Deutsche Schiffsbank
EXHIBIT
10.15
Deutsche
Schiffsbank
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TELEFAX
Staloudi
Shipping Corporation
c/o
Safety Management Overseas S.A., Voula
Attn.:
Mr. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇-▇▇▇▇▇▇
▇▇▇▇▇▇▇ / st
International
Loans
Direct
Line ▇▇▇ ▇▇▇ ▇▇▇▇-▇▇▇
Telefax
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▇▇▇ ▇▇▇▇-▇▇▇
▇▇▇▇-▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
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Fax
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3rd
December 2007
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Page(s):
1 (incl. address page)
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MT
“STALO”
Loan
Agreement dated 29 May 2006
We
refer
to your today’s telephone conversation with ▇▇. ▇▇▇▇▇▇▇ and herewith confirm
that as per your request and according to clause 2 of the Loan Agreement we
agreed to have Tranche A of the Loan, i.e. CHF 29,247,000 converted into USD
for
value 30.11.2007 at the rate of 1 USD = 1.1135 CHF. Therefore the balance
outstanding of the Loan of 30.11.2007 is as follows:
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Tranche
A
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USD
26,265,828.47
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Tranche
B
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USD
4,162,500.00
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Interest
rate for the next interest period has been confirmed separately.
Without
prejudice to our rights under the Loan Agreement the Loan shall be repaid as
follows:
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Tranche
A
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Tranche
B
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Total
Loan
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||||||||
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USD
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USD
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USD
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Balance
outstanding
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26,265,828.47
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4,162,500
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30,428,328.47
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Intalment
4th–20th
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687,500.00
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112,500
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800,000.00
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Ballon
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14,578,328.47
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2,250,000
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16,828,328.47
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Following
your request we further confirm:
- to
waive
the requirement of the Pledged Deposit and
- to
have
the margin increased from 0.55% p.a to 0.65% p.a. as of 30.11.2007.
The
Loan
Agreement and as far as applicable the Security Documents shall be deemed to
be
amended accordingly.
2
Please
confirm by return fax.
Best
regards,
Deutsche
Schiffsbank
Aktiengesellschaft
Deutsche
Schiffsbank Aktiengesellschaft
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Domshof
17
D-28195
Bremen
▇.▇.
▇▇▇ ▇▇▇▇▇▇
▇-▇▇▇▇▇
Bremen
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Telephone
▇▇▇ ▇▇▇ ▇▇▇▇-▇
Telefax
▇▇▇ ▇▇▇ ▇▇▇▇-▇▇▇
Telex
24 48 70
SWIFT
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Head
Offices
Bremen
and Hamburg
Commercial
Register
Local
Court Bremen HRB ▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇
VAT
Reg. No. DB153094769
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Chairman
of the Supervisory Board
▇▇▇▇▇▇▇▇
▇▇▇▇▇▇
Board
of Managing Directors
Jürgen
Bentiaga
W.
Ellerback ▇▇▇▇▇▇
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