Document:

d1462528_ex4-66.htm

Exhibit 4.66

 

THIRD SUPPLEMENTAL LETTER

 

	
To:

	
Aral Sea Shipping S.A.

80 Broad Street

Monrovia

Liberia

- and -

Box Ships Inc.

Trust Company Complex

Ajeltalce Road

Ajeltake Island

Majuro

MH 96960 The Marshall Islands

	  	  
	
From:

	
UniCredit Bank AG

7 Heraklitou Street

106 73 Athens

Greece

	  	  

27 June 2013

 

Loan Agreement dated 17 May 2011 (as amended by two supplemental letters dated 27 October 2911 and 8 February 2013, respectively, the "Loan Agreement") made between Aral Sea Shipping S.A. as borrower and UniCredit Bank AG as lender (the "Lender") in respect of a loan facility of (originally) up to Thirty two million eight hundred thousand Dollars ($32,800,000)

 

We refer to the Loan Agreement.

 

We also refer to the guarantee dated 17 May 2011 (the "Guarantee") made between (i) Box Ships Inc. as guarantor and (ii) the Lender.

 

Words and expressions defined in the Loan Agreement and the Guarantee shall have the same meanings when used in this Letter and for the purposes of this Letter:

 

"Effective Date" means the date on which the conditions precedent listed in paragraph (B) are satisfied; and

 

"Existing Lenders" means, together, ABN Amro Bank N.V., FISH Nordbank AG, International Transport Finance Suisse AG, Credit Suisse AG and Commerzbank AG and, in the singular means, any of them.

 

Pursuant to discussions between us in which you have requested our consent to amend the financial covenants set out in clause 12.3(b) of the Guarantee and the minimum security requirements set out in clause 15.1 of the Loan Agreement, we hereby confirm our consent and agree that the Loan Agreement and the Guarantee shall be amended as follows:

 

	
1

	
Specific Amendments to Loan Agreement.

 

	  	  	
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(a)

	
by adding in Clause 1.1 thereof the following definitions:

 

"Waiver Period" means the period commencing on 27 June 2013 and ending on 1 January 2014 (inclusive);";

 

	
(b)

	
by deleting the hanging paragraph in clause 14.1 thereof in its entirety and replacing it with the following new clause :

 

"is below:

 

	
  

	
(i)

	
110 per cent. during the Waiver Period; and

 

	
  

	
(ii)

	
120 per cent. at all other times,

 

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

 

	
2

	
Specific Amendments to the Guarantee. By deleting clause 12.3 (b) thereof in its entirety and by replacing it with the following new Clause 12.3(b) as follows:

 

"(b)           the Leverage Ratio shall not exceed:

 

(i)           during the Waiver Period, 0.85:1; and

 

(ii)           at all other times, 0.65:1;".

 

Save for the above amendments and any consequential changes, all of the other provisions of the Loan Agreement and the Guarantee shall continue to remain in full force and effect.

 

	
3

	
Conditions Precedent. The agreement of the Lender to the amendments to the Loan Agreement and the Guarantee contained in paragraphs 1 and 2 above is subject to, the fulfilment of the following conditions precedent which shall have been received by the Lender in all respects in form and substance satisfactory to the Lender and its lawyers on or before the Effective Date:

 

	
(a)

	
documents of the kind specified in Schedule 2, Part A, paragraphs 3, 4 and 5 of the Loan Agreement (as amended and supplemented) updated with appropriate modifications to refer to this Letter;

 

	
(b)

	
an original of this Letter duly executed by the Borrower and the other Security Parties signing the acknowledgement to it confirming their agreement to the terms, and conditions of the same;

 

	
(c)

	
evidence acceptable to the Lender, that all Existing Lenders have consented to at least equal amendments in the Loan Agreement and the Guarantee as those set out in this Letter; and

 

	
(d)

	
any further opinions, consents, agreements and documents in connection with this Letter and the Finance Documents which the Lender may request by notice to the Borrower.

 

	
4

	
Amendments in the Finance Documents. We further confirm that the Loan Agreement and the Finance Documents (as defined therein) shall be amended (with effect from the date of this Letter) as follows:

 

	
(a)

	
by construing all references throughout the Loan Agreement to "this Agreement" and all references in the Finance Documents (other than the Loan Agreement) to the "Loan Agreement" as references to the Loan Agreement as amended and supplemented by this Letter; and

 

	  	
2

	
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(b)

	
by construing all references to the "Finance Documents" in the Loan Agreement and each of the other Finance Documents as references to the Finance Documents as amended and supplemented by this Letter.

 

	
5

	
Notices. Clause 27 (Notices) of the Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth.

 

	
6

	
Governing Law. This Letter shall be governed by and construed in accordance with English law and Clause 29 (Law and Jurisdiction) of the Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth.

