Document:

Exhibit 4.53

    

     

    Dated 3 July 2019

     

    US$52,704,790

    US$39,840,790 outstanding

     

    PREMIER MARINE CO. and

    FELLOW SHIPPING CO.

    as joint and several borrowers

     

    and

     

    SEANERGY MARTIME HOLDINGS CORP.

    as Guarantor

     

    and

     

    UNICREDIT BANK AG

    as Lender

     

    SUPPLEMENTAL AGREEMENT

     

    relating to

    a facility agreement dated 11 September 2015

    in respect of a loan facility of (originally) up to US$52,704,790

     

    
      
        

    

    Index

     

    

    
      	
              Clause

            	 	
              Page

            
	 	 	 
	
              1

            	
              Definitions and Interpretation

            	
              4

            
	
              2

            	
              Agreement of the Lender

            	
              5

            
	
              3

            	
              Conditions Precedent

            	
              5

            
	
              4

            	
              Representations

            	
              5

            
	
              5

            	
              Amendments to Facility Agreement and other Finance Documents

            	
              6

            
	
              6

            	
              Further Assurance

            	
              12

            
	
              7

            	
              Costs and Expenses

            	
              12

            
	
              8

            	
              Notices

            	
              12

            
	
              9

            	
              Counterparts

            	
              12

            
	
              10

            	
              Governing Law

            	
              12

            
	
              11

            	
              Enforcement

            	
              12

            
	 	 	 
	
              Schedules

            	 
	 	 	 
	
              Schedule 1 Conditions Precedent

            	
              14

            
	 	 	 
	
              Execution

            	 
	 	 	 
	
              Execution Pages

            	
              16

            

    

    

    

    
      
        

    

    THIS AGREEMENT is made on 3 July 2019

     

    PARTIES

     

    
      
        	(1)	
                PREMIER MARINE CO., 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 a borrower ("Borrower A");

              

      

    

     

    
      
        	(2)	
                FELLOW SHIPPING CO., 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 a borrower ("Borrower B" and together with Borrower A, the "Borrowers");

              

      

    

     

    
      
        	(3)	
                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 guarantor (the "Guarantor"); and

              

      

    

     

    
      
        	(4)	
                UNICREDIT BANK AG as lender (the "Lender").

              

      

    

     

    BACKGROUND

     

    
      
        	(A)	
                By the Facility Agreement, the Lender agreed to make available to the Borrowers a facility of (originally) up to US$52,704,790, of which US$39,840,790 is outstanding at the date of this Agreement.

              

      

    

     

    
      
        	(B)	
                The Obligors have requested that the Lender gives its consent to:

              

      

    

     

    
      
        	

              	(a)	
                reduce the four Repayment Instalments (as defined in the Facility Agreement) falling due on 26 March 2019, 25 June 2019, 25 September 2019 and 27 December 2019 respectively, each by an amount of US$552,000 (from
                  US$1,552,000 to US$1,000,000) and increase the Repayment Instalment payable on 29 December 2020 by the deferred amount of US$2,208,000 (from US$30,976,790 to US$33,184,790); and

              

      

    

     

    
      
        	

              	(b)	
                amend the financial covenants of the Guarantor under paragraphs (a), (b) and (c) of clause 21.1 (Financial Covenants) of the Facility Agreement,

              

      

    

     

    
      	
              

              

            	
              

              

            	
              
                together, the "Request".

              

            

    

     

    

    
      
        	(C)	
                The Lender agrees to the Request subject to (inter alia) the following conditions:

              

      

    

     

    
      
        	

              	(a)	
                execution of a corporate undertaking by the Guarantor in form and substance satisfactory to the Lender;

              

      

    

     

    
      
        	

              	(b)	
                supply of a written update of the Guarantor’s Cash (as defined in the Facility Agreement) position on a monthly basis with effect from 26 March 2019 until 27 December 2019; and

              

      

    

     

    
      
        	

              	(c)	
                increase of the Applicable Margin to 4.20 per cent. per annum with effect from 26 March 2019 until 27 December 2019 (inclusive).

              

      

    

     

    
      
        

    

    
    
      
        	(D)	
                This Agreement sets out the terms and conditions 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:

     

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

     

    "Guarantor’s Letter of Undertaking" means a corporate undertaking dated 3
      July 2019 and executed by the Guarantor in form and substance satisfactory to the Lender.

     

    "Facility Agreement" means the facility agreement dated 11 September 2015 (as amended and/or 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, a supplemental letter agreement dated 25 September 2017, a supplemental letter agreement dated 30 April 2018, a supplemental letter
      agreement dated 10 October 2018 and as accessed, amended and/or restated by a deed of accession, amendment and restatement dated 22 November 2018 and as from time to time amended and/or supplemented) and originally made between (i) Borrower A and
      some other entities as joint and several borrowers, (ii) the Guarantor as guarantor and (iii) the Lender as lender.

     

    "Mortgage" means the first preferred Marshall Islands mortgage over the motor vessel "FELLOWSHIP" dated 22 November 2018 and executed by
      Borrower B in favour of the Lender.

     

    "Mortgage Addendum" means the addendum to the Mortgage made or to be made between Borrower B and the Lender in the agreed form.

     

    "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 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 Obligors and the Lender designate this Agreement as a Finance Document.

     

    
      4

      
        

    

    
      
        	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, to:

     

    
      
        	(a)	
                the Request; and

              

      

    

     

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

              

      

    

     

    
      
        	2.2	
                Effective Date

              

      

    

     

    The agreement of the Lender contained in Clauses 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 continuing Event of Default (other than any Event of Default arising out of clauses 21.1 (a), (b) and (c) of the Facility Agreement, in respect of which all rights of the Lender are fully reserved) on the
                  date of this Agreement and the Effective Date having occurred 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; and

              

      

    

     

    
      
        	(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 14 June 2019 or such later date as the Lender may agree with the Borrowers.

              

      

    

     

    
      
        	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 19 (Representations) of
      the Facility Agreement, as amended and/or supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addendum and the Guarantor’s Letter of Undertaking, 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/or supplemented by
      this Agreement and updated with appropriate modifications to refer to this Agreement 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

      
        

    

    
      
        	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 deleting the definition of "Applicable Margin" from clause 1.1 thereof in its entirety and replacing it with the following:

              

      

    

     

    ""Applicable Margin" means:

     

    
      
        	

              	(a)	
                during the Waiver Period, 4.20 per cent. per annum; and

              

      

    

     

    
      
        	

              	(b)	
                in respect of any six-month period during the Security Period (other than during the Waiver Period):

              

      

    

     

    
      
        	

              	(i)	
                3.20 per cent. per annum, if the Security Cover Ratio is less than 125 per cent; or

              

      

    

     

    
      
        	

              	(ii)	
                3 per cent. per annum, if the Security Cover Ratio is (i) equal to, or higher than 125 per cent. and (ii) equal to, or less than 166.67 per cent.; or

              

      

    

     

    
      
        	

              	(iii)	
                2.75 per cent. per annum, if the Security Cover Ratio is higher than 166.67 per cent,

              

      

    

     

    as determined by the Lender on 20th December 2019 and thereafter at any such six-month period pursuant
      to Clause 8.1 (Calculation of Interest).";

     

    
      
        	(b)	
                by inserting in clause 1.1 thereof the following new definitions in the requisite alphabetical order:

              

      

    

     

    ""Article 55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
      investment firms.

