
        	2.1	
                Agreement of the Lender

              

      

    

    The Lender agrees, subject to and upon the terms and conditions of this Agreement (including,
        without limitation, the execution of the Additional Guarantee and, if requested by the Lender, the execution and registration of the Mortgage Addendum), to:

    
      
        	(a)	
                the Request; and

              

      

    

    
      
        	(b)	
                the consequential amendments to the Facility Agreement and the other Finance Documents.

              

      

    

    
      2

      
        

    

    
    

    

    
      
        	2.2	
                Effective Date

              

      

    

    The agreement of the Lender contained in Clause 2.1 (Agreement of the Lender) shall have effect on and from the Effective Date.

    
      
        	3	
                CONDITIONS PRECEDENT

              

      

    

    The agreement of the Lender contained in Clause 2.1 (Agreement of the Lender) is subject to:

    
      
        	(a)	
                no Event of Default continuing on the date of this Agreement and the Effective Date or resulting from the occurrence of the Effective Date;

              

      

    

    
      
        	(b)	
                the Repeating Representations to be made by each Obligor being true on the date of this Agreement and the Effective Date;

              

      

    

    
      
        	(c)	
                the Lender having received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Lender on or before the Effective Date.

              

      

    

    
      
        	4	
                REPRESENTATIONS

              

      

    

    
      
        	4.1	
                Facility Agreement representations

              

      

    

    Each Obligor that is a party to the Facility Agreement makes the representations and warranties
        set out in clause 6 (Representations and warranties) of the Facility Agreement, as amended and supplemented by this Agreement and updated with
        appropriate modifications to refer to this Agreement and, if and where appropriate, the Mortgage Addendum, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.

    
      
        	4.2	
                Finance Document representations

              

      

    

    Each Obligor makes the representations and warranties set out in the Finance Documents (other than
        the Facility Agreement) to which it is a party, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement and, if and where appropriate, the Mortgage Addendum, by reference to the
        circumstances then existing on the date of this Agreement and on the Effective Date.

    
      
        	5	
                AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

              

      

    

    
      
        	5.1	
                Specific amendments to the Facility Agreement

              

      

    

    With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by
        this Agreement to have been, amended as follows:

    
      
        	(a)	
                by adding the following new definitions in clause 1.1 thereof in the requisite alphabetical order:

              

      

    

    ““Additional

          Guarantee” means an irrevocable and unconditional guarantee of the obligations of the Borrower to be executed by the Additional Guarantor in favour of the Lender in the Agreed Form;

    
      3

      
        

    

    

    

    “Additional

          Guarantor” means Emperor Holding Ltd., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands;”;

    
      
        	(b)	
                by adding a new sub-paragraph (h) in the definition of “Finance Documents” in clause 1.1 thereof as follows:

              

      

    

    “(h) the Additional Guarantee; and”,

    and redesignating the existing sub-paragraph (h) as a new sub-paragraph (i);

    
      
        	(c)	
                by deleting paragraph (a) of clause 5.3 thereof in its entirety and replacing it with the following new paragraph:

              

      

    

    “(a) the whole of the Loan:

    
      
        	

              	(i)	
                if the Ship is sold on or before the date on which the sale is completed by delivery of the Ship to the buyer;

              

      

    

    
      
        	

              	(ii)	
                if the Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Lender of the proceeds
                    of insurance relating to such Total Loss;”;

              

      

    

    
      
        	(d)	
                references to the “Borrower” or an “Owner” in clause 10 (events

                      of default) thereof shall be construed as if the same also referred to the Additional Guarantor;

              

      

    

    
      
        	(e)	
                references to the “Owners” throughout the Facility Agreement shall be construed as if the same referred to the Guarantor only;

              

      

    

    
      
        	(f)	
                references to the “Ships” throughout the Facility Agreement shall be construed as if the same referred to m.v. “KNIGHTSHIP” only;

              

      

    

    
      
        	(g)	
                the definition of, and references throughout to, each Finance Document shall be construed as if the same referred to that Finance Document as amended and
                    supplemented by this Agreement; and

              

      

    

    
      
        	(h)	
                by construing references throughout to “this Agreement” and other like expressions as if the same referred to the Facility Agreement as amended and
                    supplemented by this Agreement.

              

      

    

    
      
        	5.2	
                Amendments to Finance Documents

              

      

    

    With effect on and from the Effective Date each of the Finance Documents other than the Facility
        Agreement and the Mortgage if amended and supplemented by the Mortgage Addendum, shall be, and shall be deemed by this Agreement to have been, amended as follows:

    
      
        	(a)	
                the definition of, and references throughout each of the Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be
                    construed as if the same referred to the Facility Agreement and those Finance Documents as amended and supplemented by this Agreement;

              

      

    

    
      4

      
        

    

    

    

    
      
        	(b)	
                the definition of, and references throughout each of the Finance Documents to, the Mortgage shall be construed as if the same referred to the Mortgage as
                    amended and supplemented by the Mortgage Addendum (if and when executed and registered); and

              

      

    

    
      
        	(c)	
                by construing references throughout each of the Finance Documents to “this Agreement”, “this Deed” and other like expressions as if the same referred to such
                    Finance Documents as amended and supplemented by this Agreement.

              

      

    

    
      
        	5.3	
                Finance Documents to remain in full force and effect

              

      

    

    The Finance Documents shall remain in full force and effect as amended and supplemented by:

    
      
        	(a)	
                the amendments to the Finance Documents contained or referred to in Clause 5.1 (Specific amendments to the Facility Agreement) and Clause 5.2 (Amendments to Finance Documents) and
                    the Mortgage Addendum (if and when executed and registered); and

              

      

    

    
      
        	(b)	
                such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement.

              

      

    

    
      
        	6	
                NOTICES

              

      

    

    Clause 13 (notices) of the Facility Agreement, as amended and supplemented by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

    
      
        	7	
                COUNTERPARTS

              

      

    

    This Agreement may be executed in any number of counterparts, and this has the same effect as if
        the signatures on the counterparts were on a single copy of this Agreement.

    
      
        	8	
                GOVERNING LAW

              

      

    

    This Agreement and any non-contractual obligations arising out of or in connection with it are
        governed by English law.

    
      
        	9	
                ENFORCEMENT

              

      

    

    
      
        	9.1	
                Jurisdiction

              

      

    

    
      
        	(a)	
                The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
                    existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”).

              

      

    

    
      
        	(b)	
                The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the
                    contrary.

              

      

    

    
      
        	(c)	
                This Clause 9.1 (Jurisdiction) is for the benefit of
                    the Lender only.  As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Lender may take concurrent proceedings in any
                    number of jurisdictions.

              

      

    

    
      5

      
        

    

    

    

    
      
        	9.2	
                Service of process

              

      

    

    
      
        	(a)	
                Without prejudice to any other mode of service allowed under any relevant law, each Obligor:

              

      

    

    
      
        	

              	(i)	
                irrevocably appoints Messrs. E.J.C Album Solicitors, presently of Landmark House, 190 Willifield Way, London, NW11 GY1, England (Attention of Mr. Eduard Album
                    Fax +44 (0) 20 8457 5558, e-mail: ejca@mitgr.com) as its agent for service of process in relation to any proceedings before the English courts
                    in connection with any Finance Document; and

              

      

    

    
      
        	

              	(ii)	
                agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.

              

      

    

    
      
        	(b)	
                If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of the
                    other Obligors) must immediately (and in any event within 14 days of such event taking place) appoint another agent on terms acceptable to the Lender.  Failing this, the Lender may appoint another agent for this purpose.

              

      

    

    This Agreement has been entered into on the date stated at the beginning of this Agreement.

    
      6

      
        

    

    

    

    SCHEDULE 1

        

        

        CONDITIONS PRECEDENT

    
      
        	1	
                Obligors

              

      

    

    Documents of the kind specified in Schedule 2 Part A paragraphs 2, 3 and 4 of the Facility
        Agreement.

    
      
        	2	
                Security

              

      

    

    
      
        	2.1	
                If requested by the Lender, a duly executed original of the Mortgage Addendum together with documentary evidence that the Mortgage Addendum has been duly
                    registered as a valid addendum to the Mortgage in accordance with the laws of the jurisdiction of the Approved Flag.

              

      

    

    
      
        	2.2	
                A duly executed original of this Agreement.

              

      

    

    
      
        	2.3	
                A duly executed original of the Deed of Partial Release.

              

      

    

    
      
        	3	
                Other documents and evidence

              

      

    

    
      
        	3.1	
                A copy of any other Authorisation or other document, opinion or assurance which the Lender considers to be necessary or desirable (if it has notified the
                    Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement and the Mortgage Addendum (if and when executed and registered) or for the validity and enforceability of any
                    Finance Document as amended and supplemented by this Agreement or by the Mortgage Addendum (if and when executed and registered).

              

      

    

    
      
        	3.2	
                Evidence that the agent referred to in Clause 9.2 has accepted its appointment as agent for the service of process under this Agreement.

