Document:

amendment.htm

The Bank of Nova Scotia Asia Limited

1 Raffles Quay

#20-01 North Tower

One Raffles Quay

Singapore  048583

 

Tel:  (65) 6305-8388

Fax: (65) 653407969

 

Co. Registration No. 197902220M

Date:               29 June 2011

S  SCOTIABANK ®

To:                   Sakonnet Shipping Ltd.

3rd Floor, Par La Ville Place

14 Par La Ville road

Hamilton HM 08

Bermuda

 

(the ”Borrower”)

 

Fax No.: +1 401-410-1122 / +44 1635-255-502

 

Attention:                      Mr. Michael Hudner / Mr. Anthony Dalzell

 

 

Dear Sirs,

 

	
(i)  

	
Loan Agreement dated 24 January 2007 made between the Borrower and The Bank of Nova Scotia Asia Limited (the “Bank”) (the “Loan Agreement”) in respect of a loan facility of up to USD 27,300,000 to part finance the acquisition of m.v. “Sakonnet” (the “Ship”); and

 

	
(ii)  

	
Corporate Guarantee dated 24 January 2007 made between B+H Ocean Carriers Ltd. (the “Corporate Guarantor”) and the Bank (the “Corporate Guarantee”).

 

In response to the Borrower’s recent requests and subsequent communications the Bank confirms the following:

 

	
(a)  

	
The Cash and Cash Equivalents covenant in clause 8.4.2 of the Loan Agreement, as amended from time to time and in reference to the Bank’s letter dated 12 May 2010, shall be temporarily amended, effective from 1 April 2011 up to 15 February 2012 as follows:

 

“The Borrower shall procure that the Guarantor (on a consolidated basis) shall at any time in the period from 1 April 2011, ensure that it has Cash and Cash Equivalents equal to or greater than USD 2,000,000 up to 30 September 2011, thereafter rising to USD 1,000,000 per vessel (for the avoidance of doubt, with 5 wholly owned vessels this will be USD 5,000,000)”.

 

And the related clause 5.3.2 of the Corporate Guarantee shall also be temporarily amended, effective from 1 April 2011 up to 15 February 2012 as follows:

 

“The Guarantor undertakes that it shall (on a consolidated basis) at any time in the period from 1 April 2011, ensure that it has Cash and Cash Equivalents equal to or greater than USD 2,000,000 up to 30 September 2011, thereafter rising to USD 1,000,000 per vessel (for the avoidance of doubt, with 5 wholly owned vessels thus will be USD 5,000,000)”.

 

	
(b)  

	
The EBITDA / Fixed Charge covenant in clause 8.4.2 of the Loan Agreement and clause 5.3.2 of the Corporate Guarantee and shall be waived temporarily for a further period, effective from 1 January 2011 to 15 February 2012.

 

 

 

 

 

The Bank of Nova Scotia Asia Limited is a member of the Scotiabank Group

The Bank of Nova Scotia Asia Limited

1 Raffles Quay

#20-01 North Tower

One Raffles Quay

Singapore  048583

 

Tel:  (65) 6305-8388

Fax: (65) 6534-7969

 

Co. Registration No. 197902220M

 

S Scotiabank ®

 

 

 

All of the above remains subject to there being:  (i) no capital expenditure (other than in the ordinary course of business) and (ii) no dividends allowed to be distributed, by the Borrower or the Corporate Guarantor without the prior written consent of the Bank

 

Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

 

For the avoidance of doubt, except as set out herein, the Bank has not granted a waiver of any breach or any Events of Default whatsoever which may be existing or may occur under the Loan Agreement or the Corporate Guarantee.  All of the Bank’s rights are hereby reserved, and nothing herein is to be construed as a waiver of the same.

 

 

Yours faithfully,

 

/s/____________

For and on behalf of

The Bank of Nova Scotia Asia Limited

(in its capacity as the Bank)

 

 

We hereby agree to the terms and the conditions and all other contents of this letter.

 

 /s/______________

Signed for and on behalf of

Sakonnet Shipping Ltd.

(in its capacity as the Borrower)

Name:

Title:

 

/s/______________

Signed for and on behalf of

B+H Ocean Carriers Ltd.

