Document:

Exhibit 10.19

Private & confidential

Dated: 29 June 2018

ALPHA BANK A.E.

(as Lender)

- and -

LEADER SHIPPING CO.

(as borrower)

	 	
THIRD SUPPLEMENTAL AGREEMENT

in relation to a Loan Agreement dated 6th March, 2015

for a loan facility of (initially) US$8,750,000

	 

TABLE OF CONTENTS

	
CLAUSE

	
HEADINGS

	
PAGE

	
1.

	
Definitions

	
2

	
2.

	
Borrower's Acknowledgment of Indebtedness

	
2

	
3.

	
Representations and warranties

	
3

	
4.

	
Agreement of the Lender

	
4

	
5.

	
Conditions

	
4

	
6.

	
Variations to the Principal Agreement

	
5

	
7.

	
Continuance of Principal Agreement and the Security Documents

	
9

	
8.

	
Entire agreement and amendment

	
10

	
9.

	
Fees and expenses

	
10

	
10.

	
Miscellaneous

	
11

	
11.

	
Entire agreement and amendment; effect on Principal Agreement

	
11

	
12.

	
Applicable law and jurisdiction

	
11

THIS AGREEMENT (hereinafter called "this Agreement") is made this 29th day of June, 2018;

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); and

	(2)	
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 "Borrower", which expression shall include its successors);

IS SUPPLEMENTAL to a loan agreement dated 6th March, 2015 made between (i) the Lender as lender, and (ii) the Borrower, as borrower, as amended and/or supplemented by (a) a first supplemental agreement dated 23rd December, 2015 made between (i) the Lender and (ii) the Borrower (the "First Supplemental Agreement") and (b) a second supplemental agreement dated 28th July, 2016 made between (i) the Lender and (ii) the Borrower (the "Second Supplemental Agreement") (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 Eight million seven hundred fifty thousand Dollars (US$8,750,000), 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 hereby acknowledges and confirms that (a) the Lender has advanced to the Borrower the full amount of the Loan in the principal amount of United States Dollars Eight million seven hundred fifty thousand Dollars (US$8,750,000) and (b) as of the Effective Date the principal amount of United States Dollars Six million two hundred two thousand nine hundred fifty three and six cents (US$6,202,953.06) in respect of the Loan remains outstanding;

	(B)	
pursuant to a guarantee dated 17th March 2015 as amended and/or supplemented by (a) a deed of amendment of guarantee dated 23rd December, 2015 (the "Guarantee Deed of Amendment No. 1") and (b) a second deed of amendment of guarantee dated 28th July, 2016 (the "Guarantee Deed of Amendment No. 2") (the said guarantee as amended and/or supplemented by the Guarantee Deed of Amendment No. 1 and the Guarantee Deed of Amendment No. 2 is hereinafter called the "Corporate Guarantee") Seanergy Maritime Holdings Corp., of the Marshall

3

Islands (the "Corporate Guarantor") irrevocably and unconditionally guaranteed the due and timely repayment of the Loan and 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;

	(C)	
the Borrower has requested the Lender to grant its consent to (inter alia) the amendment of the Liquidity covenant, the Leverage covenant and the EBITDA covenant, provided in Clause 8.6 (Additional Financial Covenants - Compliance Certificate) 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	
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	
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; and

"Guarantee Deed of Amendment No. 3" means the third deed of amendment of the Corporate Guarantee to be executed by the Corporate Guarantor in favour of the Lender in form and substance satisfactory to the Lender.

	1.3	
 (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.

4

	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 Six million two hundred two thousand nine hundred fifty three and six cents (US$6,202,953.06) which shall be repaid in accordance with Clause 4.1 (Repayment) of the Loan Agreement.

	3.	
Representations and warranties

	3.1	
The Borrower hereby represents and warrants 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	
In addition to the above, the Borrower hereby represents and warrants to the Lender as at the date of this Agreement that:

		a.	
the Borrower 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 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;

5

		f.	
the Borrower 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 Corporate Guarantor maintains Liquidity 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;

		h.	
No US Tax Obligor:  Neither the Borrower nor the Corporate Guarantor is a US Tax Obligor; and

		i.	
Sanctions:

		(i)	
neither the Borrower nor the Corporate Guarantor is a Prohibited Person nor is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of the Borrower or the Corporate Guarantor owns nor 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; and

	3.3	
The representations and warranties of the Borrower 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, 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	
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 certified true copy of the 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 and the Corporate Guarantor;