              

      

    

    
      7

      
        

    

    

    

    EXECUTION PAGE

    	
            BORROWER

          	 	 
	 	 	 
	
            SIGNED byStamatios Tsantanis

          	
            )

          	
            /s/ Stamatios Tsantanis

          
	
            duly authorised attorney-in-fact

          	
            )

          	 
	
            for and on behalf of

          	
            )

          	 
	
            SEANERGY MARITIME HOLDINGS CORP.

          	
            )

          	 
	 	 	 
	
            in the presence of:

          	
            )

          	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:  Theodora Mitropetrou

          	
            )

          	
            /s/ Theodora Mitropetrou

          
	
            Witness’ address:

          	
            )

          	 
	 	 	 
	 	 	 
	
            GUARANTOR

          	 	 
	 	 	 
	
            SIGNED by Stamatios Tsantanis

          	
            )

          	
            /s/ Stamatios Tsantanis

          
	
            duly authorised attorney-in-fact

          	
            )

          	 
	
            for and on behalf of

          	
            )

          	 
	
            KNIGHT OCEAN NAVIGATION CO.

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name: Theodora Mitropetrou

          	
            )

          	
            /s/ Theodora Mitropetrou

          
	
            Witness’ address:

          	
            )

          	 
	 	 	 
	 	 	 
	
            LENDER

          	 	 
	 	 	 
	
            SIGNED byAthina Pteroudi

          	
            )

          	
            /s/ Athina Pteroudi

          
	
            and

          	
            )

          	 
	
            duly authorised attorneys-in-fact

          	
            )

          	 
	
            for and on behalf of

          	
            )

          	 
	
            JELCO DELTA HOLDING CORP.

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:  Maria Moschopoulou

          	
            )

          	
            /s/ Maria Moschopoulou

          
	
            Witness’ address:

          	
            )

          	 

  

   

    

   

    

  8Exhibit 4.59

  

  
    

    

    Dated 28 November 2016

      as amended and restated on 13 February 2019

    JELCO DELTA HOLDING CORP.

    as Lender

    and

    SEANERGY MARITIME HOLDINGS CORP.

    as Borrower

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    AMENDED AND RESTATED LOAN AGREEMENT

    in respect of

        a loan agreement dated 4 October 2016

    as amended by amendment no.1 dated as of 17 November 2016 and as amended and restated on 28 November 2016 and supplemented
        on 13 June 2018

    relating to

        a facility originally of US$12,800,000

        

    

    
      
        

    

    

    

    Index

    
      	
              Clause

            	 	
              Page

            
	 	 	 
	
              1

            	
              Purpose, Definitions and Interpretation

            	
              1

            
	
              2

            	
              The Loan

            	
              9

            
	
              3

            	
              Interest

            	
              10

            
	
              4

            	
              Repayment

            	
              10

            
	
              5

            	
              Prepayment

            	
              11

            
	
              6

            	
              Representations and Warranties

            	
              11

            
	
              7

            	
              Covenants and Undertakings of the Borrower

            	
              12

            
	
              8

            	
              Insurance

            	
              12

            
	
              9

            	
              Ship Covenants

            	
              16

            
	
              10

            	
              Events of Default

            	
              20

            
	
              11

            	
              Fees

            	
              21

            
	
              12

            	
              Application of Receipts

            	
              22

            
	
              13

            	
              Notices

            	
              22

            
	
              14

            	
              Amendments and Waivers

            	
              23

            
	
              15

            	
              Process Agent

            	
              23

            
	
              16

            	
              Governing Law and Jurisdiction

            	
              23

            
	
              17

            	
              Miscellaneous

            	
              23

            

    

    Schedules

    

      	
              Schedule 1 Form of Drawdown Notice

            	
              25

            
	
              Schedule 2 Condition Precedent Documents

            	
              26

            
	
                Part A

            	
              26

            
	
                Part B

            	
              27

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    THIS
          LOAN AGREEMENT (the “Loan Agreement’) is originally made on 4 October 2016, amended and restated on 28 November 2016 as further amended and restated by an amending and restating agreement dated 13 February 2019.

    PARTIES

    
      
        	(1)	
                JELCO DELTA HOLDING CORP., a corporation organised
                    under the laws of the Republic of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands (the "Lender")

              

      

    

    
      
        	(2)	
                SEANERGY MARITIME HOLDINGS CORP., a corporation
                    organised under the laws of the Republic of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands (the "Company")

              

      

    

    BACKGROUND

    
      
        	(A)	
                The Company entered into a facility agreement originally on 4 October 2016, amended and restated on 28 November 2016, and amended and supplemented by a
                    supplemental agreement dated 13 June 2018 with the Lender in respect of a loan facility of originally up to US$12,800,000 (the “Facility
                      Agreement”).

              

      

    

    
      
        	(B)	
                Security interests previously created in favour of the Lender over each of m.v. “LORDSHIP” and m.v. “KNIGHTSHIP” by Lord Ocean Navigation Co. and Knight Ocean
                    Navigation Co., respectively, as guarantors of the obligations of the Company under the Facility Agreement have been fully released with the Lender’s consent.

              

      

    

    
      
        	(C)	
                Emperor Holding Ltd. of the Marshall Islands (the "Additional
                      Guarantor") has provided further security to the Lender under the Facility Agreement in the form of a guarantee (the “Additional
                      Guarantee”) dated 13 June 2018.

              

      

    

    
      
        	(D)	
                The Company is the registered, legal and beneficial owner of the Additional Guarantor.

              

      

    

    
      
        	(E)	
                The Company borrowed an aggregate principal amount of US$12,800,000 from the Lender of which US$5,900,000 is outstanding on the date of this Agreement.

              

      

    

    
      
        	(F)	
                The Borrower has requested and the Lender agree to extend the Final Repayment Date to 30 June 2020, subject to the terms and conditions set out in this Loan
                    Agreement, including that the Borrower procure the provision of a second priority mortgage and general assignment over m.v. “Partnership” in favour of the Lender.

              

      

    

    OPERATIVE PROVISIONS

    In consideration of the mutual covenants herein contained, and for such other good
        and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

    
      
        	1	
                PURPOSE, DEFINITIONS AND INTERPRETATION

              

      

    

    
      
        	1.1	
                Purpose

              

      

    

    This Loan Agreement sets out the terms and conditions upon and subject to which it
        is agreed that the Lender will continue to make available to the Borrower a loan originally of up to United States Dollars twelve million eight hundred thousand (US$12,800,000) and currently outstanding in the amount of United States Dollars five
        million nine hundred thousand (US$5,900,000) for working capital purposes.

    
      
        

    

    
    

    

    
      
        	1.2	
                Definitions

              

      

    

    In this Loan Agreement, unless the context otherwise requires each term or
        expression defined in the recital of the parties and this clause shall have the meaning given to it in the recital of the parties and in this clause and:

    “Additional Guarantee” means an irrevocable and unconditional guarantee of the obligations of the Borrower to be executed by the Additional Guarantor in favour of the Lender in the Agreed Form;

    “Additional Guarantor” means Emperor Holding Ltd., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960,
        the Marshall Islands;”

    “Advance” means each of Advance A and Advance B and, in the plural means both of them;

    “Advance A” means the amount of US$4,150,000 drawn down in two sub-advances on 5 and on 6 October 2016 to pay the principal amount outstanding of Advance A at any relevant time;

    “Advance B” means an amount of up to US$8,650,000 to finance the principal amount outstanding of Advance B at any relevant time;

    “Agreed Form” means, in relation to any document, that document in the form approved in writing by the Lender or as
        otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document;

    "Amending and Restating" means the second amending and restating agreement dated 13 February 2019 and made between the Borrower and the Lender;

    “Applicable Margin” means 8.5 per cent. per annum;

    "Approved Charter" means each of:

    (a)  the time charter for the Ship dated 26 May 2017 (as amended and/or
        supplemented by a first addendum dated 23 May 2018, as further amended and extended by a second addendum dated 28 November 2018 and as may be further amended and/or extended from time to time) made between the Borrower as owner and the Approved
        Charterer as charterer; and

    (b)  the time charter for the Ship dated 14 September 2018 (as may be amended
        and/or supplemented from time to time) made between the Borrower as owner and the Approved Charterer as charterer,

    and, in the plural, means both of them.

    "Approved Charterer" means Uniper Global Commodities SE, a company incorporated in Germany whose principal office is at Holzstrasse 6, Dusseldorf, Germany.