     

    "Bail-In Action" means the exercise of any Write-down and Conversion Powers.

     

    "Bail-In Legislation" means:

     

    
      
        	

              	(a)	
                in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
                  investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

              

      

    

     

    
      
        	

              	(b)	
                in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time
                  which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

              

      

    

     

    "EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

     

    
      6

      
        

    

    "EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person)
      from time to time.

     

    "Guarantor’s Letter of Undertaking" means a corporate undertaking dated 3 July 2019 and executed by the Guarantor in form and substance
      satisfactory to the Lender.

     

    "Party" means a party to this Agreement.

     

    "Replacement Benchmark" means a benchmark rate which is:

     

    
      	 	
              (a)

            	
              formally designated, nominated or recommended as the replacement for a Screen Rate by:

            

    

     

    
      
        	

              	(i)	
                the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or

              

      

    

     

    
      
        	

              	(ii)	
                any Relevant Nominating Body,

              

      

    

     

    and if different replacement benchmark rates have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark"
      will be the replacement benchmark rate designated, nominated or recommended under paragraph (ii) above;

     

    
      	 	
              (b)

            	
              in the opinion of the Lender and the Borrowers, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to that
                  Screen Rate; or

            

    

     

    
      	 	
              (c)

            	
              in the opinion of the Lender and the Borrowers, an appropriate successor to a Screen Rate.

            

    

     

    "Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

     

    "Screen Rate Contingency Period" means 10 Business Days.

     

    "Screen Rate Replacement Event" means, in relation to a Screen Rate:

     

    
      
        	

              	(a)	
                the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lender, and the Borrowers materially changed;

              

      

    

     

    
      	 	
              (b)

            	
              

              

            

    

     

    (i)

     

    
      	 	
              (A)

            	
              the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or

            

    

     

    
      
        	

              	(B)	
                information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably
                  confirms that the administrator of that Screen Rate is insolvent,

              

      

    

     

    provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

     

    
      7

      
        

    

    
      	 	
              (ii)

            	
              the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to
                continue to provide that Screen Rate;

            

    

     

    
      	 	
              (iii)

            	
              the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or

            

    

     

    
      
        	

              	(iv)	
                the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or

              

      

    

     

    
      	 	
              (c)

            	
              the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

            

    

     

    
      
        	

              	(i)	
                the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lender and the Borrowers) temporary; or

              

      

    

     

    
      
        	

              	(ii)	
                that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the Screen Rate Contingency Period; or

              

      

    

     

    
      	 	
              (d)

            	
              in the opinion of the Lender and the Borrowers, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

            

    

     

    "UK Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements,
      Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their
      affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

     

    "Waiver Period" means the period commencing on 26 March 2019 and ending on 27 December 2019 (inclusive).

     

    "Write-down and Conversion Powers" means:

     

    
      
        	

              	(a)	
                in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
                  Schedule;

              

      

    

     

    
      
        	

              	(b)	
                in relation to any other applicable Bail-In Legislation:

              

      

    

     

    
      
        	

              	(i)	
                any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other
                  financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or
                  obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
                  under that Bail-In Legislation that are related to or ancillary to any of those powers; and

              

      

    

     

    
      
        	

              	(ii)	
                any similar or analogous powers under that Bail-In Legislation; and

              

      

    

     

    
      8

      
        

    

    
      
        	

              	(c)	
                in relation to any UK Bail-In Legislation:

              

      

    

     

    
      
        	

              	(i)	
                any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or
                  other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or
                  obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
                  under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

              

      

    

     

    
      
        	

              	(ii)	
                any similar or analogous powers under that UK Bail-In Legislation.";

              

      

    

     

    
      
        	(c)	
                by inserting a new paragraph (e) in the definition of "Finance Documents" in clause 1.1 thereof as follows:

              

      

    

     

    "(e) the Guarantor’s Letter of Undertaking;",

     

    and the remaining paragraphs will be renumbered and all relevant cross references will be updated accordingly;

     

    
      
        	(d)	
                by deleting the table in clause 6.1 thereof in its entirety and replacing it with the following new table:

              

      

    

    

    

    
      	 	
              Date

            	 	
              Repayment Instalment Amount ($)

            
	 	
              27 December 2018

            	 	
              1,552,000

            
	 	
              26 March 2019

            	 	
              1,000,000

            
	 	
              25 June 2019

            	 	
              1,000,000

            
	 	
              25 September 2019

            	 	
              1,000,000

            
	 	
              27 December 2019

            	 	
              1,000,000

            
	 	
              26 March 2020

            	 	
              1,552,000

            
	 	
              25 June 2020

            	 	
              1,552,000

            
	 	
              25 September 2020

            	 	
              1,552,000

            
	 	
              29 December 2020

            	 	
              33,184,790

            

    

    

    

    
      
        	(e)	
                by inserting the words "(other than during the Waiver Period)" after the words "the Security Period" at the fourth line of the last paragraph of clause 8.1 thereof;

              

      

    

     

    
      
        	(f)	
                by inserting the following wording at the end of the last paragraph of clause 8.1 thereof:

              

      

    

     

    "The Applicable Margin determined accordingly shall apply as of the beginning of the Interest Period immediately following the date of such determination.";

     

    
      
        	(g)	
                by inserting a new clause 10.6 (Replacement of Screen Rate) thereof as follows:

              

      

    

     

    
      	 	
              "10.6

            	
              Replacement of Screen Rate

            

    

     

    If a Screen Rate Replacement Event has occurred in relation to the Screen Rate for dollars any amendment or waiver which relates to:

     

    
      
        	

              	(a)	
                 providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate; and

              

      

    

     

    
      9

      
        

    

    
      
        	

              	(b)	

              

      

    

     

    
      
        	

              	(i)	
                aligning any provision of any Finance Document to the use of that Replacement Benchmark;

              

      

    

     

    
      
        	

              	(ii)	
                enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be
                  used for the purposes of this Agreement);

              

      

    

     

    
      
        	

              	(iii)	
                implementing market conventions applicable to that Replacement Benchmark;

              

      

    

     

    
      
        	

              	(iv)	
                providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

              

      

    

     

    
      
        	

              	(v)	
                adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if
                  any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or
                  recommendation),

              

      

    

     

    may be made with the written consent of the Lender and the Borrowers.

