Document:

Exhibit 10.7

 

December 23, 2010

 

Joh. Berenberg, Gossler & Co. KG

Neuer Jungfernstieg 20

20354 Hamburg

Germany

Fax: (0049) 40 350 60 900

 

RE:               Extension of Forbearance Period in connection with Events of Default under Loan Agreement between Grainger Maritime Corp. (the “Borrower”) and Joh. Berenberg, Gossler & Co. KG (the “Lender”) dated as of June 19, 2008 (the “Loan Agreement”).

 

Reference is hereby made to (i) the Loan Agreement (ii) the Letter Agreement dated as of September 30, 2010 (the “Forbearance Letter”) whereby the Lender agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Specified Events of Default as provided therein and (iii) the Letter Agreement dated as of November 12, 2010 (the “First Forbearance Extension Letter”)whereby you agreed subject to the conditions therein to a Forbearance Extension Period ending as of December 29,2010.  Capitalized terms defined in the Loan Agreement, the Forbearance Letter or the First Forbearance Extension Letter and not otherwise defined herein are used herein as therein defined, as applicable.

 

In order to allow time for TBS International, plc and its affiliates to continue to work with their various lenders, including you, towards a mutually agreeable solution on their outstanding indebtedness, we hereby request that you extend the Forbearance Extension Period set forth in the First Forbearance Extension Letter until the earlier of (i) the occurrence of a Forbearance Termination Event and (ii) 12:01 am on February 1, 2011 (the “Amended Forbearance Extension Period”).

 

By counter-signing this letter, you agree to forbear from exercising any of the rights or remedies arising solely from the Specified Events of Default (which shall include (in addition those identified in the Forbearance Letter and the First Forbearance Extension Letter) defaults arising from the suspension of payments by TBS International, public limited company and its affiliates of certain scheduled principal installments owing in respect of Indebtedness of such persons during the Amended Forbearance Extension Period, as more particularly described on Schedule 1 hereto) on the terms set forth in the Forbearance Letter and the First Forbearance Extension Letter, as modified by the terms above.

 

 

	
 
  	
 
  	
Very truly yours,
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
TBS INTERNATIONAL, PLC
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
By:
  	
/s/ Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Name:
  	
Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Title:
  	
Senior Executive Vice President
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
Acknowledged and Agreed,
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
Joh. Berenberg, Gossler & Co. KG
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
By:
  	
/s/ Jorn Engelmann
  	
 
  	
 
  
	
 
  	
Name:
  	
Jorn Engelmann
  	
 
  	
 
  
	
 
  	
Title:
  	
General Manager
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
By:
  	
/s/ Christian Speer
  	
 
  	
 
  
	
 
  	
Name:
  	
Christian Speer
  	
 
  	
 
  
	
 
  	
Title:
  	
Assistant Director
  	
 
  	
 
  

 

[Signature Page to Berenberg Second Extended Forbearance Letter]

 

 

Schedule 1

 

	
Facility
  	
 
  	
Principal Amount
  	
 
  	
Date
  	
 
  
	
Bank of America Facility, as amended and restated on March 26, 2008
  	
 
  	
$
  	
9,500,000
  	
 
  	
December 31, 2010
  	
 
  
	
AIG Facility dated as of December 7, 2007
  	
 
  	
$
  	
1,750,000
  	
 
  	
January 1, 2011
  	
 
  
	
DVB Facility dated as of January 16, 2008
  	
 
  	
$
  	
2,608,000
  	
 
  	
January 25, 2011Exhibit 10.8

 

December 22nd, 2010

 

Commerzbank AG, Global Shipping

Domstr. 18

20095 Hamburg

 

RE:          Extension of Forbearance Period under that certain Loan Agreement dated 28 May 2008 made between (i) Dyker Maritime Corp. as Borrower and (ii) Commerzbank AG as Lender relating to a term loan facility of US$12,500,000 as supplemented by a waiver letter dated 2 March 2009, an extension of waiver letter dated 28 December 2009, a supplemental agreement dated 8 January 2010, a further extension of waiver letter dated 31 March 2010 and a further extension letter dated 29 April 2010 (together the “Loan Agreement”).

