Document:

Exhibit 4.16

  

  

  

  

  

  

  

  

  Dated:         2 March 2021

   

  

  

  

  

  

  

  

  

  

  

  

  

  	 	
          CASTOR MARITIME INC.

        	
          (1)

        

  

  

  and

  

  

  	 	
          THALASSA INVESTMENT CO. S.A.

        	
          (2)

        

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

   

  

  FIRST SUPPLEMENTAL AGREEMENT

  to the Loan Agreement

  dated 30 August 2019

   

  

  

  

  

  

  

  
    
      

  

  
  

  

  	THIS AGREEMENT is dated	
            2 March 2021

        

  

  

  BETWEEN:

  

  

  	(1)	
          CASTOR MARITIME INC., a corporation duly incorporated in the Republic of Marshall
            Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the “Borrower”);

        

  

  

  	(2)	
          THALASSA INVESTMENT CO. S.A., a corporation duly incorporated in the Republic of
            Liberia and having its registered address at 80 Broad Street, Monrovia, Liberia (the “Lender”);

        

  

  

  AND IT IS HEREBY AGREED as follows:

  

  

  

  

  
    	
            1.

          	
            WHEREAS

          

  

  

  

  1.01 This Agreement is a supplemental agreement to a term loan
    agreement dated 30 August 2019 (the “Original Agreement”) made between (i) Castor Maritime Inc. (the “Borrower”) incorporated under the laws of the Republic of the Marshall Islands as borrower, and (ii) Thalassa Investment Co. S.A. (the “Lender”) incorporated under the laws of the Republic of Liberia as lender, by which the Lender in accordance with the terms and conditions of the Original Agreement made available to the Borrower a term loan facility of US
    Dollars Five Million (US$ 5,000,000).

  

  

  1.02 The Borrower served a Utilisation Request on 30 August 2019
    and has drawn the Facility in the amount of US Dollars Five Million (US$ 5,000,000) on 3 September 2019 under the Original Agreement. The Borrower hereby accepts and acknowledges that the amount of the Loan owing to the Lender is on the date hereof US
    Dollars Five million (US$ 5,000,000) plus interest.

  

  

  1.03 The Borrower has requested and hereby requests that the Lender
    grants an extension of six (6) months for repayment of the Loan and interest and the Lender expressed its intention to agree to the abovementioned request of the Borrower subject to the terms and conditions of the Original Agreement, as amended by this
    Agreement.

  

  

  1.04 This Agreement sets out the amendments which the parties have
    agreed to make to the Original Agreement and constitutes an integral part thereof.

  

  

  

  

  
    	
            2.

          	
            DEFINITIONS AND INTERPRETATION

          

  

  

  

  2.01 Unless the context otherwise requires or unless otherwise
    defined herein, words and expressions defined in the Original Agreement shall have the same meaning when used in this Agreement.

  

  

  2.02  Unless the context otherwise requires, references in the Original Agreement to “this Agreement” shall be references to the Original Agreement as amended and supplemented by

  
    2

    
      

  

  

  

  this Agreement and words such as “herein” where they appear in the Original Agreement, shall be construed accordingly.

  

  

  

  

  
    	
            3.

          	
            LENDER’S CONSENT

          

  

  

  

  3.01. The Lender, relying upon the repetition of the representations
    and warranties of the Original Agreement by the Borrower and reconfirmation of its obligations (as per Clause 5 of this Agreement), agrees and consents to granting an extension of six (6) months for repayment of the Loan and interest, upon and subject
    to the terms of the Original Agreement as amended by this Agreement.

  

  

  

  

  
    	
            4.

          	
            AMENDMENTS TO THE ORIGINAL AGREEMENT

          

  

  

  

  4.01 It is hereby agreed that with effect from the date of this
    Agreement Clause 5.01 of the Original Agreement is amended to read as follows:

  

  

  5.01 (Repayment)
    The Loan shall be repaid in full on the date that is twenty-four months (24) following the Drawdown Date (the “Maturity Date”).

  

  

  

  

  
    	
            5.

