Document:

EX-4.2

 Exhibit 4.2 

CORPORACIÓN NAVÍOS S.A. 

as Borrower 
 BANCO BILBAO VIZCAYA
ARGENTARIA URUGUAY S.A. 
 as Lender 

US$25, 000,000 SENIOR SECURED TERM LOAN 

FACILITY AGREEMENT 

 This Senior Secured Term Loan Facility Agreement is dated on December 15, 2016 and is made between: 

(1) CORPORACIÓN NAVÍOS S.A., a corporation (sociedad anónima) duly incorporated and existing under the laws of Uruguay,
with registered offices at Perú S/N Zona Franca de Nueva Palmira (hereinafter “Corporación Navíos” or the “Borrower”); and 

(2) BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY S.A., corporation (sociedad anónima) duly incorporated and existing under the laws of Uruguay and
duly authorized by the Executive Power and licensed by the Central Bank of Uruguay to act as a bank (hereinafter, the “Lender” and together with the Borrower, the “Parties”, and each a Party). 

It is agreed as follows: 
  

	1	Definition 

  

	1.1	Certain Defined Terms 

 Unless otherwise defined above, capitalized terms used in this Agreement shall
have the following meanings (such meanings to be equally applicable to both the singular and plural of the terms defined unless otherwise indicated): 

“Affiliate” means any Person directly or indirectly controlling, controlled by, or under common control with, any other Person. For this
purpose, “control” of any Person means ownership of 50.1% or more of the voting power of that Person. 
 “Agreement” means this
Senior Secured Term Loan Facility Agreement, together with its exhibits and schedules, as it may be amended, restated, amended and restated, varied, novated or supplemented or otherwise modified from time to time. 

“AML Laws” means any anti-money laundry laws or regulations and any similar law or regulation enacted in Uruguay after the date of this
Agreement and any law, rule and regulation similar to the foregoing in Uruguay or elsewhere. 
 “AML Prohibited Transaction” means any
transaction, investment, undertaking or activity that (i) conceals the identity, source or destination of the proceeds from any category of prohibited offenses designated by the Organization for Economic Co-operation and Development’s
Financial Action Task Force on Money Laundering, (ii) is related to any property (or interests in property) blocked pursuant to any anti-money laundering law, rule or regulation, (iii) evades or avoids (or has the purpose of evading or
avoiding) any of the prohibitions set forth in any anti-money laundering law, rule or regulation or (iv) violates any AML Laws. 

 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to
the Borrower or the Lender from time to time concerning or relating to bribery or corruption, including without limitation, the Uruguayan Law N° 17.008 and Law N° 17.060. 

“Anti-Terrorism Laws” has the meaning ascribed to it in Section 3(s)(i). 

“Applicable Law” means any bankruptcy or judicial or extra-judicial restructuring law and any other applicable law pertaining to preferential
transfers, fraudulent transfers or acts voidable by creditors, in each case as such law may be amended from time to time. 
 “Assets”
means, for any Person, all assets of such Person that have been or should be recorded as such in accordance with applicable GAAP. 
 “Availability
Period” means the period from the Facility Closing Date to and including the date which is (3) months thereafter. 

“Borrower” has the meaning ascribed to it in the preamble. 

“Business Day” means a day other than a Saturday or Sunday, on which commercial banks and other financial institutions are not required or
authorized to close in Montevideo, Uruguay. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests (such as quotas) in a Person (other than a corporation) and any and all warrants or options to purchase or subscribe for any of the foregoing. 

“Cash” means, for any Person or Persons at any time, the aggregate of all paper currency and coins, negotiable money orders and checks, bank
balances, marketable securities, immediately redeemable investments, trade and other receivables of such Person(s). 
 “Central Bank” means
the Central Bank of Uruguay (Banco Central del Uruguay). 
 “Change of Control” means that the Controlling Shareholder shall cease
to, collectively (i) own beneficially and control (either directly or indirectly) at least a majority of the Borrower’s issued and outstanding Capital Stock having the right to vote or other equity interests (or securities convertible into
equity interests) in the Borrower having the right to vote, or (ii) have the power (whether by ownership of Capital Stock, contract or otherwise) to control the management or policies of the Borrower. 

“Collateral” means the assets and properties in or over which a security interest has been granted or is purported to be granted to and for
the benefit of the Lender, to secure the Loans and the Obligations, pursuant to the Security Documents. 

 “Commitment Fee” means the fee applied to average daily unused commitments under the Loan,
payable together with interest payments as set forth in Section 9. 
 “Controlling Shareholder” is Navíos South American
Logistics Inc., a Marshall Island corporation. 
 “Credit Documents” means this Agreement, the Notes, the Security Documents and any other
agreement, document or instrument in connection with the Loan, in each case as amended, restated, amended and restated, varied, novated or supplemented or otherwise modified from time to time. 

“Credit Event” means a fact or event that results in a cross default with other Indebtedness of the Borrower not cured within thirty
(30) calendar days. 
 “Default” means the occurrence of an Event of Default or event or condition that, but for the requirement that
time elapses or notice be given, or both, would constitute an Event of Default. 
 “Disbursement” means a drawdown of the Loan Amount,
pursuant to a Notice of Disbursement. 
 “Disbursement Date” means in regards to either the Disbursement, the date of such disbursement.

 “Dividend” means, with respect to any Person, the declaration or payment of any dividend on or in respect of any shares of any class of
Capital Stock of such Person; retirement of any shares of any class of Capital Stock of such Person, the return of capital by such Person to its shareholders as such; or any other distribution on or in respect of any shares of any class of Capital
Stock of such Person, including, without limitation, payments of interest thereon. 
 “Dollars” and the designation “US$”
each means the lawful currency of the United States of America. 
 “ESG Laws” means any and all laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, requirements licenses, permits, or other Government Approvals of the Dirección Nacional del Medio Ambiente del Ministerio de Vivienda Ordenamiento Territorial y Medio Ambiente and applicable international
shipping and port regulations. 
 “Event of Default” has the meaning ascribed to it in Section 7. 

“Execution Date” means the date on which this Agreement is executed by the parties hereto. 

“Executive Order” has the meaning ascribed to it in Section 3(s)(i). 

 “Facility Closing Date” means the date on which all conditions precedent to the Disbursement
have been complied with or waived by the Lender. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement
(or any amended or successor versions that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b)(1) of the Code and any law, regulation, rule, promulgation, or official agreement implementing an official governmental agreement with respect to the foregoing. 

“Final Maturity Date” means the date which falls on 19 March 2022. 

“Financial Statements” has the meaning ascribed to it in Section 3(h). 

“GAAP” means generally accepted accounting principles and practices, whether Uruguay GAAP or US GAAP as may be applicable. 

“Governmental Approval” means any consent, license, approval, authorization, exemption, registration, filing, opinion or declaration from or
with, as the case may be, any Governmental Authority. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, any central bank (or similar monetary or regulatory authority) and any entity exercising executive, legislative, judicial, regulatory or administrative authority of or pertaining to a government (whether such authority
is recognized as a de jure government or is a de facto government). 
 “Hazardous Materials” means any hazardous or toxic
substance, materials or wastes, defined, listed, classified or regulated as such in or under any ESG Laws, including without limitation, asbestos, petroleum or petroleum products and sub products. 

“Indebtedness” means, as to any Person, without duplication, (i) all indebtedness of such Person in respect of (a) borrowed money
including, but not limited to, obligations in connection with acceptance facilities and letter of credit facilities and (b) the deferred purchase price of property or services, (ii) all payment obligations of such Person evidenced by
bonds, debentures, notes or other similar securities, (iii) all obligations of such Person as lessee under leases which shall have been or ought to be, in accordance with applicable GAAP, recorded as capital leases, (iv) net liabilities
arising under derivative transactions, repurchase agreements or hedging transactions, (v) all indebtedness of another Person secured by a Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become
liable for the payment thereof, (vi) all direct or indirect guarantees of such Person in respect of, and all obligations (contingent or otherwise) of such Person to any other Person in respect of, any of the above and (vii) all Refinancing
Indebtedness. 

 “Indemnified Parties” has the meaning ascribed to it in Section 10.12.1. 

“Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
obligation of the Borrower under any Credit Document, and (b) to the extent not otherwise described in (a), Other Taxes. 
 “Interest Payment
Date” means the last day of each Interest Period. 
 “Interest Period” means (i) the period commencing on the date of each
Disbursement and ending on (but not including) the date which is the last calendar day of that period; then (ii) each succeeding three-month period starting on the last day of the preceding Interest Period and ending on (but not including) the
date which is the last calendar day of that month, provided that (a) an Interest Period that would otherwise end after any respective Principal Repayment Date for the Loan shall end on such Principal Repayment Date; and (b) whenever the
last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period, subject to (a) above, shall be extended to occur on the next succeeding Business Day, provided, however, that, if
such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day. 

“Interest Rate” means Libor 180 days plus 3.25% with a minimum of 4.25% per annum, payable in arrears on the last day of each Interest
Period. 
 “Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture
or partnership or any other entity. 
 “Lender” has the meaning ascribed to it in the preamble. 