6

		b.	
certified and duly legalised copies of resolutions duly passed by the Board of Directors of the Borrower and the Corporate Guarantor and certified and duly legalised copies of the resolutions passed at a meeting of the shareholders of the Borrower and the Corporate Guarantor (and of any corporate shareholder thereof), if applicable, evidencing approval of this Agreement 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 or the Guarantee Deed of Amendment No. 3, including, but not limited to, certified and duly legalised Certificates of Incumbency issued by any of the Directors of the Borrower and the Corporate Guarantor evidencing approval of this Agreement 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;

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

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

		f.	
evidence satisfactory to the Lender that an amount equal to $500,000 for the Vessel is maintained in the Earnings Account; and

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

	5.2	
Variations to the Principal Agreement

		a.	
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:

		b.	
with effect as from the Effective Date, the following new definitions shall be added to Clause 1.2 (Definitions) of the Principal Agreement reading as follows:

7

"Notes" means all notes issued or to be issued by the Corporate Guarantor to certain shareholders notified in writing to the Lender and accepted by it and held or to be held by such shareholders;

"Third Supplemental Agreement" means the Third Supplemental Agreement dated ... June, 2018 supplemental to this Agreement to be executed and made between (inter alios) the Borrower and the Lender whereby this Agreement shall be amended as therein provided.;

		c.	
with effect as from the Effective Date, paragraph (m) (Shareholdings) of Clause 6.1 (Continuing Representations and Warranties) of the Principal Agreement shall be amended to read as follows:

		"(m)	
Shareholdings

		i.	
the control of the Corporate Guarantor and the voting rights attaching to at least 51% of the shares issued and outstanding in the share capital of the Corporate Guarantor (including all shares issuable upon exercise of the conversion option under the Notes) are and at least 51% of the shares issued and outstanding in the share capital of the Corporate Guarantor (including all shares issuable upon exercise of the conversion option under the Notes) and the voting rights attaching to such shares shall, throughout the Security Period, be ultimately beneficially held directly or indirectly by the person(s) disclosed to the Lender at the negotiation of this Agreement; and

		ii.	
no change has been made directly or indirectly in the ownership, beneficial ownership, control or management of the Borrower or any share therein (including all shares issuable upon exercise of the conversion option under the Notes) or of the Vessel (especially concerning class or flag);

		iii.	
no change has been made directly or indirectly in the ultimate beneficial ownership of any of the shares in the Corporate Guarantor or in the ultimate control of the voting rights attaching to any of those shares (including all shares issuable upon exercise of the conversion option under the Notes) from that existing on the date of this Agreement which results in the person(s) disclosed by the Borrower to the Lender in the negotiation of this Agreement not having at least 51% of the shares issued and outstanding in the share capital in the Corporate Guarantor (including all shares issuable upon exercise of the conversion option under the Notes) and the voting rights attaching to such shares;"

		d.	
with effect as from the Effective Date, Clause 8.6 (Additional Financial Covenants - Compliance Certificate) of the Principal Agreement shall be amended to read as follows:

8

		"8.6	
"Additional Financial Covenants - Compliance Certificate. The Borrower will ensure that, based on the relevant Accounting Information for that Financial Year or the relevant period, the Corporate Guarantor shall comply with the financial covenants set out below:

		(a)	
Liquidity: the Corporate Guarantor shall procure and ensure that it is maintained throughout the Security Period, Corporate Liquidity (including any contractually committed but undrawn parts of the Notes) in an amount equal to $500,000 per Fleet Vessel.

		(b)	
Leverage: the Corporate Leverage Ratio of the Corporate Guarantor will not be, (i) at the end of 31st December, 2018, higher than 0.85:1.0, the compliance with such obligation to be tested on each Financial Semester Day starting from the 1st July, 2018; (ii) on 31st March, 2019, higher than 0.80:1.0, and (iii) from 1st June, 2019 and at the end of any Accounting Period, higher than 0.75:1.0, the compliance with such obligation to be tested on each Financial Semester Day starting from the 30th June, 2019;

		(c)	
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 2019, lower than 1.2:1, the compliance with such obligation to be tested on each Financial Semester Day starting from the 1st July, 2018 and (ii) as from 1st April, 2019 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, 2019;

		(d)	
Compliance Certificate: ensure that at the end of each semester to be delivered to the Lender a Compliance Certificate in the form provided in Schedule 3 of this Agreement, duly completed and supported by reasonably detailed calculations of the underlying covenants to be delivered to the Lender; such Compliance Certificate to be provided as follows: (i) with respect to each Financial Year as soon as practicable but not later than 120 days after the end of the financial period to which it relates and (ii) with respect to each semester ending the 30th of June of each Financial Year as soon as practicable but not later than 90 days after the end of such semester, and provided that the first Compliance Certificate to be delivered by the Borrower to the Lender will be with respect to the six month period ending 30th June 2018.

