Document:

Exhibit 10.28

  

  

  NEITHER THE SECURITIES REPRESENTED BY THIS NOTE NOR THE SECURITIES ISSUABLE UPON THE CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE MAKER RECEIVES AN OPINION OF
      COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
      UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

  

  

  AMENDMENT No. 3 TO CONVERTIBLE PROMISSORY NOTE

  

  

  	
          $4,000,000

        	
          Athens, Greece

        
	 	
          March 26, 2019

        

  

  

  This amendment (the “Amendment

          No. 3”) to a Convertible Promissory Note dated as of March 12, 2015, as amended by Amendment No. 1 dated as of May 14, 2015 and as further amended by Amendment No. 2 dated as of September 18, 2017, is entered into by and between
      Seanergy Maritime Holdings Corp., a corporation organized under the laws of the Republic of the Marshall Islands, (the “Maker”), and
      investor set forth in Schedule 1 attached hereto, or its respective registered assigns (the “Holder”).

  

  

  

  

  BACKGROUND

  

  

  WHEREAS, on March 12, 2015 the Maker
      executed a promissory note in the principal amount of USD$4,000,000 in favour of the Holder (the “Initial Note”);

  

  

  WHEREAS, on May 14, 2015 and on
      September 18, 2017, the parties entered into Amendment No. 1 and Amendment No. 2 respectively, pursuant to which certain sections of the Initial Note were amended and restated (together with the Initial Note, Amendment No.1 and Amendment No.2, the “Promissory Note”);

  

  

  WHEREAS, each of the parties hereto
      wishes to amend the repayment schedule and the prepayment section of the Promissory Note, as described in detail below; and

  

  

  NOW THEREFORE, in consideration of the
      foregoing and for other consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows:

  
    
      

  

  
  

  

  AGREEMENT

  

  

  1. In Section 1 of the Promissory Note
      the definition of “Maturity Date” is hereby deleted in its entirety and replaced with the following:

  

  

  “1.4 “Maturity Date” shall mean 31 December 2020.”

  

  

  

  

  2. Section 5 of the Promissory Note is
      hereby deleted in its entirety and replaced with the following:

  

  

              “5.    Repayment.
      The aggregate of all the outstanding principal amount under this Note shall be repaid by the Maker in one bullet payment on the Maturity Date whereupon the Note shall be cancelled.”

  3. Section

      6 of the Note is deleted in its entirety and replaced with the following:

  

  

  “6.  Voluntary

        Prepayment. The Maker may, by giving a five (5) business days prior written notice to the Holder, at any time thereafter prepay the whole or any part of this Note in cash or, subject to the Holder’s prior written agreement on price per
      share, in a number of fully paid and nonassessable shares of the Maker Common Stock equal to the amount of the Note being prepaid divided by the agreed price per share.”

  4. The term “this Note” as used in the
      Promissory Note shall be read and construed as reference to the Promissory Note, as amended hereby.

  

  

  5. The parties hereto acknowledge and
      confirm that other than as amended herein, the Promissory Note shall remain in full force and effect and shall continue to evidence, guarantee and support their respective obligations.

  

  

  6. Maker’s Representations and
      Warranties: the Maker hereby warrants and represents to the Holder as follows:

  

  

  (a) To the best of Maker's knowledge and belief, after giving effect to this Amendment No. 3, no
      default has occurred under the Promissory Note nor has any event occurred or failed to occur which, with the passage of time or the giving of notice or both, would comprise such a default;

  (b) There are no offsets, counterclaims or defenses against the indebtedness evidenced by the Note, as
      modified hereby;

  (c) The Maker has full power, authority and legal right to execute this Amendment No. 3 and to keep and
      observe all of the terms of this Amendment No. 3 to be observed or performed by the Maker; and

  
    2

    
      

  

  

  

  (d) There are no actions, suits or proceedings pending or, to the knowledge of Maker, threatened against or affecting the
      Maker or involving the validity or enforceability of the Promissory Note, at law or in equity, and the Maker is not operating under, or subject to, or in default of, or in violation with respect to, any order, writ, injunction, decree or demand of
      any court or any governmental authorities.