 

Please confirm your acceptance to the foregoing terms by signing the acceptance at the foot of this Letter.

 

	
Yours faithfully,

	  	  
	  	  	  
	  	  	  
	
/s/ Anastasia Kerpinioti

	  	
/s/ Pericles Lykoudis

	
Anastasia Kerpinioti

	  	
Pericles Lykoudis

	
for and on behalf of

	  	  
	
UNICREDIT BANK AG

	  	  
	  	  	  

We hereby acknowledge receipt of the above Letter and confirm our agreement and acceptance to the terms hereof.

 

	  	  	  
	  	  	  
	  	  	  
	
/s/ Maria Stefanou

	  	  
	
Maria Stefanou

	  	  
	
Attorney-in-Fact

	  	  
	
for and on behalf of

	  	  
	
ARAL SEA SHIPPING S.A.

	  	  

	
Date: 27 June 2013

	  	  
	  	  	  
	  	  	  
	
/s/ Maria Stefanou

	  	
/s/ Katerina Stoupa

	
Maria Stefanou

	  	
Katerina Stoupa

	
for and on behalf of

	  	  
	
BOX SHIPS INC.

	  	  
	  	  	  
	
Date: 27 June 2013

	  	  

	  	
3

	
46520273v1

  

  

  

We hereby confirm and acknowledge that we have read and understood the terms and conditions of the above Letter and agree in all respects to the same and confirm that the Finance Documents (as that term is defined in the Loan Agreement) to which we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement (as amended and supplemented by this Letter), the Master Agreement and the other Finance Documents.

 

	  	  	  
	  	  	  
	
/s/ Maria Stefanou

	  	  
	
Maria Stefanou

	  	  
	
Director

	  	  
	
for and on behalf of

	  	  
	
ALLSEAS MARINE S.A.

	  	  
	  	  	  
	  	  	  
	
Date: 27 June 2013

	  	  

	  	
4

	
46520273v1d1462529_ex4-68.htm

 

SECOND SUPPLEMENTAL LETTER

 

 

 

	
To:

	
Box Ships Inc.

Trust Company Complex

Ajeltake Road

Ajeltake Island

Majuro Mi•196960 Marshall Islands

 

 

 

 

28 May 2013

 

Dear Sirs

 

Loan agreement dated 12 July 2011 (as amended and supplemented by a supplemental letter dated 7 May 2012) made between (i) yourselves, Box Ships Inc. as borrower (the "Borrower") and (ii) Credit Suisse AG as lender (the "Lender") in respect of a loan facility of (originally) up to IJSS22,000,000 (the "Loan Agreement")

 

We refer to the Loan Agreement.

 

The Borrower hereby acknowledges that as at the date hereof; the outstanding principal balance of the Loan is $18,675,000.

 

Words and expressions defined in the Loan Agreement shall have the same meaning when used in this Letter and for the purposes of this Letter:

 

"Effective Date" means the date on which the conditions precedent in Clause 2 are satisfied; and

 

"Second Supplemental Letter" means the supplemental letter dated 28 May 2013 and made between (i) the Borrower and (ii) the Lender setting out the terms and conditions upon which this Agreement was amended and supplemented;".

 

Following a request by the Borrower, we have agreed to consent to certain amendments in connection with, inter alia, the financial covenants set out in clause 11.5 of the Loan Agreement.

 

We hereby confirm our approval to your request and required arrangements, subject to the following conditions:

 

	
1

	
Agreement. We confirm that the Loan Agreement shall be amended (with effect from the Effective Date) as follows:

 

	
(a)

	
by adding the definition of "Waiver Period" in Clause 1.1 thereof as follows:

 

""Waiver Period" means, the period commencing on 31 March 2013 (inclusive) and ending on 1 April 2014 (inclusive);";

 

	
(b)

	
by deleting paragraph (b) of Clause 11,5 thereof in its entirety and substituting the same with the following new clause:

 

"(a)            the Market Value Adjusted Net Worth of the Borrower shall not be less than:

 

  

  

  

(i)           $100,000,000, during the Waiver Period; and

 

(ii)           S150,000,000, at all other times thereafter;";

 

	
(c)

	
by deleting paragraph (d) of Clause 11 thereof in its entirety and substituting the same with the following new clause:

 

"(c)           the Leverage Ratio shall not exceed:

 

(i)           0,85:1, during the Waiver Period; and

 

(ii)           0.65:1, at all other times thereafter.";

 

	
(d)

	
by adding a new Clause 11.7 thereof as follows:

 

	
  

	
"11.7

	
Financial covenants and other facilities. During the Waiver Period if, in the opinion of the Lender, the Borrower or any other member of the Group, in the context of a financing made available on or prior to the date of the Second Supplemental Letter to the Borrower or any other member of the Group, agrees with any third party covenants which;