		(e)	
The expressions used in this Clause 8.6 shall be construed in accordance with the law and the Applicable Accounting Principles as used in the Accounting Information produced in accordance with sub-Clause 8.1(e) and for the purposes of this Agreement:

"Corporate Leverage Ratio" means, in respect of an Accounting Period, Total Debt less Corporate Liquidity divided by Total Assets (based on combined results that will be prepared by the Corporate Guarantor upon the Lender's request) provided however that the Fleet Vessels included in Total Assets should be adjusted to their market values which shall be acceptable to the Lender.

9

"Corporate Liquidity" means the aggregate of (a) any amount standing to the credit of the Earnings Account and (b) all cash deposits legally and beneficially owned by the Corporate Guarantor and any member of the Group which are free from any security other than,

		(i)	
in respect of any deposit held with the Lender, security created to secure the obligations of the Borrower under the Loan Agreement;

		(ii)	
in respect of deposits held with other lenders of the Group, security created to secure the obligations of the respective borrower(s) under the respective loan agreement(s); and

		(iii)	
in respect of deposits held with other lenders of the Group as drydocking reserve cash under the respective loan agreement(s)

FOR THE AVOIDANCE OF DOUBT Corporate Liquidity to include minimum liquidity requirements by other lenders of the Group.

"EBITDA" in respect of an Accounting Period and on a consolidated basis of the Corporate Guarantor means the Earnings before interest, expenses and other financial charges, taxes, depreciation and amortization and non-recurring losses and gains in the previous period of twelve (12) trailing months;

"Fleet Market Value" means, as of the date of calculation, the aggregate market value of all the Fleet Vessels as determined in accordance with Clause 8.5(b);

"Fleet Vessels" means the vessels (including, but not limited to, the Vessel) from time to time owned by a member of the Group;

"Net Interest Expense" in respect of an Accounting Period and a consolidated basis of the Corporate Guarantor means payments of interest made or due less any interest income earned or accrued pursuant to this Agreement in the previous period of twelve (12) trailing months;

"Total Assets" means, in respect of an Accounting Period, the aggregate on a consolidated basis of the Group assets adjusted to reflect the Fleet Market Value, as reported in the financial statements to be provided to the Lender according to Clause 8.1(e) of this Agreement; and

"Total Debt" means, in respect of an Accounting Period, the aggregate on a consolidated basis of the Group of all short term interest bearing bank debt included in the financial statements of the Group under current liabilities plus the long term interest bearing bank debt excluding any Note.

		(f)	
Determination of defined terms: All the terms defined in this Clause 8.6 and used in this Clause 8.6, and other accounting terms used in this Clause 8.6, are to be determined on a consolidated basis and (except as items are expressly included or excluded in the relevant definition or provision) are

10

used and shall be construed in accordance with the Applicable Accounting Principles and as determined from any relevant Accounting Information.

		(g)	
Compliance: The compliance of the Corporate Guarantor with the undertakings set out in Clause 8.6 shall be determined by the Lender in accordance with the Applicable Accounting Principles (and such determination shall, in the absence of manifest error, be conclusive on the Corporate Guarantor) on the basis of calculations made by the Lender by reference to the relevant Accounting Information delivered to the Lender pursuant to Clause 8.1(e).

		(h)	
Calculations: For the purposes of this Clause 8.6: (a) no item shall be deducted or credited more than once in any calculation; and (b) any amount expressed in a currency other than Dollars shall be converted into Dollars in accordance with the Applicable Accounting Principles.

		e.	
with effect as from the Effective Date, the following is added at the end of Clause 13.2 (Earnings Account) of the Principal Agreement reading as follows:

"The Borrower may enter with 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, into any agreement or arrangement for the sharing of any Earnings for the purposes of this Agreement. Other than with SQUIRE OCEAN NAVIGATION CO., the Borrower may not and shall not enter into any agreement or arrangement with any other party for the sharing of any Earnings."

		f.	
with effect as from the Effective Date, paragraph (c)(i) of Clause 16.1 (Notices) shall be amended so as to read as follows:

		"(i)	
if to be sent to any Security Party, to:

c/o SEANERGY MARITIME HOLDINGS CORP.,

154 Vouliagmenis Avenue,

16674 Glyfada, Greece

Facsimile No: +30 210 9638404

Attention:  Chief Executive Officer";

		g.	
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

11

pursuant to the Principal Agreement, this Agreement and/or the Security Documents.