  

  

  7. Holder’s Representations and
      Warranties: the Holder hereby warrants and represents to the Maker that the Holder has full power, authority and legal right to execute this Amendment No. 3 and to keep and observe all of the terms of this Amendment No. 3 to be observed or performed
      by the Holder.

  

  

  8. This Amendment No. 3 may be executed
      by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute on and the same instrument. All such counterparts may be delivered among the
      parties hereto be facsimile or other electronic transmission, which shall not affect the validity thereof.

  

  

  9. This Amendment No. 3 shall be
      governed by and construed in accordance with the internal laws of the State of New York (without reference to the conflicts of law provisions thereof). Any dispute regarding this Amendment No. 3 shall be exclusively referred to arbitration in London
      and conducted in accordance with the Arbitration Act 1996 (England and Wales) or any statutory modification or re-enactment thereof, and the parties agree to submit to the personal and exclusive jurisdiction and venue of such arbitrators. Any and all
      disputes hereunder shall be referred by the parties hereto to three arbitrators, each party to appoint one arbitrator and the two so appointed shall appoint the third who shall act as chairman of such panel of arbitrators.  Upon receipt by one party
      of the nomination in writing of such other party’s arbitrator, that party shall appoint its arbitrator within ten days, failing which the decision of the single arbitrator appointed shall apply. The two arbitrators so appointed shall appoint the
      third arbitrator within ten days, failing which the third arbitrator shall be appointed by the President of the London Maritime Arbitrators Association (“LMAA”)

      at the time within twenty-one days of the two arbitrators being appointed. The arbitration shall be conducted in accordance with the terms of the LMAA then in effect.  The parties agree that any tribunal constituted under this Amendment No. 3 shall
      have the power to order consolidation of proceedings or concurrent hearings in relation to any and all disputes arising out of or in connection with the Promissory Note or the other documents contemplated thereby, which involve common questions of
      fact or law, and to make any orders ancillary to the same, including, without limitation, any orders relating to the procedures to be followed by the parties in any such consolidated proceedings or concurrent hearings. Consolidated disputes are to be
      heard by a maximum of three arbitrators, each party to have the right to appoint one arbitrator. In case a dispute arises as to whether consolidation is appropriate (including without limitation conflicting orders of relevant tribunals) and/or as to
      the constitution of the tribunal for any such consolidated proceedings, each party shall have the right to apply to the President for the time being of the LMAA for final determination of the consolidation of the proceedings and/or constitution of
      such tribunal.

  
    3

    
      

  

  

  

  10. Capitalized terms used but not
      defined herein shall have the meanings ascribed to them in the Promissory Note.

  

  

  

  

  IN WITNESS WHEREOF,
      the Maker and the Holder have caused this Amendment No. 3 to be executed as of the first date written 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/ Alastair Macdonald
	 	
          Name:

        	
          Alastair Macdonald

        
	 	
          Title:

        	
          Director

        
	 	 	 

  

  

  

  

  

  

  
    4

    
      

  

  SCHEDULE 1

  

  

  	
          
            Name and Address of Investor 

            

          

        	
          
            Principal Amount Owned as of 26 March  2019 

            

          

        
	
           

            

          Jelco Delta Holding Corp.

          c/o Western Isles

          Jardine House, 4th Floor,

          33-35 Reid Street

          P.O. Box HM 1431

          Hamilton HM FX, Bermuda

        	
           

            

          $3,800,000

        

  

  

  

  

  

  

  5Exhibit 10.35

    Dated 1 April 2019

        

        

        US$44,430,000

        US$34,084,229 outstanding

        

        

        SECOND AMENDMENT TO TERM LOAN FACILITY

    

