Document:

Exhibit 10.41

 

TENTH AMENDMENT TO

REVOLVING CONVERTIBLE PROMISSORY NOTE

This TENTH AMENDMENT (this "Tenth Amendment") to the Revolving Convertible Promissory Note dated as of September 7, 2015, as amended by an Amendment to the Note dated as of December 1, 2015, as further amended by a Second Amendment to the Note dated as of December 14, 2015, further amended by a Third Amendment to the Note dated as of January 27, 2016, further amended by a Fourth Amendment to the Note dated as of March 7, 2016, further amended by a Fifth Amendment to the Note as of April 21, 2016, further amended by a Sixth Amendment to the Note as of May 17, 2016, further amended by a Seventh Amendment dated as of June 16, 2016, further amended by an Eighth Amendment dated as of March 28, 2017 and as further amended by a Ninth Amendment dated as of September 27, 2017 (together the "Note"), by and between Seanergy Maritime Holdings Corp. a corporation organized under the laws of the Republic of the Marshall Islands (the "Maker") and Jelco Delta Holding Corp., or its respective registered assigns (the "Holder"), is made on 1 September, 2018.

Capitalized terms used but not defined herein shall have the meaning assigned in the Note.

WHEREAS, the parties wish to amend the Note as hereinafter set forth in order to increase the maximum principal amount available to be drawn under the Note from $21,165,000 to $24,665,000 and further amend the repayment schedule of the Note.

WHEREAS, Emperor Holding Ltd., a corporation 100% wholly owned by the Maker ("Emperor") has executed and delivered an irrevocable and unconditional guarantee dated 27 September 2017 (the "Guarantee") for the due and punctual payment when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise of all the Maker's obligations under or in connection with, inter alia, the Note and it has been agreed by the parties that as a condition precedent to entering into this tenth amendment to the Note that Emperor executes and delivers on the date hereof a letter of confirmation in a form agreed by the Holder.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows:

	(A)	
Section 1.1 of the Note is deleted in its entirety and replaced with the following:

1.1          "Applicable Limit" means the maximum principal amount available for drawing hereunder at any relevant time and being on the date hereof twenty four million six hundred sixty five thousand Dollars ($24,665,000);

 

	(B)	
Section 1.6 of the Note is deleted in its entirety and replaced with the following:

1.6          "Note" means a revolving note in the principal amount of up to twenty four million six hundred sixty five thousand Dollars ($24,665,000) at any one time

 

 

outstanding to be made available to the Maker by the Holder in multiple Revolving Advances as the same may be reduced in accordance with the terms and conditions of this Note or, if the context may so require, so much thereof as shall for the time being be outstanding hereunder;

 

	(C)	
Each other reference in the Note to "$21,165,000" is deleted and replaced with "$24,665,000."

	(D)	
Section 1.7 is deleted in its entirety and Section 1.8 of the Note is deleted in its entirety and is replaced with the following:

"1.8 "Maturity Date" means December 31, 2022."

(E)          A new Section 7.3 be inserted under Section 7 to read as follows:

"7.3 A Revolving Advance of the amount of three million five hundred thousand Dollars ($3,500,000) may be requested by the Maker to the Holder provided that (i) the request is made by 10 April 2019 (the "Final Revolving Advance Date") and (ii) there is no Material Adverse Effect. In case the request is not made by the Final Revolving Advance Date or there is Material Adverse Effect, the Final Revolving Advance will not be available to be drawn by the Maker and the Applicable Limit will automatically be amended to $21,165,000."

	(F)	
Confirmation of Agreement.  Except as expressly set forth herein, the Note is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms, and each reference in the Note to "this Note" shall mean the Note as amended by this Tenth Amendment.

	(G)	
Counterparts; Effectiveness.  This Tenth Amendment may be executed in any number of counterparts (including by facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document.  All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.  This Tenth Amendment shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto.

	(H)	
Governing Law.  The laws of the State of New York shall govern the enforceability and validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties, without regard to the principles of conflicts of laws thereof.