(in its capacity as the Corporate Guarantor)

Name:

Title:

 

Dated:__________

 

 

 

 

 

 

 

 

 

 

 

The Bank of Nova Scotia Asia Limited

is a member of the Scotiabank Groupobojunioramendment.htm

Bank of Scotland®

                       CORPORATE

   Marine Finance

Second Floor

New Uberior House

OBO Holdings Ltd                                                                                

Ajeltake  Island                                                                                                                                                                        EDINBURGH

PO Box 1405                                                                                                                                                                 EH3 9BN

Majuro                                                                                                                                                  Telephone:  0131 659 1194

Marshall Islands                                                                                                                                            Fax:             0131 659 1300

MH 96960                                                                                                                                                   E-mail:        

douglas.newton1@lloydsbanksing.com

                                                                Our Ref:       DN

 

                                                                Your Ref:

 

 

29 June 2011

Dear Sirs,

 

US$3.975M Junior Term Loan

 

I am pleased to confirm Bank of Scotland’s approval to the Company’s recent requests (detailed below) in respect of the captioned Facility subject to the undernoted conditions.

 

Requests

	
1)  

	
Extension in Maturity Date to 15th Feb 2012

	
2)  

	
Removal of the Vessel Employment Covenant

	
3)  

	
Relation of the Consolidated Cash Minimum Requirement to US#2M until 30th

September 2011 and thereafter US$1M per vessel.

 

Conditions

	
1)  

	
Restriction on payment of any dividends or capex (other than in the ordinary

course of busyness)

	
2)  

	
Borrower to provide monthly reporting package consisting of operating cash flow

for past month, revised monthly projections for 6 month look ahead, vessel charter performance/employment update, update on refinancing discussions.

 

Yours faithfully,

 

/s/______________

For and on behalf of

BANK OF SCOTLAND PLC

 

Part of Lloyds Banking Group.

Bank of Scotland plc.

Registered in Scotland number SC327000.

Registered Office:  The Mound, Edinburgh EH1 1YZ

Authorised and regulated by the Financial Services Authority.

 

 

www.bankofscotland.co.uk/corporateExhibit 10.2

Exhibit 10.2

GUARANTY AGREEMENT

GUARANTY AGREEMENT (this “Agreement”) dated as of July 1, 2011, among the GUARANTOR
party hereto (the “Guarantor”) and JPMORGAN CHASE BANK, N.A., as administrative agent on
behalf of the Lenders (as hereinafter defined) (the “Administrative Agent”).

RECITALS:

A. Nationwide Health Properties, Inc., a Maryland corporation (the “Borrower”),
certain lenders party thereto (the “Lenders”) and the Administrative Agent are party to (i)
that certain Term Loan Agreement, dated as of June 3, 2011 (as the same may be Modified from time
to time) (as may be amended or modified, the “Term Loan Agreement”; and, except as
otherwise herein expressly provided, all capitalized terms used herein shall have the meaning
assigned to such terms in the Term Loan Agreement) and (ii) that certain Consent Agreement, dated
as of June 3, 2011 (as may be Modified, the “Consent Agreement”).

B. The Borrower has informed the Lenders and the Administrative Agent that the Ventas
Acquisition (as defined in the Consent Agreement) shall become effective on the date of this
Agreement.

C. This Agreement is being delivered pursuant to the terms of the Consent Agreement as a
condition to the consent of the Administrative Agent and the Lenders to the Ventas Acquisition.

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

Section 1. The Guaranty. 

(a) The Guarantor hereby guarantees to the Administrative Agent and each of the holders of the
Obligations, as hereinafter provided, as primary obligor and not as surety, the prompt payment of
the Obligations (the “Guaranteed Obligations”) in full when due (whether at stated
maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or
otherwise) strictly in accordance with the terms thereof. The Guarantor hereby further agrees that
if any of the Guaranteed Obligations are not paid in full when due (whether at stated maturity, as
a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the
Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case
of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will
be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by
acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of
such extension or renewal.

(b) Notwithstanding any provision to the contrary contained herein, in any of the other Loan
Documents or other documents relating to the Obligations, the obligations of the Guarantor under
this Agreement shall be limited to an aggregate amount equal to the largest amount that would not
render such obligations subject to avoidance under the Debtor Relief Laws or any comparable
provisions of any applicable state law. As used in this Agreement, the term “Debtor Relief
Laws” shall mean the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, as
codified at 11 U.S.C. § 101 et seq., and the rules and regulations promulgated thereunder, or any
successor provision thereto and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or
similar debtor relief laws of the United States
of America or other applicable jurisdictions from time to time in effect affecting the rights
of creditors generally.