    

    SEA GLORIUS SHIPPING CO. and

        SEA GENIUS SHIPPING CO.

    as joint and several Borrowers

    and

    SEANERGY MARITIME HOLDINGS CORP.

    as Corporate Guarantor

    and

    HAMBURG COMMERCIAL BANK AG

    (formerly known as HSH NORDBANK AG)

    as Agent, Mandated Lead Arranger, Swap Bank

        and Security Trustee

    

    

    SECOND SUPPLEMENTAL AGREEMENT

    relating to

        a senior secured loan facility of (originally) up to US$44,430,000

        to finance the acquisition cost of

        m.vs. "GLORIUSHIP" and "GENIUSHIP"

    
      
        

    

    Index

    

    

    
      	
              Clause

            	
              Page

            
	 	 	 
	
              1

            	
              Definitions and Interpretation

            	
              2

            
	
              2

            	
              Agreement of the Creditor Parties

            	
              3

            
	
              3

            	
              Conditions Precedent

            	
              3

            
	
              4

            	
              Representations

            	
              4

            
	
              5

            	
              Amendments to Loan Agreement, Corporate Guarantee and other Finance Documents

            	
              4

            
	
              6

            	
              Further Assurance

            	
              5

            
	
              7

            	
              Fees

            	
              7

            
	
              8

            	
              Expenses

            	
              7

            
	
              9

            	
              Notices

            	
              7

            
	
              10

            	
              Counterparts

            	
              7

            
	
              11

            	
              Governing Law

            	
              7

            
	
              12

            	
              Enforcement

            	
              7

            
	 	 	 
	
              Schedules

            	 
	 	 
	
              Schedule 1 The Lenders

            	
              9

            
	
              Schedule 2 Conditions Precedent

            	
              10

            
	 	 
	
              Execution

            	 
	 	 
	
              Execution Pages

            	
              11

            

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    THIS
          AGREEMENT is made on 1 April 2019

    PARTIES

    
      
        	(1)	
                SEA GLORIUS SHIPPING CO. ("Sea Glorius") and SEA GENIUS SHIPPING CO. ("Sea Genius"), each 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 joint and several Borrowers;

              

      

    

    
      
        	(2)	
                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 Corporate Guarantor;

              

      

    

    
      
        	(3)	
                THE BANKS AND FINANCIAL INSTITUTIONS listed

                    in Schedule 1, as Lenders;

              

      

    

    
      
        	(4)	
                HAMBURG COMMERCIAL BANK AG (formerly known as
                      HSH NORDBANK AG), acting through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, as Agent;

              

      

    

    
      
        	(5)	
                HAMBURG COMMERCIAL BANK AG (formerly known as
                      HSH NORDBANK AG), acting through its office is at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, as Mandated Lead Arranger;

              

      

    

    
      
        	(6)	
                HAMBURG COMMERCIAL BANK AG (formerly known as
                      HSH NORDBANK AG), acting through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, as Security Trustee;
                    and

              

      

    

    
      
        	(7)	
                HAMBURG COMMERCIAL BANK AG (formerly known as
                      HSH NORDBANK AG), acting through its office at Martensdamm 6, D-24103 Kiel, Germany, as Swap Bank.

              

      

    

    BACKGROUND

    
      
        	(A)	
                By the Loan Agreement, the Lenders agreed to make available to
                      the Borrowers a facility of (originally) up to $44,430,400, of which $34,084,229 is outstanding at the date of this Agreement.

              

      

    

    
      
        	(B)	
                By a guarantee dated 1 September 2015 (as amended and/or supplemented by a supplemental letter dated 23 February 2017 and as further amended
                    and/or supplemented by a supplemental agreement dated 28 March 2018) and made by the Corporate Guarantor in favour of the Security Trustee, the Corporate Guarantor guaranteed the obligations of the Borrowers under the Loan Agreement.