 

	
  

	
(a)

	
places that third party in a more favourable position than that applicable to the Lender pursuant to the Finance Documents; and

 

	
  

	
(b)

	
are more onerous than those imposed on the Borrower pursuant to the Finance Documents,

 

the Borrower shall give the Lender the benefit of such financial covenants by entering into a supplemental agreement to this Agreement and any of the other Finance Documents by which the applicable covenants and undertakings are amended and supplemented to bring them into line with those imposed on the Borrower or a member of the Group by that third party (with such supplemental agreement being entered into as soon as practicable after the imposition of such •financial covenants on the Borrower or that member of the Group by the third party)."; and

 

	
(e)

	
by construing all references in the Loan Agreement to "this Agreement" and all references in the Finance Documents to the "Loan Agreement" as references to the Loan Agreement as amended and supplemented by this Letter,

 

	
2

	
Conditions Precedent. We confirm our approval to these arrangements, subject to the following conditions:

 

	
(a)

	
original of (i) this Letter duly signed by the Borrower and (ii) the acknowledgement to this Letter confirming their agreement to the terms and conditions of the same duly signed by all Security Parties;

 

	
(b)

	
evidence that the waiver fee referred to in Clause 4 of this Letter has been received in full by the Lender;

 

	
(c)

	
copies of resolutions of the board of directors of the Borrower authorising the execution of this Letter;

 

	
(d)

	
the original of any power of attorney under• which this Letter is executed on behalf of the Borrower pursuant to the resolutions referred to in paragraph (c) above;

 

	
(e)

	
favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws of the Marshall Islands and such other relevant jurisdictions as the Lender may require;

 

  

2

  

	
(f)

	
documentary evidence that the agent for service of process named in clause 29 of the Loan Agreement has accepted its appointment in respect of this Letter; and

 

	
(g)

	
any other document or evidence as the Lender may request in writing from the Borrower.

 

	
3

	
Representations and Warranties. The Borrower represents and warrants to the Lender that:

 

	
(a)

	
the representations and warranties in Clause 9 of the Loan Agreement, as amended and supplemented by this Letter, remain true and not misleading if repeated on the date of this Letter with reference to the circumstances noW existing; and

 

	
(b)

	
the representations and warranties in the Finance Documents (other than the Loan Agreement) as amended and supplemented by this Letter remain true and not misleading if repeated on the date of this Letter with reference to the circumstances now existing,

 

	
4

	
Waiver Fee. On the date of this Letter the Borrower shall pay to the Leader a non-refundable waiver fee of $37,350.

 

	
5

	
Notices. The provisions of Clause 27 (Notices) of the Loan Agreement shall apply as if they were expressly incorporated herein.

 

	
6

	
Governing law. This Letter shall, and any non-contractual obligations arising out of it, be governed by and construed in accordance with English law and the provisions of Clause 29 (Law and Jurisdiction) of the Loan Agreement as if they were expressly incorporated herein.

 

All provisions of the Loan Agreement and the Finance Documents not supplemented, amended or varied by this Letter shall remain in full force and effect.

 

	
Yours faithfully

	  
	  	  
	  	  
	
/s/ VASSIYKI GEORGOPOULOS

	  
	VASSIYKI GEORGOPOULOS  	  
	  	  
	
Attorney-in-Fact

for and on behalf of

CREDIT SUISSE AG

	  

  

3

  

We hereby acknowledge receipt of the above letter and confirm our agreement to the terms hereof.

 

	  	  
	  	  
	
/s/ Maria Stefanou

	
/s/ Katerina Stoupa

	
Maria Stefanou

	
Katerina Stoupa

	
Attorney-in-Fact

for and on behalf of

BOX SHIPS INC.

	  
	  	  
	  	  
	  	  
	
Date: 28 May 2013

	  

  

4

  

We hereby confirm and acknowledge that we have read and understood the terms and conditions of the above Letter (the "Supplemental Letter") and agree in all respects to the same and confirm that the Finance Documents to which we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under (inter alia) the Loan Agreement and the Master Agreement each as amended and supplemented by the Supplemental Letter.

 

	  	  
	  	  
	
/s/ Maria Stefanou

	  
	
Maria Stefanou

	  
	
Attorney-in-Fact

for and on behalf of

TACITA OCEANWAY CARRIER CO.

	  
	  	  

	  	  
	  	  
	
/s/ Maria Stefanou

	  
	

Maria Stefanou

	  
	
Director

for and on behalf of

ALLSEAS MARINE S.A.

	  
	
 

 

 

 

Date: 28 May 2013

	  

 

 

 

 

 

  

5

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