Document:

Exhibit 10.7

 

TENTH AMENDMENT OF LEASE

 

This TENTH AMENDMENT OF LEASE made this 11th day of April, 2014 by and between E. I. DU PONT DE NEMOURS AND COMPANY (hereinafter “LANDLORD”) and INCYTE CORPORATION (hereinafter “TENANT”).

 

W I T N E S S E T H:

 

WHEREAS, LANDLORD and TENANT entered into a Sublease dated June 16, 2003 as amended October 28, 2003 by the First Amendment of Sublease, the Second Amendment of Sublease dated March 2, 2005, the Third Amendment of Lease dated December 15, 2006, the extension letter to the Lease dated September 25, 2007, the Fourth Amendment of Lease dated December 1, 2007, the Fifth Amendment of Lease dated December 5, 2008, and the Sixth Amendment of Lease dated December 15, 2009, the Seventh Amendment of Lease dated November 1, 2010, the Eighth Amendment of Lease dated April 16, 2010, and the Ninth Amendment of Lease dated July 16, 2013 (the Sublease and Lease as amended are hereby referred to as the “LEASE”);

 

WHEREAS, the parties desire to further amend the LEASE to extend the Lease term;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

(1)           The Term of the LEASE will be extended for an additional six (6) month period (the “LEASE EXTENSION”) commencing at midnight June 30, 2014 and expiring at midnight on December 31, 2014 (the “EXPIRATION DATE”).

 

 

(2)           All other terms and conditions of the LEASE, as amended, shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties have executed this TENTH AMENDMENT OF LEASE on the day and year above-written.

 

	
WITNESS:
    	
E.   I. DU PONT DE NEMOURS AND COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Christopher J. Heck
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Manager—Corporate   Real Estate and
    
	
 
    	
 
    	
Strategic   Planning
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
WITNESS:
    	
INCYTE   CORPORATION
    
	
 
    	
 
    
	
/s/   Bonnie Croce
    	
 
    	
By:
    	
/s/   Paula J. Swain
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Vice President, Human Resources
    
						

 

2EX-10.1

 Exhibit 10.1 

Date 17 April 2014 
 NAVIOS
MARITIME PARTNERS L.P. 
 as Borrower 

COMMERZBANK AG and DVB BANK SE 

as Lenders 
 DVB BANK SE

 as Joint-Arranger, Agent, 

and Security Trustee 

and 
 COMMERZBANK AG

 as Joint-Arranger, Payment Agent, 

and Account Bank 
  

 
 THIRD
SUPPLEMENTAL AGREEMENT 
  
  

in relation to a Facility Agreement 

dated as of 31 July 2012 (as amended) 

INCE & CO 

PIRAEUS 

 Index 
  

					
	Clause	  	Page No	 
	 1 INTERPRETATION
	  	 	3	  
		
	 2 AGREEMENT OF THE LENDERS
	  	 	3	  
		
	 3 CONDITIONS PRECEDENT
	  	 	4	  
		
	 4 REPRESENTATIONS AND WARRANTIES
	  	 	4	  
		
	 5 AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS
	  	 	5	  
		
	 6 FURTHER ASSURANCES
	  	 	5	  
		
	 7 FEES AND EXPENSES
	  	 	6	  
		
	 8 NOTICES
	  	 	6	  
		
	 9 SUPPLEMENTAL
	  	 	6	  
		
	 10 LAW AND JURISDICTION
	  	 	6	  

  
 2 

 THIS AGREEMENT is made on     April 2014 

BETWEEN 
  

	(1)	NAVIOS MARITIME PARTNERS L.P. as Borrower; 

  

	(2)	COMMERZBANK AG and DVB BANK SE as Lenders; 

  

	(3)	DVB BANK SE as Joint-Arranger, Agent and Security Trustee; and 

  

	(4)	COMMERZBANK AG as Joint-Arranger, Payment Agent and Account Bank. 

 BACKGROUND 

 

	(A)	By a Facility Agreement dated as of 31 July 2012 (as amended by supplemental agreements dated 4 December 2012 and 27 March 2013) and made between the parties hereto the Lenders have made available to the
Borrower a loan of up to USD290,450,000. 

  

	(B)	The Borrower has made a request to the Lenders that they agree to the termination of the Policy in respect of the Relevant Vessels and to amend certain terms of the Facility Agreement, and this Agreement sets out the
terms and conditions on which the Lenders agree thereto. 

 IT IS AGREED as follows: 

 

	1	INTERPRETATION 

  

	1.1	Defined expressions. Words and expressions defined in the Facility Agreement and the other Security Documents shall have the same meanings when used in this Agreement unless the context otherwise requires.

  

	1.2	Definitions. In this Agreement, unless the contrary intention appears: 

“Facility Agreement” means the Facility Agreement referred to in Recital (A). 

Words and expressions advised in the Schedule to this Agreement shall have the meanings given to them therein as if set out in full in this
Clause 1.2 
  

	1.3	Application of construction and Interpretation provisions of Facility Agreement. Clauses 1.3 to 1.6 (inclusive) of the Facility Agreement apply, with any necessary modifications, to this Agreement.