              

      

    

    
      
        	(C)	
                The Obligors have requested that the Lenders and the other Creditor Parties give their consent to amend the financial covenants of the
                    Corporate Guarantor under paragraphs (a) and (b) of clause 11.15 (Financial Covenants) of the Corporate Guarantee to be read and
                    construed as follows:

              

      

    

    
      
        	

              	(i)	
                the Leverage Ratio shall not exceed:

              

      

    

    
      
        	

              	(A)	
                at any time during the period commencing on 1 January 2019 and ending on 31 March 2020 (inclusive), 85 per cent.; and

              

      

    

    
      
        	

              	(B)	
                from 1 April 2020 and at all times thereafter during the Security Period, 75 per cent.; and

              

      

    

    
      
        

    

    
    

    

    

    

    
      
        	

              	(ii)	
                the ratio of EBITDA to interest payments (less any earned interest) (in respect of the immediately prior twelve-month period ending on the
                    last day of the relevant Accounting Period ) shall not be less than:

              

      

    

    
      
        	

              	(A)	
                at any time during the period commencing on 31 December 2018 and ending on 31 March 2020 (inclusive), 1:1; and

              

      

    

    
      
        	

              	(B)	
                from 1 April 2020 and at all times thereafter during the Security Period, 2:1,

              

      

    

    the "Request".

    
      
        	(D)	
                The Lenders and the other Creditor Parties consent to the Request subject to, inter alia, the following conditions:

              

      

    

    
      
        	

              	(i)	
                execution of this Agreement by the Obligors and the Fee Letter by the Borrowers; and

              

      

    

    
      
        	

              	(ii)	
                payment of a non-refundable relaxation fee in the amounts and at the times agreed in the Fee Letter.

              

      

    

    
      
        	(E)	
                This Agreement sets out the terms and conditions on which the Lenders and the other Creditor Parties agree, with effect on and from the
                    Effective Date, at the request of the Obligors, to the Request and to the consequential amendments of the Loan Agreement and the other Finance Documents in connection with those matters.

              

      

    

    OPERATIVE PROVISIONS

    
      
        	1	
                DEFINITIONS AND INTERPRETATION

              

      

    

    
      
        	1.1	
                Definitions

              

      

    

    In this Agreement:

    "Corporate Guarantee" means the guarantee dated 1 September 2015 (as amended and/or supplemented by a supplemental letter dated 23 February 2017 and as further amended and/or supplemented by a supplemental agreement
        dated 28 March 2018) and made between (i) the Corporate Guarantor and (ii) the Security Trustee.

    "Effective Date" means the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied
        but, in any case, not later than 5 April 2019.

    "Fee Letter" means the letter dated on or about the date of this Agreement between the Agent and the Borrowers setting out the non-refundable relaxation fee referred to in Clause 7 (Fees).

    "Loan Agreement" means the loan agreement dated 1 September 2015 (as amended and/or supplemented by a supplemental letter dated 16 May 2016, by a supplemental letter dated 23 February 2017 and as further amended and/or
        supplemented by a supplemental agreement dated 28 March 2018) and made between, amongst others, (i) the Borrowers, (ii) the Lenders, (iii) the Agent and (iv) the Security Trustee.

    "Obligor" means each of the Borrowers and the Corporate Guarantor and, in the plural, means all of them.

    "Party" means a party to this Agreement.

    
      2

      
        

    

    

    

    

    

    
      
        	1.2	
                Defined expressions

              

      

    

    Defined expressions in the Loan Agreement and the other Finance Documents 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 Loan Agreement

              

      

    

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

    
      
        	1.4	
                Agreed forms of new, and supplements to, Finance Documents

              

      

    

    References in Clause 1.1 (Definitions) to any new or supplement to a Finance Document being in "agreed form" are to that Finance Document:

    
      
        	(a)	
                in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrowers and the Agent); or

              

      

    

    
      
        	(b)	
                in any other form agreed in writing between the Borrowers and the Agent acting with the authorisation of the Majority Lenders or, where clause
                    27.2 (exceptions) of the Loan Agreement applies, all the Lenders.