 

Reference is hereby made to (i) the Loan Agreement (ii) the Letter Agreement dated as of September 30, 2010 (the “Forbearance Letter”) whereby you agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Specified Events of Default as provided therein and (iii) the Letter Agreement dated as of November 12, 2010 (the “First Forbearance Extension Letter”) whereby you agreed subject to the conditions therein to a Forbearance Extension Period ending as of December 29 ,2010.  Capitalized terms defined in the Loan Agreement, the Forbearance Letter or the First Forbearance Extension Letter and not otherwise defined herein are used herein as therein defined, as applicable.

 

In order to allow time for TBS International, plc and its affiliates to continue to work with their various lenders, including you, towards a mutually agreeable solution on their outstanding indebtedness, we hereby request that you extend the Forbearance Extension Period set forth in the First Forbearance Extension Letter until the earlier of (i) the occurrence of a Forbearance Termination Event and (ii) 12:01 am on February 1, 2011 (the “Amended Forbearance Extension Period”).

 

By counter-signing this letter, you agree to forbear from exercising any of the rights or remedies arising solely from the Specified Events of Default (which shall include (in addition those identified in the Forbearance Letter and the First Forbearance Extension Letter) defaults arising from the suspension of payments by TBS International, public limited company and its affiliates of certain scheduled principal installments owing in respect of Indebtedness of such persons during the Amended Forbearance Extension Period, as more particularly described on Schedule 1 hereto) on the terms set forth in the Forbearance Letter, as modified by the terms above.

 

[Remainder of page intentionally left blank]

 

 

	
 
  	
 
  	
Very truly yours,
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
DYKER MARITIME CORP., as Borrower
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
By:
  	
/s/ Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Name: Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Title: Attorney-in-fact
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
TBS INTERNATIONAL, PLC
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
By:
  	
/s/ Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Name: Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Title: Senior Executive Vice President
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
TBS INTERNATIONAL LIMITED
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
By:
  	
/s/ Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Name: Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Title: Senior Executive Vice President
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
Acknowledged and Agreed,
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
COMMERZBANK AG
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  
	
By:
  	
/s/ Martin Hugger
  	
 
  	
 
  	
 
  
	
 
  	
Name: Martin Hugger
  	
 
  	
 
  	
 
  
	
 
  	
Title: Senior Vice President
  	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  	
 
  	
 
  
	
By:
  	
/s/ Rolver
  	
 
  	
 
  	
 
  
	
 
  	
Name: Rolver
  	
 
  	
 
  	
 
  
	
 
  	
Title: Assistant Vice President
  	
 
  	
 
  	
 
  

 

[Signature Page to Commerzbank Second Extended Forbearance Letter]

 

 

Schedule 1

 

	
Facility
  	
 
  	
Principal Amount
  	
 
  	
Date
  
	
 
  	
 
  	
 
  	
 
  	
 
  
	
Bank of America Facility, as amended and restated on March 26, 2008
  	
 
  	
$
  	
9,500,000
  	
 
  	
December 31, 2010
  
	
 
  	
 
  	
 
  	
 
  	
 
  
	
AIG Facility dated as of December 7, 2007
  	
 
  	
$
  	
1,750,000
  	
 
  	
January 1, 2011
  
	
 
  	
 
  	
 
  	
 
  	
 
  
	
DVB Facility dated as of January 16, 2008
  	
 
  	
$
  	
2,608,000
  	
 
  	
January 25, 2011Exhibit 10.9

 

December 23, 2010

 

Adirondack Shipping LLC

 

RE:                            Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented, the “Charter”) among Adirondack Shipping LLC as Owner (the “Owner”), Fairfax Shipping Corp. as Charterer (the “Charterer”), and the Guarantors named therein in respect of the Panamanian registered and Philippines bareboat registered SEMINOLE PRINCESS

 

Reference is hereby made to (i) the Charter, (ii) the Letter Agreement dated as of September 30, 2010 (the “Forbearance Letter”) whereby the Owner agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Specified Events of Default as provided therein, and (iii) the Letter Agreement dated as of November 12, 2010 (the “First Forbearance Extension Letter”) whereby you agreed subject to the conditions therein to a Forbearance Extension Period ending as of January 13, 2011.  Capitalized terms defined in the Charter, the Forbearance Letter or the First Forbearance Extension Letter and not otherwise defined herein are used herein as therein defined, as applicable.

 

In order to allow time for TBS International, plc and its affiliates to work with their various lenders and creditors (including the Owner) towards a mutually agreeable solution on their outstanding indebtedness, we hereby request that you extend the Forbearance Extension Period set forth in the First Forbearance Extension Letter until the earlier of (i) the occurrence of a Forbearance Termination Event and (ii) February 1, 2011 (the “Amended Forbearance Extension Period”).