          	
            REPETITION OF ORIGINAL AGREEMENT REPRESENTATIONS AND WARRANTIES AND RECONFIRMATION BY THE BORROWER

          

  

  

  

  5.01 The Borrower and the Lender represent and warrant that the
    representations and warranties in Clause 7 of the Original Agreement remain true at the date of this Agreement and are repeated herein as if contained in this Agreement and as if made with reference to the facts and circumstances existing on the date
    hereof in connection with this Agreement.

  

  

  5.02 The Borrower hereby reconfirms its obligations under the Original Agreement and its compliance with the covenants contained in Clause 9 of the Original Agreement.

  

  

  

  

  
    	
            6.

          	
            CONDITIONS PRECEDENT

          

  

  

  

  6.01 (Conditions concerning corporate authorisation) The granting by the Lender to the Borrower of an extension to the repayment of the Facility shall be subject to the conditions that prior to and/or simultaneously with
    the execution of this Agreement or on any such other longer period as the Lender may agree, the Lender shall have received the following documents and evidence in form and substance reasonably satisfactory to the Lender, unless the Lender has
    specifically waived any of the following documents:

  

  

  (i) a recent certificate of incumbency of the Borrower signed by the secretary or a director of the Borrower stating its officers and/or its
    directors and/or its shareholders;

  

  

  (ii) minutes of meeting of the board of directors of the Borrower at which there is approval of the entry into, execution, delivery and performance
    of this Agreement;

  

  

  (iii) evidence of the due authority of any person signing this Agreement, and any other

  
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  documents executed or to be executed pursuant hereto on behalf of the Borrower.

  

  

  

  

  
    	
            7.

          	
            MISCELLANEOUS

          

  

  

  

  7.01 (Counterparts) This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute one agreement.

  

  

  7.02 Save for the amendments set forth in this
    Agreement, all other terms of the Original Agreement remain unchanged and in full force and effect.

  

  

  7.03 The Original Agreement and this Agreement
    constitute an integral document which is valid and binding upon its parties in accordance with its terms.

  

  

  7.04 Each Party shall bear its own costs of, and
    incidental to, the preparation, negotiation, execution and implementation of this Agreement.

  

  

  7.05 (Governing Law and Jurisdiction) Clause 12
    (Governing Law and Jurisdiction) of the Original Agreement, shall apply to this Agreement as if it was expressly incorporated in this Agreement with any necessary modifications.

  

  

  

  

  
    4

    
      

  

  

  

  IN WITNESS whereof, the parties hereto have caused this agreement to
    be duly executed the day and year first above written.

  

  

  	
          SIGNED by

          Petros Panagiotidis

          for and on behalf of

          CASTOR MARITIME INC.

          the Borrower

        	
          )

          )

          )

          )

          )

        	
          __________________

           

        

  

  

  

  

  	
          SIGNED by

          Loucas Hadjiyiangou

          for and on behalf of

          THALASSA INVESTMENT CO. S.A.

          the Lender

        	
          )

          )

          )

          )

        	
          __________________

           

        

  

  

  

  

   

    

   

    

   

    

  5medp-ex101_6.htm

 

Exhibit 10.1

 

Amendment No. 2 to Loan Documents

 

THIS AMENDMENT NO. 2 TO LOAN DOCUMENTS (this “Amendment”) is made as of March 29, 2021 by and between MEDPACE, INC., an Ohio corporation (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

A.The Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other agreements, instruments, certificates and documents, which are more fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence or secure the indebtedness and other obligations of the Borrower to the Bank (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents, the “Obligations”).  Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents.  

 

B.The Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment. 

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.The Loan Documents are amended as set forth in Exhibit A.  Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment.  This Amendment is deemed incorporated into each of the Loan Documents.  To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control.

 

2.The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms.  The Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.  

 

3.The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted pursuant to the Loan Documents by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

 

4.As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A.  Borrower will also promptly pay to the Bank all fees and expenses incurred by the Bank in connection with this Amendment, including reasonable attorneys’ fees.

 

 

 

5.To induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers, directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Bank or any of them arising out of or relating to the Obligations.  The Borrower further agrees to indemnify and hold the Bank and its officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including reasonable attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any claims arising out of or relating to the Obligations.  The Borrower further states that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants the same as its own free act and deed.

 

6.This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument.   Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart.  Upon written request by the other party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.  