              

      

    

    
      
        	1.5	
                Designation as a Finance Document

              

      

    

    The Borrowers and the Agent designate this Agreement as a Finance Document.

    
      
        	1.6	
                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 CREDITOR PARTIES

              

      

    

    
      
        	2.1	
                Agreement of the Creditor Parties

              

      

    

    The Creditor Parties agree, subject to and upon the terms and conditions of this
        Agreement, to:

    
      
        	(a)	
                the Request; and

              

      

    

    
      
        	(b)	
                the consequential amendments to the Loan Agreement, the Corporate Guarantee and the other Finance Documents.

              

      

    

    
      
        	2.2	
                Effective Date

              

      

    

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

    
      
        	3	
                CONDITIONS PRECEDENT

              

      

    

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

    
      3

      
        

    

    

    

    

    

    
      
        	(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)	
                any repeating representation under clause 10 (Representations

                      and Warranties) of the Loan Agreement and under clause 10 (Representations and Warranties) of the Corporate Guarantee to be
                    made by each Obligor being true on the date of this Agreement and the Effective Date; and

              

      

    

    
      
        	(c)	
                the Agent having received all of the documents and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent on or before the Effective Date.

              

      

    

    
      
        	4	
                REPRESENTATIONS

              

      

    

    
      
        	4.1	
                Loan Agreement representations

              

      

    

    Each Borrower makes the representations and warranties set out in clause 10 (Representations and Warranties) of the Loan Agreement, as amended and/or supplemented by this Agreement and updated with appropriate modifications
        to refer to this Agreement, 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 Loan Agreement) to which it is a party, as amended and/or supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing on the date of
        this Agreement and on the Effective Date.

    
      
        	5	
                AMENDMENTS TO LOAN AGREEMENT, CORPORATE GUARANTEE AND OTHER FINANCE DOCUMENTS

              

      

    

    
      
        	5.1	
                Amendments to the Loan Agreement

              

      

    

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

    
      
        	(a)	
                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/or supplemented by this Agreement; and

              

      

    

    
      
        	(b)	
                by construing references throughout to "this Agreement" and other like expressions as if the same referred to the Loan Agreement as amended
                    and/or supplemented by this Agreement.

              

      

    

    
      
        	5.2	
                Specific amendments to Corporate Guarantee

              

      

    

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

    
      
        	(a)	
                by deleting the sub-paragraph (a) in clause 11.15 thereof in its entirety and replacing it with the following sub-paragraph:

              

      

    

    "(a) the Leverage Ratio shall not exceed:

    
      4

      
        

    

    

    

    

    

    
      
        	

              	(i)	
                at any time during the period commencing on 1 January 2019 and ending on 31 March 2020 (inclusive), 85 per cent.; and

              

      

    

    
      
        	

              	(ii)	
                from 1 April 2020 and at all times thereafter during the Security Period, 75 per cent.;";

              

      

    

    
      
        	(b)	
                by deleting the sub-paragraph (b) in clause 11.15 thereof in its entirety and replacing it with the following sub-paragraph:

              

      

    

    "(b) the ratio of EBITDA to interest payments (less any earned interest) (in
        respect of the immediately prior twelve-month period ending on the last day of the relevant Accounting Period ) shall not be less than:

    
      
        	

              	(i)	
                at any time during the period commencing on 31 December 2018 and ending on 31 March 2020 (inclusive), 1:1; and

              

      

    

    
      
        	

              	(ii)	
                from 1 April 2020 and at all times thereafter during the Security Period, 2:1;";

              

      

    

    
      
        	(c)	
                the definition of, and references throughout each of the Finance Documents to, the Corporate Guarantee shall be construed as if the same
                    referred to the Corporate Guarantee as amended and/or supplemented by this Agreement; and

              

      

    

    
      
        	(d)	
                by construing references throughout the Corporate Guarantee to "this Guarantee", as if the same referred to the Corporate Guarantee as amended
                    and/or supplemented by this Agreement.