[Signature page follows]

THIS TENTH AMENDMENT has been entered into on the date stated above.

 

 

THE MAKER:

SEANERGY MARITIME HOLDINGS CORP.

	 	
By:

	 /s/ Stamatios Tsantanis	 
	 	 	
Name: Stamatios Tsantanis

Title: Chief Executive Officer

	 

 

THE HOLDER:

JELCO DELTA HOLDING CORP.

	 	
By:

	 /s/ illegible	 
	 	 	
Name:

Title:Exhibit 10.42

 

 

GUARANTOR'S LETTER OF CONFRIMATION

To:          JELCO DELTA HOLDING CORP.

of Trust Company Complex,

Ajeltake Road, Ajeltake Island,

Majuro, Marshall Islands MH96960

(the "Holder")

Attention:  Alastair Macdonald

Date:    1 September 2018

RE: Revolving Convertible Promissory Note dated as of September 7, 2015, issued by Seanergy Maritime Holdings Corp. (the "Maker") as amended from time to time

Dear Sirs

We, 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, Marshall Islands MH 96960, have executed and delivered an irrevocable and unconditional guarantee of 27 September 2017 (the "Guarantee") for the due and punctual payment when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise of all the Maker's obligations under or in connection with, inter alia, the Note and the Maker is our registered, legal and beneficial owner.

We have received copies of a tenth amendment to the Note and acknowledge hereby the terms thereof. Terms and expressions defined in the Note shall, unless defined otherwise, have the same meaning when used herein.

We have been advised by the Maker that it is a condition precedent to the entering into the tenth amendment to the Note that we provide this letter to the Holder. This letter is the letter of confirmation referred to in tenth amendment to the Note.

In consideration of you agreeing to the entering into a tenth amendment to the Note we hereby confirm and acknowledge that we have read and understood the terms and conditions of the tenth amendment to the Note and agree in all respects to the same and confirm that the Guarantee shall remain in full force and effect and shall continue to stand as security for the obligations of the Maker under the Note.

This letter and any non-contractual obligations connected with it shall be governed by and construed in accordance with the State of New York. Clause 16.1 (Law and Jurisdictions) of the Guarantee applies to this letter as if it was expressly incorporated herein with any necessary modifications.

Yours faithfully

For and on behalf of

of Emperor Holding Ltd.

By: /s/ Stamatios Tsantanis     

Name: Stamatios Tsantanis

Title: President

We hereby agree to and accept the above.

For and on behalf of

Jelco Delta Holding Corp.

By: /s/ illegible            

Name:

Title:

Dated:  1 September 2018Exhibit 10.47

SUPPLEMENTAL LETTER

	To:	
PREMIER MARINE CO.

GLADIATOR SHIPPING CO.

GUARDIAN SHIPPING CO.

SEANERGY MARITIME HOLDINGS CORP.

each of Trust Company Complex, Ajeltake Road

Ajeltake Island, Majuro

MH96960, the Marshall Islands

c/o -154 Vouliagmenis Avenue,

16674 Glyfada, Athens, Greece

 for the attention of: Chief Executive Officer

	From:	
UniCredit Bank AG

as Lender

7 Heraklitou Street

10673 Athens

Greece

Fax: +30 210 3640063

Attention: the Managers

30 April 2018

Dear Sirs

Facility Agreement dated 11 September 2015 (as amended and supplemented by a supplemental agreement dated 3 June 2016, a supplemental letter agreement dated 29 July 2016, a supplemental letter agreement dated 7 March 2017 and a supplemental letter agreement dated 25 September 2017, together, the "Facility Agreement") and entered into between (i) Premier Marine Co., Gladiator Shipping Co. and Guardian Shipping Co. as joint and several borrowers (together, the "Borrowers"), (ii) Seanergy Maritime Holdings Corp. as guarantor (the "Guarantor") and (iii) UniCredit Bank AG as original lender (the "Lender") in respect of a term loan facility of (originally) up to US$52,704,790

We refer to the Facility Agreement. Words and expressions defined in the Facility Agreement shall have the same meaning when used in this Letter and for the purposes of this Letter.

