Document:

EX-4.43

 EXHIBIT 4.43 

SUPPLEMENTAL LETTER 
  

	To:	DUNE SHIPPING CORP. 

	 	NAVIOS MARITIME PARTNERS LP 

	 	each of 

	 	Trust Company Complex 

	 	Ajeltake Road, Ajeltake Island 

	 	Majuro MH 96960 

	 	The Marshall Islands 

  

	From:	HSH NORDBANK AG 

	 	Gerhart-Hauptmann-Platz 50 

	 	20095 Hamburg 

	 	Germany 

 22 March 2016 

Dear Sirs 
 Loan agreement dated 16 April 2015 the
“Loan Agreement”) made (originally) between (i) Dune Shipping Corp. (the “Borrower”) and Citrine Shipping Corporation as joint and several borrowers, (ii) the banks and financial institutions listed therein as lenders
(together, the “Lenders”) and (iii) HSH Nordbank AG as agent (the “Agent”), mandated lead arranger, bookrunner, underwriting bank and security trustee (the “Security Trustee”) in respect of secured term loan
facility of (originally) up to US$164,000,000 and guarantee dated 16 April 2015 (the “Guarantee”) and made between (i) Navios Maritime Partners LP as guarantor (the “Guarantor”) and (ii) the Security Trustee.

 Words and expressions defined in the Loan Agreement shall have the same meaning when used in this letter. 

We refer to: 
  

	(a)	the Loan Agreement; 

  

	(b)	the Guarantee; and 

  

	(c)	your request (the “Request”) for amendment of certain financial covenants provided in the Guarantee. 

The Borrower and the Guarantor hereby acknowledge that as at the date hereof the outstanding amount of the Loan is $75,384,375. 

 

	1	Agreement 

 In consideration of the matters contemplated in this letter, the Creditor
Parties hereby agree to the Request subject to: 
  

	(a)	the conditions set out in paragraph 4 below; and 

  

	(b)	the Borrower and the Security Parties executing the acknowledgement to this letter confirming their agreement to the terms and conditions of the same. 

 

	2	Amendments to the Guarantee and the other Finance Documents 

 In consideration of the
agreement of the Creditor Parties referred to in paragraph 1 of this letter and upon and with effect from the date on which the Agent notifies the Borrower and the Guarantor in writing of the satisfaction of the conditions referred to in paragraph 5
below (the “Effective Date”), the Guarantee and the other Finance Documents shall be, and shall be deemed by this letter to be, amended as follows: 

	(a)	by inserting the following new definition in clause 1.2 of the Guarantee: 

“”Amendment Period” means the period commencing on 1 October 2015 and ending on the last day of the financial
quarter that precedes the financial quarter in respect of which the Guarantor declares and/or pays any dividend or any other form of distribution;”; 
  

	(b)	by deleting the existing paragraphs (a), (b) and (c) of clause 12.3 of the Guarantee in their entirety and inserting in their place the following new paragraphs: 

 

	 	“(a)	the Market Value Adjusted Leverage shall be less than: 

  

	 	(i)	75 per cent., during the Amendment Period; and 

  

	 	(ii)	65 per cent., at all other times; 

  

	 	(b)	the Interest Coverage Ratio shall be no less: 

  

	 	(i)	2.00:1, during the Amendment Period; and 

  

	 	(ii)	5.00:1, at all other times; 

  

	 	(c)	the Market Value Adjusted Net Worth of the Group shall not be less than: 

  

	 	(i)	$135,000,000, during the Amendment Period; and 

  

	 	(ii)	$250,000,000, at all other times;”; 

  

	(c)	by construing all references in the Guarantee to “this Guarantee”, “hereunder” and the like and in the Finance Documents to the “Guarantee” as references to the Guarantee as amended and/or
supplemented by this letter; 

  

	(d)	by construing the definition of, and references throughout each of the Finance Documents to, the Guarantee and any of the other Finance Documents as if the same referred to the Guarantee and those Finance Documents as
amended and supplemented by this letter; and 

  

	(e)	by construing references throughout each of the Finance Documents to “this Agreement”, “this Deed”, “hereunder” and other like expressions as if the same referred to such Finance Documents
as amended and supplemented by this letter. 

  

	3	Loan Agreement, Guarantee and Finance Documents 

 The Borrower and the Guarantor hereby
agree with the Creditor Parties that all other provisions of the Loan Agreement, the Guarantee and the Finance Documents to which the Borrower and the Guarantor is a party shall be and are hereby re-affirmed and remain in full force and effect. 