              

      

    

    
      
        	5.3	
                Amendments to Finance Documents

              

      

    

    With effect on and from the Effective Date each of the Finance Documents other
        than the Loan Agreement and the Corporate Guarantee, shall be, and shall be deemed by this Agreement to have been, amended 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/or supplemented by this Agreement.

    
      
        	5.4	
                Finance Documents to remain in full force and effect

              

      

    

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

    
      
        	(a)	
                the amendments to the Finance Documents contained or referred to in Clause 5.1 (Specific amendments to the Loan Agreement) and Clause 5.2 (Specific amendments to the Corporate
                      Guarantee); and

              

      

    

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

              

      

    

    
      
        	6	
                FURTHER ASSURANCE

              

      

    

    
      
        	6.1	
                Further assurance

              

      

    

    
      
        	(a)	
                Each Obligor shall promptly, and in any event within the time period specified by the Agent do all such acts (including procuring or arranging
                    any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgements, proxies

              

      

    

    
      5

      
        

    

    

    

    and powers of attorney), as the Agent may specify (and in
        such form as the Agent may require in favour of the Agent or its nominee(s)) to implement the terms and provisions of this Agreement.

    
      
        	(b)	
                Each Obligor shall promptly, and in any event within the time period specified by the Security Trustee do all such acts (including procuring
                    or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions,
                    acknowledgments, proxies and powers of attorney), as the Security Trustee may specify (and in such form as the Security Trustee may require in favour of the Security Trustee or its nominee(s)):

              

      

    

    
      
        	

              	(i)	
                to create, perfect, vest in favour of the Security Trustee or protect the priority of the Security Interest or any right or any kind created
                    or intended to be created under or evidenced by the Finance Documents as amended and/or supplemented by this Agreement (which may include the execution of a mortgage, charge, assignment) for the exercise of any rights, powers and
                    remedies of the Security Trustee, any receiver or any other Creditor Party provided by or pursuant to the Finance Documents as amended and/or supplemented by this Agreement or by law;

              

      

    

    
      
        	

              	(ii)	
                to confer on the Security Trustee or confer on the Creditor Parties Security Interest over any property and assets of that Obligor located in
                    any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Finance Documents as amended and/or supplemented by this Agreement;

              

      

    

    
      
        	

              	(iii)	
                to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the
                    assets which are, or are intended to be, the property being assigned, charged or pledged (as the case may be) under any Finance Document or to exercise any power specified in any Finance Document as amended and/or supplemented by this
                    Agreement in respect of which the Security Interest has become enforceable; and/or

              

      

    

    
      
        	

              	(iv)	
                to enable or assist the Security Trustee to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other
                    action relating to any item of the property being assigned, charged or pledged (as the case may be) under any Finance Document.

              

      

    

    
      
        	(c)	
                Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the
                    purpose of the creation, perfection, protection or maintenance of any Security Interest conferred or intended to be conferred on the Security Trustee or any other Creditor Party by or pursuant to the Finance Documents as amended and/or
                    supplemented by this Agreement.

              

      

    

    
      
        	6.2	
                Additional corporate action

              

      

    

    At the same time as an Obligor delivers to the Agent or Security Trustee any
        document executed under this Clause 6 (Further Assurance), that Obligor shall deliver to the Agent or Security Trustee as applicable a
        certificate signed by one of that Obligor's officers which shall:

    
      
        	(a)	
                set out the text of a resolution of that Obligor's directors specifically authorising the execution of the document specified by the Agent or
                    the Security Trustee as applicable; and

              

      

    

    
      6

      
        

    

    

    

    

    

    
      
        	(b)	
                state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of
                    directors entitled to vote on the resolution was present, or that the resolution has been signed by all the directors and is valid under that Obligor's articles of association or other constitutional documents.