 

Section 2. Obligations Unconditional. The obligations of the Guarantor under
Section 1 are absolute and unconditional, irrespective of the value, genuineness, validity,
regularity or enforceability of any of the Loan Documents or other documents relating to the
Obligations, or any substitution, compromise, release, impairment or exchange of any other
guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent
permitted by applicable laws, irrespective of any other circumstance whatsoever that might
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being
the intent of this Section 2 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances. The Guarantor agrees that the
Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the
Borrower for amounts paid under this Agreement until such time as the Obligations have been
irrevocably paid in full and the Commitments relating thereto have expired or been terminated.
Without limiting the generality of the foregoing, it is agreed that, to the fullest extent
permitted by law, the occurrence of any one or more of the following shall not alter or impair the
liability of the Guarantor hereunder, which shall remain absolute and unconditional as described
above:

(a) at any time or from time to time, without notice to the Guarantor, the time for any
performance of or compliance with any of the Guaranteed Obligations shall be extended, or such
performance or compliance shall be waived;

(b) any of the acts mentioned in any of the provisions of any of the Loan Documents, or other
documents relating to the Guaranteed Obligations or any other agreement or instrument referred to
therein shall be done or omitted;

(c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the
Obligations shall be modified, supplemented or amended in any respect, or any right under any of
the Loan Documents or other documents relating to the Guaranteed Obligations, or any other
agreement or instrument referred to therein shall be waived or any other guarantee of any of the
Guaranteed Obligations or any security therefor shall be released, impaired or exchanged in whole
or in part or otherwise dealt with;

(d) any Lien granted to, or in favor of, the Administrative Agent or any of the holders of the
Guaranteed Obligations as security for any of the Guaranteed Obligations shall fail to attach or be
perfected; or

(e) any of the Guaranteed Obligations shall be determined to be void or voidable (including
for the benefit of any creditor of the Guarantor) or shall be subordinated to the claims of any
Person (including any creditor of the Guarantor).

With respect to its obligations hereunder, the Guarantor hereby expressly waives diligence,
presentment, demand of payment, protest, notice of acceptance of the guaranty given hereby and of
extensions of credit that may constitute Guaranteed Obligations, notices of amendments, waivers and
supplements to the Loan Documents and other documents relating to the Guaranteed Obligations, or
the compromise, release or exchange of collateral or security, and all notices whatsoever, and any
requirement that the Administrative Agent or any holder of the Guaranteed Obligations exhaust any
right, power or remedy or proceed against any Person under any of the Loan Documents or any other
documents relating to the Guaranteed Obligations or any other agreement or instrument referred to
therein, or against any other Person under any other guarantee of, or security for, any of the
Obligations.

 

- 2 -

 

Section 3. Reinstatement. Neither the Guarantor’s obligations hereunder nor any
remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner
whatsoever by an impairment, modification, change, release or limitation of the liability of the
Borrower, by reason of the Borrower’s bankruptcy or insolvency or by reason of the invalidity or
unenforceability of all or any portion of the Guaranteed Obligations. The obligations of the
Guarantor under this Agreement shall be automatically reinstated if and to the extent that for any
reason any payment by or on behalf of any Person in respect of the Guaranteed Obligations is
rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a
result of any proceedings pursuant to any Debtor Relief Law or otherwise, and the Guarantor agrees
that it will indemnify the Administrative Agent and each holder of Guaranteed Obligations on demand
for all reasonable costs and expenses (including all reasonable fees, expenses and disbursements of
any law firm or other counsel) incurred by the Administrative Agent or such holder of Guaranteed
Obligations in connection with such rescission or restoration, including any such costs and
expenses incurred in defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or similar payment under any Debtor Relief Law.

Section 4. Certain Waivers. The Guarantor acknowledges and agrees that (a) the
guaranty given hereby may be enforced without the necessity of resorting to or otherwise exhausting
remedies in respect of any other security or collateral interests, and without the necessity at any
time of having to take recourse against the Borrower hereunder or against any collateral securing
the Guaranteed Obligations or otherwise, (b) it will not assert any right to require the action
first be taken against the Borrower or any other Person (including any co-guarantor) or pursuit of
any other remedy or enforcement of any other right and (c) nothing contained herein shall prevent
or limit action being taken against the Borrower hereunder, under the other Loan Documents or the
other documents and agreements relating to the Guaranteed Obligations or from foreclosing on any
security or collateral interests relating hereto or thereto, or from exercising any other rights or
remedies available in respect thereof, if neither the Borrower nor the Guarantor shall timely
perform their obligations, and the exercise of any such rights and completion of any such
foreclosure proceedings shall not constitute a discharge of the Guarantor’s obligations hereunder
unless as a result thereof, the Guaranteed Obligations shall have been paid in full and the
Commitments relating thereto shall have expired or been terminated, it being the purpose and intent
that the Guarantor’s obligations hereunder be absolute, irrevocable, independent and unconditional
under all circumstances.