     

    
      
        	(h)	
                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 March 2020 (inclusive), 85 per cent.; and

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	(i)	
                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 September 2018 (inclusive), 1,20:1;

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

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

              

      

    

     

    
      10

      
        

    

    
      
        	

              	"(c)	
                it shall maintain Cash and Cash Equivalents (including any contractually committed but undrawn parts of shareholders' Notes issued by the Guarantor) in an amount not less than the product of (i) the number of
                  Group Ships and (ii) $500,000.";

              

      

    

     

    
      
        	(a)	
                by inserting a new clause 33 (Bail-In) thereof as follows:

              

      

    

     

    
      	 	
              "33

            	
              Bail-In

            

    

     

    
      	 	
              33.1

            	
              Contractual recognition of bail-in

            

    

     

    Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each
      Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by
      the effect of:

     

    
      
        	

              	(a)	
                any Bail-In Action in relation to any such liability, including (without limitation):

              

      

    

     

    
      
        	

              	(i)	
                a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

              

      

    

     

    
      
        	

              	(ii)	
                a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

              

      

    

     

    
      
        	

              	(iii)	
                a cancellation of any such liability; and

              

      

    

     

    
      
        	

              	(b)	
                a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.",

              

      

    

     

    and the remaining clauses will be renumbered and all relevant cross references will be updated accordingly;

     

    
      
        	(k)	
                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

              

      

    

     

    
      
        	(l)	
                by construing references throughout to "this Agreement" and other like expressions as if the same referred to the Facility Agreement as amended and/or 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 which is amended and/or supplemented by the Mortgage
      Addendum, shall be, and shall be deemed by this Agreement to have been, amended as follows:

     

    
      
        	(a)	
                by including in the relevant clause (Incorporation of Facility Agreement provisions) of that Finance Document, a cross reference to clause 33 (bail-in) of the Facility Agreement as amended and supplemented by this Agreement;

              

      

    

     

    
      
        	(b)	
                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/or and supplemented by this Agreement;

              

      

    

     

    
      11

      
        

    

    
      
        	(c)	
                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/or and supplemented by the Mortgage Addendum; and

              

      

    

     

    
      
        	(d)	
                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.

              

      

    

     

    
      
        	5.3	
                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 Facility Agreement) and Clause 5.2 (Amendments to Finance Documents) and the Mortgage Addendum; and

              

      

    

     

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

              

      

    

     

    
      
        	6	
                FURTHER ASSURANCE

              

      

    

     

    Clause 22.25 (Further assurance) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any
      necessary modifications.

     

    
      
        	7	
                COSTS AND EXPENSES

              

      

    

     

    Clause 16.2 (amendment costs) of the Facility 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.

     

    
      
        	8	
                NOTICES

              

      

    

     

    Clause 33 (notices) of the Facility 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	
                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.

     

    
      
        	10	
                GOVERNING LAW

              

      

    

     

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

     

    
      
        	11	
                ENFORCEMENT

              

      

    

     

    
      
        	11.1	
                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").

              

      

    

     

    
      12

      
        

    

    
      
        	(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 11.1 (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.

              

      

    

     

    
      
        	11.2	
                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 6YA, England (attention: Mr. Edward Album, tel: +44 208 455 7653, fax: +44 208 457 5558
                    and email: 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 Borrowers (on behalf of all the 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.

     

    
      13

      
        

    

    SCHEDULE 1

     

    CONDITIONS PRECEDENT

     

    
      
        	1	
                Obligors

              

      

    

     

    Documents of the kind specified in Schedule 2 Part A paragraphs 1.1, 1.2, 1.3 and 1.6 of the Facility Agreement.

     

    
      
        	2	
                Premiership Charter

              

      

    

     

    
      
        	2.1	
                Copy of the time charter in respect of Ship A dated 17 October 2018 and made between Borrower A as owner and ST Shipping and Transport Pte. Ltd. (the "Charterer") as
                  charterer (the "Premiership Charter") and of all documents signed or issued by Borrower A or the Charterer (or both of them) under or in connection with it.

              

      

    

     

    
      
        	2.2	
                Such documentary evidence as the Lender and its legal advisers may require in relation to the due authorisation and execution of the Premiership Charter by each of the parties thereto.

              

      

    

     

    
      
        	3	
                Security

              

      

    

     

    
      
        	3.1	
                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 applicable Approved Flag.

              

      

    

     

    
      
        	3.2	
                A duly executed original of the Charterparty Assignment related to the Premiership Charter and of each document to be delivered under or pursuant to each of them.

              

      

    

     

    
      
        	3.3	
                A duly executed original of this Agreement.

              

      

    

     

    
      
        	4	
                Legal opinions

              

      

    

     

    
      
        	4.1	
                If an Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Lender in the relevant jurisdiction, substantially in the form distributed to the Lender
                  before signing this Agreement.

              

      

    

     

    
      
        	4.2	
                Legal opinions of the legal advisers to the Lender in the jurisdiction of the applicable Approved Flag of the Ship and such other relevant jurisdictions as the Lender may require.

              

      

    

     

    
      
        	5	
                Other documents and evidence

              

      

    

     

    
      
        	5.1	
                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 Borrowers accordingly) in connection with the entry into
                  and performance of the transactions contemplated by this Agreement, the Mortgage Addendum and the Guarantor’s Letter of Undertaking or for the validity and enforceability of any Finance Document as amended and/or supplemented by this
                  Agreement or by the Mortgage Addendum.

              

      

    

     

    
      
        	5.2	
                Evidence to the Lender’s satisfaction that the costs and expenses then due from the Borrowers pursuant to Clause 7 (Costs and Expenses) have been paid.

              

      

    

     

    
      
        	5.3	
                Evidence that the agent referred to in Clause 11.2 has accepted its appointment as agent for the service of process under this Agreement.

              

      

    

     

    
      14

      
        

    

    
    
      
        	5.4	
                A duly executed original of the Guarantor’s Letter of Undertaking.

              

      

    

     

    
      
        	5.5	
                A written update of the Guarantor’s Cash position for March 2019, April 2019 and May 2019.

              

      

    

     

    
      15

      
        

    

    EXECUTION PAGES

     

    

    BORROWERS

    

    

    
      	
              SIGNED by Stavros Gyftakis

            	
              )

            	 	 
	
              duly authorised attorney-in-fact

            	
              )

            	 	
              /s/ Stavros Gyftakis

            
	
              for and on behalf of

            	
              )

            	 	 
	
              PREMIER MARINE CO.

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 
	 	 	 	 
	
              Witness' signature:

            	
              )

            	 	 
	
              Witness' name: Maria Stavroula Chroni

            	
              )

            	 	
              /s/ Maria Stavroula Chroni

            
	
              Witness' address: 348 Syngrou Avenue

            	 	 	 
	
              176 74 Kallithea

            	 	 	 
	
              Athens, Greece

            	
              )

            	 	 
	 	 	 	 
	
              SIGNED by  Stavros Gyftakis

            	
              )

            	 	 
	
              duly authorised attorney-in-fact

            	
              )

            	 	
              /s/ Stavros Gyftakis

            
	
              for and on behalf of

            	
              )

            	 	 
	
              FELLOW SHIPPING CO.

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 
	
              Witness' signature:

            	
              )

            	 	 
	
              Witness' name: Maria Stavroula Chroni

            	
              )

            	 	
              /s/ Maria Stavroula Chroni

            
	
              Witness' address: 348 Syngrou Avenue

            	 	 	 
	
              176 74 Kallithea

            	 	 	 
	
              Athens, Greece

            	
              )

            	 	 
	 	 	 	 
	
              GUARANTOR

            	 	 	 
	 	 	 	 
	
              SIGNED by Stavros Gyftakis

            	
              )

            	 	 
	
              duly authorised attorney-in-fact

            	
              )

            	 	
              /s/ Stavros Gyftakis

            
	
              for and on behalf of

            	
              )

            	 	 
	
              SEANERGY MARITIME HOLDINGS

            	
              )

            	 	 
	
              CORP.