              

      

    

    
      
        	7	
                FEES

              

      

    

    The Borrowers shall pay to the Agent (for the account of each Lender) a
        non-refundable relaxation fee in the amounts and at the times agreed in the Fee Letter.

    
      
        	8	
                EXPENSES

              

      

    

    Clause 20 (Fees and Expenses) of the Loan Agreement, as amended and/or supplemented by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

    
      
        	9	
                NOTICES

              

      

    

    Clause 28 (notices) of the Loan Agreement, as amended and/or supplemented by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

    
      
        	10	
                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.

    
      
        	11	
                GOVERNING LAW

              

      

    

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

    
      
        	12	
                ENFORCEMENT

              

      

    

    
      
        	12.1	
                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 12.1 (Jurisdiction) is for
                    the benefit of the Creditor Parties only.  As a result, no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Creditor Parties may
                    take concurrent proceedings in any number of jurisdictions.

              

      

    

    
      
        	12.2	
                Service of process

              

      

    

    
      
        	(a)	
                Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and
                    Wales):

              

      

    

    
      7

      
        

    

    

    

    

    

    
      
        	

              	(i)	
                irrevocably appoints 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: ) 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 Borrowers (on
                    behalf of all the Obligors) must immediately (and in any event within 5 days of such event taking place) appoint another agent on terms acceptable to the Agent.  Failing this, the Agent may appoint another agent for this purpose.

              

      

    

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

    
      8

      
        

    

    
    

    

    SCHEDULE 1

        

        

        THE LENDERS

    

    

    
      	
              Lender

            	
              Lending Office

            	
              Commitment

                  (US Dollars)

            
	
              HAMBURG COMMERCIAL BANK AG (formerly known as HSH NORDBANK AG)

               

            	
              Gerhart-Hauptmann-Platz 50

              20095 Hamburg

              Germany

               

            	
              44,430,400

            

    

    

    

    
      9

      
        

    

    

    

    SCHEDULE 2

        

        

        CONDITIONS PRECEDENT

    
      
        	1	
                Obligors

              

      

    

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

    
      
        	2	
                Documents

              

      

    

    
      
        	2.1	
                A duly executed original of this Agreement and the Fee Letter.

              

      

    

    
      
        	3	
                Other documents and evidence

              

      

    

    
      
        	3.1	
                A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has
                    notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement and the Fee Letter or for the validity and enforceability of any Finance Document as amended and/or
                    supplemented by this Agreement.

              

      

    

    
      
        	3.2	
                Evidence that the agent referred to in Clause 12.2 has accepted its appointment as agent for the service of process under this Agreement.

              

      

    

    
      
        	3.3	
                Evidence that any fees due and payable under the Fee Letter pursuant to Clause 7 (Fees) have been paid.

              

      

    

    
      
        	3.4	
                Evidence that any expenses then due from the Borrowers pursuant to Clause 8 (Expenses) have been paid.

              

      

    

    
      10

      
        

    

    

    

    EXECUTION PAGES

    

    

    
      	
              BORROWERS

            
	 
	
              SIGNED by  Theodora Mitropetrou

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Theodora Mitropetrou

            
	
              for and on behalf of

            	
              )

            	 
	
              SEA GLORIUS SHIPPING CO.

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Maria Haraka

            
	
              Witness' name: Maria Haraka

            	
              )

            	 
	
              Witness' address: 154 Vouliagmenis Avenue,

            	
              )

            	 
	
                                          166 74, Glyfada, Greece

            	
              )

            	 
	 	 	 

      

      

      	 
	 
	
              SIGNED by  Theodora Mitropetrou

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Theodora Mitropetrou

            
	
              for and on behalf of

            	
              )

            	 
	
              SEA GENIUS SHIPPING CO.