	5.3	
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.

	6.	
Continuance of Principal Agreement and the Security Documents

	6.1	
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 shall continue to remain valid and enforceable and the Borrower hereby reconfirms its obligations under the Principal Agreement as hereby amended and under the Security Documents to which it is a party.

	7.	
Entire agreement and amendment

	7.1	
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.

	7.2	
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.

	8.	
Fees and expenses

	8.1	
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 Twenty thousand ($20,000) payable on the date hereof.

	8.2	
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.

12

	8.3	
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.

	9.	
Miscellaneous

	9.1	
The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) and Clause 16.1 (Notices) (as hereby amended) of the Principal Agreement shall apply to this Agreement as if the same were set out herein in full.

	10.	
Entire agreement and amendment; effect on Principal Agreement

	10.1	
Except to the extent that the Principal Agreement is expressly amended or supplemented by this Agreement, all terms and conditions of the Principal Agreement remain in full force and effect. 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.

	10.2	
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.

	11.	
Applicable law and jurisdiction

	12.1	
This Agreement and any non-contractual obligations arising out or connected with it are governed by and shall be 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	
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.

[Intentionally left blank]

13

EXECUTION PAGE

THE BORROWER

	
SIGNED by

	
)

	 	 
	
Mr. Stavros Gyftakis

	
)

	 	 
	
for and on behalf of

	
)

	 	 
	
LEADER SHIPPING CO.

	
)

	 /s/ Stavros Gyftakis	 
	
of Marshall Islands, in the presence of:

	
)

	
Attorney-in-fact

	 

	
Witness:

	 /s/ Panagiota Sdrolia	 
	
Name:

	
Panagiota Sdrolia

	 
	
Address:

	
13 Defteras Merarchias Str.,

	 
	 	
Piraeus, Greece

	 
	
Occupation:

	
Attorney-at-law

	 

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/ Panagiota Sdrolia	 
	
Name:

	
Panagiota Sdrolia

	 
	
Address:

	
13 Defteras Merarchias Str.,

	 
	 	
Piraeus, Greece

	 
	
Occupation:

	
Attorney-at-law

	 

14Exhibit 10.29 

 

Dated   28  March 2018

 

 

US$44,430,400

 US$42,331,494 outstanding

 

 

AMENDMENT TO TERM LOAN FACILITY

 

 

 

 

 

 

SEA GLORIUS SHIPPING CO.

SEA GENIUS SHIPPING CO.

as joint and several Borrowers

and

 

SEANERGY MARITIME HOLDINGS CORP.

as Corporate Guarantor

and

 

HSH NORDBANK AG

as Agent, Mandated Lead Arranger, Swap Bank

 and Security Trustee

 

 

 

 

 

SUPPLEMENTAL AGREEMENT

 

relating to

a senior secured loan facility of (originally) up to US$44,430,400

 to finance the acquisition cost of

m.vs "GLORIUSHIP" and "GENIUSHIP"

 

 

 

 

WATSON FARLEY

&

 WILLIAMS

Index

 

	
Clause

	 	
Page

	 	 	 
	
1

	
Definitions and Interpretation

	
2

	
2

	
Agreement of the Creditor Parties

	
4

	
3

	
Conditions Precedent

	
4

	
4

	
Representations

	
4

	
5

	
Amendments to Loan Agreement, Corporate Guarantee and other Finance Documents

	
5

	
6

	
Further Assurance

	
11

	
7

	
Fees

	
12

	
8

	
Expenses

	
12

	
9

	
Notices

	
12

	
10

	
Counterparts

	
12

	
11

	
Governing Law

	
12

	
12

	
Enforcement

	
12

Schedules

	
Schedule 1

	
The Lenders

	
12

	
Schedule 2

	
Conditions Precedent

	
13

Execution

	
Execution Pages

	 	
14

 

THIS AGREEMENT is made on       28  March 2018

 

PARTIES

 

	(1)	
SEA GLORIUS SHIPPING CO. ("Sea Glorius") and SEA GENIUS SHIPPING CO. ("Sea Genius"), each a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands, as joint and several Borrowers;

 

	(2)	
SEANERGY MARITIME HOLDINGS CORP., a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands, as Corporate Guarantor;

 

	(3)	
THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders;

 

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

 

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

 

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

 

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

 

BACKGROUND

 

	(A)	
By the Loan Agreement, the Lenders agreed to make available to the Borrowers a facility of (originally) up to $44,430,400, of which $42,331,494 is outstanding at the date of this Agreement.

