Document:

Exhibit 4.3(f)

 

DEED OF AMENDMENT made on 6 JULY 2016.

 

BETWEEN:

 

(1)                                 THE PARTIES, being the undersigned (other than the Company); and

 

(2)                                 IVS BULK PTE. LTD, a company incorporated in Singapore whose registered office is at 200 Cantonment Road, #03-01 Southpoint, Singapore 089763 (the Company).

 

RECITALS:

 

On 11 December 2013, the Parties and the Company entered into a shareholders’ agreement (the SHA) setting out the terms and conditions on which they agreed to regulate the management of the Company.

 

On 4 February 2015, the Parties and the Company executed a deed of amendment and acknowledgement (the First Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 20 January 2016, the Parties and the Company executed a deed of amendment (the Second Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 1 April 2016, the Parties and the Company executed a deed of amendment (the Third Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 25 April 2016, the Parties and the Company executed a deed of amendment (the Fourth Deed of Amendment) to amend the SHA on the terms set out therein (for purposes of clarity, references to the SHA are to such agreement as amended by the terms of the First Deed of Amendment, the Second Deed of Amendment, the Third Deed of Amendment and the Fourth Deed of Amendment).

 

The Parties and the Company now wish to further amend the SHA in accordance with the terms of this deed of amendment (this Fifth Deed of Amendment) to regulate the manner in which Grindrod will provide security in favour of the Lenders, for the benefit of the Group.

 

1                                         INTERPRETATION

 

1.1                               In this Deed (and in the SHA to the extent that it is amended by this Deed), the following terms shall have the following meanings:

 

(a)                                 Account Bank shall have the meaning given to it in the Facility Agreement.

 

(b)                                 Finance Parties shall have the meaning given to it in the Facility Agreement.

 

(c)                                  Lenders shall have the meaning given to it in the Facility Agreement.

 

(d)                                 Minimum Required Security Cover means the minimum required security cover to be maintained in terms of clause 26.1 of the Facility Agreement (Minimum required security cover).

 

(e)                                  Payment Date shall have the meaning given to it in clause 2.2(a) of this Deed.

 

(f)                                   Quarter means each of the following 3 (three) calendar month period into which a calendar year can be divided, and Quarterly shall be construed accordingly:

 

(i)                                     1 January to 31 March;

 

1

 

(ii)                                  1 April to 30 June;

 

(iii)                               1 July to 30 September;

 

(iv)                              1 October to 31 December.

 

(g)                                  Security means the deposit by Grindrod of USD 3 027 225 (three million and twenty seven thousand two hundred and twenty five United States Dollars) in an account with the Account Bank and the execution of a pledge in respect of such account in favor of the Finance Parties, to remedy the current shortfall in the Minimum Required Security Cover, intended to remain in place for the remainder of the Security Period unless following a valuation in terms of clause 26.7 of the Facility Agreement (Provision of valuations) there will be compliance with the Minimum Required Security Cover following the release thereof.

 

(h)                                 Security Period shall have the meaning given to it in the Facility Agreement.

 

(i)                                     Third Deed of Amendment Demand Loan means the Demand Loan owing by the Company to Grindrod pursuant to the terms of the Third Deed of Amendment (including all accrued and unpaid interest thereon).

 

1.2                               Capitalized words and expressions defined in this Deed shall have the same meanings in the SHA (to the extent it is amended by this Deed).

 

1.3                               Unless otherwise defined in this Deed, capitalized words and expressions used in this Deed shall have the meaning given to them in the SHA.

 

1.4                               Unless otherwise specified herein, all references in this Deed to a “Clause” shall refer to a Clause of the SHA.

 

2                                         SECURITY TO BE PROVIDED BY GRINDROD

 

2.1                               It is intended that Grindrod will provide the Security, in order to allow the Company to maintain the Minimum Required Security Cover.  Grindrod will only be obliged to provide the Security if the terms thereof can be agreed between Grindrod and the Lenders on a mutually satisfactory basis and if Grindrod is satisfied that the Security will be taken into account so as to allow the Company to maintain the Minimum Required Security Cover.