    “Approved Flag” means, in relation to the Ship, the flag of the Republic of Liberia or Luxemburg or such other flag as the Lender may approve as the flag on which the Ship is or, as the case may be, shall be registered;

    “Approved Flag State” means, in relation to the Ship, the Republic of Liberia or Luxemburg or any other country in which the Lender may approve the Ship is or, as the case may be, shall be registered;

    “Approved Manager” means, in respect of the Ship, V. Ships as the technical manager of the Ship and Fidelity Marine as the commercial manager of the Ship, or any other company nominated by the Owners which the Lender
        may approve from time to time (such approval not to be unreasonably withheld) as the commercial and/or technical manager of the Ship and, in the plural, means both of them;

    
      2

      
        

    

    

    

    “Approved Manager’s Undertaking” means, in relation to the Ship, a letter of undertaking including (inter alia) an assignment of an Approved Manager’s rights, title and interests in the Insurances executed or, as the
        context may require, to be executed by that Approved Manager in favour of the Lender in the Agreed Form agreeing certain matters in relation to that Approved Manager, serving as manager of the Ship and subordinating its rights against the Ship and
        the Owner to the rights of the Lender under the Finance Documents and, in the plural, means all of them;

    “Availability Period” means, in respect of each Advance, the period commencing on the date of this Loan Agreement and ending on the earlier of:

    
      
        	

              	(a)	
                20 December 2016 (or such later date as the Lender may agree with the Borrower); and

              

      

    

    
      
        	

              	(b)	
                the date on which that Advance is fully borrowed, cancelled or terminated;

              

      

    

    "Banking Day" means any day on which banks and foreign exchange markets in New York, London and Athens and in each country or place in or at which any act is required to be done under this Loan Agreement, are open for
        the transaction of business of the nature contemplated in this Loan Agreement;

    "Borrower" means the Company as specified at the beginning of this Loan Agreement;

    “Closing Date” means the date of Utilisation of Tranche A under the Senior Agreement;

    "Dollar" and "US$" mean the lawful currency of the United States of America;

    "Drawdown Date" means, in respect of an Advance, the Banking Day, not earlier than the date of this Loan Agreement upon which the Borrower has requested that an Advance be made available or (as the context requires) the
        date on which that Advance is actually made by the Lender to the Borrower hereunder;

    “Earnings” means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Owner of the Ship or the Lender and which arise out of the use or operation of the
        Ship, including (but not limited to):

    
      
        	

              	(a)	
                except to the extent that they fall within paragraph (b):

              

      

    

    
      
        	

              	(i)	
                all freight, hire and passage moneys;

              

      

    

    
      
        	

              	(ii)	
                compensation payable to the Owner or the Lender in the event of requisition of the Ship for hire;

              

      

    

    
      
        	

              	(iii)	
                remuneration for salvage and towage services;

              

      

    

    
      
        	

              	(iv)	
                demurrage and detention moneys;

              

      

    

    
      
        	

              	(v)	
                damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship; and

              

      

    

    
      
        	

              	(vi)	
                all moneys which are at any time payable under any Insurances in respect of loss of hire; and

              

      

    

    
      
        	

              	(b)	
                if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other person, that
                    proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship;

              

      

    

    “Environmental Claim” means:

    
      3

      
        

    

    

    

    
      
        	

              	(a)	
                any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which
                    relates to any Environmental Law; or

              

      

    

    
      
        	

              	(b)	
                any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,

              

      

    

    and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from
        or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset;

    “Environmental Incident” means, in relation to the Ship:

    
      
        	

              	(a)	
                any release of Environmentally Sensitive Material from the Ship; or

              

      

    

    
      
        	

              	(b)	
                any incident in which Environmentally Sensitive Material is released from a vessel other than the Ship and which involves a collision between the Ship and
                    such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually liable to be arrested, attached, detained or injuncted and/or the Ship and/or the Owner of the Ship
                    and/or any operator or manager of the Ship is at fault or otherwise liable to any legal or administrative action; or

              

      

    

    
      
        	

              	(c)	
                any other incident in which Environmentally Sensitive Material is released otherwise than from the Ship and in connection with which the Ship is actually
                    liable to be arrested and/or where the Owner of the Ship and/or any operator or manager of the Ship is at fault otherwise liable to any legal or administrative action;

              

      

    

    “Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material;

    “Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic
        or hazardous;

    "Event of Default" means any of the events or circumstances described in Clause 10;

    “Fidelity Marine” means
          Fidelity Marine Inc., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands;

    "Final Repayment Date" means:

    
      
        	

              	(a)	
                30 June 2020; or

              

      

    

    
      
        	

              	(b)	
                if earlier, the date on which the Lender terminates or cancels this Loan Agreement in accordance with the provisions hereof;

              

      

    

    “Finance Documents” means together:

    
      
        	

              	(a)	
                this Loan Agreement;

              

      

    

    
      
        	

              	(b)	
                the Guarantee;

              

      

    

    
      
        	

              	(c)	
                the Amending and Restating Agreement;

              

      

    

    
      
        	

              	(d)	
                the Intercreditor Deed;

              

      

    

    
      4

      
        

    

    

    

    
      
        	

              	(e)	
                the General Assignment;

              

      

    

    
      
        	

              	(f)	
                the Mortgage;

              

      

    

    
      
        	

              	(g)	
                the Approved Manager’s Undertaking;

              

      

    

    
      
        	

              	(h)	
                the Additional Guarantee; and

              

      

    

    
      
        	

              	(i)	
                any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or the Owner (except from an Approved Manager
                    outside of the Lender’s group) or any other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lender under this Loan Agreement or any of the other
                    documents referred to in this definition and, in the singular, means any of them;

              

      

    

    “General Assignment” means, in relation to a Ship, a second priority general assignment of (inter alia) the Earnings, the Insurances and any Requisition Compensation relative to the Ship executed or, as the context may
        require, to be executed by the Owner of the Ship in favour of the Lender in the Agreed Form and, in the plural, means both of them;

    "Guarantee" means, in
          relation to the Owner, an irrevocable and unconditional guarantee of the obligations of the Borrower executed or to be executed by the Owner in favour of the Lender;

    “IACS” means the International Association of Classification Societies;

    "Insurances" means, in relation to the Ship:

    
      
        	

              	(a)	
                all policies and contracts of insurance and any reinsurance, policies or contracts, including entries of the Ship in any protection and indemnity or war risks
                    association, effected in respect of the Ship, its Earnings or otherwise in relation to it whether before, on or after the date of this Loan Agreement; and

              

      

    

    
      
        	

              	(b)	
                all rights (including, without limitation, any and all rights or claims which the Owner of the Ship may have under or in connection with any cut-through
                    clause relative to any reinsurance contract relating to the aforesaid policies or contracts of insurance) and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights
                    in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Loan Agreement;

              

      

    

    "Intercreditor Deed" means an agreement made or to be made between (i) the Owner, (ii) the Lender and (iii) the Senior Mortgagee pursuant to which the Lender and the Senior Mortgagee will regulate their rights under the
        Senior Agreement and this Loan Agreement;

    "Interest Payment Date" means each date for the payment of interest in accordance with Clause 3;

    "Interest Period" means each period for the payment of interest pursuant to Clause 3;

    "Interest Rate" means the rate of interest payable in respect of the Loan ascertained in accordance with the provisions of Clause 3;

    “ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time to time
        (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code);

    
      5

      
        

    

    

    

    “ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time;

    “ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code;

    “Loan” means the principal amount from time to time outstanding under this Loan Agreement;

    “Major Casualty” means, in relation to the Ship, any casualty to the Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible,
        exceeds $500,000 or the equivalent in any other currency;

     “Mortgage”  means, in relation to the Ship, the second preferred or, as the case may be, priority ship mortgage on the Ship and, if required pursuant to the laws of the applicable Approved Flag State, a deed of
        covenant collateral thereto executed or, as the context may require to be executed by the Owner which is to be the owner thereof in favour of the Lender in the Agreed Form and, in the plural, means both of them;

    “Owner” means PARTNER SHIPPING CO. LIMITED, a company incorporated in the Republic of Malta whose registered address is at 147/1 St. Lucia Street, Valletta, VLT 1185, Malta;

    "Permitted Charter" means:

    
      
        
          	

                	(a)	
                  the Approved Charter;

                    

                

        

      

      
        
          	

                	(b)	
                  any Charter:

                    

                

        

      

    

    
      
        	

              	(i)	
                which is a time, voyage or consecutive voyage charter;

              

      

    

    
      
        	

              	(ii)	
                the duration of which does not exceed 13 months plus a redelivery allowance of not more than 30 days;

              

      

    

    
      
        	

              	(iii)	
                which is entered into on bona fide arm's length terms at the time at which the Ship is fixed;

              

      

    

    and

    
      
        	

              	(iv)	
                in relation to which not more than two months' hire is payable in advance,

              

      

    

    and any other Charter which is approved in writing by the Lender;

    "Permitted Security Interests" means:

    
      
        	

              	(a)	
                Security Interests created by the Finance Documents;

              

      

    

    
      
        	

              	(b)	
                Security Interests created by or pursuant to the Senior Finance Documents or contemplated by the Intercreditor Deed;

              

      

    

    
      
        	

              	(c)	
                a Permitted Charter;

              

      

    

    
      
        	

              	(d)	
                liens for unpaid master’s and crew's wages in accordance with usual maritime practice;

              

      

    

    
      
        	

              	(e)	
                liens for salvage;

              

      

    

    
      
        	

              	(f)	
                liens arising by operation of law for not more than 2 months' prepaid hire under any charter in relation to a Ship not prohibited by this Loan Agreement;

              

      

    

    
      
        	

              	(g)	
                liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course
                    of the operation, repair or