  

	2	AGREEMENT OF THE LENDERS 

  

	2.1	Lenders’ consent. The Lenders hereby agree to the termination of the Policy in respect of the Relevant Vessels on condition that: 

 

	2.1.1	the Agent, or its authorised representative, has received the documents and evidence specified in Clause 3.1 in form and substance satisfactory to the Agent (acting on the instructions of the Majority Lenders); and

  

	2.1.2	the representations and warranties contained in clause 4 are then true and correct as if each was made with respect to the facts and circumstances existing at such time. 

  
 3 

	3	CONDITIONS PRECEDENT 

  

	3.1	Conditions precedent. The conditions referred to in Clause 2.1.1 are that the Agent shall have received the following documents: 

 

	(a)	Corporate documents 

 Certified Copies of all documents which evidence or relate to the
constitution of the Borrower and its current corporate existence; 
  

	(b)	Corporate authorities 

  

	 	(i)	Certified Copies of resolutions of the directors of the Borrower approving this Supplemental Agreement and authorising the execution and delivery thereof and performance of the Borrower’s obligations thereunder,
additionally certified by an officer of the Borrower as having been duly passed at a duly convened meeting of the directors of the Borrower and not having been amended, modified or revoked and being in full force and effect; and 

 

	 	(ii)	originals or Certified Copies of any powers of attorney issued by the Borrower pursuant to such resolutions 

  

	(c)	Certificate of incumbency 

  

	    	a list of directors and officers of the Borrower, specifying the names and positions of such persons, certified by an officer of the Borrower to be true, complete and up to date; 

 

	(d)	London agent 

 documentary evidence that the agent for service of process named in clause 19 of
the Facility Agreement has accepted its appointment in respect of this Agreement; 
  

	(e)	Acknowledgment 

 an acknowledgement (in a letter or otherwise) signed by each Security Party
(other than the Borrower) in such form as the Agent and the Majority Lenders may require in their sole discretion acknowledging the terms of this Agreement; and 
  

	(f)	Further opinions, etc. 

 any further opinions, consents, agreements and documents in connection
with this Agreement and the Security Documents which the Agent (acting on the instructions of the Majority Lenders) may request by notice to the Borrower. 
  

	4	REPRESENTATIONS AND WARRANTIES 

  

	4.1	Repetition of Facility Agreement representations and warranties. The Borrower represents and warrants to each Lender that the representations and warranties in Clause 7 of the Facility Agreement, as amended and
supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this Agreement with reference to the circumstances now existing. 

  
 4 

	5	AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS 

  

	5.1	Specific amendments to Facility Agreement. With effect on and from the date hereof the Facility Agreement shall be, and shall be deemed by this Agreement to be, amended as follows: 

 

	 	(a)	by deleting in the definition of “Minimum Liquidity” in Clause 1.2 thereof the figure “USD20,000,000” and replacing it with the figure “USD25,000,000”; and 

 

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

  

	5.2	Amendments to Security Documents. With effect on and from the date of this Agreement each of the Security Documents other than the Facility Agreement, shall be, and shall be deemed by this Agreement to be,
amended so that the definition of, and references throughout each of the Security Documents to, the Facility Agreement shall be construed as if the same referred to the Facility Agreement as amended and supplemented by this Agreement.

  

	5.4	Security Documents to remain in full force and effect. 

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

	 	(a)	the amendments to the Security Documents contained or referred to in Clauses 5.1 and 5.2; and 

  

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

  

	6	FURTHER ASSURANCES 

  

	6.1	Borrower’s obligation to execute further documents etc. The Borrower shall, and shall procure that any other party to any Security Document shall: 

 

	 	(a)	execute and deliver to the Agent (or as it may direct, acting on the instructions of the Majority Lenders) any assignment, mortgage, power of attorney, proxy or other document, governed by the law of England or such
other country as the Agent may (acting on the instructions of the Majority Lenders), in any particular case, specify, 

  

	 	(b)	effect any registration or notarisation, give any notice or take any other step, which the Agent may (acting on the instructions of the Majority Lenders), by notice to the Borrower or other party, reasonably specify for
any of the purposes described in Clause 5.2 or for any similar or related purpose. 

  

	6.2	Purposes of further assurances. Those purposes are: 

  

	 	(a)	validly and effectively to create any Security Interest or right of any kind which the Lenders intended should be created by or pursuant to the Facility Agreement or any other Security Document, each as amended and
supplemented by this Agreement; and 

  

	 	(b)	implementing the terms and provisions of this Agreement. 

  
 5 

	6.3	Terms of further assurances. The Agent (acting on the instructions of the Majority Lenders) may specify the terms of any document to be executed by the Borrower or any other party under Clause 6.1, and those
terms may include any covenants, powers and provisions which the Majority Lenders reasonably consider appropriate to protect its interests. 

  

	6.4	Obligation to comply with notice. The Borrower shall comply with a notice under Clause 5.1 by the date specified in the notice. 