“Liabilities” has the meaning ascribed to it in Section 10.12.1. 

“Lien” or “Liens” shall mean a lien, mortgage, pledge, hypothecation, deposit arrangement, title retention, trust,
encumbrance, security interest or other charge, or any other type of preferential arrangement, priority or other security agreement having the practical effect of constituting a security interest, upon or with respect to any property or asset,
including, without limitation, any agreement to give any of the foregoing. 
 “Loan” has the meaning ascribed to it in Section 2.1.1.

 “Loan Amount” has the meaning ascribed to it in Section 2.1.1. 

“Material” means a value of principal, interest, obligation, undertaking or liability in excess of US$1,000,000 or the loss or breach of
which would result in a Material Adverse Effect. 

 “Material Adverse Effect” means a material adverse effect on (i) the current business,
assets, property, operations, or current condition (financial or otherwise) of the Borrower or its Subsidiaries, (ii) the binding effect, legality, validity or enforceability of any Credit Document, or the rights or remedies of the Lender
thereunder or (ii) the ability of the Borrower or any other Person to perform its obligations under any Credit Document to which the Borrower or such other Person is a party. 

“Notes” means the promissory notes in the form of Exhibit A, governed by Uruguayan law and duly executed by the Borrower with respect
to each Disbursement of the Loan. 
 “Notice of Disbursement” has the meaning ascribed to it in Section 2.2.1. 

“Obligations” means any and all obligations of the Borrower under any of the Credit Documents. 

“OFAC” has the meaning ascribed to it in Section 3(s)(i). 

“Permitted Purpose” has the meaning ascribed to it in Section 2.1.1. 

“Person” means any individual, corporation, partnership, trust, unincorporated organization, joint stock company or other legal entity or
organization and any Governmental Authority. 
 “Principal Repayment Date” means the date that is the last calendar day of each 3
month-period, provided, however, that the last Principal Repayment Date shall be the Final Maturity Date. In the event that a Principal Repayment Date shall be a day that is not a Business Day, then the Principal Repayment Date shall be the next
succeeding day that is a Business Day, provided, however, that, if such extension would cause the Principal Repayment Date to occur in the next following calendar month, the Principal Repayment Date shall occur on the next preceding Business Day.

 “Public Filings” means the information included under the 6-K public filings of Navíos South American Logistics, Inc. before the
U.S. Securities and Exchange Commission (“SEC”) of August 25, 2016, June 2, 2016 and the 20-F public filing before the SEC of April 25, 2016. 

“Requirement of Law” means with respect to any Person, any statutes, laws, treaties, rules, regulations, orders, decrees, writs, injunctions
or determinations of any arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” of any Person means any individual who is duly authorized to represent that Person in accordance with the corporate
documents or powers of attorney of that Person. 

 “Security Documents” means the assignment of receivables for at least US$ 15,000,000 to the
satisfaction of the Lender, as set forth in section 5.1., substantially in the form as indicated in Exhibit B. 
 “Shareholding
Structure” has the meaning ascribed to it in Section 3(t). 
 “Structuring Fee” means one quarter of a percent (0.25%) of the
Loan Amount payable by the Borrower to the Lender on the Facility Closing Date, and which shall be deducted from the Disbursement. 

“Subsidiary” means, as to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having
ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors (or similar governing body) or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. 

“Taxes” means, any and all present or future taxes, levies, imposts, duties, deductions, charges and withholdings whatsoever, and all
interest, penalties, additions or similar amounts with respect thereto or with respect to the non-payment thereof, now or hereafter imposed, assessed, levied or collected by any Governmental Authority. 

“Uruguay” means the Eastern Republic of Uruguay (República Oriental del Uruguay) 

“Uruguay GAAP” means generally accepted accounting principles and practices in Uruguay as in effect from time to time and applied on a
consistent basis. 
 “US GAAP” means generally accepted accounting principles and practices in the United States of America as in effect
from time to time and applied on a consistent basis. 
  

	1.2	Other Interpretive Provisions 

 1.2.1 The meanings of defined terms are equally applicable to the
singular and plural forms of the defined terms. 
 1.2.2 The words “hereof,” “herein,” “hereunder” and similar words
refer to this Agreement as a whole and not to any particular provision of this Agreement, and any subsection, section, article, annex, schedule and exhibit references are to this Agreement unless otherwise specified. 

1.2.3 The term “documents” includes any and all documents, instruments, written agreements, certificates, indentures, notices and other
writings, however evidenced (including electronically). 

 1.2.4 The term “including” is not limiting and (except to the extent specifically provided
otherwise) shall mean “including without limitation.” 
 1.2.5 Words importing the singular include the plural and vice versa and the
masculine, feminine and neuter genders include all genders. 
 1.2.6 Unless otherwise specified, in the computation of periods of time from a
specified date to a later specified date, the word “from” shall mean “from and including,” the words “to” and “until” each shall mean “to but excluding,” and the word “through” shall mean
“to and including.” 
 1.2.7 The terms “may” and “might” and similar terms used with respect to the taking of an action
by any Person shall reflect that such action is optional and not required to be taken by such Person. 
 1.2.8 Unless otherwise expressly provided
herein: (i) references to agreements (including this Agreement) and other documents shall be deemed to include all subsequent restatements, amendments and restatements, variations, novations or supplements and other modifications thereto, but
only to the extent that such amendments and other modifications are not prohibited by any Credit Document, and (ii) references to any applicable law are to be construed as including all statutory and regulatory provisions or rules
consolidating, amending, replacing, supplementing, interpreting or implementing such applicable law. 
 1.2.9 In the event of any conflict between
the terms and conditions of this Agreement and the terms and conditions of any other Credit Document, the terms and conditions of this Agreement shall prevail. 

1.2.10 The Credit Documents are the result of negotiations among, and have been reviewed by, counsel to the Borrower, the Lender, and are the work
products of all such Persons. Accordingly, they shall not be construed against the Borrower or the Lender merely because of any such Person’s involvement in their preparation. 

 

	2	The Loan 

  

	2.1	Commitment 

 2.1.1 The Lender agrees, subject to the terms and conditions and relying upon the
representations and warranties hereinafter set forth in this Agreement, to make a loan, in Dollars, to the Borrower, in the aggregate amount of up to twenty five million Dollars (US$ 25,000,000) (the “Loan Amount”) to be disbursed
within the Availability Period (the “Loan”) for general corporate purposes (the “Permitted Purpose”). The Disbursements shall be duly requested in writing by the Borrower to the Lender at least three
(3) Business Days in advance of each proposed date of a Disbursement. 
  

	2.1.2	The aggregate amount of the Disbursements shall not exceed the Loan Amount. 

  

	2.1.3	Amounts paid, repaid or prepaid in respect of the Loan shall not be re-borrowed. 

	2.2	Procedures for Borrowing; Funding by Lender 

 2.2.1 The Borrower shall draw the Loan in up to five
(5) disbursements by delivering irrevocable notices in the form of Exhibit C hereto (a “Notice of Disbursement”) to the Lender, during the Availability Period, and in no event after the end of the Availability Period,
which notice must be received no later than 4:00 P.M. (Montevideo time), three (3) Business Days prior to the requested Disbursement Date. The receipt of the Notice of Disbursement by the Lender shall obligate the Borrower to borrow the
aggregate principal amount of the Loan on the date set forth therein. 
 2.2.3 Subject to the terms and conditions of this Agreement, the
Disbursement (net of any expenses, fees or other payments to the Lender) shall be deposited by the Lender in the bank account of the Borrower with the Lender as indicated in the Notice of Disbursement. 

 

	2.3	Notes 

 Each Disbursement of the Loan made by the Lender shall be evidenced by a Note dated as of the
relevant Disbursement Date substantially in the form of Exhibit A and duly executed on behalf of the Borrower in an amount equivalent to 100% of each Disbursement, with the blanks to the satisfaction of the Lender and payable to the order of the
Lender. On each Disbursement, the Borrower shall substitute the Notes as may be requested by the Lender to reflect the Adjusted Repayment Schedule (as this term is defined in Section 2.7.3). 

 

	2.4	Interest on the Loan 

 2.4.1 The Borrower shall pay the Lender interest in Dollars on the
Disbursement at a rate per annum equal to the Interest Rate. Interest shall accrue on the Disbursement from the Facility Closing Date and shall be paid quarterly on each Interest Payment Date. 

2.5.2 Interest on the Disbursements shall be computed on the basis of a 365-day year and the actual number of days elapsed (including the first day but
excluding the last day). 
  

	2.6	Default Margin 

 Upon the occurrence and during the continuation of an Event of Default, including,
without limitation, if any amount due under any of the Credit Documents or under the Loan, including principal, interest, fees, premiums, expenses or any other amount, is not paid when due (whether at maturity, by acceleration or otherwise), then
interest (“interés moratorio”) shall accrue on all Disbursements at the Interest Rate plus two percent (2.00%) per annum. 