              

      

    

    
      6

      
        

    

    

    

    maintenance of the Ship, provided such liens do not secure amounts more than 30
        days overdue (unless the overdue amount is being contested by the Owner in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 9.13(g);

    
      
        	

              	(h)	
                any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses where the Owner is
                    actively prosecuting or defending such proceedings or arbitration in good faith; and

              

      

    

    
      
        	

              	(i)	
                Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by
                    appropriate steps and in respect of which appropriate reserves have been made;

              

      

    

    “Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”;

    “Secured Liabilities”  means all liabilities which the Borrower, the Owner or any of them have, at the date of this Loan Agreement or at any later time or times, under or in connection with any Finance Document or any
        judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation,
        arrangement or other procedure under the insolvency laws of any country;

    “Security Interest” means:

    
      
        	

              	(a)	
                a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;

              

      

    

    
      
        	

              	(b)	
                the rights of a plaintiff under an action in rem in which the vessel concerned has been arrested or a writ has been issued or similar step taken; and

              

      

    

    
      
        	

              	(c)	
                any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the
                    position in which B would have been had he held a security interest over an asset of A; but paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial
                    institution;

              

      

    

    "Security Period" means the period commencing on the date of this Loan Agreement and ending on the date on which the Lender notifies the Borrower that:

    
      
        	

              	(a)	
                all amounts which have become due for payment by the Borrower under this Loan Agreement have been paid; and

              

      

    

    
      
        	

              	(b)	
                no amount is owing or has accrued (without yet having become due for payment) under this Loan Agreement;

              

      

    

    "Senior Agreement" means the agreement dated 13 February 2019 and made between (i) the Owner as borrower, (ii) the entities listed in Part B and C thereto as lenders, and (iii) Amsterdam Trade Bank N.V. as agent in
        respect of a loan of up to $20,890,000 to refinance existing indebtedness over the Ship and for general working capital purposes of the Borrower and its subsidiaries;

    "Senior Finance Documents" means:

    
      
        	

              	(a)	
                the first preferred Luxemburg mortgage on the Ship owned by the Owner executed or to be executed by the Owner in favour of the Senior Mortgagee; and

              

      

    

    
      7

      
        

    

    

    

    
      
        	

              	(b)	
                the first priority general assignment of the Earnings, Insurances and any Requisition Compensation in respect of the Ship owned by the Owner executed or to be
                    executed by such Owner in favour of the Senior Mortgagee;

              

      

    

    “Senior Mortgagee” means Amsterdam Trade Bank N.V., of The Netherlands, acting through its office at World Trade Center, Tower I Level 6 Strawinskylaan 1939 1077 XX, The Netherlands;

    "Ship" means the Capesize dry bulk carrier type vessel of a maximum of 179,213 DWT named "PARTNERSHIP", having IMO Number 9597848 built by Hyundai Samho HI in 2012 and registered in the name of the Borrower under an
        Approved Flag;

    "SMC" means a safety management certificate issued in respect of the Ship in accordance with Rule 13 of the ISM Code;

    “Total Loss” means, in relation to the Ship:

    
      
        	

              	(a)	
                actual, constructive, compromised, agreed or arranged total loss of the Ship;

              

      

    

    
      
        	

              	(b)	
                any expropriation, confiscation, requisition or acquisition of the Ship, whether for full or part consideration, a consideration less than its proper value, a
                    nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for
                    hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 2 months from the date of such occurrence redelivered to the full control of the Owner of the Ship;

              

      

    

    
      
        	

              	(c)	
                any condemnation of the Ship by any tribunal or by any person or person claiming to be a tribunal; and

              

      

    

    
      
        	

              	(d)	
                any arrest, capture, seizure, confiscation or detention of the Ship (including any hijacking or theft) unless it is within 2 months redelivered to the full
                    control of the Owner of the Ship;

              

      

    

    “Total Loss Date” means, in relation to a Ship:

    
      
        	

              	(a)	
                in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard of;

              

      

    

    
      
        	

              	(b)	
                in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of:

              

      

    

    
      
        	

              	(i)	
                the date on which a notice of abandonment is given to the insurers; and

              

      

    

    
      
        	

              	(ii)	
                the date of any compromise, arrangement or agreement made by or on behalf of the Owner of the Ship with the Ship’s insurers in which the insurers agree to
                    treat the Ship as a total loss; and

              

      

    

    
      
        	

              	(c)	
                in the case of any other type of total loss, on the date (or the most likely date) on which it reasonably appears to the Lender that the event constituting
                    the total loss occurred; and

              

      

    

    “V. Ships” means V. Ships Limited, a corporation incorporated and existing under the laws of Cyprus whose registered office is at Zenas Gunther, 16-18, Agia Triada, 3035 Limassol, Cyprus.

    
      
        	1.3	
                Construction of certain terms

              

      

    

    In this Loan Agreement:

    "approved"  means, for the purposes of Clause 8, approved in writing by the Lender at its discretion;

    
      8

      
        

    

    

    

    "asset"  includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

    "consent"  includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

    "document"  includes a deed; also a letter or fax;

    "excess risks"  means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its
        insured value being less than the value at which that Ship is assessed for the purpose of such claims;

    "expense"  means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

    "law"  includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United
        Nations or its Security Council;

    "legal or administrative action"  means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

    "liability"  includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;

    "obligatory insurances"  means, in relation to a Ship, all insurances effected, or which the Owner of that Ship is obliged to effect, under Clause 8 or any other provision of this Loan Agreement or another Finance
        Document;

    "person"  includes any individual, any partnership, any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

    "protection and indemnity risks" means the usual risks covered by a protection and indemnity association, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case
        of collision which are not recoverable under the hull and machinery policies;

    "tax"  includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in
        connection with exchange controls), and any connected penalty, interest or fine; and

    "war risks"  includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute
        Time Clauses (Hulls) (1/10/83).

    
      
        	2	
                THE LOAN

              

      

    

    
      
        	2.1	
                Commitment to Lend

              

      

    

    Subject to (i) the terms of this Loan Agreement and (ii) receipt by the Lender of
        the documents and/or evidence specified in paragraph 2.2(a) below, it is hereby agreed and undertaken by the Lender to continue to lend to the Borrower a sum of United States Dollars Five million nine hundred thousand (US$5,900,000).

    
      
        	2.2	
                Conditions Precedent to Lend

              

      

    

    The documents and/or evidence referred to in Clause 2.1 above to be received by
        the Lender are the following:

    
      9

      
        

    

    

    

    
      
        	(a)	
                the documents described in Part A of Schedule 2 on or prior to the date of the Amending and Restating Agreement;

              

      

    

    
      
        	(b)	
                a Drawdown Notice in the form set out in Schedule 1 hereto not later than
                    11.00 a.m. (London time) two (2) business days prior to the relevant Drawdown Date, except as the Lender may otherwise permit in
                    writing.

              

      

    

    
      
        	3	
                INTEREST

              

      

    

    
      
        	3.1	
                Interest Periods

              

      

    

    The period during which the Loan shall be outstanding under this Loan Agreement
        shall be divided into consecutive Interest Periods of three months' duration.

    
      
        	3.2	
                Beginning and end of Interest Periods

              

      

    

    The first Interest Period applicable to an Advance shall start on the Drawdown
        Date relative to that Advance and end on the date which numerically corresponds to the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period except that, if there is no numerically
        corresponding date in that calendar month, the Interest Period shall end on the last Banking Day in that month.  The first Interest Period applicable to the second Advance shall be a period ending on the last day of the Interest Period applicable
        to the first Advance then current, whereupon both Advances shall be consolidated and treated as a single advance.

    
      
        	3.3	
                Non-Banking Days

              

      

    

    If an Interest Period would otherwise end on a day which is not a Banking Day,
        that Interest Period will instead end on the next Banking Day in that calendar month (if there is one) or the preceding Banking Day (if there is not).

    
      
        	3.4	
                Interest rate

              

      

    

    During each Interest Period interest shall accrue on the Loan at the rate equal to
        the sum of (a) the Applicable Margin and (b) the three (3) month London Interbank Offered Rate for deposits in Dollars determined at or about 11.00 a.m. (London time) two (2) Banking days prior to the first day of each Interest Period (“LIBOR”).

    
      
        	3.5	
                Accrual and payment of interest

              

      

    

    Interest shall accrue from day to day, shall be calculated on the basis of a 360
        day year and the actual number of days elapsed and shall be paid by the Borrower to the Lender on the last day of each Interest Period  Provided that if

        no Event of Default has occurred which is continuing, the Borrower shall have the option to defer one interest payment during the Security Period which once deferred shall accrue interest at the Interest Rate and become due and payable on the Final
        Repayment Date.

    
      
        	3.6	
                Default interest

              

      

    

    In the event of a failure by the Borrower to pay any amount on the date on which
        such amount is due  and payable pursuant to this Loan Agreement and irrespective of any notice by the Lender or any other person to the Borrower In respect of such failure, the Borrower shall pay interest on such amount on demand from the date of
        such default up to the date of actual payment at the per annum rate which is the aggregate of: (a) two point fifty per cent (2.50%); and (b) the Interest Rate.