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 
	
              Witness' signature:

            	
              )

            	 	 
	
              Witness' name: Maria Stavroula Chroni

            	
              )

            	 	
              /s/ Maria Stavroula Chroni

            
	
              Witness' address: 348 Syngrou Avenue

            	 	 	 
	
              176 74 Kallithea

            	 	 	 
	
              Athens, Greece

            	
              )

            	 	 

    

    

    

    
      16

      
        

    

    
      	
              LENDER

            	 	 	 
	 	 	 	 
	
              SIGNED by Andreas Giakoumelos

            	
              )

            	 	 
	
              and

            	
              )

            	 	
              /s/ Andreas Giakoumelos

            
	
              duly authorised attorneys-in-fact

            	
              )

            	 	 
	
              for and on behalf of

            	
              )

            	 	 
	
              UNICREDIT BANK AG

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 
	
              Witness' signature:

            	
              )

            	 	 
	
              Witness' name: Maria Stavroula Chroni

            	
              )

            	 	
              /s/ Maria Stavroula Chroni

            
	
              Witness' address: 348 Syngrou Avenue

            	 	 	 
	
              176 74 Kallithea

            	 	 	 
	
              Athens, Greece

            	
              )

            	 	 

    

    

    

    

    

    
      17Exhibit 4.57

      

     

      

    Dated: 1 July, 2019

     

    ALPHA BANK A.E.

    (as Lender)

     

    - and -

     

    SQUIRE OCEAN NAVIGATION CO.

    (as borrower)

     

    -and-

     

    LEADER SHIPPING CO.

    (as collateral owner)

     

    	
             

            

            THIRD SUPPLEMENTAL AGREEMENT

            in relation to a Loan Agreement dated

             4th November, 2015

            for a loan facility of  (initially) up to US$33,750,173

             

            

          

    

    

    
      
        

    

    	 	TABLE OF CONTENTS	 
	 	 	 
	
            CLAUSE

          	
            HEADINGS

          	
            PAGE

          
	 	 	 
	
            1.

          	
            Definitions

          	
            2

          
	 	 	 
	
            2.

          	
            Borrower’s Acknowledgment of Indebtedness

          	
            3

          
	 	 	 
	
            3.

          	
            Representations and warranties

          	
            3

          
	 	 	 
	
            4.

          	
            Agreement of the Lender

          	5
	 	 	 
	
            5.

          	
            Conditions

          	5
	 	 	 
	
            6.

          	
            Variations to the Principal Agreement

          	6
	 	 	 
	
            7.

          	
            Waiver of certain covenants

          	11
	 	 	 
	
            8.

          	
            Continuance of Principal Agreement and the Security Documents

          	11
	 	 	 
	
            9.

          	
            Entire agreement and amendment

          	11
	 	 	 
	
            10.

          	
            Fees and expenses

          	12
	 	 	 
	
            11.

          	
            Miscellaneous

          	12
	 	 	 
	
            12.

          	
            Applicable law and jurisdiction

          	12

    

    

    
      
        

    

    
    THIS AGREEMENT (hereinafter called “this Agreement”) is made this 1st day of July, 2019;

     

    B E T W E E N

     

    
      	
              (1)

            	
              ALPHA BANK A.E., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting, except
                  as otherwise herein provided through its office at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors and assigns);

            

       

      

    

    
      	
              (2)

            	
              SQUIRE OCEAN NAVIGATION CO., a company duly incorporated and validly existing under the laws of the Republic of Liberia having its
                  registered office at 80 Broad Street, Monrovia, Republic of Liberia (hereinafter called the “Borrower”, which expression
                  shall include its successors); and

            

       

      

    

    
      	
              (3)

            	
              LEADER SHIPPING CO., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands having its
                  registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Collateral Owner”, which
                  expression shall include its successors);

            

       

      

    

    IS SUPPLEMENTAL to a loan agreement dated 4th November, 2015, as amended
        and/or supplemented by a first supplemental agreement dated 28th July 2016 (the “First Supplemental Agreement”)  and a second supplemental agreement dated 29th June 2018 (the “Second Supplemental Agreement”)

      and made between (i) the Lender, as lender and (ii) the Borrower, as borrower (the said loan agreement as amended and/or supplemented by the First Supplemental Agreement and the Second Supplemental Agreement is
        hereinafter called the “Principal Agreement”), on the terms and conditions of which the Lender agreed to advance and has advanced to the Borrower, a loan

      of up to United States Dollars Thirty three million seven hundred fifty thousand one hundred seventy three ($33,750,173), for the purpose therein specified (the Principal Agreement as hereby amended and/or supplemented
        and as the same may hereinafter be amended and/or supplemented called the “Loan Agreement”).

     

    W H E R E A S :

     

    
      
        	(A)	
                the Borrower and the Collateral Owner hereby acknowledge and confirm that (a) the Lender has advanced to the Borrower, the full amount of the Loan in the principal amount of United States Dollars Thirty three million seven hundred
                  fifty thousand one hundred seventy three ($33,750,173) and (b) as of the Effective Date the principal amount of United States Dollars Twenty Eight Million Six Hundred Eighty Seven Thousand Six Hundred Eight and Fifty cents ($28,687,608.50 ) in respect of the Loan remains outstanding;

              

      

    

     

    
      
        	(B)	
                pursuant to a Guarantee dated 4th November 2015 as amended and/or supplemented by a first deed of amendment of guarantee dated 28th July, 2016 (the “First Amendment”) and a second deed of amendment of guarantee dated 29th June 2018 (the “Second Amendment”) (the said Guarantee as amended and/or supplemented by the First Amendment and the
                  Second Amendment is hereinafter called the “Guarantee”), Seanergy Maritime Holdings Corp., of the Marshall Islands (the “Guarantor”) irrevocably and unconditionally guaranteed the due and timely repayment of the Loan, and the interest and default interest accrued thereon and the performance of all the obligations of the Borrower under the
                  Loan Agreement and the Security Documents executed in accordance thereto;

              

      

    

     

    
      1

      
        

    

    
      
        	 (C)	
                the Borrower and the other Security Parties have requested the Lender to grant its consent to (inter alia):

              

      

    

     

    
      
        	

              	(a)	
                the temporary waiver (from 1st January 2019 until the 31st of December 2019) of the minimum liquidity covenant set out in Clause 8.1(j) (Liquidity) of the Principal
                  Agreement; For the avoidance of doubt, the minimum liquidity covenant is only waived in relation to the Earnings Account of the Borrower and not in relation to any other account of the Borrower or the Guarantor or the Group;

              

      

    

     

    
      
        	

              	(b)	
                the amendment of the repayment schedule set out in Clause 4.1 (Repayment) of the Principal Agreement;

              

      

    

     

    
      
        	

              	(c)	
                the amendment of the Leverage covenant and the EBITDA covenant provided in Clause 8.6 (Additional Financial Covenants – Compliance Certificate) of the Principal Agreement; and

              

      

    

     

    
      
        	

              	(d)	
                the amendment of the Security Requirement set out in Clause 1.2 (Definitions) of the Principal Agreement,

              

      

    

     

    and the Lender has agreed thereto conditionally upon terms that the Principal Agreement shall be amended in the manner hereinafter set out in Clause 6 of this Agreement.

     

    NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

     

    
      
        	
                1.

              	
                DEFINITIONS

              

      

      
        

      

      

    

    
      	
              1.1

            	
              Defined terms and expressions

            

       

      

    

    Words and expressions defined in the Principal Agreement and not otherwise defined herein (including the Recitals hereto) shall have the same meanings when used in this Agreement.