 

2.2                               The Company shall, from the date that the Security is provided and for so long as the Security remains in force, pay to Grindrod Quarterly fees on the basis that each such Quarterly fee shall be:

 

(a)                                 payable without any deduction or set-off, in arrears on the last day of each Quarter (each, a “Payment Date”); and

 

(b)                                 in an amount equal to 3.75% (three point seven five percent) of the weighted average of the daily face values of the pledged bank account constituting part of the Security, over the Quarter ending on each Payment Date (for purposes of clarity, this is equivalent to 15% (fifteen percent per annum)).

 

2.3                               If Grindrod is required to make any payment pursuant to the Security, then the amount of such payment shall be deemed to be a Demand Loan from Grindrod to the Company, provided that such Demand Loan shall, mutatis mutandis, be subject to the same terms and carry the same rights for the holder thereof, as the Third Deed of Amendment Demand Loan.

 

2

 

3                                         MISCELLANEOUS

 

3.1                               The SHA is amended by the terms of this Fifth Deed of Amendment and all terms of the SHA not so amended shall continue in full force and effect as set out in the SHA.  In the event of any conflict between the terms of the SHA and this Fifth Deed of Amendment, the terms of this Fifth Deed of Amendment shall prevail.

 

3.2                               Each of the Company and the Parties undertakes to execute and deliver all such documents and perform such acts as may be required for the purpose of giving full effect to the terms of this Fifth Deed of Amendment.

 

3.3                               Clauses 23 (Confidentiality), 28 (Assignment), 34 (No Partnership) and 38 (Governing Law) of the SHA are deemed to be incorporated herein mutatis mutandis and shall apply hereto as if repeated in this Fifth Deed of Amendment in full but with such amendments as are necessary to give effect to such provisions within the context of this Fifth Deed of Amendment.

 

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Signed and   delivered as a Deed by 
    	
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REGIMENT CAPITAL LIMITED
    	
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acting by: 
    	
)
    	
 
    
	
 
    	
 
    	
sign here:
    
	
 
    	
 
    	
/s/ Jason Fitzgerald
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of: 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here:
    
	
 
    	
 
    	
/s/ Melanie Lewis
    
	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

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Signed and   delivered as a Deed by
    	
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SANKATY EUROPEAN INVESTMENTS   III
    	
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S.À R.L. 
    	
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acting by:
    	
 
    	
sign here: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Myleen Basilio /s/ Sally   Dornaus
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
/s/ Dimitri Nys
    
	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

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Signed and   delivered as a Deed by     
    	
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GRINDROD SHIPPING PTE. LTD.
    	
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acting by:
    	
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sign here:
    	
/s/ 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Martyn Wade
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of: 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
/s/ Yvette Renee Kingsley-Wilkins
    
	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness occupation:
    	
 
    	
 
    

 

6

 

	
Signed and   delivered as a Deed by 
    	
)
    	
 
    
	
IVS BULK PTE. LTD.
    	
)
    	
 
    
	
acting by:
    	
)
    	
 
    
	
 
    	
 
    	
sign here: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Carl David Ackerley
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here:
    
	
 
    	
 
    	
/s/ Yvette Renee Kingsley-Wilkins
    
	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness occupation:
    	
 
    	
 
    

 

7Exhibit 4.3(g)

 

DEED OF AMENDMENT made on 31 October 2016.

 

BETWEEN:

 

(1)                                 THE PARTIES, being the undersigned (other than the Company); and

 

(2)                                 IVS BULK PTE. LTD, a company incorporated in Singapore whose registered office is at 200 Cantonment Road, #03-01 Southpoint, Singapore 089763 (the Company).