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Maria Haraka

            
	
              Witness' name: Maria Haraka

            	
              )

            	 
	
              Witness' address: 154 Vouliagmenis Avenue,

            	
              )

            	 
	
                                           166 74, Glyfada, Greece

            	
              )

            	 
	 	 	 

      

      

      	
              CORPORATE GUARANTOR

            
	 
	
              SIGNED by  Theodora Mitropetrou

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Theodora Mitropetrou

            
	
              for and on behalf of

            	
              )

            	 
	
              SEANERGY MARITIME HOLDINGS CORP.

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Maria Haraka

            
	
              Witness' name: Maria Haraka

            	
              )

            	 
	
              Witness' address: 154 Vouliagmenis Avenue,

            	
              )

            	 
	
                                           166 74, Glyfada, Greece

            	
              )

            	 
	 	 	 

      

      

      	
               

              LENDERS

            
	 
	
              SIGNED by  Andreas Giakoumelos

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Andreas Giakoumelos

            
	
              for and on behalf of

            	
              )

            	 
	
              by HAMBURG COMMERCIAL BANK AG

            	
              )

            	 
	
              (formerly known as HSH NORDBANK AG)

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Ilias Vassilios Tsigos

            
	
              Witness' name: Ilias Vassilios Tsigos

            	
              )

            	 
	
              Witness' address: 348 Syngrou Avenue

            	
              )

            	 
	
                                           176 74 Kallithea, Athens, Greece

            	
              )

            	 

    

    

    

    

    

    
      11

      
        

    

    
    

    

    

    

    

    

    
      	
               

              SWAP BANK

            
	 
	
              SIGNED by 
                  Andreas Giakoumelos

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Andreas Giakoumelos

            
	
              for and on behalf of

            	
              )

            	 
	
              by HAMBURG
                    COMMERCIAL BANK AG

            	
              )

            	 
	
              (formerly known as HSH NORDBANK AG)

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Ilias Vassilios Tsigos

            
	
              Witness' name: Ilias Vassilios Tsigos

            	
              )

            	 

      

      

      

      

      	
               

              MANDATED LEAD ARRANGER

            
	 
	
              SIGNED by 
                  Andreas Giakoumelos

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Andreas Giakoumelos

            
	
              for and on behalf of

            	
              )

            	 
	
              by HAMBURG
                    COMMERCIAL BANK AG

            	
              )

            	 
	
              (formerly known as HSH NORDBANK AG)

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Ilias Vassilios Tsigos

            
	
              Witness' name: Ilias Vassilios Tsigos

            	
              )

            	 

      

      

      	
               

              AGENT

            
	 
	
              SIGNED by 
                  Andreas Giakoumelos

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Andreas Giakoumelos

            
	
              for and on behalf of

            	
              )

            	 
	
              by HAMBURG
                    COMMERCIAL BANK AG

            	
              )

            	 
	
              (formerly known as HSH NORDBANK AG)

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Ilias Vassilios Tsigos

            
	
              Witness' name: Ilias Vassilios Tsigos

            	 

            	 
	 	 

            	 

      

      

      	
               

              SECURITY TRUSTEE

            
	 
	
              SIGNED by 
                  Andreas Giakoumelos

            	
              )

            	 
	
              duly authorised attorney-in-fact

            	
              )

            	
              /s/ Andreas Giakoumelos

            
	
              for and on behalf of

            	
              )

            	 
	
              by HAMBURG
                    COMMERCIAL BANK AG

            	
              )

            	 
	
              (formerly known as HSH NORDBANK AG)

            	
              )

            	 
	 	 	 
	
              in the presence of:

            	
              )

            	 
	
              Witness' signature:

            	
              )

            	
              /s/ Ilias Vassilios Tsigos

            
	
              Witness' name: Ilias Vassilios Tsigos

            	
              )

            	 

      

    

  

  12

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