 

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

 

	(C)	
The Obligors have requested that the Lenders and the other Creditor Parties give their consent to (inter alia):

 

		(i)	
waive the application of the security cover requirement under clause 15.1 (Minimum required security cover) of the Loan Agreement until 30 September 2018 (inclusive);

 

		(ii)	
amend the security cover percentage requirement under clause 15.1 (Minimum required security cover) of the Loan Agreement as follows:

 

		(A)	
at any time during the period commencing on 1 October 2018 and ending on 31 March 2019 (inclusive), 100 per cent.;

 

		(B)	
at any time during the period commencing on 1 April 2019 and ending on 30 September 2019 (inclusive), 111 per cent.; and

 

		(C)	
from 1 October 2019 and at all times thereafter and throughout the remainder of the Security Period, 120 per cent.,

 

of the aggregate of the Loan and the Swap Exposure; and

 

 

		(iii)	
amend the financial covenants of the Corporate Guarantor under paragraphs (a) and (b) of clause 11.15 (Financial Covenants) of the Corporate Guarantee to be read and construed as follows:

 

		(A)	
the Leverage Ratio shall not exceed:

 

		(i)	
at any time during the period commencing on the effective date of the Supplemental Agreement (inclusive) and ending on 31 December 2018 (inclusive), 85 per cent.;

 

		(ii)	
at any time during the period commencing on 1 January 2019 and ending on 31 March 2019 (inclusive), 80 per cent.; and

 

		(iii)	
from 1 April 2019 and at all times thereafter during the Security Period, 75 per cent.; and

 

		(B)	
the ratio of EBITDA to interest payments (less any earned interest) (as shown in the Applicable Accounts) shall not be less than:

 

		(i)	
at any time during the period commencing on the effective date of the Supplemental Agreement (inclusive) and ending on 31 March 2019 (inclusive), 1.20:1; and

 

		(ii)	
from 1 April 2019 and at all times thereafter during the Security Period, 2:1,

 

		(iv)	
amend the financial covenants of the Corporate Guarantor under paragraph (c) of clause 11.15 (Financial Covenants) of the Corporate Guarantee to include restricted cash (if any),

 

together, (the "Request").

 

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

 

		(v)	
execution of this Agreement by the Obligors and the Fee Letter and the Mortgage Addenda by the Borrowers;

 

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

 

		(vii)	
increase of the Applicable Margin (as defined in the Loan Agreement) to 3.75 per cent. per annum with effect on and from 1 April 2018.

 

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

 

OPERATIVE PROVISIONS

 

	1	
DEFINITIONS AND INTERPRETATION

 

	1.1	
Definitions

 

In this Agreement:

 

2

 

"Corporate Guarantee" means the guarantee dated 1 September 2015 referred to in Recital (B).

 

"Effective Date" means the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied but, in any case, not earlier than 1 April 2018.

 

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

 

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

 

"Mortgage" means, each of:

 

	(a)	
the first preferred Marshall Islands mortgage over the motor vessel "GLORIUSHIP" dated 3 November 2015 and executed by Sea Glorius in favour of the Security Trustee; and

 

	(b)	
the first preferred Marshall Islands mortgage over the motor vessel "GENIUSHIP" dated 13 October 2015 and executed by Sea Genius in favour of the Security Trustee,

 

and, in the plural, means both of them.

 

"Mortgage Addendum" means an addendum to each Mortgage made or to be made between the relevant Borrower and the Security Trustee in the agreed form and, in the plural, means both of them.

 

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

 

"Party" means a party to this Agreement.

 

	1.2	
Defined expressions

 

Defined expressions in the Loan Agreement and the other Finance Documents shall have the same meanings when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

 

	1.3	
Application of construction and interpretation provisions of Loan Agreement

 

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

 

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

 

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

 

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

 

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

 

3

 

	1.5	
Designation as a Finance Document

 

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

 

	1.6	
Third party rights

 

Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Agreement.