    
      
        	4	
                REPAYMENT

              

      

    

    The Borrower shall repay the Loan in one bullet payment together with accrued
        interest thereon on the Final Repayment Date. The Borrower shall effect repayment forthwith but in any case no later than two (2) Banking Days from the Final Repayment Date.

    
      10

      
        

    

    

    

    
      
        	5	
                PREPAYMENT

              

      

    

    
      
        	5.1	
                Voluntary prepayment

              

      

    

    The Loan together with accrued interest thereon may be prepaid in whole or in part
        provided that the Lender has received from the Borrower (i) at least 2 Banking Days' prior written notice and (ii) the prepayment fee referred to in Clause 11.1.

    
      
        
          	5.2	
                  Final Repayment Date

                    

                

        

      

      On the Final Repayment Date, the Borrowers shall additionally pay to the Lender
          all other sums then accrued or owing under any Finance Document.

    

    
      
        
          	5.3	Mandatory prepayment

                

        

      

    

  

  
    The Borrower shall be obliged to prepay:

    
      
        	(a)	
                the whole of the Loan:

              

      

    

    
      
        	

              	(i)	
                if the Ship is sold on or before the date on which the sale is completed by delivery of the Ship to the buyer;

              

      

    

    
      
        	

              	(ii)	
                if the Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Lender of the proceeds
                    of insurance relating to such Total Loss;

              

      

    

    
      
        	(b)	
                an amount equal to 25 per cent. of the net proceeds of any public offering of securities concluded by the Borrower, payable on the Lender's demand.

              

      

    

  

  
    
      
        
          
            	5.4	Amounts payable on prepayment

                    

          

        

      

    

    A prepayment shall be made together with (i) accrued interest and (ii) in the
        case of a voluntary prepayment, the prepayment fee referred to in Clause 11.1 but without any penalty.

    
      
        	5.5	
                No reborrowing

              

      

    

    No amount prepaid or repaid may be reborrowed.

    
      
        	6	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    The Borrower hereby represents and warrants (and each representation and warranty
        is deemed repeated at each Drawdown Date) that:

    
      
        	6.1	
                Organisation

              

      

    

    The Borrower is a corporation duly organised, validly existing and in good
        standing under the laws of the Marshall Islands and is duly qualified to do business and is in good standing in such jurisdictions where such
        qualification is necessary.

    
      
        	6.2	
                Enforceability

              

      

    

    This Loan Agreement has been duly executed and delivered by the Borrower and
        constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors' rights or
        by general principles of equity limiting the availability of equitable remedies.

    
      11

      
        

    

    

    

    
      
        	6.3	
                No Conflict

              

      

    

    Neither the execution or delivery of this Loan Agreement by the Borrower, the
        consummation by the Borrower of the Loan ( or any part thereof), nor compliance by the Borrower with the terms and provisions hereof will (i) violate any law, constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ,
        decree or award of any court or governmental authority to which the Borrower is subject, (ii) conflict with or result in a breach or default under the Borrower's organisational documents, (iii) conflict with or result in a breach or default which
        is material in the context of this Loan Agreement under any agreement or instrument to which the Borrower is a party or by which it or any of its properties, whether now owned or hereafter acquired, is subject or bound, or (iv) result in the
        creation or imposition of any lien, charge, or encumbrance of any nature upon any property or assets, whether now owned or hereafter acquired, of the Borrower.

    
      
        	7	
                COVENANTS AND UNDERTAKINGS OF THE BORROWER

              

      

    

    The Borrower undertakes with the Lender that, from the date of this Loan Agreement
        and so long as any moneys are owing under this Loan Agreement, to comply with the following provisions, except as the Lender may otherwise
        permit in writing:

    
      
        	7.1	
                The Borrower undertakes that it shall procure that no substantial change is made to the corporate structure of the Owner from that carried on at the date of
                    this Loan Agreement.

              

      

    

    
      
        	7.2	
                The Borrower undertakes that it shall procure that no substantial change is made to the general nature of the business of the Owner from that carried on at
                    the date of this Loan Agreement.

              

      

    

    
      
        	7.3	
                The Borrower undertakes that it shall not transfer, lease or otherwise dispose of and shall procure that the Owner shall transfer, lease or otherwise dispose
                    of all or a substantial part of its assets  whether by one transaction or a number of transactions, whether related or not.

              

      

    

    
      
        	7.4	
                The Borrower undertakes that it shall procure that the Owner executes and, where applicable, registers in accordance with the laws of the Marshall Islands,
                    the Mortgage, the Guarantee and the General Assignment.

              

      

    

    
      
        	8	
                INSURANCE

              

      

    

    
      
        	8.1	
                General

              

      

    

    The Borrower also undertakes with the Lender to comply with the following
        provisions of this Clause 8 at all times during the Security Period except as the Lender may otherwise permit.

    
      
        	8.2	
                Maintenance of obligatory insurances

              

      

    

    The Borrower shall procure that the Owner shall keep the Ship insured at the
        expense of the Owner against:

    
      
        	(a)	
                fire and usual marine risks (including hull and machinery and excess risks);

              

      

    

    
      
        	(b)	
                war risks;

              

      

    

    
      
        	(c)	
                protection and indemnity risks; and

              

      

    

    
      
        	(d)	
                any other risks against which the Lender considers, having regard to practices and other circumstances prevailing at the relevant time, it would, in the
                    opinion of the Lender, be reasonable for the Owner to insure and which are specified by the Lender by notice to the Owner.

              

      

    

    
      
        	8.3	
                Terms of obligatory insurances

              

      

    

    The Borrower shall procure that the Owner shall effect such insurances:

    
      12

      
        

    

    

    

    
      
        	(a)	
                in Dollars;

              

      

    

    
      
        	(b)	
                in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount at least the greater of (i) an amount which equals 120 per
                    cent. of the Loan and (ii) the Market Value of the Ship; and

              

      

    

    
      
        	(c)	
                in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection
                    and indemnity club entry and in the international marine insurance market;

              

      

    

    
      
        	(d)	
                in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship;

              

      

    

    
      
        	(e)	
                on approved terms; and

              

      

    

    
      
        	(f)	
                through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in
                    approved war risks and protection and indemnity risks associations.

              

      

    

    
      
        	8.4	
                Further protections for the Lender

              

      

    

    In addition to the terms set out in Clause 8.3, the Borrower shall, and shall
        procure that, the obligatory insurances effected by the Owner shall:

    
      
        	(a)	
                subject always to paragraph (b), name the Owner as the sole named assured unless the interest of every other named assured is limited:

              

      

    

    
      
        	

              	(i)	
                in respect of any obligatory insurances for hull and machinery and war risks;

              

      

    

    
      
        	

              	(A)	
                to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and

              

      

    

    
      
        	

              	(B)	
                to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against
                    it); and

              

      

    

    
      
        	

              	(ii)	
                in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following
                    discharge of any third party liability claims made specifically against it,

              

      

    

    and every other named assured has undertaken in writing to the Lender (in such
        form as it requires) that any deductible shall be apportioned between the Owner and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide all documents,
        evidence and information to enable the Lender to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;

    
      
        	(b)	
                whenever the Lender requires, name (or be amended to name) the Lender as additional named assured for its rights and interests, warranted no operational
                    interest and with full waiver of rights of subrogation against the Lender but without the Lender thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

              

      

    

    
      
        	(c)	
                name the Lender as sole loss payee with such directions for payment as the Lender may specify;

              

      

    

    
      
        	(d)	
                provide that all payments by or on behalf of the insurers under the obligatory insurances to the Lender shall be made without set-off, counterclaim or
                    deductions or condition whatsoever;

              

      

    

    
      
        	(e)	
                provide that such obligatory insurances shall be primary without right of contribution from other insurances effected by the Lender; and

              

      

    

    
      
        	(f)	
                provide that the Lender may make proof of loss if the Owner fails to do so.

              

      

    

    
      13

      
        

    

    

    

    
      
        	8.5	
                Renewal of obligatory insurances

              

      

    

    The Borrower shall procure that the Owner shall:

    
      
        	(a)	
                at least 15 days before the expiry of any obligatory insurance effected by it:

              

      

    

    
      
        	

              	(i)	
                notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Owner proposes to
                    renew that obligatory insurance and of the proposed terms of renewal; and

              

      

    

    
      
        	

              	(ii)	
                obtain the Lender’s approval to the matters referred to in paragraph (i);

              

      

    

    
      
        	(b)	
                at least 10 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Lender’s approval pursuant to paragraph
                    (a); and

              

      

    

    
      
        	(c)	
                procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after
                    the renewal notify the Lender in writing of the terms and conditions of the renewal.