	2.7	Scheduled Repayment 

 2.7.1 The Borrower shall repay the principal amount of the Loan to the
Lender in Dollars on the dates and in the amounts set forth in Schedule 2.7.1 (the “Repayment Schedule”) together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

 2.7.2 If any date on which a repayment is due by the Borrower to the Lender pursuant to this Section 2.7 is not a Business Day, such payment
shall be due on the next succeeding Business Day. 
 2.7.3 If applicable, the Lender shall adjust the Repayment Schedule to reflect second, third,
fourth or fifth Notice of Disbursement, as the case may be, provided however that any such adjustment only affect the interest portion of the repayments. The principal repayments shall be maintained as the original Repayment Schedule (the
“Adjusted Repayment Schedule”). 
  

	2.8	Method of Payment 

 Except as otherwise provided herein, all payments and prepayments of principal and
all payments of interest, fees and other amounts payable hereunder shall be made by the Borrower to the Lender to the bank account provided in Schedule 2.8.1 (the “Repayment Bank Account”), or at such other account as the
Lender may from time to time specify in writing, with each such payment to be made in immediately available Dollars, on or before 2:30 p.m. (Montevideo time) on the due date thereof, without counterclaim or setoff and free and clear of, and without
any deduction or withholding for, any Taxes or other payments. 
 2.9 Illegality 

Notwithstanding any other provisions herein, if at any time the Lender shall have determined in good faith (which determination shall be final and conclusive
absent manifest error) that compliance by the Lender with any applicable law or governmental regulation, guidance or order of interpretation thereof or change therein by any Governmental Authority charged with the interpretation or administration
thereof or with any request or directive of any such Governmental Authority shall make it unlawful for the Lender to make or maintain the Loan, then, and in any such event, the Lender shall immediately notify the Borrower. If such change in
circumstances occurs prior to the Disbursement, then all the Lender’s obligations hereunder shall terminate without any indemnification in favor of the Borrower. If such change in circumstances occurs while the Loan is outstanding, the
outstanding amount of the Loan, together with accrued interest thereon and all other amounts payable to the Lender under this Agreement; shall be prepaid by the Borrower immediately or, if it is permitted by the relevant law, regulation, guideline,
order, request or directive, at the end of the then current Interest Period. 

 2.10 Increased Costs 

2.10.1 If after the date of this Agreement any law, rule, regulation, order or directive, whether or not having the force of law, or any interpretation
thereof by any Person charged with the interpretation or administration thereof (i) subjects the Lender to any tax, duty, mandatory contribution or other charge or payment of any kind whatsoever with respect to this Agreement or the Notes or
any other Credit Document, or to any extraordinary tax, or changes the basis of taxation of any payments to the Lender hereunder or under the Notes or any other Credit Document (except any change in the rate of tax on the overall income of the
Lender imposed by the jurisdiction in which the principal office of the Lender is located), or (ii) imposes, modifies or deems applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, the Lender (including any capital adequacy law or any change in the interpretation thereof), or shall impose on the Lender any other condition affecting this Agreement or the Notes, and the result of any of the foregoing
is to increase the cost to the Lender of making, converting to, continuing or maintaining the Loan, or to reduce the amount of any payment received or receivable by the Lender, or to impose on the Lender an obligation to make any payment to any
fiscal, monetary, regulatory or other authority calculated on or by reference to any amount received or receivable by it under this Agreement or the Notes, then the Borrower shall pay to the Lender, within ten (10) calendar days upon demand,
such additional amount or amounts as will compensate the Lender for such increased cost or reduction in the amount received or receivable by it. As of the Effective Date, Lender is not aware of any event that will entitle the Lender to such
additional amount or amounts pursuant to this Section 2.10. 
 2.10.2 The Lender shall notify the Borrower of any event that will entitle the
Lender to such additional amount or amounts pursuant to this Section 2.10 as promptly as practicable after becoming aware of such event, and shall use commercially reasonably efforts to mitigate such event. A certificate of the Lender setting
forth the basis for the determination of such additional amount or amounts necessary to compensate the Lender as provided herein shall be conclusive and binding, absent manifest error. 

2.11 Indemnity 
 The Borrower shall indemnify the Lender
against any loss or reasonable expense which the Lender may sustain or incur as a consequence of (i) any failure by the Borrower to fulfill on the date set forth in the Notice of Disbursement, the applicable conditions set forth in
Section 4, (ii) any failure by the Borrower to borrow any Disbursement hereunder after irrevocable notice of such borrowing has been given pursuant to Section 2.2, or (iii) any payment of the Loan on a date other than a Principal
Repayment Date therefor, including, in each such case, any loss or reasonable expense sustained or incurred or to be sustained or incurred in liquidating or employing deposits from third parties acquired to effect or maintain the Loan or any part
thereof. A certificate of the Lender setting forth in full detail any amount or amounts which the Lender is entitled to receive pursuant to this Section and evidencing a loss suffered or expense incurred by the Lender of such amount or amounts shall
be delivered to the Borrower and shall be conclusive absent manifest error. 

	3	Representations and Warranties 

 To induce the Lender to make the Loan to the Borrower, the Borrower
represents and warrants to the Lender on the Execution Date and on each Disbursement Date, that: 
 (a) Corporate Existence. The Borrower is a
corporation (sociedad ańonima) duly organized, validly existing and in good standing under the laws of Uruguay. The Borrower has all requisite corporate power and authority and all necessary licenses, authorizations, consents, approvals
and permits to own its properties and assets and to conduct its business as now conducted. 
 (b) No Breach. The execution, delivery and performance
of the Credit Documents will not (i) conflict with or result in a breach of, or require any consent under, its organizational documents, (ii) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award presently in effect and applicable to it, (iii) result in a breach of or constitute a default under any indenture or financing or credit agreement or any other material agreement, lease or instrument to which it is a
party or by which it or its properties are bound or affected, or (iv) result in or require the creation or imposition of any Lien upon or with respect to any of its properties or assets, other than pursuant to the Credit Documents. It is in
compliance with all applicable laws and regulations (including ESG Laws) and the terms of all licenses held by it or applicable to it, and is not in default under any agreement or instrument to which it is a party, except where the consequences of
such failure to comply or default could not reasonably be expected to result in a Material Adverse Effect. 
 (c) Authority; Binding Effect. It has
all necessary corporate power, authority and legal right to execute, deliver and perform its obligations under the Credit Documents; the execution, delivery and performance by it of the Credit Documents have been duly authorized by all necessary
corporate action on its part; and the Credit Documents (other than the Notes) have been duly executed and delivered by it, and constitute, and the Notes when executed and delivered will constitute, its legal, valid and binding obligations,
enforceable against it in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally. 

(d) Tax Returns and Payments. The Borrower operates in the Free Zone and is not subject to any taxes. 

(e) Litigation. There are no legal or arbitral proceedings, or any proceedings by or before any Governmental Authority or agency, now pending or
threatened against or affecting it or any of its respective Subsidiaries, properties or assets, either (i) with respect to or arising out of the Credit Documents or the transactions relating thereto, arising thereunder or (ii) which, if
reasonably determined, could reasonably be expected to have a Material Adverse Effect. 

 (f) Absence of Defaults. No Default or Event of Default has occurred and is continuing. 

(g) Governmental Approvals. No Governmental Approval or other act by or in respect of, any Governmental Authority, or consent or authorization of,
approval by or notice to any other Person (other than the parties to the Credit Documents) is required or is necessary (i) in connection with the execution, delivery and performance of the Credit Documents, (ii) for the legality, validity,
binding effect and enforceability against it of the Credit Documents, and (iii) for the availability and transfer of Dollars required to make payments under the Credit Documents. 

(h) Financial Condition. The financial statements of the Borrower, each dated as of December 31, 2015 (the “Financial
Statements”), including in each case the related schedules and notes (if available), fairly represent in all material respects the financial condition of the Borrower as of the dates and the results of its operations for the periods stated
therein (other than customary year-end adjustments for unaudited financial statements) and have been prepared in accordance with Uruguay GAAP, consistently applied throughout the periods involved (except as disclosed therein and except, with respect
to unaudited financial statements, for the absence of footnotes and normal year-end audit adjustments). The Borrower has no material contingent liabilities, liabilities for taxes, unusual forward or long term commitments or unrealized or anticipated
losses from any unfavorable commitments, except as otherwise disclosed in the Public Filings of the Controlling Shareholder and as referred to or reflected or provided for in such Financial Statements as at such date. Since August 25, 2016
there has been no material adverse change in the condition (financial or otherwise), operations, or business of the Borrower which could reasonably be expected to adversely affect the ability of the Borrower to perform its respective obligations
under any of the Credit Documents. 
 (i) Ranking. The obligations evidenced by each of the Credit Documents are its direct and unconditional
obligations, and rank to the extent not secured by the Collateral, at least pari passu in priority of payment and in all other respects with all its other secured obligations, whether now existing or hereafter outstanding. 