     

    
      	
              1.2

            	
              Additional definitions

            

    

     

    

    In addition, in this Agreement the words and expressions specified below shall have the meanings attributed to them below:

     

     “Effective Date” means the date hereof or such earlier or later date as the Lender may agree in writing, upon which all
      the conditions contained in Clause 5 shall have been satisfied and this Agreement shall become effective;

     

     “Guarantee Deed of Amendment No. 3” means the deed of amendment of the Guarantee to be executed by the Guarantor in favour of the Lender in form and substance satisfactory to the Lender; and

     

    
      2

      
        

    

    “ST Charterparty Assignment” means the deed of assignment of the time charterparty (in NYPE 1913 form as amended) dated 17 October 2018
      entered into between the Borrower as owner and ST Shipping and Transport Lte. Ltd. of Singapore (the “Charterer”) as charterer, over the Vessel, as amended and/or supplemented from time to
      time (and shall include any further addenda thereto), together with any and all notices and acknowledgments in relation thereto;

     

    
      	
              1.3

            	
              Construction

            

    

     

    

     In this Agreement

     

    
      
        
          	 	
                  (a)

                	
                  Where the context so admits words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations;

                

        

      

       

      

    

    
      
        
          	 	
                  (b)

                	
                  clause headings are inserted for convenience of reference only and shall be ignored in construing this Agreement;

                

        

      

       

      

    

    
      
        
          	 	
                  (c)

                	
                  references to Clauses are to clauses of this Agreement save as may be otherwise expressly provided in this Agreement; and

                

        

      

       

      

    

    
      
        
          	 	
                  (d)

                	
                  all capitalised terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

                

        

      

       

      

    

    
      
        	
                2.

              	
                BORROWER’S ACKNOWLEDGMENT OF INDEBTEDNESS

              

      

      
        

    

     

    

    The Borrower hereby declares and acknowledges that as at the date hereof the outstanding principal amount of the Loan is United States Dollars Twenty Eight Million Six Hundred Eighty Seven Thousand Six Hundred Eight and Fifty cents ($28,687,608.50 ), which shall be repaid in accordance with Clause 4.1 (Repayment) of the Loan Agreement.

     

    
      
        	
                3.

              	
                REPRESENTATIONS AND WARRANTIES

              

      

      
        

      

      

    

    
      	
              3.1

            	
              Representations and warranties under the Principal Agreement

            

    

     

    

    The Borrower and the Collateral Owner hereby represent and warrant to the Lender as at the date hereof that the representations and warranties set forth in the Principal Agreement and the Security
      Documents (updated mutatis mutandis to the date of this Agreement) are (and will be on the Effective Date) true and correct as if all references therein to “this Agreement” were references to the Principal
      Agreement as amended and supplemented by this Agreement.

     

    
      	
              3.2

            	
              Additional representations and warranties

            

    

     

    

    In addition to the above, the Borrower and the Collateral Owner hereby represent and warrant to the Lender as at the date of this Agreement that:

     

    

    
      3

      
        

    

    
      
        
          	 	
                  a.

                	
                  each of the Security Parties is duly formed, is validly existing and in good standing under the laws of the place of its incorporation and has full power to carry on its business as it is now being
                    conducted and to enter into and perform its obligations under the Principal Agreement and this Agreement and has complied with all statutory and other requirements relative to its business and does not have an established place of
                    business in any part of the United Kingdom or the USA;

                

        

      

       

      

    

    
      
        
          	 	
                  b.

                	
                  all necessary licences, consents and authorities, governmental or otherwise under this Agreement and the Principal Agreement have been obtained and, as of the date of this Agreement, no further consents
                    or authorities are necessary for any of the Security Parties to enter into this Agreement or otherwise perform its obligations hereunder;

                

        

      

       

      

    

    
      
        
          	 	
                  c.

                	
                  this Agreement constitutes the legal, valid and binding obligations of the Security Parties thereto enforceable in accordance with its terms;

                

        

      

       

      

    

    
      
        
          	 	
                  d.

                	
                  the execution and delivery of, and the performance of the provisions of this Agreement do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual
                    restriction binding on any of the Security Parties or its respective constitutional documents;

                

        

      

       

      

    

    
      
        
          	 	
                  e.

                	
                  no action, suit or proceeding is pending or threatened against the Borrower and the Collateral Owner or its assets before any court, board of arbitration or administrative agency which could or might
                    result in any material adverse change in the business or condition (financial or otherwise) of any of the Borrower or the other Security Parties;

                

        

      

       

      

    

    
      
        
          	 	
                  f.

                	
                  none of the Security Parties is not and at the Effective Date will not be in default under any agreement by which it is or will be at the Effective Date bound or in respect of any financial commitment, or
                    obligation;

                

        

      

       

      

    

    
      
        
          	 	
                  g.

                	
                  the Guarantor maintains Corporate Liquidity (including any contractually but undrawn parts of the Notes) in an amount equal to $500,000 per Fleet Vessel and an amount equal to
                    $500,000 for the Vessel is maintained in the Earnings Account outside of the waiver period as aforementioned;

                

        

      

       

      

    

    
      
        
          	 	
                  h.

                	
                  No US Tax Obligor:  None of the Security Parties is a US Tax Obligor; and

                

        

      

       

      

    

    
      
        
          	 	
                  i.

                	
                  Sanctions:

                

        

      

       

      

    

    
      
        
          	 	
                  (i)

                	
                  None of the Security Parties is a Prohibited Person nor is controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of the Borrower, the Collateral
                    Owner or the Guarantor controls a Prohibited Person; and

                

        

      

       

      

    

    
      
        
          	 	
                  (ii)

                	
                  no proceeds of the Loan have been made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose
                    prohibited by Applicable Sanctions.

                

        

      

       

      

      
        4

        
          

      

    

    
      	
              3.3

            	
              Survival

            

       

      

    

    The representations and warranties of the Borrower and the Collateral Owner in this Agreement shall survive the execution of this Agreement and shall be deemed to be repeated at the commencement of
      each Interest Period.

     

    
      
        	
                4.

              	
                AGREEMENT OF THE LENDER

              

      

      
        

      

      

    

    The Lender, relying upon each of the representations and warranties set out in Clause 3 hereby agrees with the Borrower and the Collateral Owner, subject to and upon the terms and conditions of this
      Agreement and in particular, but without limitation, subject to the fulfilment of the conditions precedent set out in Clause 5 that the Principal Agreement be amended in the manner more particularly set out in Clause 6.

     

    
      
        	
                5.

              	
                CONDITIONS

              

      

      
        

      

      

    

    
      	
              5.1

            	
              Conditions precedent

            

    

     

    

    The agreement of the Lender contained in Clause 4 shall be expressly subject to the condition that the Lender shall have received on or before the Effective Date in form and substance satisfactory to
      the Lender and its legal advisers:

     

    
      
        
          	 	
                  a.

                	
                  a certificate of good standing or other equivalent document issued by the competent authorities of the place of its incorporation in respect of each of the Borrower, the Collateral Owner and the
                    Guarantor;

                

        

      

       

      

    

    
      
        
          	 	
                  b.