              

      

    

    
      
        	8.6	
                Copies of policies; letters of undertaking

              

      

    

    The Borrower shall procure that the Owner shall ensure that all approved brokers
        provide the Lender with pro forma copies of all cover notes and policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Lender and including undertakings
        by the approved brokers that:

    
      
        	(a)	
                they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 8.4;

              

      

    

    
      
        	(b)	
                they will hold such policies, and the benefit of such insurances, to the order of the Lender in accordance with the said loss payable clause;

              

      

    

    
      
        	(c)	
                they will advise the Lender immediately of any material change to the terms of the obligatory insurances;

              

      

    

    
      
        	(d)	
                they will notify the Lender, not less than 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal
                    instructions from the Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Lender of the terms of the instructions; and

              

      

    

    
      
        	(e)	
                they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by the Owner under such obligatory insurances any premiums
                    or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and
                    they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Lender.

              

      

    

    
      
        	8.7	
                Copies of certificates of entry; letters of undertaking

              

      

    

    The Borrower shall procure that the Owner shall ensure that any protection and
        indemnity and/or war risks associations in which the Ship is entered provides the Lender with:

    
      
        	(a)	
                a certified copy of the certificate of entry for the Ship;

              

      

    

    
      
        	(b)	
                a letter or letters of undertaking in such form as may be required by the Lender;

              

      

    

    
      14

      
        

    

    

    

    
      
        	(c)	
                where required to be issued under the terms of insurance/indemnity provided by that Borrower's protection and indemnity association, a certified copy of each
                    United States of America voyage quarterly declaration (or other similar document or documents) made by the Owner in relation to the Ship in accordance with the requirements of such protections and indemnity association; and

              

      

    

    
      
        	(d)	
                a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant
                    certifying authority in relation to that Ship.

              

      

    

    
      
        	8.8	
                Deposit of original policies

              

      

    

    The Borrower shall procure that the Owner shall ensure that all policies
        relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed.

    
      
        	8.9	
                Payment of premiums

              

      

    

    The Borrower shall procure that the Owner shall punctually pay all premiums or
        other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Lender.

    
      
        	8.10	
                Guarantee

              

      

    

    The Borrower shall procure that the Owner shall ensure that any guarantees
        required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.

    
      
        	8.11	
                Compliance with terms of insurances

              

      

    

    The Borrower shall procure that Owner shall not do or omit to do (nor permit to be
        done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular:

    
      
        	(a)	
                the Owner shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and
                    (without limiting the obligation contained in Clause 8.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Lender has not given its prior approval;

              

      

    

    
      
        	(b)	
                the Owner shall not make any changes relating to the classification or classification society or manager or operator of the Ship approved by the underwriters
                    of the obligatory insurances;

              

      

    

    
      
        	(c)	
                the Owner shall make (and promptly supply copies to the Lender) of all quarterly or other voyage declarations which may be required by the protection and
                    indemnity risks association in which that Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable
                    legislation); and

              

      

    

    
      
        	(d)	
                the Owner shall not employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances,
                    without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

              

      

    

    
      
        	8.12	
                Alteration to terms of insurances

              

      

    

    The Borrower shall procure that the Owner shall neither make nor agree to any
        alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance.

    
      15

      
        

    

    

    

    
      
        	8.13	
                Settlement of claims

              

      

    

    The Borrower shall procure that the Owner shall not settle, compromise or
        abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Lender to collect or recover any moneys which at any time
        become payable in respect of the obligatory insurances.

    
      
        	8.14	
                Provision of copies of communications

              

      

    

    The Borrower shall procure that the Owner shall provide the Lender, at the time of
        each such communication, copies of all written communications (other than (unless specifically required by the Lender) communications of an entirely routine nature) between the Owner and:

    
      
        	(a)	
                the approved brokers;

              

      

    

    
      
        	(b)	
                the approved protection and indemnity and/or war risks associations; and

              

      

    

    
      
        	(c)	
                the approved insurance companies and/or underwriters, which relate directly or indirectly to:

              

      

    

    
      
        	

              	(i)	
                the Owner's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or
                    calls; and

              

      

    

    
      
        	

              	(ii)	
                any credit arrangements made between the Owner and any of the persons referred to in paragraphs (a) or (b) relating wholly or partly to the effecting or
                    maintenance of the obligatory insurances.

              

      

    

    
      
        	9	
                SHIP COVENANTS

              

      

    

    
      
        	9.1	
                General

              

      

    

    The Borrower also undertakes with the Lender to comply with the following
        provisions of this Clause 9 at all times during the Security Period except as the Lender may otherwise permit in writing (such permission not to be unreasonably withheld in the case of Clause 9.13(b).

    
      
        	9.2	
                Ship's name and registration

              

      

    

    The Borrower shall ensure that the Owner shall keep the Ship registered in its
        name under an Approved Flag; shall not do, omit to do or allow to be done anything as a result of which such registration might be cancelled or imperilled and shall not change the name or port of registry of the Ship.

    
      
        	9.3	
                Repair and classification

              

      

    

    The Borrower shall, and shall procure that the Owner and each Approved Manager
        shall, keep the Ship owned by the Owner in a good and safe condition and state of repair:

    
      
        	(a)	
                consistent with first-class ship ownership and management practice;

              

      

    

    
      
        	(b)	
                so as to maintain the highest class free of overdue recommendations and conditions, with a classification society which is a member of IACS and acceptable to
                    the Lender; and

              

      

    

    
      
        	(c)	
                so as to comply with all laws and regulations applicable to vessels registered at ports in the Approved Flag State or to vessels trading to any jurisdiction
                    to which that Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code.

              

      

    

    
      16

      
        

    

    

    

    
      
        	9.4	
                Classification society undertaking

              

      

    

    The Borrower shall procure that the Owner shall instruct the classification
        society referred to in Clause 9.3 (and procure that the classification society undertakes with the Lender) in relation to the Ship:

    
      
        	(a)	
                to send to the Lender, following receipt of a written request from the Lender, certified true copies of all original class records and any other related
                    records held by the classification society in relation to the Ship;

              

      

    

    
      
        	(b)	
                to allow the Lender (or its agents), at any time and from time to time, to inspect the original class and related records of that Ship at the offices of the
                    classification society and to take copies of them;

              

      

    

    
      
        	(c)	
                to notify the Lender immediately in writing if the classification society:

              

      

    

    
      
        	

              	(i)	
                receives notification from the Owner or any person that that Ship's classification society is to be changed; or

              

      

    

    
      
        	

              	(ii)	
                becomes aware of any facts or matters which may result in a change, suspension, discontinuance, withdrawal or expiry of that Ship's class under the rules or
                    terms and conditions of the Owner's or that Ship's membership of the classification society;

              

      

    

    
      
        	(d)	
                following receipt of a written request from the Lender:

              

      

    

    
      
        	

              	(i)	
                to confirm that the Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the
                    foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or

              

      

    

    
      
        	

              	(ii)	
                if the Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Lender in reasonable detail
                    the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

              

      

    

    
      
        	9.5	
                Modification

              

      

    

    The Borrower shall procure that the Owner shall not make any modification or
        repairs to, or replacement of, the Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics of the Ship or materially reduce its value.

    
      
        	9.6	
                Removal of parts

              

      

    

    The Borrower shall procure that the Owner shall not remove any material part of
        the Ship, or any item of equipment installed on, the Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any
        Security Interest or any right in favour of any person other than the Lender and becomes on installation on the relevant Ship the property of the relevant Owner and subject to the security constituted by the relevant Mortgage  Provided that any Owner may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship and may install an open loop scrubber system.

    
      
        	9.7	
                Surveys

              

      

    

    The Borrower shall procure that the Owner shall submit the Ship regularly to
        all periodical or other surveys which may be required for classification purposes and, if so required by the Lender provide the Lender, with copies of all survey reports.

    
      17

      
        

    

    

    

    
      
        	9.8	
                Inspection

              

      

    

    The Borrower shall procure that the Owner shall, subject to 15 days’ prior notice
        from the Lender, permit the Lender (by surveyors or other persons appointed by it for that purpose) to board the Ship once in every calendar year, without interfering with the Ship’s operations, to inspect its condition or to satisfy themselves
        about proposed or executed repairs and the Owner shall afford all proper facilities for, and bear the cost of, such inspections.

    
      
        	9.9	
                Prevention of and release from arrest

              

      

    

    The Borrower shall procure that the Owner shall promptly discharge:

    
      
        	(a)	
                all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship, the Earnings or the Insurances;

              

      

    

    
      
        	(b)	
                all taxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and

              

      

    

    
      
        	(c)	
                all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances,

              

      

    

    and, forthwith upon receiving notice of the arrest of the Ship, or of its
        detention in exercise or purported exercise of any lien or claim, the Borrower shall procure that the Owner shall procure its release by providing bail or otherwise as the circumstances may require.

    
      
        	9.10	
                Compliance with laws etc.

              

      

    

    The Borrower shall procure that the Owner shall:

    
      
        	(a)	
                comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Ship, its ownership,
                    operation and management or to the business of the Owner;

              

      

    

    
      
        	(b)	
                not employ the Ship nor allow its employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM
                    Code, the ISPS Code and ISPS Code; and

              

      

    

    
      
        	(c)	
                in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit that Ship to enter or trade to any zone which is
                    declared a war zone by any government or by the Ship's war risks insurers unless the prior written consent of the Lender has been given and the Owner has (at its expense) effected any special, additional or modified insurance cover
                    which the Lender may require.