(j) Proper Form. This Agreement and the other Credit Documents (other than the Notes) are, and the Notes when executed will be, in proper legal form
under the laws of Uruguay for the enforcement thereof in Uruguay; and to ensure the legality, validity, enforceability, priority or admissibility in evidence of this Agreement, the Notes and the other Credit Documents it is not necessary that this
Agreement, the Notes or any other document, be filed, registered or recorded with, or executed or notarized before, any court or other authority in Uruguay or that any registration charge or stamp or similar tax be paid on or in respect of any
Credit Documents or any document relating to the matters covered by any Credit Document, other than as provided herein and therein. 

 (k) Choice of Law. In any action or proceeding involving it that arises out of or is related to this
Agreement, or the other Credit Documents, in any court of Uruguay, the Lender would be entitled to the recognition and enforcement of the choice of law provisions contained herein and therein. 

(l) No Immunity. Neither it nor any of its property has any immunity (sovereign or otherwise) from the jurisdiction of any court or from setoff or any
legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of any jurisdiction. 

(m) Solvency. After giving effect to the execution and delivery of the Credit Documents and the making of the Loan under this Agreement: (i) it
will not (x) be “insolvent” as defined or used in any Applicable Law, (y) be unable to pay its debts generally as such debts become due; and (ii) its obligations under the Credit Documents and with respect to the Loan will
not be rendered avoidable under any Applicable Law. 
 (n) Environmental Matters. Except as could not reasonably be expected to have a Material
Adverse Effect, the properties of it do not contain, and have not previously contained, Hazardous Materials in amounts or concentrations that constitute or constituted a material violation of, or reasonably could give rise to material liability
under, ESG Laws, and those properties and all operations at such properties are in compliance and at all times have been in compliance in all material respects with all ESG Laws, and there is no contamination or illegal deforestation at, under or
about the properties which could interfere materially with the continued operation of such properties or impair materially the fair market value thereof. The Borrower has not expressly assumed any liability of any Person under any ESG Laws. 

(o) Assets. It has good title to, or valid leasehold interests in, all its Assets, real and personal property material to its business. It owns or is
licensed or otherwise has the right to use all of the patents, contractual franchises, licenses, authorizations and other rights that are material for the operation of its business, without conflict with the rights of any other Person, except where
such conflict could not reasonably be expected to have a Material Adverse Effect. 
 (p) Completeness and Accuracy of Information. There is nothing
of which it is aware which would be reasonably likely to have a Material Adverse Effect which has not been disclosed to the Lender in writing in connection with or pursuant to the terms of the Credit Documents. All information supplied by it to the
Lender relating to it (including the representations, warranties and other assertions made under the Credit Documents) was true and accurate in all material respects as of the date supplied, and did not as of such date, and does not as of the date
hereof, omit to state any material information necessary to make the information therein contained, in light of the circumstances under which such information was supplied, not misleading provided that to the extent any such information was based
upon or constitutes a forecast or projection, the Borrower only represents that it acted in good faith and utilized reasonable assumptions and due care in the preparation of such information. 

 (q) Insurance. The Borrower has in full force and effect insurance coverage with insurance companies
believed by it to be financially sound and reputable and in such amounts and covering such risks as are usually carried by companies engaged in similar businesses in Uruguay and owning or operating properties or assets similar to those owned or
operated by it. 
 (r) Security Interests. On and after the date of execution and delivery thereof, the Security Documents create (or will create, as
the case may be), in favor of the Lender, as security for the Obligations, subject to the provisions hereof and thereof, a valid, enforceable and perfected first priority security interest in and Liens on all of the Collateral. The Borrower has good
title to all of its Collateral free and clear of all Liens, except as created under the Security Documents. No filings or recordings are required in order to perfect the security interests created under the Security Documents, except for filings or
recordings listed under this Agreement or in such agreements, all of which shall have been made as soon as practical after the Execution Date (but in no event after the Facility Closing Date), except as otherwise expressly provided herein or under
such agreements. 
 (s) Anti-Terrorism Laws 
 (i) The
Borrower, and to the extent of its knowledge, its Affiliates are in compliance with any laws relating to terrorism or money laundering (“Anti- Terrorism Laws”), including the regulations administered by the United States Treasury
Department’s Office of Foreign Asset Control (“OFAC”) and Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”). 

(ii) Neither the Borrower or, to the extent of its knowledge, any of its Affiliates or their respective brokers or other agents acting or benefiting in any
capacity in connection with the Loan, is any of the following: (A) a Person or entity that is listed in the annex to, or is otherwise subject to the prohibitions contained in, the Executive Order or the OFAC regulations; (B) a Person or
entity owned or controlled by, or acting for or on behalf of, any Person or entity that is listed in the annex to, or is otherwise subject to the prohibitions contained in, the Executive Order or the OFAC regulations; (C) a Person or entity
with which the Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the
Executive Order or the OFAC regulations; or (E) a Person or entity that is named on the most current list of “Specially Designated Nationals and Blocked Persons” published by OFAC at its official website or any replacement website or
other replacement official publication of such list. 
 (iii) Neither the Borrower, to the extent of its knowledge, nor any of its brokers or other agents
acting in any capacity in connection with the Loan (A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the 

 
benefit of any Person described in clause (ii) above, (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order or the OFAC regulations, or (C) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any
Anti-Terrorism Law. 
 (t) Shareholding Structure. Schedule 3(t) contains the detailed current shareholding structure of Navíos South American
Logistics Inc. (the “Shareholding Structure”). 
 (u) Anti-Corruption and Anti-Money Laundering Laws. Neither the Borrower, nor any
of its Affiliates, directors or officers, (i) has violated, or attempted to violate, any AML Laws or Anti-Corruption Laws or (ii) has engaged in any AML Prohibited Transaction. The Borrower has implemented and maintains in effect policies
and procedures designed to ensure compliance by the Borrower and its respective directors, officers, employees and agents with Anti-Corruption Laws and the Borrower and its respective officers and directors, are in compliance with AML Laws and
Anti-Corruption Laws in all respects and are not engaged in any activity that may reasonably be expected to result in the Borrower being designated as in violation with AML Laws or Anti-Corruption Laws. None of (a) the Borrower or any of its
respective directors, officers or employees, or (b) any agent of the Borrower that will act on behalf of Borrower in any capacity in connection with or benefit from the Loan, is in violation or will violate any AML Laws or Anti-Corruption Law
with respect thereto. With respect to the Borrower, no borrowing, use of proceeds or other transaction contemplated by this Agreement will violate any AML Laws or Anti-Corruption Law. 

(v) Indebtedness. Schedule 3(v) contains a list of any and all outstanding indebtedness of the Borrower as of the Execution Date. 

4 Conditions of Loans 
  

	4.1	Conditions to the Disbursement 

 The obligation of the Lender to make the Disbursement is subject to the
receipt by the Lender of each of the following documents, each of which shall be satisfactory to the Lender in form and substance: 
 (a) Credit
Documents. The Agreement and each of the Credit Documents, and any related documentation is duly executed and delivered by all parties thereto; 
 (b)
Notice of Disbursement. The Notice of Disbursement duly executed and delivered by the Borrower; 
 (c) Corporate Documents and Authorizations.
True and complete copies certified by a public notary in Uruguay of (i) the latest versions of the bylaws (Estatuto Social) of the Borrower duly registered and published, certified up to five (5) days prior to the Execution

 
Date in the Officer’s Certificate referred to in Section 4.1(e) as complete and correct copies thereof by a Responsible Officer, and (ii) the resolutions of the Borrower’s
board of directors, authorizing the execution, delivery and performance of the Credit Documents, the borrowings and the transactions contemplated thereunder. 

(d) Security Interest. The Lender shall have, under each of the Security Documents as evidenced in Exhibit B, a first priority perfected security
interest in the Collateral assigned under the Security Documents for the benefit of the Lender, which will include the acknowledgment from the assigned counterparties set forth under Exhibit D, or as amended from time to time. 

(e) Representations and Warranties. Receipt by the Lender of a certificate of the Borrower in terms substantially equal to Exhibit E stating that all
representations and warranties made in the Credit Documents are true, complete and accurate and receipt by the Lender of all satisfactory evidence reasonably required by the Lender that the representations and warranties contained in Section 3
of this Agreement, those made by the Borrower in the Credit Documents and those otherwise made by any of them in connection with the transactions contemplated by the Credit Documents as well as those representations and warranties made by the
Borrower and their Subsidiaries in connection with any of their respective Indebtedness shall be correct in all material respects and not misleading in any material respect as of the Disbursement Date (both before and after giving effect to the
Loan) with the same effect as if made at and as of such time; 
 (f) No Default. The Borrower shall have performed and complied with all terms and
conditions required to be performed or complied with by each of them under the Credit Documents and under all of its other Indebtedness, except where such failure has not resulted in a Credit Event, prior to or at the time of the Disbursement, or
cured any failure to perform, and at the time of the Disbursement, both before and after giving effect thereto, there shall exist no Default or Event of Default and no Default or Event of Default is expected to result from a Disbursement according
to Lender’s reasonable determination; 
 (g) Auditor. Evidence that an auditor, acceptable to the Lender, has been hired in order to provide
audited financial statements as from (and including) fiscal year 2016; 
 (h) Required Fees. The Borrower shall have paid or reimbursed the Lender,
for all fees, including attorney’s or other professional advisers fees, the Structuring Fee, the costs, expenses and commissions then due and payable (or incurred, as the case may be) to such Persons, including those fees pertaining to the
preparation of this Agreement and structuring of the transactions contemplated hereby and in the Credit Documents; 
 (i) No Material Adverse Effect and
Changes. Since the Execution Date, there has been no Material Adverse Effect; 
 (j) Other Conditions and Documents. Such other conditions and
documents as may be reasonably requested by the Lender to comply with regulatory, statutory or internal due diligence, which shall be duly requested before execution hereof. 