Section 5. Remedies. The Guarantor agrees that, to the fullest extent permitted by
law, as between the Guarantor, on the one hand, and the Administrative Agent and the holders of the
Guaranteed Obligations, on the other hand, the Guaranteed Obligations may be declared to be
forthwith due and payable as provided in Article VII of the Loan Agreement (and shall be deemed to
have become automatically due and payable in the circumstances provided in Article VII of the Loan
Agreement) for purposes of Section 1 of this Agreement, notwithstanding any stay,
injunction or other prohibition preventing such declaration (or preventing the Guaranteed
Obligations from becoming automatically due and payable) as against any other Person and that, in
the event of such declaration (or the Guaranteed Obligations being deemed to have become
automatically due and payable), the Guaranteed Obligations (whether or not due and payable by any
other Person) shall forthwith become due and payable by the Guarantor for purposes of Section
1.

Section 6. [Intentionally Deleted].

Section 7. Guaranty of Payment; Continuing Guaranty.  The guarantee in this Agreement
is a guaranty of payment and not of collection, and is a continuing guarantee, and shall apply to
all Guaranteed Obligations whenever arising.

 

- 3 -

 

Section 8. Guarantor’s Representations. The Guarantor hereby represents and warrants
to the Administrative Agent and the Lenders, as follows:

(a) The Guarantor has all necessary corporate power and authority to execute, deliver and
perform its obligations under this Agreement; the execution, delivery and performance of this
Agreement by the Guarantor has been duly authorized by all necessary corporate action; and this
Agreement has been duly and validly executed and delivered by the Guarantor and constitutes the
Guarantor’s legal, valid and binding obligation, enforceable in accordance with its respective
terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization,
moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights
and (ii) the application of general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

Section 9. Ratification. Except as modified herein, all of the Loan Documents are
hereby ratified and confirmed on behalf of the parties hereto and thereto.

Section 10. Miscellaneous.

(a) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

(b) Amendments, Etc. The terms of this Agreement may be waived, modified and amended
only by an instrument in writing duly executed by the Guarantor and the Administrative Agent (with
any required consent of the Lenders pursuant to the Term Loan Agreement). Any such waiver,
modification or amendment shall be binding upon the Guarantor and the Administrative Agent, each
Lender and each holder of any of the Notes.

(c) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the Guarantor, the Administrative Agent, the
Lenders and any holder of any of the Notes.

(d) Captions. The captions and section headings appearing herein are included solely
for convenience of reference and are not intended to affect the interpretation of any provision of
this Agreement.

(e) Counterparts. This Agreement may be executed in any number of counterparts, all
of which taken together shall constitute one and the same instrument and either of the parties
hereto may execute this Agreement by signing any such counterpart. Delivery of an executed
signature page of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

(f) Severability. If any provision hereof is invalid and unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions hereof shall
remain in full force and effect in such jurisdiction and shall be liberally construed in favor of
the Administrative Agent and the Lenders in order to carry out the intentions of the parties hereto
as nearly as may be possible and (ii) the invalidity or unenforceability of any provision hereof in
any jurisdiction shall not affect the validity or enforceability of such provision in any other
jurisdiction.

[Signature pages follow]

 

- 4 -

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written.

	 	 	 	 	 
	 	GUARANTOR:

VENTAS, INC.

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, Chief

Administrative Officer, General Counsel 
and
Corporate Secretary 	 
	 

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Marc Costantino
 	 
	 	 	Name:  	Marc Costantino 	 
	 	 	Title:  	Executive Director 	 
	 

 

 

	 	 	 	 	 	 	 
	ACKNOWLEDEGED AND AGREED

AS OF THE DATE FIRST SET FORTH:	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	 
	 
	 	 	 	 	 	 
	NATIONWIDE HEALTH PROPERTIES, LLC, a Delaware
limited liability company (as successor-by-merger to
Nationwide Health Properties, Inc., a Maryland corporation)	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ T. Richard Riney
 	 	 
	 

	 	Name:
	 	T. Richard Riney
	 	 
	 

	 	Title:
	 	Executive Vice President

and Associate Secretary

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