              

      

    

    
      
        	9.11	
                Provision of information

              

      

    

    The Borrower shall procure that the Owner shall promptly provide the Lender with
        any information which it requests regarding:

    
      
        	(a)	
                the Ship, its employment, position and engagements;

              

      

    

    
      
        	(b)	
                the Earnings and payments and amounts due to the master and crew of the Ship;

              

      

    

    
      
        	(c)	
                any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship and any payments made in respect of that
                    Ship;

              

      

    

    
      
        	(d)	
                any towages and salvages; and

              

      

    

    
      
        	(e)	
                its compliance, either Approved Managers' compliance and the compliance of the Ship with the ISM Code and the ISPS Code,

              

      

    

    
      18

      
        

    

    

    

    

    

    and, upon the Lender's request, provide copies of any Permitted Charter or any
        current charter relating to the Ship, of any current charter guarantee and copies of the Owner's or that Approved Managers' Document of Compliance, Safety Management Certificate and the ISSC.

    
      
        	9.12	
                Notification of certain events

              

      

    

    The Borrower shall procure that the Owner shall immediately notify the Lender by
        email, confirmed forthwith by letter immediately upon becoming aware of:

    
      
        	(a)	
                any casualty which is or is likely to be or to become a Major Casualty;

              

      

    

    
      
        	(b)	
                any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;

              

      

    

    
      
        	(c)	
                any requirement, condition or overdue recommendation made by any insurer or classification society or by any competent authority which is not complied with
                    within the time limits imposed by that insurer or classification society or authority;

              

      

    

    
      
        	(d)	
                any arrest or detention of the Ship, any exercise or purported exercise of any lien on that Ship or its Earnings or any requisition of the Ship for hire;

              

      

    

    
      
        	(e)	
                any intended dry docking of the Ship;

              

      

    

    
      
        	(f)	
                any Environmental Claim made against the Owner or in connection with the Ship, or any Environmental Incident;

              

      

    

    
      
        	(g)	
                any claim for breach of the ISM Code or the ISPS Code being made against the Owner, the Approved Managers or otherwise in connection with the Ship; or

              

      

    

    
      
        	(h)	
                any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,

              

      

    

    and the Owner shall keep the Lender advised in writing on a regular basis and in
        such detail as the Lender shall require of the Owner's, each Approved Manager's or any other person's response to any of those events or matters.

    
      
        	9.13	
                Restrictions on chartering, appointment of managers etc.

              

      

    

    The Borrower shall procure that the Owner shall not (without the Lender's prior
        written consent), in relation to the Ship:

    
      
        	(a)	
                let the Ship on demise charter for any period;

              

      

    

    
      
        	(b)	
                enter into any time or consecutive voyage charter in respect of the Ship other than a Permitted Charter;

              

      

    

    
      
        	(c)	
                charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed;

              

      

    

    
      
        	(d)	
                appoint a manager of the Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers' appointment;

              

      

    

    
      
        	(e)	
                de-activate or lay up the Ship; or

              

      

    

    
      
        	(f)	
                put the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 (or the
                    equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other
                    reason.

              

      

    

    
      19

      
        

    

    

    

    
      
        	9.14	
                Notice of Mortgage

              

      

    

    The Borrower shall procure that the Owner shall keep the Mortgage relative to
        the Ship registered against the Ship as a valid second preferred or, as the case may be, priority mortgage, carry on board that Ship a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the
        Master's cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Owner to the Lender.

    
      
        	9.15	
                Sharing of Earnings

              

      

    

    The Borrower shall procure that the Owner shall not enter into any agreement or
        arrangement for the sharing of any Earnings.

    
      
        	9.16	
                ISPS Code

              

      

    

    The Borrower shall procure that the Owner shall comply with the ISPS Code and in
        particular, without limitation, shall:

    
      
        	(a)	
                procure that the Ship owned by the Owner and the company responsible for that Ship's compliance with the ISPS Code comply with the ISPS Code; and

              

      

    

    
      
        	(b)	
                maintain for the Ship an ISSC; and

              

      

    

    
      
        	(c)	
                notify the Lender immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.

              

      

    

    
      
        	10	
                EVENTS OF DEFAULT

              

      

    

    Each of the events or circumstances set out in this Clause 10 is an Event of Default.

    
      
        	10.1	
                Non-payment

              

      

    

    The Borrower or the Owner does not pay on the due date any amount payable by it
        under any Finance Document to which it is a part at the place and in the currency in which it is expressed to be payable.

    
      
        	10.2	
                Misrepresentation

              

      

    

    Any representation, warranty or statement made or deemed to be repeated by the
        Borrower or the Owner is or proves to have been incorrect or misleading in any material respect when made or deemed to be repeated.

    
      
        	10.3	
                Breach of or Undertakings

              

      

    

    The Borrower or the Owner is in breach of any covenants or fails to perform any of
        the undertakings contained in the Finance Documents to which it is a party.

    
      
        	10.4	
                Security

              

      

    

    
      
        	(a)	
                Any of the Finance Documents becomes unenforceable; or

              

      

    

    
      
        	(b)	
                The Owner fails to execute and, where applicable, register the Mortgage and the General Assignment.

              

      

    

    
      
        	10.5	
                Insolvency

              

      

    

    The Borrower or the Owner is unable or admits inability to pay its debts as they
        fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any indebtedness.

    
      20

      
        

    

    

    

    

    

    
      
        	10.6	
                Insolvency proceedings

              

      

    

    Any corporate action, legal proceedings or other procedure or step is taken for:

    
      
        	(a)	
                the suspension of payments, winding-up, dissolution, administration, bankruptcy or reorganisation (by way of voluntary arrangement, scheme of arrangement or
                    otherwise) of the Borrower or the Owner;

              

      

    

    
      
        	(b)	
                a composition, compromise, assignment with any creditor of the Borrower or the Owner;

              

      

    

    
      
        	(c)	
                the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, or trustee or other similar officer in respect of the
                    Borrower or the Owner or any of its assets; or any analogous procedure or step is taken in any jurisdiction.

              

      

    

    
      
        	10.7	
                Impossibility or illegality

              

      

    

    Any event occurs which would, or would with the passage of time, render
        performance of a Finance Document by the Borrower or, as the case may be, the Owner impossible, unlawful or unenforceable by the Lender.

    
      
        	10.8	
                Revocation or modification of authorisation

              

      

    

    Any consent, licence, approval, authorisation, filing, registration or other
        requirement of any governmental, judicial or other public body or authority which is now, or which at any time during the term of this Loan Agreement becomes, necessary to enable the Borrower or the Owner to comply with any of its obligations under
        any Finance Document is not obtained, is revoked, suspended, withdrawn or withheld, or is modified in a manner which the Lender considers is, or may be, prejudicial to the interests of the Lender, or ceases to remain in full force and effect.

    
      
        	10.9	
                Event of Default under the Senior Finance Documents

              

      

    

    Any event occurs which constitutes an Event of Default (as that term is defined in
        the Senior Finance Documents) under any of the Senior Finance Documents.

    
      
        	10.10	
                Material adverse change

              

      

    

    Any event or series of events occurs which, in the reasonable opinion of the
        Lender, is likely to have a materially adverse effect on the business, assets, financial condition or credit worthiness of the Borrower or the Owner.

    
      
        	10.11	
                Acceleration

              

      

    

    If an Event of Default is continuing the Lender may by notice to the Borrower:

    
      
        	(a)	
                declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under this Loan Agreement are immediately due and payable,
                    whereupon they shall become immediately due and payable; and/or

              

      

    

    
      
        	(b)	
                declare that the Loan is payable on demand, whereupon it shall immediately become payable on demand by the Lender.

              

      

    

    
      
        	11	
                FEES

              

      

    

    
      
        	11.1	
                Prepayment fee

              

      

    

    If the Loan or any part thereof is voluntarily prepaid at any time or times prior
        to the Final Repayment Date, the Borrower shall, on the date of each such prepayment, pay a prepayment fee equal to 2.5 per cent. of the amount prepaid.

    
      21

      
        

    

    

    

    

    

    
      
        	12	
                APPLICATION OF RECEIPTS

              

      

    

    
      
        	12.1	
                Normal order of application

              

      

    

    Except as any Finance Document (including, without limitation, the Intercreditor
        Deed) may otherwise provide, any sums which are received or recovered by the Lender under or by virtue of any Finance Document shall be applied:

    
      
        	(a)	
                FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under the Finance Documents;

              

      

    

    
      
        	(b)	
                SECONDLY: in or towards payment pro rata of any accrued interest or commission due but unpaid under this Agreement;

              

      

    

    
      
        	(c)	
                THIRDLY: in or towards payment pro rata of any principal due but unpaid under this Agreement;

              

      

    

    
      
        	(d)	
                FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any Finance Document;

              

      

    

    
      
        	(e)	
                FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Lender, by notice to the Borrower,
                    states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 12.1(a), 12.1(b), 12.1(c) and
                    12.1(d); and

              

      

    

    
      
        	(f)	
                SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

              

      

    

    
      
        	12.2	
                Variation of order of application

              

      

    

    The Lender may, by notice to the Borrower, provide for a different manner of
        application from that set out in Clause 12 either as regards a specified sum or sums or as regards sums in a specified category or categories.