	5	Collateral 

  

	5.1	Assignment of receivables 

 As collateral security for the prompt and complete payment and performance
when due, whether at maturity, upon acceleration, extension or otherwise, of all Obligations, the Borrower enters as of today in an agreement for the assignment of receivables (“contrato de cesión de créditos”) in
terms substantially equal to Exhibit B and in accordance with Schedule 5 (a) 1. From time to time the Borrower will enter into any other agreement for the assignment of receivables in order to have a Collateral pursuant to the Security
Documents. The Borrower shall be entitled to substitute an expiring Security Document with another of similar size and form, to maintain the required collateral security. 
  

	6	Covenants 

  

	6.1	Affirmative Covenants 

 Unless there is a prior written consent of the Lender accepting otherwise, the
Borrower covenants and agrees that so long as any Obligation is outstanding: 
 (a) Financial Statements. It shall deliver to the Lender (i) its
audited consolidated financial statements, as of the end of its fiscal year, as soon as available, and in any event no later than one hundred and twenty (120) calendar days after the end of each fiscal year, and (ii) its unaudited
consolidated quarterly financial statements, as soon as available, and in any event no later than sixty (60) calendar days after the end of such fiscal quarter; in each case setting forth in comparative form the figures for the previous fiscal
periods, and accompanied by a report thereon of independent certified public accountants of recognized international standing selected by the Borrower and satisfactory to the Lender, which report shall state that such consolidated financial
statements present fairly, in all material respects, the financial position of each of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their changes in financial condition for the periods indicated
in conformity with Uruguay GAAP for annual audited financial statements and US GAAP or Uruguay GAAP, at Borrower’s option, for quarterly unaudited financial statements, applied on a basis consistent with prior years (except as otherwise
disclosed in the financial statements and, except with respect to unaudited financial statements, for the absence of footnotes and normal year-end adjustments) and that the examination by such accountants in connection with such consolidated
financial statements has been made in accordance with generally accepted accounting and auditing standards. 
 (b) Material Information. It shall
disclose to the Lender any and all material information, which will include, among other things, the following: (i) any fines exceeding US$ 250,000 (or its equivalent in other currencies) or penalties that have been imposed on

 
the Borrower other than in the ordinary course of business; (ii) any disputes, fines, or penalties related to the credits assigned pursuant to the Security Documents giving rise to a
litigation; (iii) any changes to the shareholder structure of the Borrower; and (iv) any suits, penalties, sanctions, or legal proceedings involving the Borrower’s shareholders that could reasonably be expected to cause a Material
Adverse Effect; 
 (c) Additional Information. It shall provide such other information (including certified copies of relevant documents) with
respect to the business, properties, condition and operations, financial or otherwise, of the Borrower, as the Lender may reasonably request; 
 (d)
Inspection. Shall permit any officers or employees of the Lender, as well as any third parties indicated by them, subject to prior written notice by the Lender and provided that Borrower’s operations are not affected, to (i) visit
and inspect any of its properties, (ii) discuss matters relating to an evaluation of the credit of the Borrower or relating to compliance with the Credit Documents with the principal officers of the Borrower, and (iii) to the fullest
extent permitted by law and applicable regulatory authorities, to review all books of record and account and any available reports or statements relevant thereto, all as often as they may reasonably request and during regular business hours, at the
reasonable and documented expense of the Borrower. 
 (e) Corporate Existence, Authorizations, Taxes and Maintenance of Properties. It shall (and
each of it shall cause its respective Subsidiaries to): 
 (i) do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and good standing, and all necessary and material rights, franchises, licenses, authorizations, consents, approvals and permits to own its properties and assets and to conduct its business; 

(ii) maintain in full effect the resolutions of the Board of Directors, authorizing the execution, delivery and performance of the Credit Documents and the
transactions contemplated thereunder; 
 (iii) promptly pay, discharge, or cause to be paid and discharged, all known taxes, assessments and other
governmental charges lawfully levied or imposed upon it or upon its income or profits or upon its operations, properties and assets or any part thereof before the same shall become in default, as well as all lawful claims which, if unpaid, might
become a Lien or charge upon any of its or its Subsidiaries’ properties or assets (or any part thereof); provided that, no such tax, assessment or claim need be paid if it is being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted; and 
 (iv) maintain, preserve and keep its properties and assets which are necessary for and material to the conduct
of its business and operations in good condition and working order (ordinary wear and tear excepted). 

 (f) Compliance with Laws and Contractual Obligations. It shall (and will cause its Subsidiaries to) comply
with any and all contractual obligations, Indebtedness (except where the failure to so comply will not result in a Credit Event), material agreements, regulations, rules, laws and orders applicable to it, including, without limitation, any and all
regulations, rules, laws and orders pertaining to social security, retirement and pension matters, in all material respects. By way of clarification and not of limitation, it will comply with all applicable ESG Laws and obtain and comply with and
maintain, any and all licenses, approvals, registrations or permits required by applicable ESG Laws and its businesses, operations, assets, equipment, property, leaseholds and other facilities shall be in compliance with the provisions of all ESG
Laws in all material respects. 
 (g) Books and Records. The Borrower will (and so will its Subsidiaries) satisfy corporate formalities required
under applicable Uruguayan law and maintain adequate books and records to record its business affairs and transactions. No bank account of the Borrower shall be commingled with any bank account of any other Person. 

(h) Insurance. The Borrower will (and will cause its Subsidiaries to) maintain its properties and assets at all times insured with financially sound
and reputable insurers in accordance with customary industry standards applicable to entities that operate in the same business and jurisdiction as it; the Borrower will (and will cause its Subsidiaries to) promptly, upon written request by the
Lender, deliver or cause to be delivered to the Lender originals or duplicate originals of all such policies of insurance. 
 (i) Contracts. It will
(and will cause its Subsidiaries to) fully perform its obligations under, and maintain in full force and effect during its respective term (except in the event of a breach by the other party), each existing and future agreement or instrument to
which it is a party or by which it is bound, except where the failure to so perform or maintain in full force and effect would not reasonably be expected to have a Material Adverse Effect or result in a Credit Event. 

(j) Ranking. The Borrower will (and will cause its Subsidiaries to) take all actions as may be necessary to ensure that its obligations to the Lender
evidenced by each of the Credit Documents will at all times be its direct and unconditional obligations, and rank, to the extent not covered by the Collateral, at least pari passu in priority of payment and in all other respects with all its other
equivalent debt, whether now existing or hereafter outstanding, except for obligations which are unconditionally preferred by law. 
 (k) Security
Interest. The Borrower will take all actions as may be necessary to execute any and all documents, in order to grant and maintain in favor of the Lender, as applicable in accordance with the Security Documents, first priority security interests
in each item of the Collateral perfected to the extent contemplated by the Security Documents. 
 (l) Capital expenditure. The Borrower will limit
its aggregate annual capital expenditure to US$ 5,000,000, except as otherwise required for the existing and ongoing port expansion project. 

 (m) Litigation Notices. Immediately and in any event within five (5) calendar days, give notice to
the Lender of any arbitral, administrative or judicial litigation or proceeding affecting the Borrower or any of its Subsidiaries in which, to the extent of the Borrower’s knowledge, (i) the amount involved is at least US$500,000
(ii) in which injunctive or similar relief is sought or (iii) which relates to any Credit Document or (iv) which could reasonably be expected to have a Material Adverse Effect or the outcome of which could result in a Credit Event.

 (n) Use of Proceeds. The Borrower shall use the proceeds of the Loan exclusively in accordance with the Permitted Purpose. 

(o) Maintenance of Property. The Borrower shall cause all of its properties used in or useful for the conduct of its business or the business of any of
its Subsidiaries to be maintained in good repair (normal wear and tear excepted), and will cause to be made any repairs, replacements or improvements thereto as may be reasonably necessary to conduct its business or the business of any of its
Subsidiaries. 
 (p) Maintenance of Ownership. Unless Borrower receives the prior written consent of the Lender, to transfer or assign the capital
stock of the Borrower, one hundred percent (100%) of the capital stock of the Borrower shall continue to be owned directly or indirectly by the Controlling Shareholder. 

(q) Credit Qualification. The Borrower shall be at all times at least category 2B or superior according to the Central Bank’s regulation. Should
the Borrower at any time be rated below the aforementioned category, it shall have thirty (30) days of the occurrence thereof to comply with this covenant. 

(r) Further Assurances. The Borrower shall cooperate with the Lender, and take all actions as may be necessary and execute and deliver such further
instruments and documents as the Lender shall reasonably request to carry out or perfect the interests, transactions, terms and conditions contemplated by the Credit Documents. 