 

	6.5	Additional corporate action. At the same time as the Borrower or any other party delivers to the Agent any document executed under Clause 6.1(a), the Borrower or such other party shall also deliver to the Agent a
certificate signed by 2 of the Borrower’s or that other party’s directors which shall: 

  

	 	(a)	set out the text of a resolution of the Borrower’s or that other party’s directors specifically authorising the execution of the document specified by the Agent (acting on the instructions of the Majority
Lenders), and 

  

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

  

	7	FEES AND EXPENSES 

  

	7.1	Amendment fee. The Borrower shall pay to the Agent (to the extent not already paid) on the date of this Agreement a non-refundable amendment fee of USD30,000 for distribution among the Lenders as agreed between
them. 

  

	7.2	Expenses. The provisions of Clause 5 (Fees and Expenses) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications. 

  

	8	NOTICES 

  

	8.1	General. The provisions of clause 17 (Notices and other matters) of the Facility Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in
this Agreement with any necessary modifications. 

  

	9	SUPPLEMENTAL 

  

	9.1	Counterparts. This Agreement may be executed in any number of counterparts. 

  

	9.2	Third party rights. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

  

	10	LAW AND JURISDICTION 

  

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

  
 6 

	10.2	Incorporation of the Facility Agreement provisions. The provisions of Clauses 18 and 19 (Governing Law and Jurisdiction) of the Facility Agreement, as amended and supplemented by this Agreement, shall apply to
this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

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

			
	SIGNED as a deed by	  	)
	for and on behalf of Peter Kallifidas	  	)
	NAVIOS MARITIME PARTNERS L.P.	  	) /s/ Peter Kallifidas
	(as Borrower under and pursuant to	  	)
	a power of attorney dated 16 April 2014)	  	)
		
	SIGNED by ROBIN PARRY	  	)
	for and on behalf of	  	)
	COMMERZBANK AG	  	) /s/ Robin Parry
	(as a Lender)	  	)
		
	SIGNED by ROBIN PARRY	  	)
	for and on behalf of	  	) /s/ Robin Parry
	DVB BANK SE	  	)
	(as a Lender)	  	)
		
	SIGNED by ROBIN PARRY	  	)
	for and on behalf of	  	)
	DVB BANK SE	  	) /s/ Robin Parry
	(as Joint-Arranger, Agent	  	)
	and Security Trustee)	  	)
		
	SIGNED by ROBIN PARRY	  	)
	for and on behalf of	  	)
	COMMERZBANK AG	  	) /s/ Robin Parry
	(as Joint-Arranger, Account Bank,	  	)
	and Payment Agent)	  	)
		
	Witness to all the above	  	)
	Signatures:	  	) /s/ Anthony Paizes
	Name: Anthony Paizes	  	
	Address:	  	
	47-49 Akti Miaouli	  	
	Piraeus, Greece	  	

  
 7 

 We on this day of
                    April 2014 hereby confirm and acknowledge that we have read and understood the terms and conditions of the above Third
Supplemental Agreement and agree in all respects to the same and confirm that the Security Documents to which we are respectively a party shall remain in full force and effect and shall continue to stand as security for the obligations of the
Borrower under the Facility Agreement (as amended by the Third Supplemental Agreement) and shall, without limitation, secure the Loan. 
  

					
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	NAVIOS MARITIME OPERATING L.L.C.	 		  	NAVIOS SHIPMANAGEMENT INC.
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	LIBRA SHIPPING ENTERPRISES	 		  	ALEGRIA SHIPPING CORPORATION
	CORPORATION	 		  	
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	FANTASTIKS SHIPPING CORPORATION	 		  	FELICITY SHIPPING CORPORATION
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	GALAXY SHIPPING CORPORATION	 		  	GEMINI SHIPPING CORPORATION
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	AURORA SHIPPING ENTERPRISES LTD.	 		  	HYPERION ENTERPRISES INC.
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	SAGITTARIUS SHIPPING CORPORATION	 		  	PALERMO SHIPPING S.A.
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	CHILALI CORP.	 		  	SURF MARITIME CO.    

  
 8 

					
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	ALDEBARAN SHIPPING CORPORATION	 		  	PROSPERITY SHIPPING CORPORATION
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	CUSTOMIZED DEVELOPMENT S.A.	 		  	PANDORA MARINE INC.
			
	 /s/ Vasiliki Papaefthymiu
	 		  	 /s/ Vasiliki Papaefthymiu

	VASILIKI PAPAEFTHYMIOU	 		  	VASILIKI PAPAEFTHYMIOU
	For and on behalf of	 		  	For and on behalf of
	KOHYLIA SHIPMANAGEMENT S.A.	 		  	ORBITER SHIPPING CORP.
			
	 /s/ Vasiliki Papaefthymiu
	 		  	
	VASILIKI PAPAEFTHYMIOU	 		  	
	For and on behalf of	 		  	
	JTC SHIPPING & TRADING LTD	 		  	

  
 9

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