                	
                  duly legalised resolutions duly passed by the Board of Directors of the Borrower, the Collateral Owner and the Guarantor and duly legalised resolutions passed at a meeting of the shareholders of the
                    Borrower, the Collateral Owner and the Guarantor (and of any corporate shareholder thereof), if applicable, evidencing approval of this Agreement and/or the Collateral Security Documents and/or the Guarantee

                      Deed of Amendment No. 3 (as the case may be) and authorising appropriate officers or attorneys–in-fact to execute the same and to sign all notices required to be given under this Agreement on its behalf or other evidence of
                    such approvals and authorisations as shall be acceptable to the Lender;

                

        

      

       

      

    

    
      
        
          	 	
                  c.

                	
                  all documents evidencing any other necessary action or approvals or consents with respect to this Agreement, including, but not limited to, certified and duly legalised Certificates of Incumbency issued
                    by any of the Directors of the Borrower, the Collateral Owner and the Guarantor evidencing approval of this Agreement and/or the Guarantee Deed of Amendment No. 3 and authorising appropriate officers or attorneys-in-fact to execute the
                    same and to sign all notices required to be given under this Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

                

        

      

       

      

      
        5

        
          

      

    

    
      
        
          	 	
                  d.

                	
                  the original of any power(s) of attorney issued in favour of any person executing this Agreement and/or the Guarantee Deed of Amendment No. 3 on behalf of the Borrower, the Collateral Owner, and the
                    Guarantor;

                

        

      

       

      

    

    
      
        
          	 	
                  e.

                	
                  all documents evidencing any other necessary action or approvals or consents with respect to this Agreement;

                

        

      

       

      

    

    
      
        
          	 	
                  f.

                	
                  such favourable legal opinions from lawyers acceptable to the Lender and its legal advisors as the Lender shall require;

                

        

      

       

      

    

    
      
        
          	 	
                  g.

                	
                  duly executed originals of the ST Charterparty Assignment, the Guarantee Deed of Amendment No. 3 and, where appropriate, duly registered in favour of the
                    Lender; and

                

        

      

       

      

    

    
      
        
          	 	
                  h.

                	
                  evidence satisfactory to the Lender that the Guarantor maintains Liquidity in an amount equal to $500,000 per Fleet Vessel.

                

        

      

       

      

    

    
      
        	
                6.

              	
                VARIATIONS TO THE PRINCIPAL AGREEMENT

              

      

      
        

      

      

    

    
      	
              6.1

            	
              Amendments

            

    

     

    

    In consideration of the agreement of the Lender contained in Clause 4, the Borrower hereby agrees with the Lender that (subject to the satisfaction of the conditions precedent contained in Clause 5,
      the provisions of the Principal Agreement shall be varied and/or amended and/or supplemented as follows:

     

    
      
        
          	 	
                  a.

                	
                  with effect as from the 25th February 2019, the following new definition shall be added to Clause 1.2 (Definitions) of the Principal Agreement reading as follows:

                

        

      

    

     

      

     “Third Supplemental Agreement” means the Second Supplemental Agreement dated 1st July, 2019 supplemental to this Agreement to be executed and made between (inter alios) the Borrower and the Lender whereby this Agreement shall be amended as there in provided;

     

    “Associated Commitment” means a loan of up to United States Dollars Eight million seven hundred fifty thousand ($8,750,000) made to Leader
      by the Bank;

     

    “Associated First Mortgage” means collectively the first priority Bahamian ship mortgage “A” dated 19 March 2015, registered over the
      Associated Vessel in favour of the Lender, and the deed of covenants collateral thereto, bearing the same date.

     

    “Associated Loan Agreement” means the loan agreement dated 6th March, 2015 made between (i) the Lender as lender, and (ii) LEADER SHIPPING CO., of the Marshall Islands (hereinafter “Leader”), as borrower, as amended and/or supplemented by (a) a first supplemental agreement dated 23rd December, 2015 (b)
        a second supplemental agreement dated 28th July, 2016,  (c) a third supplemental agreement dated 29th June, 2018, and (d) a fourth supplemental agreement dated 1 July, 2019, together with any and all further amendments thereto and/or supplements thereof;

     

    

    
      6

      
        

    

    “Associated Loan” means the aggregate principal amount borrowed by Leader as borrower in respect of the Associated Commitment or (as the
      context may require) the principal amount thereof owing to the Lender under the Associated Loan Agreement at any relevant time;

     

    “Associated Second Mortgage” means collectively the second priority Bahamian ship mortgage “B” dated 29 June 2018, registered over the
      Associated Vessel in favour of the Lender, and the deed of covenants collateral thereto, bearing the same date.

     

    “Associated Vessel” means the motor vessel “LEADERSHIP”, lawfully registered under the laws and
      flag of The Commonwealth of the Bahamas in the Ships’ Register of the port of Nassau in the ownership of Leader and having Official No. 7000760 and  IMO No. 9233923;

     

    “Excess Value of the Associated Vessel” means the Market Value of the Associated Vessel as most recently
        determined in accordance with Clause 8.5(b) less the amount of the Associated Loan at the relevant time;

     

    “ST Charterparty” means the time charterparty (in NYPE 1913 form as amended) dated 17 October 2018 entered into between the Borrower as
      owner and ST Shipping and Transport Lte. Ltd. of Singapore (the “Charterer”) as charterer, over the Vessel, as amended and/or supplemented from time to time (and shall include any further addenda thereto);

     

    
      
        
          	 	
                  b.

                	
                  with effect as from the 25th February 2019, the following definitions of Clause 1.2 (Definitions) of the Principal Agreement shall be amended so as to read as follows:

                

        

      

    

     

      

    “Balloon Instalment” means, the part of the Loan amounting to United States Dollars Nineteen million six hundred fifty thousand
      (US$19,650,000);

     

    “Charterparty Assignment” means the assignment of any Charterparty, including without
        limitation the ST Charterparty, in favour of the Lender, in form and substance satisfactory to the Lender as the same may from time to time be amended and/or supplemented;

     

    “Security Requirement” means, until and including the 31st of March 2020, the amount in United States Dollars (as certified by the Lender
      whose certificate shall, in the absence of manifest error, be conclusively binding on the Borrower) which is at any relevant time one hundred percent (100%) of the Loan ; as from the 1st April, 2020 until and including the 31st of March 2021, the
      amount in United States Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be conclusively binding on the Borrower) which is at any relevant time one hundred and eleven percent (111%) of the Loan; and as
      from the 1st April, 2021 and for the remaining Security Period the amount in United States Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be conclusively binding on the Borrower) which is at any
      relevant time one hundred and twenty five percent (125%) of the Loan; for the avoidance of doubt no Security Requirement is applicable until 31st March 2020;

     

    

    
      7

      
        

    

    “Security Value” means the amount in Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be
      conclusive and binding on the Borrower) which, at any relevant time is the aggregate of (i) the Market Value of the Vessel as most recently determined in accordance with Clause 8.5(b), (ii) the Excess Value of the Associated Vessel, and  (iii) the
      market value of any additional security provided under Clause 8.5(a) and accepted by the Lender (if any);”

     

    
      
        
          	 	
                  c.