 

	6.2	Negative Covenants 

 The Borrower agree that, so long as any Obligations are outstanding, it will not,
and will not permit any of its respective Subsidiaries to: 
 (a) Mergers and Related Events. Enter into any merger, acquisition, consolidation, or
amalgamation, (except for (i) any merger, consolidation or amalgamation in which the Borrower is the surviving party, provided that the Lender shall have approved (such approval shall not be unreasonably withheld) such merger, consolidation or
amalgamation prior to its implementation; and (ii) any merger or reorganization of a Subsidiary of the Borrower into (x) another Subsidiary of the Controlling Shareholder (for the avoidance of any doubt no approval or prior consent from
the Lender shall be required) or (y) the Borrower, so long as, in the cases of items (x) and (y) above, the surviving entity remains 

 
responsible for the Obligations or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution)), or enter into any reorganization or corporate restructuring, or sell all or
substantially all of its properties or assets. 
 (c) Change in Nature of Business. Make any material change in the nature of its business and
operations as carried on the date hereof. 
 (d) Limit on Accounting Changes. Make any change in accounting treatment or reporting practices, change
its fiscal year or promote any revaluation of its assets, except as permitted by applicable Uruguay GAAP or US GAAP or/and required by law. 
 (e)
Accounting Changes; Fiscal Year. Make any change to its or its Subsidiaries (a) accounting treatment and reporting practices or tax reporting treatment, except as required by Uruguay GAAP or any Requirement of Law and disclosed to the
Lender or (b) fiscal year. 
 (f) Auditor. Replace its designated Auditor, except with the consent of the Lender, which shall not be
unreasonably withheld. 
 (g) Dividend Payments. Dividend Payments shall be restricted by ten per cent (10%) of the Borrower’s Annual Net
Income (as defined in the Uruguay GAAP and Applicable Law), and therefore the Borrower shall be entitled to perform Dividend Payments for up to ninety per cent (90%) of its Annual Net Income. 

(i) Liens. Create, incur, assume or permit to exist any Liens on or with respect to any of the Collateral (except for those Liens created under the
Security Documents) or create, incur, assume or permit to exist any Liens on any of its other properties except for Liens incurred in the ordinary course of business or by operation of law. 

(j) Limits on Further Debts and Investments. Enter into, directly or through any existing or future Subsidiary, any Indebtedness during the first
twenty four (24) months of the Execution Date of this Agreement except up to US$ 5,000,000 per annum to be used in the ordinary course of business or as otherwise permitted by this Agreement. 

(k) Joint Ventures. The Borrower shall not (and shall not permit any of its Subsidiaries to) enter into, invest in or acquire (or agree to acquire) any
shares, stocks, securities or other interests in any Joint Venture, except if the Lender shall have approved such transaction prior to its implementation, such approval not to be unreasonably withheld. 

(m) Anti-Corruption and Anti-Money Laundering Laws. The Borrower, its Affiliates, directors or officers shall not (i) violate, or attempt to
violate, any AML Laws or Anti-Corruption Laws or (ii) engage in any AML Prohibited Transaction. 

	7	Events of Default 

 The following events shall constitute an Event of Default, which - other than the
Event of Default set forth in (a) below - shall have a thirty (30) day remedy period: 
 (a) The Borrower shall fail to pay when due any principal
or interest on the Loan or any other Obligation payable by it hereunder or under any other Credit Document; or 
 (b) The Borrower shall have defaulted in
the payment of the principal of or the interest on any of its Indebtedness (other than the Loan), when due, whether by scheduled maturity, required prepayment, acceleration, demand or otherwise, and such default shall continue beyond any period of
grace provided with respect thereto, or any other default shall have occurred under the terms of any instrument or agreement evidencing or setting forth terms and conditions applicable to any of its Indebtedness, or any other event shall occur or
condition exist, if the effect of such default, condition or event is to cause or permit the holder or holders of such indebtedness (or anyone acting on behalf of such holder or holders) to cause such Indebtedness to become due prior to its date of
maturity, in each case, which results in a Credit Event; or 
 (c) One or more judgments, arbitral awards or orders from which no further appeal is
permissible under applicable law for the payment of money aggregating in excess of one million Dollars (US$1,000,000) (or its equivalent in another currency) shall be rendered against any of the Borrower and such judgment, arbitral award or order
shall continue unsatisfied under the terms of the judgment, arbitral award or order (as amended or extended); or 
 (d) As may be permitted by applicable
laws, the Borrower, or any of its Subsidiaries and Affiliates, shall: (i) generally not, or be unable to, or shall admit in writing its inability to, pay its debts as such debts become due; (ii) make an assignment for the benefit of
creditors, or petition or apply to any tribunal or court for the appointment of a custodian, receiver, trustee or other similar official for it or any substantial part of its assets; (iii) commence any proceeding under any bankruptcy,
insolvency, restructuring, readjustment of debt, dissolution, winding-up or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (iv) have had any such petition or application (as described in (ii) above)
filed or any such proceeding (as described in (iii) above) shall have been commenced, against it, in which an adjudication or appointment is made or order for relief is entered, or which petition, application or proceeding is not dismissed
within forty-five (45) calendar days of the Borrower’s receipt of notice from the court of such filing or commencement; or (v) by any act or omission indicate its consent to, approval of or acquiescence in any such petition,
application or proceeding or order for relief or the appointment of a custodian, receiver or trustee for all or any substantial part of its property; or 

(e) The Borrower shall cease its business activities; or 

 (f) Any attachment, execution or legal process shall be enforced against any Assets or property of the Borrower
which has or could reasonably be expected to have a Material Adverse Effect, and such attachment, execution or legal process shall remain unstated and in effect for a period of forty-five (45) calendar days after the Borrower’s receipt of
notice from the court of such attachment, execution or legal process; or’ 
 (g) This Agreement, the Notes, any Security Document or any other Credit
Document shall cease, for any reason, to be in full force and effect (with the exception of section 5.1.), or the Borrower shall so assert; or any Security Document shall not give or shall cease in any material respect to give the Lender the Liens,
rights, powers and privileges purported to be created thereby (including a first priority perfected security interest in, and Lien on, all of the Collateral subject thereto) or the validity or enforceability of the Liens granted, to be granted, or
purported to be granted, by the Security Documents shall be contested by the Borrower, or any of their Subsidiaries; or 
 (h) This Agreement, the Notes,
any Security Document or any other Credit Document or any provision of any of the foregoing is declared to be illegal, invalid or unenforceable; 
 (i) A
Change of Control shall have occurred without the prior written consent of the Lender, such consent not to be unreasonably withheld; or 
 (j) All or any
substantial part of the undertaking, assets, properties or revenues of the Borrower is condemned, seized or otherwise appropriated by any Person acting under the authority of any Governmental Authority, the Borrower or any of the Borrower’s
Subsidiaries is prevented by any such Person from exercising normal control or use over all or any substantial part of its undertaking, assets, properties or revenues; or 

(k) (i) A Governmental Authority (including, without limitation, the Central Bank of Uruguay) shall (A) declare a general suspension of payments or
a moratorium on the payment of debt of the Borrower (which does not expressly exclude the Credit Documents) or (B) fail to exchange, or to approve or permit the exchange of, Pesos for Dollars, or take any other action including the
promulgation, operation or enforcement of any law, act, decree, regulation, ordinance, order, policy, or determination, or any modification of, or change in the interpretation of, any of the foregoing that has the effect of restricting or preventing
such exchange of Pesos for Dollars or the transfer of any funds outside Uruguay, beyond the extent to which such restrictions exist on the Execution Date, or (ii) the unavailability of Dollars in any legal exchange market therefore in Uruguay
in accordance with normal commercial practice; or 
 (l) The Borrower shall, without the prior consent of the Lender, (i) substantially change its
business; (ii) undergo a change in ownership, including but not limited to a merger or acquisition except (a) for transfer of Borrower’s shares among the Controlling Shareholder or its wholly-owned Subsidiaries; or 

 

	(m)	A Material Adverse Effect shall have occurred; 

 (n) Any preliminary court order (including, without limitation, any injunctions such as medida cautelar or
similar) is not dismissed in thirty (30) calendar days from the knowledge thereof by the Borrower or any final and definitive judicial decision (no longer subject to appeal) that, in either case, impedes the Borrower from continuing to render
all of the material services unless any said court order or judicial decision is the consequence of any act or omission not attributable to the Borrower; or 

(o) The Borrower shall fail to assign to the Lender the receivables of a third port transshipment contract by way of a Security Document, to the reasonable
satisfaction of the Lender, by July 1st 2017, as further described in Schedule 5 (a) 1. 

then, and in any such event, the Lender (i) may declare its obligation to make the Disbursement to be terminated, whereupon the same shall forthwith
terminate, and (ii) may, by notice to the Borrower, declare all or any portion of the Notes, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Notes, all such interest and all
such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed
entry of an order for relief with respect to the Borrower, (A) the obligation of the Lender to make the Disbursement shall automatically be terminated and (B) the Note, all such interest and all such amounts shall automatically become and
be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 
  

	8	Taxes 

 The Borrower agrees as follows with respect to Taxes: 

(a) Any and all payments by or on account of any obligation of the Borrower under each Credit Document shall be made without deduction or withholding for any
Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay
the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 8) the Lender receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
 (b) Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Taxes to the relevant
Governmental Authority in accordance with any Requirement of Law. 
 (c) As promptly as practicable after the payment of any Taxes by any Borrower to a
Governmental Authority pursuant to this Section 8, such Borrower shall furnish to the Lender reasonable evidence of the payment of such Taxes. 