 

RECITALS:

 

On 11 December 2013, the Parties and the Company entered into a shareholders’ agreement (the SHA) setting out the terms and conditions on which they agreed to regulate the management of the Company.

 

On 4 February 2015, the Parties and the Company executed a deed of amendment and acknowledgement (the First Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 20 January 2016, the Parties and the Company executed a deed of amendment (the Second Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 1 April 2016, the Parties and the Company executed a deed of amendment (the Third Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 25 April 2016, the Parties and the Company executed a deed of amendment (the Fourth Deed of Amendment) to amend the SHA on the terms set out therein.

 

On 6 July 2016, the Parties and the Company executed a deed of amendment (the Fifth Deed of Amendment) to amend the SHA on the terms set out therein.

 

The Parties and the Company now wish to further amend the SHA in accordance with the terms of this deed of amendment (this Sixth Deed of Amendment) to regulate the manner in which Grindrod will provide certain further funding for the Group by way of a further Demand Loan.

 

1                                         INTERPRETATION

 

1.1                               In this Deed (and in the SHA to the extent that it is amended by this Deed), the following terms shall have the following meanings:

 

(a)                                 Maximum Amounts means, in respect of each of the Specified Expenses, the amounts indicated as such in clause 1.1(a), which in aggregate total USD8 672 000 (Eight million six hundred and seventy two thousand United States Dollars) Specified Expenses means any of the following expenses incurred and required to be paid by the Group during the Specified Period, in the amounts certified as such by the Administration Manager:

 

(i)                                     the launching installment in terms of the Shipbuilding Contract in in respect of the Vessel known as hull 1345, up to a Maximum Amount of USD2 920 000 (two million nine hundred and twenty thousand United States Dollars);

 

(ii)                                  the naming instalment in terms of the Shipbuilding Contract and amendments thereto in in respect of the Vessel known as hull 1345, up to a Maximum Amount of USD4 402 000 (Four million four hundred and two thousand United States Dollars);

 

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(iii)                               working capital requirements for the Group up to a Maximum Amount of USD 1 350 000 (One million three hundred and fifty thousand United States Dollars);

 

(b)                                 Specified Period means the period from the date of this Deed until 31st October 2016;

 

(c)                                  Third Deed of Amendment Demand Loan means the Demand Loan owing by the Company to Grindrod pursuant to the terms of the Third Deed of Amendment (including all accrued and unpaid interest thereon).

 

1.2                               Capitalized words and expressions defined in this Deed shall have the same meanings in the SHA (to the extent it is amended by this Deed).

 

1.3                               Unless otherwise defined in this Deed, capitalized words and expressions used in this Deed shall have the meaning given to them in the SHA.

 

1.4                               Unless otherwise specified herein, all references in this Deed to a “Clause” shall refer to a Clause of the SHA.

 

2                                         FURTHER DEMAND LOAN TO BE ADVANCED BY GRINDROD

 

2.1                               Grindrod shall advance a Demand Loan to the Company, in tranches, to cover Specified Expenses, in accordance with certificates from the Administration Manager to the effect that such Specified Expenses have arisen, provided that:

 

(a)                                the amount so advanced by Grindrod shall never exceed the Maximum Amounts, either in aggregate or in respect of any of the Specified Expenses; and

 

(b)                                there will be no obligation on Grindrod to advance any such amounts after the end of the Specified Period.

 

2.2                               The Demand Loan advanced in terms of clause 2.1 of this Deed shall, mutatis mutandis, be subject to the same terms and carry the same rights for the holder thereof, as the Third Deed of Amendment Demand Loan.

 

2.3                               The Company shall utilize each tranche of the Demand Loan advanced in terms of clause 2.1 of this Deed only to fund those Specified Expenses which it was advanced to cover.