 

7.Notwithstanding any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Loan Documents, any other amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record.  Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.  The Borrower and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents include electronic transmittal to any electronic address provided by either party to the other party from time to time.  

 

8.This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective successors and assigns.

 

9.This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State identified in and governing the Loan Documents that are being amended hereby (the “State”), excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State (or, to the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures in Global and National Commerce Act).  This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State.  

 

10. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed.  Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby reserved).  The Borrower expressly ratifies and confirms the confession of judgment (if applicable), waiver of jury trial or arbitration provisions, as applicable, contained in the Loan Documents, all of which are incorporated herein by reference.

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WITNESS the due execution of this Amendment as of the date first written above.

 

MEDPACE, INC.

	
 
	
By:
	

Name:
Title:

 

SIGNATURES CONTINUE ON FOLLOWING PAGE

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Signature Page to Amendment No. 2 to Loan Documents (MEDPACE)

PNC BANK, NATIONAL ASSOCIATION

	
 
	
By:
	

Name:
Title:

 

 

 

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EXHIBIT A TO

AMENDMENT NO. 2 TO LOAN DOCUMENTS

DATED AS OF MARCH 29, 2021

 

 

	
A.
	
Loan Documents.  The “Loan Documents” that are the subject of this Amendment include the following (as each of such documents has been amended, modified or otherwise supplemented previously):

 

	
 
	
1.
	
      Loan Agreement between Borrower and the Bank dated as of September 30, 2019

 

	
 
	
2.
	
      Revolving Credit Note by Borrower payable to the order of the Bank dated as of September 30,    2019 (the “Note”)

 

	
 
	
3.
	
      Guaranty by Medpace Intermediateco, Inc., a Delaware corporation, in favor of the Bank dated as of September 30, 2019

 

	
 
	
4.
	
       All other documents, instruments, agreements, and certificates executed and delivered in connection with the Loan Documents listed in this Section A.

 

B.Amendment.  The Loan Documents are amended as follows:

 

	
 
	
1.
	
The second (2nd) sentence of Section 1 of the Note is hereby amended and restated by the following:

 

“The “Expiration Date” shall mean March 31, 2022, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower.”

 

	
C.
	
Conditions to Effectiveness of Amendment. The Bank’s willingness to agree to the amendments set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

	

	
1.Execution by all parties and delivery to the Bank of this Amendment.

 

 

 

 

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CONSENT OF GUARANTOR

 

MEDPACE INTERMEDIATECO, INC., a Delaware corporation (the “Guarantor”) consents to the provisions of the foregoing Amendment No. 2 to Loan Documents (the “Amendment”) and all prior amendments (if any) and confirms and agrees that: (a) the Guarantor’s obligations under its Guaranty Agreement dated as of September 30, 2019 (the “Guaranty”), relating to the Obligations referenced in the Amendment, shall be unimpaired by the Amendment; (b) the Guarantor has no defenses, set offs, counterclaims, discounts or charges of any kind against the Bank, its officers, directors, employees, agents or attorneys with respect to the Guaranty; and (c) all of the terms, conditions and covenants in the Guaranty remain unaltered and in full force and effect and are hereby ratified and confirmed and apply to the Obligations, as modified by the Amendment.  The Guarantor certifies that all representations and warranties made in the Guaranty are true and correct. 

 

The Guarantor hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Guarantor or third parties (if applicable), shall continue unimpaired and in full force and effect, shall cover and secure all of the Guarantor’s existing and future Obligations to the Bank, as modified by this Amendment.

 

By signing below, the Guarantor agrees that this Consent, the Guaranty, the other Loan Documents, any amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record.  Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.  The Guarantor acknowledges and agrees that the methods for delivering Communications, including notices, under the Guaranty and the other Loan Documents include electronic transmittal to any electronic address provided by any party to the other party from time to time.  

 

The Guarantor ratifies and confirms the indemnification, confession of judgment (if applicable) and waiver of jury trial or arbitration provisions contained in the Guaranty, all of which are incorporated herein by reference.

 

WITNESS the due execution of this Consent as of the date of the Amendment, intending to be legally bound hereby.

 

MEDPACE INTERMEDIATECO, INC.

	
 
	
By:
	

Name:
Title:

 

 

 

 

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