	9	Commitment Fee 

 The Borrower agrees to pay the Lender a Commitment Fee in Dollars, for the period from
this date to the end of the Availability Period, on the daily average of the unused portion of the Loan Amount at a rate per annum equal to one per cent (1.00%). 
  

	10	Miscellaneous 

  

	10.1	Parties-in-Interest; Assignment; Participations 

 10.1.1 This Agreement shall be binding upon and inure
to the benefit of and be enforceable by the respective successors and permitted assigns of the Parties hereto; provided that the Borrower shall not assign nor transfer any of its rights or obligations hereunder without the prior written consent of
the Lender, which shall not be unreasonably withheld. 
 10.1.2 The Lender may assign to, without the consent of the Borrower, (a) any Affiliate of the
Lender, (b) any commercial bank, or (c) any finance company, insurance company, other financial institution which is regularly engaged in making, purchasing or investing in loans of similar type and nature as the Loan, all or a portion of
its rights and obligations under this Agreement (including, without limitation, all or a portion of its obligation to make the Loan to the Borrower), provided, however, that with respect to clause (c) above, the Lender shall obtain the prior
consent from the Borrower prior to assigning this Agreement to any finance company, insurance company or other financial institution or fund which is named on the most current list of “Specially Designated Nationals and Blocked Persons”
published by OFAC at its official website or any replacement website or other replacement official publication of such list. 
 10.1.3 The Lender may sell
participations to one or more banks or other entities in or to all or a portion of its rights and obligations under the Credit Documents (including, without limitation, all or a portion of its obligation to make the Loan to the Borrower); provided
that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the Borrower for the performance of such obligations, (iii) the Lender shall remain the holder of
the Notes for all purposes of this Agreement, and (iv) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under the Credit Documents. 

10.1.4 The Lender may, in connection with any assignment or participation, or proposed assignment or participation, pursuant to this Section 10.1,
disclose to the assignee or participant, or proposed assignee or participant, such financial or other information relating to the Borrower furnished to the Lender by or on behalf of the Borrower as the Lender shall deem appropriate including this
Agreement and any Credit Documents; provided that prior to any such disclosure, the assignee, designee or participant or proposed assignee, designee or participant shall agree to preserve the confidentiality of any information relating to the
Borrower received by it from the Lender. 

	10.2	Fees and Expenses 

 The Borrower will promptly pay: 

(a) the fees, expenses and disbursements incurred by the Lender in connection with the negotiation, preparation, execution, notarization, registration and
perfection of the Agreement, the Security Documents, the other Credit Documents and the related documentation and administration in connection herewith or pursuant hereto, and all reasonable fees, expenses and disbursements incurred by the Lender,
in connection with any amendments, modifications, approvals, consents or waivers pursuant hereto or thereto, in all cases, including but not limited to, legal fees (including any fees associated with the delivery of legal opinions by the
Lender’s counsel), tax advice fees and due diligence costs and expenses. 
 (b) all out-of-pocket expenses (including legal fees and costs) actually
incurred by the Lender in connection with the enforcement of any of the Credit Documents or related documentation, notwithstanding whether (i) the contemplated transaction is completed or (ii) the documentation in connection therewith is
executed, provided that, the Borrower shall not be required to reimburse the Lender for the expenses in the event that the transaction is not completed as a result of the Lender’s failure to complete the transaction due to its own fault; 

 

	10.3	Right of Set-Off 

 The Borrower hereby grants to the Lender a continuing lien, security interest, and
right of set-off as security for all liabilities and obligations owned to the Lender (including the Obligations), whether now existing or hereafter arising, upon and against any and all deposits, credits, collateral and property, now or hereafter in
the possession, custody, safekeeping or control of the Lender or any entity under the control thereof or in transit to any of them. At any time after an Event of Default has occurred and is continuing, without demand or notice (any such notice being
expressly waived by the Borrower), the Lender may set-off the same or any part thereof and apply the same to any liability or obligation of the Borrower (including the Obligations) even though unmatured and regardless of the adequacy of any
collateral for the Obligations. ANY AND ALL RIGHTS TO REQUIRE THE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY COLLATERAL FOR SUCH OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SET-OFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER
PROPERTY OF EACH OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

	10.4	Survival of Covenants 

 All covenants, agreements, representations and warranties made in the Credit
Documents and in any certificates or other documents delivered by or on behalf of each of the Borrower pursuant hereto are material and shall be deemed to have been relied upon by the Lender, notwithstanding any investigation heretofore or hereafter
made by it, and shall survive the making by the Lender of the Loan as herein contemplated, and shall continue in full force and effect for so long as any Obligation remains outstanding. All statements contained in any certificate or other document
delivered pursuant to the Credit Documents shall constitute representations and warranties by each of the Borrower hereunder. 
  

	10.5	Notices 

 All notices and other communications made or required to be given pursuant to this Agreement
shall be in writing and shall be mailed, sent by overnight courier or transmitted by fax as follows: 
  

	(a)	if to the Borrower: 

  

			
	To:	  	Claudio Pablo López
	Position:	  	CEO of Navios South American Logistics, Inc.
	Emails:	  	cpl@navioslogistics.com
	Address:	  	Paraguay 2141
		  	Office 1603
		  	Montevideo, Uruguay
	Phone:	  	+598 2927 2210
	Fax:	  	+598 2927 2219
		
	And	  	
		
	To:	  	Ruben Martinez
	Position:	  	General Manager of Corporación Navios S.A.
	Email:	  	rmartine@naviosterminals.com
	Address:	  	Paraguay 2141
		  	Office 1603
		  	Montevideo, Uruguay
	Phone:	  	+598 2927 2210
	Fax:	  	+598 2927 2219

  

	(b)	if to the Lender: 

  

			
	To:	  	Gonzalo Olivera
	Emails:	  	golivera@bbva.com
	Address:	  	25 de mayo 401
		  	Montevideo, Uruguay

 All such notices and communications shall be sent by electronic mail (which shall not constitute notice), and when mailed,
transmitted by fax or sent by overnight courier, be 

 
effective five (5) Business Days after deposit in the mails, the next Business Day after delivery to any internationally recognized overnight courier, and the same Business Day after
delivery by fax (confirmed by fax transmission confirmation) if sent prior to 5:00 pm Montevideo time or delivered in person. 
  

	10.7	Consent to Jurisdiction 

 12.7.1 The Borrower agrees that any action or proceeding relating in any way to
this Agreement or the Notes may be brought and enforced in the courts of Montevideo, Uruguay. 
  

	10.8	Captions 

 Captions in this Agreement are for convenience of reference only and shall not define or limit
the provisions hereof. 
  

	10.9	Separate Counterparts 

 This Agreement or any amendment may be executed in separate counterparts, each of
which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 

 

	10.10	Severability 

 If any provision of this Agreement or of the other Credit Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and of the other Credit Documents shall not be affected or impaired thereby and (b) the Parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	10.11	Consents, Amendments and Waivers 

 Neither this Agreement nor any of the other Credit Documents, nor any
provision hereof or thereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by, or approved in writing by the Borrower and the Lender. 

 

	10.12	Indemnification 

 10.12.1 The Borrower agrees to indemnify and hold harmless the Lender and its
Subsidiaries, Affiliates, officers, directors, employees, agents, representatives, successors 

 
and assigns (together, the “Indemnified Parties”) from and against any and all liabilities, losses, damages, penalties, actions, judgments, suits, costs, expenses
(including fees and expenses of counsel) and disbursements of any kind whatsoever (together, “Liabilities”) arising out of or by reason of any investigation or litigation or other proceedings (collectively, the
“Proceedings” and, individually, a “Proceeding”) related to the entering into or performance of this Agreement or any other Credit Document or the use of proceeds of the Loan or the consummation of any
of the transactions contemplated hereby or in any other Credit Document or the exercise of any of their rights or remedies provided herein or in the other Credit Documents, including, without limitation, the fees and disbursements of counsel
incurred in connection with any such Proceeding (but excluding any such Liabilities to the extent determined by the final and non-appealable judgment of a court of competent jurisdiction to specifically have been proximately caused by the gross
negligence or willful misconduct of the Person to be indemnified). To the extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentences may be unenforceable, the Borrower shall contribute the maximum portion
that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Liabilities incurred by the Indemnified Parties or any of them. 