"Effective Date" means the date of this Letter.

This Letter sets out the terms and conditions on which the Lender agrees, with effect on and from the Effective Date, to the request of the Borrowers and the Guarantor to amend certain provisions of the Facility Agreement as described in Clause 2 (the "Request").

	1	
We hereby confirm our approval, consent and acceptance of the Request above from the Effective Date, subject to the satisfaction of the conditions referred to in paragraphs (a)-(g) below.

The conditions referred to above are:

	(a)	
an original of this Letter duly executed by the Lender and acknowledged by the Borrowers and the Guarantor;

	(b)	
certified copies of all documents (if any) evidencing any other necessary action, approvals or consents with respect to this Letter (including without limitation) all necessary governmental and other official approvals and consents in such pertinent jurisdictions as the Lender deems appropriate;

	(c)	
evidence satisfactory to the Lender that a non-refundable amendment fee in the amount of US$40,000 has been paid by the Borrowers to the Lender; and

	(d)	
evidence that the process agent referred to in Clause 9 of this Letter has accepted its appointment as agent for service of process under this Letter.

	2	
Amendments to the Facility Agreement

In consideration of the agreement of the Lender contained in Clause 1 of this Letter, the Borrowers and the Guarantor hereby agree with the Lender that the provisions of the Facility Agreement shall be varied and/or amended and/or supplemented with effect on and from the Effective Date as follows:

	(a)	
by deleting clause 19.34 thereof in its entirety and replacing it with the following new clause 19.34:

"19.34 Place of business

No Transaction Obligor has a place of business in any country other than its country of incorporation and its head office functions are carried out in the case of Borrower A, B and C at c/o 154 Vouliagmenis Avenue, 16674 Glyfada, Athens, Greece.";

	(b)	
by deleting sub-paragraph (a) in clause 21.1 thereof in its entirety and replacing it with the following new sub-paragraph (a):

		"(a)	
the Leverage Ratio shall not exceed:

		(i)	
at any time during the period commencing on 1 May 2018 and ending on 31 December 2018 (inclusive), 85 per cent.;

		(ii)	
at any time during the period commencing on 1 January 2019 and ending on 31 March 2019 (inclusive), 80 per cent.; and

		(iii)	
from 1 April 2019 and at all times thereafter and throughout the remainder of the Security Period, 75 per cent.;";

	(c)	
by deleting sub-paragraph (b) in clause 21.1 thereof in its entirety and replacing it with the following new sub-paragraph (b):

		"(b)	
the ratio of EBITDA to Net Interest Expense shall not be less than:

		(i)	
at any time during the period commencing on 1 May 2018 and ending on 31 March 2019 (inclusive), 1.20:1; and

(ii)     from 1 April 2019 and at all times thereafter and throughout the remainder of the Security Period, 2:1; and";

	(d)	
by deleting the definition of "Leverage Ratio" in clause 21.3 thereof in its entirety and replacing it with the following new definition:

""Leverage Ratio" means at any time the ratio (expressed as a percentage) of (i) the Group's Net Debt divided by (ii) the Consolidated Market Value Adjusted Total Assets less any Cash, Restricted Cash and Cash Equivalents.";

	(e)	
by inserting the definitions of "Group's Net Debt",  "Group's Total Debt" and "Restricted Cash" in the requisite alphabetical order in clause 21.3 thereof as follows:

""Group's Net Debt" means the Group's Total Debt less any drawn amounts of shareholders' Notes and less any Cash, Restricted Cash and Cash Equivalents, in each case as shown in the latest Applicable Accounts.";

""Group's Total Debt" means as at the date of calculation, the current portion of long-term debt, net of deferred finance costs and the long-term debt, net of current portion and deferred finance costs of the Group as shown in the latest Applicable Accounts.";