 

	4	Representations and Warranties 

  

	4.1	The Borrower hereby represents and warrants to the Creditor Parties that: 

  

	(a)	the representations and warranties contained in clause 10 of the Loan Agreement are true and correct on the date of this letter as if all references therein to “this Agreement” were references to the Loan
Agreement as supplemented by this letter; and 

  
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	(b)	this letter comprises the legal, valid and binding obligations of the Borrower enforceable in accordance with its terms. 

  

	4.2	The Guarantor hereby represents and warrants to the Creditor Parties that: 

  

	(a)	the representation and the warranties contained in clause 10 of the Guarantee are true and correct on the date of this letter as if all references to “this Guarantee” were references to the Guarantee as
supplemented by this letter; and 

  

	(b)	this letter comprises the legal valid and binding obligations of the Guarantor enforceable in accordance with its terms. 

  

	5	Conditions 

 Our agreement contained in paragraph 1 of this letter shall be expressly
subject to the condition that we shall have received in form and substance as may be approved or required by us on or before the Effective Date: 
  

	(a)	an original of this letter duly executed by the parties to it and counter-signed by each Security Party; 

  

	(b)	evidence satisfactory to the Agent that any fees due in respect of the amendments contemplated in this letter have been paid; and 

  

	(c)	if the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

 

	6	Notices 

 In respect of the Borrower, clause 28 (Notices) of the Loan Agreement, and in
respect of the Guarantor, clause 17 (Notices) of the Guarantee shall extend and apply to this letter as if the same were (mutatis mutandis) herein expressly set forth. 
  

	7	Governing Law 

 This letter and any non-contractual obligations arising out of or in
connection with it shall be governed by and construed in accordance with English law and clause 19 (Governing Law and Jurisdiction) of the Guarantee shall extend and apply to this letter as if the same were (mutatis mutandis) herein expressly set
forth. 
 Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance at the foot of this letter. 

Yours faithfully 
  

	
	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias
 for and on
behalf of

	 HSH NORDBANK AG
 as Lender

  
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	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias
 for and on
behalf of

	 HSH NORDBANK AG
 as Underwriting Bank

 

	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias
 for and on
behalf of

	 HSH NORDBANK AG
 as Bookrunner

 

	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias
 for and on
behalf of

	 HSH NORDBANK AG
 as Mandated Lead
Arranger
  

	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias
 for and on
behalf of

	 HSH NORDBANK AG
 as Agent

 

	 /s/ Constantinos Mexias

	 SIGNED by Constantinos Mexias

for and on behalf of

	 HSH NORDBANK AG
 as Security
Trustee

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

 

	
	 /s/ Vasiliki Papaefthymiou

	
	for and on behalf of
	 DUNE SHIPPING CORP.
  

	 Date: 22 March 2016
  

	 /s/ Vasiliki Papaefthymiou
  

for and on behalf of

	 NAVIOS MARITIME PARTNERS LP
  

	Date: 22 March 2016

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

	
	 /s/ Vasiliki Papaefthymiou

	  
 for and on behalf of

	 NAVIOS SHIPMANAGEMENT INC.
  

	Date: 22 March 2016

  
 6EX-4.45

 EXHIBIT 4.45 

ABN AMRO Bank N.V. letterhead 
  

			
	To:	  	 Limestone Shipping Corporation
 Trust Company
Complex
 Ajeltake Road, Ajeltake Island
 Majuro, Marshall
Islands, MH96960

		
	and to:	  	 Navios Maritime Partners LP
 Trust Company
Complex
 Ajeltake Road, Ajeltake Island
 Majuro, Marshall
Islands, MH96960

 Dated: 22 March 2016 

Dear Sirs 
 Loan agreement dated as of 22 September 2014
(as amended and supplemented by a supplemental agreement dated 8 April 2015, the “Loan Agreement”) and made between (1) Limestone Shipping Corporation of the Marshall Islands as Borrower, (2) ABN AMRO Bank N.V. as Lender,
(3) ABN AMRO Bank N.V. as Agent and Security Trustee 
 We refer to the Loan Agreement. Terms defined in the Loan Agreement shall have the same
meanings when used in this letter. 
 We refer further to the Corporate Guarantee. 