 

Such agreement to extend the Forbearance Extension Period is conditioned upon and subject to (i) the payment by the Charterer of the amounts set forth on Schedule 2 hereto, on the dates listed therein, and (ii) TBS International plc and/or their applicable subsidiaries and affiliates having entered into amendments, waivers, forbearances or other modifications on or before December 29, 2010 in respect of each of the other loan facilities listed on Schedule 1 hereto, and in respect of each of the Bank of America Credit Facility, the RBS Credit Facility, the AIG Credit Facility, the Berenberg Credit Facility, the Commerzbank Credit Facility, the Credit Suisse Credit Facility, and the RBS Guarantee Facility, deferring and/or forbearing until no earlier than February 1, 2011 any rights of the respective creditor parties under such loan facilities arising as a result of the Payment Suspension.

 

Subject to the conditions precedent stated in the preceding paragraph and subject to the other terms and conditions set forth above, by counter-signing this letter the Owner agrees to forbear

 

 

from exercising any of the rights or remedies arising solely from the Specified Events of Default (which shall include (in addition those identified in the Forbearance Letter and the First Forbearance Extension Letter) defaults arising from the suspension of payments by TBS International, public limited company and its affiliates of certain scheduled principal installments owing in respect of Indebtedness of such persons during the Amended Forbearance Extension Period, as more particularly described on Schedule 1 hereto) on the terms set forth in the Forbearance Letter and the First Forbearance Extension Letter, as modified by the terms above.

 

[Remainder of page intentionally left blank]

 

 

	
 
  	
 
  	
Very truly yours,
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
TBS INTERNATIONAL, PLC
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
By:
  	
/s/ Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Name:
  	
Ferdinand V. Lepere
  
	
 
  	
 
  	
 
  	
Title:
  	
Senior Executive Vice President
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
Acknowledged and Agreed,
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
ADIRONDACK SHIPPING LLC
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
 
  	
 
  	
 
  
	
By:
  	
/s/ Asandro Van Verde
  	
 
  	
 
  
	
 
  	
Name:
  	
Asandro Van Verde
  	
 
  	
 
  
	
 
  	
Title:
  	
Director
  	
 
  	
 
  

 

 

Schedule 1

 

	
Facility
  	
 
  	
Principal Amount
  	
 
  	
Date
  	
 
  
	
Bank of America Facility, as amended and restated on March 26, 2008
  	
 
  	
$
  	
9,500,000
  	
 
  	
December 31, 2010
  	
 
  
	
AIG Facility dated as of December 7, 2007
  	
 
  	
$
  	
1,750,000
  	
 
  	
January 1, 2011
  	
 
  
	
DVB Facility dated as of January 16, 2008
  	
 
  	
$
  	
2,608,000
  	
 
  	
January 25, 2011
  	
 
  

 

 

Schedule 2

 

	
Payment Date
  	
 
  	
Amount
  	
 
  	
To be applied to
  	
 
  
	
February 1, 2011
  	
 
  	
$
  	
159,105.44
  	
 
  	
Payment originally due under Charter on Dec. 1, 2010
  	
 
  
	
Jan. 3, 2011
  	
 
  	
$
  	
104,685.04
  	
 
  	
Payment originally due under Charter on Jan. 3, 2011
  	
 
  
	
February 1, 2011
  	
 
  	
$
  	
150,754.96
  	
 
  	
Payment originally due under Charter on Jan. 3, 2011
  	
 
  
	
February 1, 2011
  	
 
  	
$
  	
156,881.16
  	
 
  	
Payment originally due under Charter on Oct. 1, 2010, extended by the Forbearance Letter to Nov. 15, 2010 and extended by the First Forbearance Extension Letter to Jan. 13, 2011
  	
 
  
	
February 1, 2011
  	
 
  	
$
  	
146,544.23
  	
 
  	
Payment originally due under Charter on Nov. 1, 2010, extended by the Forbearance Letter to Nov. 15, 2010 and extended by the First Forbearance Extension Letter to Jan. 13, 2011
  	
 
  
	
February 1, 2011
  	
 
  	
$
  	
159,105.44
  	
 
  	
Payment originally due under Charter on Dec. 1, 2010 and extended by the First Forbearance Extension Letter to Jan. 13, 2011

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