    
      
        	12.3	
                Notice of variation of order of application

              

      

    

    The Lender may give notices under Clause 12 from time to time; and such a notice
        may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served.

    
      
        	12.4	
                Appropriation rights overridden

              

      

    

    This Clause 12 and any notice which the Lender gives under Clause 16 shall
        override any right of appropriation possessed, and any appropriation made, by the Borrower or the Owner.

    
      
        	13	
                NOTICES

              

      

    

    All notices, requests, consents and other communications under this Loan Agreement
        shall be in writing and shall be deemed delivered (i) upon delivery when delivered personally, (ii) upon receipt if by facsimile transmission (with confirmation of receipt thereof) or (iii) one business day after being sent via a reputable
        nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below:

    If to the Borrower:

    c/o 154 Vouliagmenis Avenue

    16674 Glyfada

    
      22

      
        

    

    

    

    

    

    Athens

    Greece

    Attention: Chief Executive Officer

    Facsimile: +30 210 9638404

    

    

    if to the Lender:

    c/o Western Isles

    Jardine House

    P.O. Box NM 1431

    Hamilton NM FX

    Bermuda

    Attention: Alastair Macdonald

    Facsimile: +1441 (296) 0329

    Any party may change the address to which notices, requests, consents or other
        communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this clause.

    
      
        	14	
                AMENDMENTS AND WAIVERS

              

      

    

    This Loan Agreement may be amended, modified, superseded, or cancelled, and any of
        the terms, representations, warranties or covenants hereof may be waived, only by written instrument executed by both of the parties hereto or,
        in the case of a waiver, by the party waiving compliance.

    
      
        	15	
                PROCESS AGENT

              

      

    

    The Borrower irrevocably appoints Messrs. E.J.C Album Solicitors, presently of
        Landmark House, 190 Willifield Way, London, NW11 GY1, England (Attention of Mr. Eduard Album Fax +44 (0) 20 8457 5558, e-mail: ejca@mitgr.com) to act as its agent to receive and accept on its behalf any process or other document relating to any
        proceedings in the English courts which are connected with a Dispute.

    Meaning of "proceedings" and "Dispute"

    In this Clause 15, "proceedings" means proceedings of any kind, including an application for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with this Loan Agreement (including a dispute relating to the existence, validity or
        termination of this Loan Agreement) or any non-contractual obligation arising out of or in connection with this Loan Agreement.

    
      
        	16	
                GOVERNING LAW AND JURISDICTION

              

      

    

    This Loan Agreement (and any non-contractual rights and obligations arising out of
        or with respect to the subject matter of this Loan Agreement) shall be governed by and construed in accordance with English Law. The parties to this Loan Agreement irrevocably agree that the courts of England are to have jurisdiction to settle any
        disputes which may arise out of or in connection with this Loan Agreement (including any non-contractual rights and obligations arising out of or with respect to the subject matter of this Loan Agreement) and that any proceedings may be brought in
        those courts.

    
      
        	17	
                MISCELLANEOUS

              

      

    

    
      
        	17.1	
                The headings of the clauses of this Loan Agreement are for convenience only and shall not control or affect the meaning or construction of any provision of
                    this Loan Agreement.

              

      

    

    
      
        	17.2	
                If any provision or part of a provision of this Loan Agreement or its application to either party, shall be, or be found by any authority of competent
                    jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall. not affect the other provisions or parts of such provisions of this Loan Agreement, all of which shall remain in full force and effect;

              

      

    

    
      23

      
        

    

    

    

    
      
        	17.3	
                This Loan Agreement may be entered into on separate engrossments, each of which when so executed and delivered shall be an original but 'each engrossment
                    shall together constitute one and the same instrument and shall take effect from the time of execution of the last engrossment. Immediate evidence that an engrossment has been executed may be provided by transmission of such engrossment
                    by facsimile machine or by email with the original executed engrossment to be forthwith put in the mail.

              

      

    

    
      
        	17.4	
                A person who is not a party to this Loan Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 of the United Kingdom to enforce any
                    term of this Loan Agreement but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

              

      

    

    This Loan Agreement has been entered into and amended and restated on the dates
        stated at the beginning of this Loan Agreement.

    THE LENDER

    

    
      	
              SIGNED by Alastair
                Macdonald

            	 
	 	
              )

            
	
              for and behalf of

            	
              )  /s/ Alastair Macdonald

            
	
              JELCO DELTA HOLDING CORP.

            	
              )

            
	
              in the presence of:

              /s/ Karen Campbell

                

              Karen Campbell 

            	 

    

    

    

    THE BORROWER

    

    

    

    
      	
              SIGNED by Stamatios
                Tsantanis

            	 
	 	
              )

            
	
              for and behalf of

            	
              )  /s/ Stamatios Tsantanis

            
	
              SEANERGY MARITIME HOLDINGS CORP.

            	
              )

            
	
              in the presence of:

            	 
	 	 
	
              /s/ Theodora Mitropetrou

              Theodora Mitropetrou

            	 

    

    

    

    

    
      24

      
        

    

    

    

    SCHEDULE 1

        

        FORM OF DRAWDOWN NOTICE

  

  
    

    

    
      	
              To:

            	
              Jelco Delta Holding Corp.

            
	 	
              (the "Lender")

            

    

    [●] 2016

    Re: US$[●] Loan Agreement dated
        [●]made between (A) Jelco Delta Holding Corp. (the "Lender") and (B) Seanergy Maritime Holdings Corp. (the "Borrower"),

    We refer to the Loan and hereby give you notice that we wish to draw Advance B in the amount of $([●]) (Dollars [●]) on [●].  The funds should be credited to [●][●] [name and number of account] held in [●] [name of bank)].

    Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

    

    

    THE BORROWER

    SEANERGY MARITIME HOLDINGS CORP.

    

    

    

    

    By:

    Name:

    Title:

    
      25

      
        

    

    

    

    SCHEDULE 2

        

        

        CONDITION PRECEDENT DOCUMENTS

    

    PART A

      

    The following are the documents referred to in Clause 2.2(a) required on or prior to the date of the
        Amending and Restating Agreement.

    
      
        	1	
                A duly executed original of the Intercreditor Deed.

              

      

    

    
      
        	2	
                Copies of the certificate of incorporation and constitutional documents of the Borrower and the Owner and any company registration documents in respect of the
                    Borrower or the Owner (including, without limitation, any corporate register excerpts) required by the Lender.

              

      

    

    
      
        	3	
                Copies of resolutions of the directors of the Borrower and the Owner authorising the execution of each of the Finance Documents to which each is a party and,
                    in the case of the Borrower, authorising named representatives to give the Drawdown Notices and other notices under this Loan Agreement.

              

      

    

    
      
        	4	
                The original of any power of attorney under which any Finance Document is executed on behalf of a Borrower and the Owner.

              

      

    

    
      26

      
        

    

    

    

    PART B

    The following are the documents referred to in Clause 7.4 required on or before the Closing Date:

    
      
        	1	
                A duly executed original of the Mortgage, the Guarantee, the General Assignment (and of each document to be delivered by each of them), in respect of the Ship
                    and the Owner.

              

      

    

    
      
        	2	
                Documentary evidence that:

              

      

    

    
      
        	(a)	
                the Ship is in the absolute and unencumbered ownership of the Owner save as contemplated by the Finance Documents and the Senior Finance Documents;

              

      

    

    
      
        	(b)	
                the Relevant Ship maintains the highest class with a first class classification society which is a member of IACS and acceptable to the Lender as the Lender
                    may approve free of all recommendations and conditions of such classification society;

              

      

    

    
      
        	(c)	
                the Mortgage relating to the Ship has been duly registered or recorded against the Ship as a valid second preferred or, as the case may be, priority mortgage
                    in accordance with the laws of the Approved Flag State; and

              

      

    

    
      
        	(d)	
                the Ship is insured in accordance with the provisions of this Loan Agreement and all requirements therein in respect of insurances have been complied with.

              

      

    

    
      
        	3	
                Documents establishing that the Ship will, as from the Closing Date, be managed by the Approved Managers on terms acceptable to the Lender, together with:

              

      

    

    
      
        	(a)	
                copies of the Approved Managers’ Document of Compliance, the Ship’s Safety Management Certificate (together with any other details of the applicable safety
                    management system which the Lender requires); and

              

      

    

    
      
        	(b)	
                a copy of the ISSC in respect of the Ship.

              

      

    

    Each of the documents specified in paragraphs 3 and 4 of Part A and every other
        copy document delivered under this Schedule shall be certified as a true and up to date copy by a director or the secretary (or equivalent officer) of the Owner.

    

    

    

    

  

  27

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