At your request the Banks hereby agree that with effect from 1st October 2015: 
  

	A	the Loan Agreement be amended by: 

  

	1.	deleting clause 8.1.18 thereof and replacing it with: 

 “8.1.18 Financial Covenants of the
Group 
 procure that 
  

	 	(a)	at no time shall the Liquidity of the Group be less than the Minimum Liquidity; 

  

	 	(b)	the ratio of EBITDA to Interest Expense shall at all times be at least 2 to 1; 

  

	 	(c)	the Total Liabilities divided by the Total Assets shall be less than 75%; and 

  

	 	(d)	the Net Worth shall at all times be equal to or more than USD135,000,000 

  

	2.	deleting clause 8.3.13 thereof and replacing it with: 

 “8.3.13 Share capital and
distribution 

  
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 And procure that the Corporate Guarantor does not declare or pay any dividends or distribute any
of their present or future assets, undertakings, rights or revenues to any of their partners, members or shareholders, as the case may be, except the Corporate Guarantor may make any distributions to its partners only (i) if there has not
occurred any Event of Default, (ii) no Event of Default would occur as a result of such payment and (iii) the Borrower has delivered to the Agent a Compliance Certificate in respect of the latest financial quarter of the Corporate
Guarantor in accordance with clause 8.1.8 and the same shows the Corporate Guarantor to be in compliance with the following: 
  

	 	(a)	the Liquidity of the Group exceeds the Minimum Liquidity; 

  

	 	(b)	the ratio of EBITDA to Interest Expense is at least 5 to 1; 

  

	 	(c)	the Total Liabilities divided by the Total Assets are less than 65%; and 

  

	 	(d)	the Net Worth equals to exceeds USD250,000,000;” 

 and 

 

	B	the Corporate Guarantee be amended by: 

  

	1.	deleting clause 5.2 thereof and replacing it with: 

 “5.2 Financial Covenants of the Group

 procure that 
  

	 	(a)	at no time shall the Liquidity of the Group be less than the Minimum Liquidity; 

  

	 	(b)	the ratio of EBITDA to Interest Expense shall at all times be at least 2 to 1; 

  

	 	(c)	the Total Liabilities divided by the Total Assets shall be less than 75%; and 

  

	 	(d)	the Net Worth shall at all times be equal to or more than USD135,000,000;”; 

  

	2.	deleting clause 5.3 thereof and replacing it with: 

 “5.3 Dividends 

not declare or pay any dividends or distribute any of its present or future assets, undertakings, rights or revenues to any of its partners,
members or shareholders, as the case may be, except it may make any distributions to its partners only (i) if there has not occurred any Event of Default, (ii) no Event of Default would occur as a result of such payment and (iii) the
Borrower has delivered to the Agent a Compliance Certificate in respect of the latest financial quarter of the Guarantor in accordance with clause 8.1.8 of the Loan Agreement and the same shows compliance with the following: 

 

	 	(a)	the Liquidity of the Group exceeds the Minimum Liquidity; 

  

	 	(b)	the ratio of EBITDA to Interest Expense is at least 5 to 1; 

  

	 	(c)	the Total Liabilities divided by the Total Assets are less than 65%; and 

  

	 	(d)	the Net Worth equals to exceeds USD250,000,000;”. 

  
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 Save for the amendments referred to above, the Loan Agreement, the Corporate Guarantee and the other Security
Documents shall continue in full force and effect in accordance with their respective terms. 
 This letter may be executed in any number of counterparts.

 This letter shall be governed by, and construed in accordance with, English law. 

Yours faithfully, 
  

			
	 /s/ P.R. Vogelzang
	  	/s/ A.C.A.J. Biesbroeck

 for and on behalf of 
 ABN
AMRO BANK N.V. 
 as Agent for the Banks 
 We hereby
confirm our acceptance of and our agreement to the terms and conditions of the above letter. 
 Dated 22 March 2016 

 

			
	 /s/ Vasiliki Papaefthymiou
	  	 /s/ Vasiliki Papaefthymiou

	SIGNED by VASILIKI PAPAEFTHYMIOU	  	SIGNED by VASILIKI PAPAEFTHYMIOU
	for and on behalf of	  	for and on behalf of
	LIMESTONE SHIPPING CORPORATION	  	NAVIOS MARITIME PARTNERS LP

 We on this 22nd day of March 2016 hereby confirm and acknowledge that we have read and understood the terms and conditions of
the above letter and agree in all respects to the same and confirm that the Security Documents to which we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan
Agreement and shall, without limitation, secure the Loan. 
  

	
	 /s/ Vasiliki Papaefthymiou

	VASILIKI PAPAEFTHYMIOU
	For and on behalf of
	NAVIOS MARITIME OPERATING L.L.C.

  
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