 

	2	
AGREEMENT OF THE CREDITOR PARTIES

 

	2.1	
Agreement of the Creditor Parties

 

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

 

	(a)	
the Request; and

 

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

 

	2.2	
Effective Date

 

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

 

	3	
CONDITIONS PRECEDENT

 

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

 

	(a)	
no Event of Default continuing on the date of this Agreement and the Effective Date or resulting from the occurrence of the Effective Date;

 

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

 

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

 

	4	
REPRESENTATIONS

 

	4.1	
Loan Agreement representations

 

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

 

	4.2	
Finance Document representations

 

Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Loan Agreement) to which it is a party, as amended and supplemented by

 

4

 

this Agreement and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addenda, by reference to the circumstances then existing on the date of this Agreement and on the Effective Date.

 

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

 

	5.1	
Specific amendments to the Loan Agreement

 

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

 

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

 

"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 other state, 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.

 

"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.

 

"Party" means a party to this Agreement.

 

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

 

"Supplemental Agreement" means the supplemental agreement dated 28 March 2018 to this Agreement (as amended and supplemented by a supplemental letter dated 16 May 2016 and a supplemental letter dated 23 February 2017) made by and between (i) the Borrowers, (ii) the Corporate Guarantor, (iii) the Lenders, (iv) the Swap Bank, (v) the Mandated Lead Arranger, (vi) the Agent and (vii) the Security Trustee.

 

"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; and

 

		(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

 

5

 

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

 

any similar or analogous powers under that Bail-In Legislation;

 

	(b)	
by deleting the definition of "Applicable Margin" in clause 1.1 thereof in its entirety and replacing it with the following definition:

 

""Applicable Margin" means, in respect of:

 

		(a)	
Advance A, Tranche A and Advance B, Tranche A:

 

		(i)	
from the date of this Agreement until 31 March 2018 (inclusive), 3.40 per cent. per annum; and

 

		(ii)	
from 1 April 2018 and at all times thereafter and throughout the remainder of the Security Period, 3.75 per cent. per annum; and

 

		(b)	
Advance A, Tranche B and Advance B, Tranche B:

 

		(i)	
from the date of this Agreement until 31 March 2018 (inclusive), 3.60 per cent. per annum; and

 

		(ii)	
from 1 April 2018 and at all times thereafter and throughout the remainder of the Security Period, 3.75 per cent. per annum;";

 

	(c)	
by deleting the definition of "Offering Prepayment" in clause 1.1 thereof in its entirety and any reference to it throughout the Loan Agreement;

 

	(d)	
by deleting clause 5.17 thereof in its entirety;

 

	(e)	
by deleting clause 15.1 thereof in its entirety and replacing it with the following clause:

 

"15.1 Minimum required security cover

 

Clause 15.2 applies, at any time after 30 September 2018, if the Agent notifies the Borrowers that:

 

		(a)	
the aggregate of the Market Value of the Mortgaged Ships; plus

 

		(b)	
the net realisable value of any additional security previously provided under this Clause 15,

 

is below an amount equal to:

 

		(i)	
at any time during the period commencing on 1 October 2018 and ending on 31 March 2019 (inclusive), 100 per cent.;

 

		(ii)	
at any time during the period commencing on 1 April 2019 and ending on 30 September 2019 (inclusive), 111 per cent.; and

 

		(iii)	
from 1 October 2019 and at all times thereafter and throughout the remainder of the Security Period, 120 per cent.,

 

6

 

of the aggregate of the Loan and the Swap Exposure; ";

 

	(f)	
by deleting clause 15.8 thereof in its entirety and replacing it with the following clause:

 

"15.8 Frequency of valuations

 

The Borrowers acknowledge and agree that the Agent may request the Borrowers to commission valuation(s) of either Ship at such times as the Lenders shall deem necessary (including, following the effective date of the Supplemental Agreement, on 31 December 2018 in order to test compliance with the required security cover pursuant to Clause 15.1) and, in any event, not less than once during each 6-month period of the Security Period unless an Event of Default has occurred in which case the Agent may obtain as many valuations of the Ships as it thinks necessary and the Borrowers shall bear the cost in connection with any such valuations.";

 

	(g)	
by inserting a new clause 29 (Bail-In) thereof as follows:

 

"29          Bail-In

 

29.1          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;

 

	(h)	
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 supplemented by this Agreement; and

 

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

 

	5.2	
Specific amendments to Corporate Guarantee

 

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

 

	(a)	
by deleting the definition of "EBITDA" in clause 1.2 thereof in its entirety and replacing it with the following new definition:

 

7

 

 

""EBITDA" means earnings before interest, taxes, depreciation and amortisation and excluding any gains and losses on the disposal of subsidiaries of the Guarantor or Fleet Vessels and impairments on goodwill and Fleet Vessels (including any recoverable amounts on goodwill or Fleet Vessel impairments) in respect of the immediately prior twelve-month period ending on the last day of the relevant Accounting Period;";

 

	(b)	
by deleting the definition of "Leverage Ratio" in clause 1.2 thereof and replacing it with the following new definition:

 

"Leverage Ratio" means at any time the ratio (expressed as a percentage) of the Net Debt divided by the Guarantor's Total Assets;

 

	(c)	
by deleting the definition of "Guarantor's Total Liabilities" in clause 1.2 thereof in its entirety;

 

	(d)	
by inserting in clause 1.2 thereof the following new definitions in the requisite alphabetical order:

 

"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 other state, 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.

 

"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.

 

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

 

"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; and

 

		(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

 

8

 

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;

 

	(e)	
by amending the cross-reference to "Clause 11.16" in paragraph (d) of clause 11.3 thereof to read "Clause 11.15";

 

	(f)	
by deleting the words "31 December 2017" in the second sentence of clause 11.15 thereof and replacing them with the words "30 June 2018";

 

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

 

"(a) the Leverage Ratio shall not exceed:

 

		(i)	
 at any time during the period commencing on the effective date of the Supplemental Agreement (inclusive) and ending on 31 December 2018 (inclusive), 85 per cent.;

 

		(ii)	
at any time during the period commencing on 1 January 2019 and ending on 31 March 2019 (inclusive), 80 per cent.; and

 

		(iii)	
from 1 April 2019 and at all times thereafter during the Security Period, 75 per cent.;";

 

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

 

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

 

		(i)	
at any time during the period commencing on the effective date of the Supplemental Agreement (inclusive) and ending on 31 March 2019 (inclusive), 1.20:1; and

 

		(ii)	
from 1 April 2019 and at all times thereafter during the Security Period, 2:1;";

 

	(i)	
by deleting the words "free of any Security Interest" wherever referred in paragraph (c) of clause 11.15 thereof and replacing them with the words "including restricted cash (if any)";

 

	(j)	
by amending the cross-reference to "Clause 11.16" in paragraphs (c) and (d) of clause 11.15 thereof to read "Clause 11.15";

 

	(k)	
by inserting a new clause 17 (Bail-In) thereof as follows:

 

"17          Bail-In

 

17.1          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):

 

9

 

		(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;

 

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

 

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

 

	5.3	
Amendments to Finance Documents

 

With effect on and from the Effective Date, each of the Finance Documents other than the Loan Agreement, the Corporate Guarantee and the Mortgages (which shall be amended and supplemented by the Mortgage Addenda), shall be, and shall be deemed by this Agreement to have been, amended as follows:

 

	(a)	
by including in the relevant clause (Incorporation of Loan Agreement provisions) of that Finance Document, a cross reference to clause 29 (bail-in) of the Loan Agreement as amended and supplemented by this Agreement;

 

	(b)	
the definition of, and references throughout each of the Finance Documents to, the Mortgages shall be construed as if the same referred to the Mortgages as amended and supplemented by the Mortgage Addenda; and

 

	(c)	
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 supplemented by this Agreement.

 

	5.4	
Finance Documents to remain in full force and effect

 

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

 

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

 

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

 

10

 

	6	
FURTHER ASSURANCE

 

	6.1	
Further assurance

 

	(a)	
Each Obligor shall promptly, and in any event within the time period specified by the Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgements, proxies and powers of attorney), as the Agent may specify (and in such form as the Agent may require in favour of the Agent or its nominee(s)) to implement the terms and provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

	6.2	
Additional corporate action

 

At the same time as an Obligor delivers to the Agent or Security Trustee any document executed under this Clause 6 (Further Assurance), that Obligor shall deliver to the Agent or

 

11

 

Security Trustee as applicable a certificate signed by one of that Obligor's officers which shall:

 

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

 

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

 

	7	
FEES

 

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

 

	8	
EXPENSES

 

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

 

	9	
NOTICES

 

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

 

	10	
COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

	11	
GOVERNING LAW

 

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

 

	12	
ENFORCEMENT

 

	12.1	
Jurisdiction

 

	(a)	
The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute").

 

	(b)	
The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.