10.12.2 Without limiting the foregoing, the Borrower, will defend, indemnify and hold harmless the Indemnified Parties from and against any Liabilities of
whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way relating to any Proceeding relating to any violation or noncompliance with or liability under ESG Laws or any licenses, orders, requirements or demands
of any Governmental Authority related thereto (including without limitation, reasonable attorney’s fees, court costs and litigation expenses), except to the extent determined by the final and non-appealable judgment of a court of competent
jurisdiction to specifically have been proximately caused by the gross negligence or willful misconduct of the Person to be indemnified. 
 10.12.3
Exception made to those obligations of the Lender, expressly set forth in the Credit Documents, such Persons shall have no other obligations or liabilities - directly, indirectly, implied or otherwise - towards the Borrower or any other Person
whatsoever. 
  

	10.13	Survival 

 Each of the Borrower’ obligations under Sections 2.11, shall survive the termination of
this Agreement. 
  

	10.14	Indivisible Obligations 

 All of the Obligations and any obligation of the Borrower pursuant to this
Agreement, any Credit Agreement or the Note, shall be indivisible. 
  

	10.15	Neutral Interpretation 

 In the interpretation of the Credit Documents, no party shall be deemed the
drafting party and each provision hereof and thereof shall be interpreted neutrally with no presumption arising in favor of one party or the other based upon which party prepared the drafts or the final version hereof or thereof. 

	10.16	Bank secrecy 

 (d) The Borrower hereby expressly waives bank secrecy (article 25 of Law 15.322) to the
fully extent permitted by law. 
  

	10.17	Automatic default 

 The Parties shall fall in automatic default (mora automática), without
need for any formal judicial or extrajudicial demand or act, for the sole action of performing or not performing an act that constitutes a violation to the terms and conditions of this Agreement. 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed and delivered by their
respective duly authorized representatives as of the date first above written. 
  

			
	

	By Corporación Navíos S.A.
	Name:	 	RUBEN MARTINEZ
	Position:	 	QTE. GENERAL
	
	

	By Banco Bilbao Vizcaya Argentaria S.A.
	Name:	 	Ma. del Rosario Corral
	Position:	 	APODERADA
	
	

	By Banco Bilbao Vizcaya Argentaria S.A.
	Name:	 	Eduardo Carrera Siri
	Position:	 	Apoderado B.

 Exhibit A – Notes 

Exhibit B – Security Documents 
 Exhibit C –
Notice of Disbursement 
 Exhibit D – Notice of Assignment with the acceptance 

Exhibit E – Officer Certificate 
 Schedule 2.7.1
– Repayment Schedule 
 Schedule 2.8.1 – Repayment Bank Account 

Schedule 3. (t) – Shareholding Structure 
 Schedule
3. (v) – Indebtedness 
 Schedule 5 (a) 1- Security Documentsgecc-ex45_146.htm

 

Exhibit 4.5

SECOND SUPPLEMENTAL INDENTURE

by and among

FULL CIRCLE CAPITAL CORPORATION, 

GREAT ELM CAPITAL CORP.

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

Dated as of November 3, 2016

 

 

 

 

SECOND SUPPLEMENTAL INDENTURE

This SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of November 3, 2016, is by and among Full Circle Capital Corporation a Maryland corporation (the “Company”), Great Elm Capital Corp., a Maryland corporation (“Successor”), and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below).

RECITALS OF THE COMPANY

WHEREAS, the Company and Trustee executed and delivered an indenture, dated as of June 3, 2013, (the “Base Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Base Indenture;

WHEREAS, the Company and Trustee executed and delivered a first supplemental indenture (the “First Supplemental Indenture” and, together with the Base Indenture and the Second Supplemental Indenture, the “Indenture”), dated as of June 28, 2013, providing for the issuance of the Company’s 8.25% Senior Notes due June 30, 2020 (the “Notes”);

WHEREAS, the Notes bear a CUSIP number of 359671 203 and an ISIN number of US3596712030; 

WHEREAS, the Company and Successor have entered into an agreement and plan of merger, dated as of June 23, 2016 (the “Merger Agreement”), which provides for the merger of Company with and into Successor (the “Merger”), with Successor continuing its existence under Maryland law; 

WHEREAS, the Merger shall become effective at 11:59 p.m. on the date of the filing of the articles of merger with the Department of Assessments and Taxation (the “Department”) of the State of Maryland; 

WHEREAS, the Notes shall require a new CUSIP number and ISIN number;

WHEREAS, Section 801 of the Base Indenture provides, among other things, that Company shall not merge with or into any other entity unless the entity formed by such consolidation or into which the Company is merged shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on the Notes and the performance of every covenant of the Base Indenture and the First Supplemental Indenture on the part of the Company to be performed or observed;

WHEREAS, Section 802 of the Base Indenture provides that upon any merger of the Company in accordance with Section 801 of the Base Indenture, the successor entity into which the Company is merged shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Base Indenture and the First Supplemental Indenture with the same effect as if such successor had been named as the Company under the Base 

 

 

Indenture and the First Supplemental Indenture and the Company shall be discharged from all obligations and covenants under the Base Indenture, the First Supplemental Indenture and the Securities, including the Notes, and may be dissolved and liquidated;

WHEREAS, each of the Company and the Successor has been duly authorized to enter into this Second Supplemental Indenture; and 

WHEREAS, all acts, conditions, proceedings and requirements necessary to make this Second Supplemental Indenture a valid, binding and legal agreement enforceable in accordance with its terms for the purposes expressed herein, in accordance with its terms, have been duly done and performed. 

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, Successor and the Trustee hereby agree as follows: 

Article I

REPRESENTATIONS AND WARRANTIES

SECTION 1.1. Representations of Company and Successor. 

Each of the Company and Successor represents and warrants to the Trustee as follows: 

(a) It is a Maryland corporation duly organized, validly existing and in good standing under the laws of the State of Maryland. 

(b) The execution, delivery and performance by it of this Second Supplemental Indenture have been authorized and approved by all necessary corporate action on its part. 

(c) Upon the filing and acceptance for record of the articles of merger by the Department of the State of Maryland or at such other time thereafter as is provided in the articles of merger (the “Merger Effective Time”), the Merger will be effective in accordance with the terms of the Merger Agreement and Maryland law. 

Article Ii

ASSUMPTION AND AGREEMENT OF SUCCESSOR

SECTION 2.1. Assumption and Agreement of Successor. 

(a) In accordance with Section 801 of the Base Indenture, Successor hereby expressly assumes all of the obligations of Company under the Base Indenture and the First Supplemental Indenture, including but not limited to the due and punctual payment of the principal of (and premium, if any) and interest, if any, on the Notes and the performance of every covenant of the Base Indenture and the First Supplemental Indenture on the part of the Company to be performed or observed.

(b) Successor shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Base Indenture and the First Supplemental Indenture with the same effect as if Successor had been named as the “Company” in the Base Indenture and the 

 

 

First Supplemental Indenture; and thereafter the Company shall be fully released from its obligations under the Base Indenture and the First Supplemental Indenture. 

Article IiI

TERMS OF THE NOTES

SECTION 3.1. Terms of the Notes. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 1.01(a) of the First Supplemental Indenture shall be amended by replacing such Section thereof with the following:

“The Notes shall constitute a series of Senior Securities having the title “8.25% Senior Notes due June 30, 2020.” The Notes shall bear a CUSIP number of 390320 208 and an ISIN number of US3903202089.” 

Article IV

miscellaneous

SECTION 4.1. Capitalized Terms. Capitalized terms used herein without definition shall have the meaning assigned to them in the Base Indenture as supplemented by the First Supplemental Indenture.

SECTION 4.2. Effective Time. This Second Supplemental Indenture shall become effective as of the Merger Effective Time. 

SECTION 4.3. Governing Law. This Second Supplemental Indenture shall be governed by and construed in accordance with the laws of the state of New York, without regard to principles of conflicts of laws. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

SECTION 4.4. Severability. In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

SECTION 4.5. Effects of the Indenture and the Notes. Except as expressly amended hereby, the Base Indenture, as supplemented and amended by the First Supplemental Indenture and by this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Base Indenture and the First Supplemental Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by the First Supplemental Indenture and by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture and the First Supplemental Indenture as supplemented by this Second Supplemental Indenture. 

 

 

This Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

SECTION 4.6. Counterparts. This Second Supplemental Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together constitute but one and the same Second Supplemental Indenture. The exchanges of copies of this Second Supplemental Indenture and of signatures by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes

SECTION 4.7. Headings. The headings of the Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed, all as of the date first above written. 

 

	
FULL CIRCLE CAPITAL CORPORATION

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Michael J. Sell

	
 
	
 
	
Name:
	
 
	
Michael J. Sell

	
 
	
 
	
Title:
	
 
	
Chief Financial Officer, Treasurer and Secretary

 

 

 

 

	
GREAT ELM CAPITAL CORP.

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Peter A. Reed

	
 
	
 
	
Name:
	
 
	
Peter A. Reed

	
 
	
 
	
Title:
	
 
	
Chief Executive Officer

 

 

 

 

	
U.S. BANK NATIONAL ASSOCIATION, as Trustee

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Karen R. Beard

	
 
	
 
	
Name:
	
 
	
Karen R. Beard

	
 
	
 
	
Title:
	
 
	
Vice President

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