 

3                                         FURTHER DEMAND LOANS WHICH MAY IN THE FUTURE BE ADVANCED BY GRINDROD

 

3.1           If the Group in the future requires further funding and Grindrod is prepared to provide it on mutatis mutandis the same terms as set out in clause 2 of this Deed, then:

 

(a)                                 Grindrod may, entirely in its discretion, propose in writing to the other Parties and the Company that Grindrod provide further funding to the Group on mutatis mutandis the same terms as set out in clause 2 of this Deed (“Funding Proposal”), provided that the “Maximum Amounts”, “Specified Expenses” and “Specified Period” in respect of such funding shall be as set out in such Funding Proposal; and

 

(b)                                 if each of the other Parties and the Company notifies Grindrod in writing, within 5 (five) Business Days of delivery of such Funding Proposal, that such Funding Proposal is accepted by them (each, a “Funding Proposal Acceptance Notice”), then Grindrod shall provide such further funding to the Group accordingly.

 

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3.2                               Notwithstanding Clause 33 of the SHA, Funding Proposals and Funding Acceptance Notices may be delivered by e-mail to the e-mail addresses set out below for each of the Parties and the Company respectively and delivery shall be deemed to have occurred at the time of transmission thereof, provided that it is received within normal working hours in the country of the addressee, if not, it shall be deemed received on the next following Business Day in such country:

 

(a)                                 Grindrod: Christopher Kingsley-Wilkins [Christopherk@ivs-int.com];

 

(b)                                 Regiment: Mark Brostowski [mbrostowski@regimentcapital.com]

 

(c)                                  Sankaty: Vikram Punwani [vpunwani@baincapital.com]; and

 

(d)                                 the Company: Christopher Kingsley-Wilkins [Christopherk@ivs-int.com].

 

4                                         MISCELLANEOUS

 

4.1                               The SHA is amended by the terms of this Sixth Deed of Amendment and all terms of the SHA not so amended shall continue in full force and effect as set out in the SHA.  In the event of any conflict between the terms of the SHA and this Sixth Deed of Amendment, the terms of this Sixth Deed of Amendment shall prevail.

 

4.2                               Each of the Company and the Parties undertakes to execute and deliver all such documents and perform such acts as may be required for the purpose of giving full effect to the terms of this Sixth Deed of Amendment.

 

4.3                               Clauses 23 (Confidentiality), 28 (Assignment), 34 (No Partnership) and 38 (Governing Law) of the SHA are deemed to be incorporated herein mutatis mutandis and shall apply hereto as if repeated in this Sixth Deed of Amendment in full but with such amendments as are necessary to give effect to such provisions within the context of this Sixth Deed of Amendment.

 

3

 

	
Signed and   delivered as a Deed by 

REGIMENT CAPITAL LIMITED 

acting by: 
    	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
 
    	
 
    	
sign here: 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Jason Fitzgerald
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    	
 
    
	
In the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
/s/ Melanie Lewis
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

4

 

	
Signed and delivered as a Deed by  

SANKATY EUROPEAN INVESTMENTS   III 

S.À R.L.

acting by:
    	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
)
    	
sign here:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Myleen Basilio  /s/ Sally Dornaus
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Vladimir Mornard  /s/ Jordan Brown
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

5

 

	
Signed and   delivered as a Deed by 

GRINDROD SHIPPING PTE. LTD. 

acting by:
    	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
 
    	
 
    	
sign here:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Martyn Wade
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Yvette Renee Kingsley-Wilkins
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness occupation:
    	
 
    	
 
    

 

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)
    	
 
    	
 
    
	
Signed   and delivered as a Deed by

IVS BULK PTE. LTD.

acting by:
    	
)
    	
 
    	
 
    
	
)
    	
 
    	
 
    
	
 
    	
sign here: 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Carl David Ackerley
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
print name:
    
	
In the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness signature:
    	
 
    	
Witness sign here: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Yvette Renee Kingsley-Wilkins
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness name:
    	
 
    	
print name:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness occupation:
    	
 
    	
 
    

 

7

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