""Restricted Cash" shall have the meaning given to such term in the latest Applicable Accounts.";

	(f)	
by deleting clause 25.1 thereof in its entirety and replacing it with the following new clause 25.1:

"25.1 Minimum required security cover

Clause 25.2 (Provision of additional security; prepayment) applies if the Lender notifies the Borrowers:

		(a)	
at any time during the period commencing on 1 May 2018 and ending on 30 September 2018 (inclusive), that the Security Cover Ratio is below 100 per cent.;

		(b)	
at any time during the period commencing on 1 October 2018 and ending on 30 June 2019 (inclusive), that the Security Cover Ratio is below 111 per cent.; and

		(c)	
from 1 July 2019 and at all times thereafter and throughout the remainder of the Security Period, that the Security Cover Ratio is below 120 per cent..";

	(g)	
by deleting all references in Part A of Schedule 1 to "16 Grigoriou Lambraki" and replacing them with "154 Vouliagmenis Avenue"; and

	(h)	
by construing throughout all references in the Facility Agreement to "this Agreement" and all references in the Finance Documents (other than the Facility Agreement) to the "Facility Agreement" as references to the Facility Agreement as amended and supplemented by this Letter.

	3	
Representations and Warranties

The Borrowers and the Guarantor hereby represent and warrant to the Lender that the representations and warranties contained in clause 19 (Representations) of the Facility Agreement are true and correct on the date of this Letter and on the Effective Date as if all references therein to "this Agreement" were references to the Facility Agreement as supplemented by this Letter and as if all such representations and warranties were amended in line with this Clause 3 of this Letter.  This Letter comprises the legal, valid and binding obligations of the Borrowers and the Guarantor enforceable in accordance with its terms.

	4	
Re-affirmation of Facility Agreement

The Borrowers and the Guarantor hereby agree that all the provisions of the Facility Agreement which have not been amended by this Letter shall be and are hereby re-affirmed and remain in full force and effect.

	5	
Costs and Expenses

The provisions of clause 16 (Costs and Expenses) of the Facility Agreement, as amended and supplemented by this Letter, shall apply to this Letter as if they were expressly incorporated in this Letter with any necessary modifications.

	6	
Notices

Clause 33 (Notices) of the Facility Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth.

	7	
Counterparts

This Letter may be executed in any number of counterparts.

	8	
Governing law

This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

	9	
Process Agent

The Borrowers and the Guarantor, hereby, irrevocably appoint Messrs E. J. C. Album Solicitors, presently of Landmark House, 190 Willifield Way, London NW11 6YA, England (attention: Mr Edward Album, tel: +44 208 455 7653, fax: +44 208 457 5558 and email: ejca@mitgr.com), to act as their agent to receive and accept on their behalf any process or other document relating to any proceedings in the English Courts which are connected with this Letter.

Please confirm your agreement by signing the acknowledgement below.

Yours faithfully

	 /s/ illegible	 	  /s/ illegible
	
for and on behalf of

	 	
for and on behalf of

	
UniCredit Bank AG

	 	
UniCredit Bank AG

	
as Lender

	 	
as Lender

We hereby acknowledge receipt of the above Letter and confirm our agreement to the terms hereof.

/s/ Stamatios Tsantanis                                  

STAMATIOS TSANTANIS as President

for and on behalf of

PREMIER MARINE CO.

Date: 30 April 2018

/s/ Stamatios Tsantanis                                  

STAMATIOS TSANTANIS as President

for and on behalf of

GLADIATOR SHIPPING CO.

Date: 30 April 2018

/s/ Stamatios Tsantanis                                  

STAMATIOS TSANTANIS as President

for and on behalf of

GUARDIAN SHIPPING CO.

Date: 30 April 2018

/s/ Stamatios Tsantanis                                  

STAMATIOS TSANTANIS as Chairman

for and on behalf of

SEANERGY MARITIME HOLDINGS CORP.

Date: 30 April 2018

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