Exhibit 10.15
SIDE LETTER
To: | Fiorano Shipholding Limited |
Room 2503-05 25th Floor
Harcourt House
No. 39 Gloucester Road
Wanchai
Hong Kong
as Borrower
Euronav NV
De Gerlachekaai 20
B-2000 Antwerp
Belgium
as Guarantor
30th January 2017
Dear Sirs
We refer to the loan agreement dated 23 October 2008 (as may be amended, modified or supplemented from time to time, the “Loan Agreement”) and made between (1) Fiorano Shipholding Limited as borrower (the “Borrower”), (2) the banks and financial institutions listed therein at schedule 1 as lenders (the “Lenders”), (3) The Bank of Nova Scotia as agent (the “Agent”) and (4) The Bank of Nova Scotia acting as security trustee (the “Security Trustee”) and relating to a term loan facility of up to $76,000,000 in respect of one suezmax tanker named m.t “CAPTAIN MICHAEL”.
Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Letter (unless otherwise defined herein).
We are writing to you in our capacity as Agent acting on behalf of all of the Lenders and with their consent as required under clause 27.2 of the Loan Agreement.
You have requested, and we, as Agent acting with the authority of all of the Lenders, have agreed that pursuant to clause 2.5 (Margin renegotiation) of the Loan Agreement, the definition of “Margin” in clause 1.1 of the Loan Agreement shall be amended with effect from 31 January 2017 by deleting the current definition of “Margin” and replacing it with the following new definition as follows:
““Margin” means 1.95 per cent. per annum.”
We confirm that as a consequence of the amendment to the Margin, paragraph (b) of the definition of Maturity Date applies.
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 the provisions of clauses 30.2 to 30.6 (inclusive) of the Loan Agreement shall apply to this Letter.
All other terms and conditions of the Loan Agreement and each of the other Finance Documents shall remain unamended and in full force and effect.
This Letter shall constitute a Finance Document.
This Letter may be executed in any number of several counterparts and any single counterpart or set of counterparts signed, in either case, by all of the parties thereto shall be deemed to be an original, and all counterparts of this Letter when taken together shall constitute one and the same instrument.
Please confirm your agreement to the terms of this Letter by signing below.
Yours faithfully
/s/ Mark Lee | ||
Mark Lee | ||
Managing Director | ||
for and on behalf of | ||
The Bank of Nova Scotia | ||
as Agent and Security Trustee | ||
Agreed and accepted by on 30 January 2017 | ||
/s/ H. De Stoop | /s/ Egied Verbeeck | |
H. De Stoop, director | Egied Verbeeck, director | |
for and on behalf of | ||
Fiorano Shipholding Limited | ||
Agreed and accepted by on 30 January 2017 | ||
/s/ H. De Stoop | /s/ Egied Verbeeck | |
H. De Stoop, ExCo Member | Egied Verbeeck, ExCo member | |
for and on behalf of | ||
Euronav NV |