                	
                  with effect as from the Effective Date, Clause 4.1 (Repayment) of the Principal Agreement shall be deleted and replaced to read as follows:

                

        

      

       

      

    

    
      
        	

              	“4.1	
                Repayment.  The Borrower shall and it is expressly undertaken by the Borrower to repay the Loan by (a) eleven (11) consecutive quarterly Repayment Instalments (the “Repayment Instalments”) to be repaid on each of the Repayment Dates so that the first be repaid on 13th
                  May 2019 and each of the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 11th) of such Repayment Instalments
                  falling due for payment on the Final Maturity Date and (b) the Balloon Instalment , payable on the Final Maturity Date; subject to the provisions of this Agreement, the
                    amount of each such instalment shall be as follows:

              

      

    

     

    
      
        	

              	(a)	
                1st to 3th (both incl.) United States Dollars Eight hundred forty three thousand seven hundred sixty and seventy five cents ($843,760.75) each;

              

      

    

     

    
      
        
          
            	 	
                    (b)

                  	
                    4th to 11th (both incl.) United States Dollars Nine hundred eighteen thousand seven hundred sixty and seventy five cents ($918,760.75) each;

                  

          

        

      

    

     

    provided, that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity Date, (b) in the
      event that the Commitment is not drawn down in full by the last day of the Availability Period, the amount of each of the Repayment Instalments shall be proportionally reduced, (c) there shall be no Repayment Dates after the Final Maturity Date, (d)
      on the Final Maturity Date the Borrower shall also pay to the Lender any and all other moneys then due and payable under this Agreement and the other Security Documents and (e) if any of the Repayment Instalments shall become due on a day which is
      not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month in which event such due date shall be the immediately preceding Banking Day.”

     

    
      
        
          	 	
                  d.

                	
                  with effect as from the 25th February 2019, Clause 8.1 (j) (Liquidity) of the Principal Agreement shall be deleted and replaced to read as
                    follows:

                

        

      

    

     

        

    
      8

      
        

    

    “Liquidity: ensure that as from 1st January, 2020 and throughout the remainder of the Security Period the Borrower shall maintain minimum liquidity in free deposits with the Lender in an amount equal to $500,000. For the avoidance of any doubt the Liquidity
        under this Clause should always be included in the Liquidity of the Guarantor under Clause 8.6(a) (Liquidity) of this Agreement and under Clause 5.3(a) (Liquidity) of the Guarantee. The compliance of the Guarantor with this undertaking shall be
        determined by the Lender in respect of each financial semester on the basis of the semi-annual unaudited financial statements of the Guarantor and in respect of each quarter of each Financial Year on the basis
        of a letter of the Guarantor confirming the aforesaid liquidity”;

     

    
      
        
          	 	
                  e.

                	
                  with effect as from the 25th February 2019, sub-clause (b) (Leverage) of Clause 8.6 (Additional Financial
                        Covenants – Compliance Certificate) of the Principal Agreement shall be deleted and replaced to read as follows:

                

        

      

    

     

      

    “Leverage: the Corporate Leverage Ratio of the Guarantor will not be, (i) higher than 0.85:1.0,
      until and including the 31st March, 2020, the compliance with such obligation to be tested on each Financial Semester Day starting from the 31st December 2018; (ii) higher than 0.75:1.0, from the 1st April, 2020 and until the end of the
      Security Period, the compliance with such obligation to be tested on each Financial Semester Day starting from the 1st April, 2020;”

     

    
      
        
          	 	
                  f.

                	
                  with effect as from the 25th February 2019, sub-clause (c) (EBITDA) of Clause 8.6 (Additional Financial
                        Covenants – Compliance Certificate) of the Principal Agreement shall be deleted and replaced to read as follows:

                

        

      

    

     

      

    EBITDA: the consolidated interest cover ratio for the Accounting Period (EBITDA to Net Interest Expense) shall not be (i) until and including the 31st March
      2020, lower than 1:1, the compliance with such obligation to be tested on each Financial Semester Day starting from the 1st September, 2018 and (ii) as from 1st April, 2020 until the expiration of the Security Period, lower than
      2:1, the compliance with such obligation to be tested on each Financial Semester Day starting from the 1st April, 2020;

     

    
      
        
          	 	
                  g.

                	
                  with effect as from the 25th February 2019, Schedule 3 of the Principal Agreement shall be deleted and replaced to read as follows:

                

        

      

    

     

      

    “Schedule 3

    Form of Compliance Certificate

    (referred to in Clause 8.6(d))

     

    
      
        	

              	To:	
                ALPHA BANK A.E.

              

      

    

    93 Akti Miaouli,

    Piraeus, Greece

    (the “Lender”)

     

    
      
        	

              	From:	
                SQUIRE OCEAN NAVIGATION CO.,

              

      

    

    of Liberia

    (the “Borrower”)

     

      

     
      	
               

            	
              Dated: [●], 2018

            

       

        
          
            
              
                9

                
                  

              

              	

                    	RE:	
                      Loan Agreement dated [●] November, 2015 made between (1) the Borrower and (2) the Lender, in respect of a loan facility of up to US$33,750,000 (the “Loan Agreement”).

                    

               

              

            

          

          
            

          

          

        

        Terms defined in the Loan Agreement shall have the same meaning when used herein.

         

        I/We [●], [●] and [●], [each] being  the Chief
            Financial Officer of each of the Borrower and Seanergy Maritime Holdings Corp., of the
            Marshall Islands (the “Guarantor”), refer to Clause 8.6(d) of the Loan Agreement and hereby certify that, during the Accounting Period 01.
            [...].20[...] to 3... [...].20[...] and on the date hereof:

         

        
          	 	
                  1.

                	
                  Financial Covenants:

                

        

         

        the Leverage Ratio has not been and at the date hereof is not higher than 0.85:1 (applicable
            for the time period ending on 31st March 2020, inclusive) OR the Leverage Ratio has not been and at the date hereof is not higher than 0.75:1 (applicable for all other periods); and

         

        the consolidated interest cover ratio (EBITDA to Net Interest Expense) is not lower than 1:1 (applicable for the time period starting on 1st September 2018 and ending on 31st March 2020, inclusive) OR the consolidated interest
            cover ratio (EBITDA to Net Interest Expense) is not lower than 2:1 (applicable for all other periods); and

         

        the Guarantor maintains minimum Corporate Liquidity (including any contractually committed but undrawn parts of the Notes) in an amount equal to $500,000
          per Fleet Vessel.

         

        
          
            	

                  	2.	
                    Default:

                  

          

        

         

        [No Default has occurred and is continuing]

         

        or

         

        [The following Default has occurred and in continuing: [provide details of Default].  [The following steps are being taken to remedy it: [provide details
          of steps being taken to remedy Default]].

         

        We attach hereto the necessary documents supported by calculations setting out in reasonable detail the materials underling the statements made in this Compliance
          Certificate.

         

        Signed: ___________________

        Name: [...............................]

        Title: Chief Financial Officer”

         

        
          	
                  6.2

                	
                  Security Documents

                

        

         

        

        With effect as from the Effective Date the definition “Security Documents” shall be deemed to include the Security Documents as amended and/or supplemented in pursuance to the terms hereof and any document or documents (including if the context requires the Loan Agreement) that may
          now or hereafter be executed as security for the repayment of the Loan, interest thereon and any other moneys payable by the Borrower under the Principal Agreement and the Security Documents (as herein defined) as well as for the performance by
          the Borrower and the other Security Parties as defined in the Loan Agreement of all obligations, covenants and agreements pursuant to the Principal Agreement, this Agreement and/or the Security Documents.