 

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

 

12

 

	12.2	
Service of process

 

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

 

		(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 5 days of such event taking place) appoint another agent on terms acceptable to the Agent.  Failing this, the Agent may appoint another agent for this purpose.

 

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

 

13

 

SCHEDULE 1

 THE LENDERS

 

	
Lender

	
Lending Office

	
Commitment

 (US Dollars)

 

	
HSH Nordbank AG

	
Gerhart-Hauptmann-Platz 50

20095 Hamburg

Germany

 

	
44,430,400

 

 

14

 

 

SCHEDULE 2

 CONDITIONS PRECEDENT

 

	1	
Obligors

 

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

 

	2	
Security

 

	2.1	
A duly executed original of each Mortgage Addendum together with documentary evidence that each Mortgage Addendum has been duly registered as a valid addendum to the relevant Mortgage in accordance with the laws of the jurisdiction of the Approved Flag.

 

	2.2	
A duly executed original of this Agreement and the Fee Letter.

 

	3	
Legal opinions

 

	3.1	
If an Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Agent and the Security Trustee in the relevant jurisdiction, substantially in the form distributed to the Lenders before signing this Agreement.

 

	3.2	
Legal opinions of the legal advisers to the Agent and the Security Trustee in the jurisdiction of the Approved Flag of the Ships and such other relevant jurisdictions as the Agent may require.

 

	4	
Other documents and evidence

 

	4.1	
A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement, the Fee Letter and the Mortgage Addenda or for the validity and enforceability of any Finance Document as amended and supplemented by this Agreement or by the Mortgage Addenda.

 

	4.2	
Evidence that the agent referred to in Clause 12.2 has accepted its appointment as agent for the service of process under this Agreement.

 

	4.3	
Evidence that any fees due and payable under the Fee Letter pursuant to Clause 7 (Fees) have been paid.

 

	4.4	
Evidence that any expenses then due from the Borrowers pursuant to Clause 8 (Expenses) have been paid.

 

 

15

EXECUTION PAGES

 

BORROWERS

 

	
SIGNED by Theodora Mitropetrou

	
)

	/s/ Theodora Mitropetrou 
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
SEA GLORIUS SHIPPING CO.

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name:  Andreas Giakoumelos

	
)

	 
	
Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

  

	
SIGNED by Theodora Mitropetrou

	
)

	 /s/ Theodora Mitropetrou 
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
SEA GENIUS SHIPPING CO.

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

CORPORATE GUARANTOR

 

	
SIGNED by Theodora Mitropetrou

	
)

	 /s/ Theodora Mitropetrou 
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
SEANERGY MARITIME HOLDINGS CORP.

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

16

LENDERS

 

	
SIGNED by Emmanouil Pontikis

	
)

	 /s/ Emmanouil Pontikis
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
HSH NORDBANK AG

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

  

SWAP BANK

 

	
SIGNED by Emmanouil Pontikis

	
)

	 /s/ Emmanouil Pontikis
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
HSH NORDBANK AG

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

 

MANDATED LEAD ARRANGER

 

	
SIGNED by Emmanouil Pontikis

	
)

	 /s/ Emmanouil Pontikis
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
HSH NORDBANK AG

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

17

AGENT

 

	
SIGNED by Emmanouil Pontikis

	
)

	 /s/ Emmanouil Pontikis
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
HSH NORDBANK AG

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	 

 

 

SECURITY TRUSTEE

 

	
SIGNED by Emmanouil Pontikis

	
)

	 /s/ Emmanouil Pontikis
	
duly authorised attorney-in-fact

	
)

	 
	
for and on behalf of

	
)

	 
	
HSH NORDBANK AG

	
)

	 
	
in the presence of:

 

	
)

	 
	
Witness' signature:

	
)

	 /s/ Andreas Giakoumelos
	
Witness' name: Andreas Giakoumelos

	
)

	 
	

Witness' address: 348 Syngrou Avenue

                                 176 74 Kallithea

                                  Athens, Greece

	
)

	
 

 

 

 

 

 

 

18

COUNTERSIGNED this 28th day of March 2018 for and on behalf of any Approved Manager which, by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Agreement, that it agrees in all respects to the same and that the Approved Manager's Undertakings to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the other Finance Documents.

 

 

	/s/ Nikoleos Frantzeskalas 	 	 /s/ illegible
	
for and on behalf of

	 	
for and on behalf of

	
Fidelity Marine Inc.

	 	
V. Ships Limited

19

 

 

 

19

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