         

        
          10

          
            

        

        
          	
                  6.3

                	
                  Construction

                

        

         

        

        All references in the Principal Agreement to “this Agreement”,

            “hereunder” and the like and all references in the Security Documents to the “Loan Agreement” shall be construed as references to
          the Principal Agreement as amended and/or supplemented by this Agreement.

         

        
          
            	
                    7.

                  	
                    WAIVER OF CERTAIN COVENANTS

                  

          

          
            

        

         

        

        The Lender hereby agrees that with effect as from the 1st January 2019 until the 31st  December, 2019 the obligation of the Borrower under Clause 8.1(j) (Liquidity) shall be waived and is hereby waived for the duration of the said period.

         

        
          
            	
                    8.

                  	
                    CONTINUANCE OF PRINCIPAL AGREEMENT AND THE SECURITY DOCUMENTS

                  

          

          
            

        

         

        

        Save for the alterations to the Principal Agreement, and the Security Documents made or to be made pursuant to this Agreement, and such further modifications (if any) thereto as may be necessary
          to make the same consistent with the terms of this Agreement, the Principal Agreement shall remain in full force and effect and the security constituted by the Security Documents executed by the Borrower and the other Security Parties shall continue to remain valid and enforceable and the Borrower and the Guarantors hereby jointly and severally reconfirm their respective obligations under the Principal Agreement as hereby amended and under
          the Security Documents to which each of them is a party.

         

        
          
            	
                    9.

                  	
                    ENTIRE AGREEMENT AND AMENDMENT

                  

          

          
            

          

          

        

        
          	
                  9.1

                	
                  Entire Agreement

                

        

         

        

        The Principal Agreement, the other Security Documents, and this Agreement represent the entire agreement among the parties hereto with respect to the subject matter hereof and supersede any prior
          expressions of intent or understanding with respect to this transaction and may be amended only by an instrument in writing executed by the parties to be bound or burdened thereby.

         

        
          	
                  9.2

                	
                  Supplemental – Effect on Principal Agreement

                

        

         

        

        This Agreement is supplementary to and incorporated in the Principal Agreement, all terms and conditions whereof, including, but not limited to, provisions on payments, calculation of interest
          and Events of Default, shall apply to the performance and interpretation of this Agreement.

         

        
          11

          
            

        

        
          
            	
                    10.

                  	
                    FEES AND EXPENSES

                  

          

          
            

          

          

        

        
          	
                  10.1

                	
                  Up-front fee

                

        

         

        

        The agreement of the Lender to the amendment of the Principal Agreement as herein provided shall be expressly subject to the condition that the Borrower shall pay to the Lender a non-refundable
          up-front fee of an amount of United States Dollars Fifteen thousand ($15,000) payable on the date hereof.

         

        
          	
                  10.2

                	
                  Indemnity

                

        

         

        

        The Borrower agrees to pay to the Lender upon demand on a full indemnity basis and from time to time all costs, charges and expenses (including legal fees) incurred by the Lender in connection
          with the negotiation, preparation, execution and enforcement or attempted enforcement of this Agreement and any document executed pursuant thereto and/or in preserving or protecting or attempting to preserve or protect the security created
          hereunder and/or under the Security Documents.

         

        
          	
                  10.3

                	
                  Stamp duty etc.

                

        

         

        

        The Borrower covenants and agrees to pay and discharge all stamp duties, registration and recording fees and charges and any other charges whatsoever and wheresoever payable or due in respect of
          this Agreement and/or any document executed pursuant hereto.

         

        
          
            	
                    11.

                  	
                    MISCELLANEOUS

                  

          

          
            

          

          

        

        The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) and Clause 16.1 (Notices) of the Principal Agreement shall apply to this Agreement as if the same were set out herein in full.

         

        
          
            	
                    12.

                  	
                    LAW AND JURISDICTION

                  

          

          
            

           

          

        

        
          
            	12.1	
                    Governing Law

                  

          

        

         

        This Agreement and any non-contractual obligations arising out or in connection with it shall be governed by and
            construed in accordance with English law and the provisions of Clause 17 (Law and Jurisdiction) of the Principal Agreement shall apply mutatis mutandis to this Agreement as if the same were set out herein in full.

         

        
          
            	12.2	
                    Third Party Rights

                  

          

        

         

        No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement.

         

        IN WITNESS whereof the parties hereto have caused this Agreement to be duly executed the date first above written.

         

        
          12

          
            

        

        EXECUTION PAGE

         

        	
                THE BORROWER

              	 	 	 
	 	 	 	 
	
                SIGNED by

              	
                )

              	 	 
	
                Mrs. Maria Moschopoulou

              	
                )

              	 	 
	
                for and on behalf of

              	
                )

              	
                /s/  Maria Moschopoulou

              	 
	
                SQUIRE OCEAN NAVIGATION CO.

              	
                )

              	 	 
	
                of Liberia, in the presence of:

              	
                )

              	
                Attorney-in-fact

              	 

        

        

        	
                Witness:

              	 	
                /s/ Lilian Kouleri

              	 
	
                Name:

              	 	
                Lilian Kouleri

              	 
	
                Address:

              	 	
                13 Defteras Merarchias Str.,

              	 
	 	 	
                Piraeus, Greece

              	 
	
                Occupation:

              	 	
                Attorney-at-law

              	 

        

        

        THE COLLATERAL OWNER

         

        	
                SIGNED by

              	
                )

              	 	 
	
                Mrs. Maria Moschopoulou

              	
                )

              	 	 
	
                for and on behalf of

              	
                )

              	
                /s/ Maria Moschopoulou

              	 
	
                LEADER SHIPPING CO.

              	
                )

              	 	 
	
                of Marshall Islands, in the presence of:

              	
                )

              	
                Attorney-in-fact

              	 

        

        

        	
                Witness:

              	 	
                /s/ Lilian Kouleri

              	 
	
                Name:

              	 	
                Lilian Kouleri

              	 
	
                Address:

              	 	
                13 Defteras Merarchias Str.,

              	 
	 	 	
                Piraeus, Greece

              	 
	
                Occupation:

              	 	
                Attorney-at-law

              	 

        

        

        
          13

          
            

        

        THE LENDER

         

        	
                SIGNED by

              	
                )

              	 	 
	
                Mr. Konstantinos Flokos

              	
                )

              	
                /s/ Konstantinos Flokos

              	 
	
                and Mrs. Chrysanthi Papathanasopoulou

              	
                )

              	
                Attorney-in-fact

              	 
	
                for and on behalf of

              	
                )

              	 	 
	
                ALPHA BANK A.E.

              	
                )

              	 	 
	
                in the presence of:

              	
                )

              	
                
                  /s/ Chrysanthi Papathanasopoulou

                

              	 
	 	 	
                Attorney-in-fact

              	 

        

        

        	
                Witness:

              	 	
                
                  /s/ Lilian Kouleri

                

              	 
	
                Name:

              	 	
                Lilian Kouleri

              	 
	
                Address:

              	 	
                13 Defteras Merarchias Str.,

              	 
	

              	 	
                Piraeus, Greece

              	 
	
                Occupation:

              	 	
                Attorney-at-law

              	 

        

        

      

    

  

   

    

  14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]