Document:

Ex-10.5

 

September 30, 2010

 

AIG
Commercial Equipment Finance, Inc.

5700
Granite Parkway, Suite 850

Plano,
Texas 75024

 

RE:                           Specified Events of Default
under that certain Loan Agreement dated February 29, 2008 by and among AIG
Commercial Equipment Finance, Inc., Amoros Maritime Corp., Lancaster
Maritime Corp., Chatham Maritime Corp. and the guarantors party thereto (as amended, the “Loan Agreement”).

 

Reference
is hereby made to the Loan Agreement. 
Capitalized terms defined in the Loan Agreement and not otherwise
defined herein are used herein as therein defined.

 

We
hereby notify you that  the Borrowers
will be suspending the payment of certain upcoming scheduled principal
installments owing in respect of certain Indebtedness of such persons, as more
particularly described on Schedule 1 hereto, for a period of 46 days beginning
on September 30, 2010 and ending on November 14, 2010 (the “Payment
Suspension”).  The Payment Suspension
will result in one or more Events of Default occurring under the Loan Agreement
(any such Event of Default resulting solely from the Payment Suspension, the “Specified
Events of Default”).

 

In
order to allow time for TBS International public limited company and its
affiliates to work with their various lenders, including you, towards a
mutually agreeable solution on their outstanding indebtedness, we hereby
request that you forbear from exercising any of the rights or remedies arising
solely from the Specified Events of Default available to you under the Loan
Agreement, other transaction documents or under applicable law (all of which
rights and remedies are hereby expressly reserved by you) until the earlier of (i) the
occurrence of a Forbearance Termination Event and (ii) November 15,
2010.  As used herein, a “Forbearance
Termination Event” shall mean the occurrence of any breach, default or
Event of Default under the Loan Agreement (other than the Specified Events of
Default).

 

We
also notify you that the principal payments due under the Commerzebank Loan
Agreement on September 3, 2010 have been paid after such date.  We hereby request you waive any Events of
Default occurring from the timing of such payment (the “Commerzbank Payment”).

 

 

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 and
waive any Events of Default resulting solely from the Commerzbank Payment, in
each case, on the terms set forth above.

 

[Remainder of page intentionally left blank]

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TBS INTERNATIONAL PUBLIC LIMITED COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ferdinand V. Lepere

  
	
   

  	
   

  	
  Name:
  Ferdinand V. Lepere

  
	
   

  	
   

  	
  Title: Senior Executive
  Vice President and Chief Financial Officer

  

 

 

Acknowledged
and Agreed provided that all of the lenders identified on the attached Schedule
1 have also countersigned on or before September 30, 2009 a forbearance
letter agreement containing the same terms as this letter agreement:

 

 

	
  AIG
  COMMERCIAL EQUIPMENT FINANCE, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
  

  	
  /s/
  Rich Johnston

  	
   

  
	
   

  	
  Name:
  Rich Johnston

  	
   

  
	
   

  	
  Title:
  Vice President

  	
   

  

 

 

Schedule 1

 

	
  Facility

  	
   

  	
  Principal Amount

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America Facility,
  as amended and restated on March 26, 2008

  	
   

  	
  $

  	
  9,500,000

  	
   

  	
  September 30, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AIG Loan Agreement dated
  as of February 29, 2008 (as amended)

  	
   

  	
  $

  	
  1,800,000

  	
   

  	
  October 1, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DVB Facility dated as of
  January 16, 2008

  	
   

  	
  $

  	
  2,608,000

  	
   

  	
  October 23, 2010Ex-10.6

 

September 30, 2010

 

Credit
Suisse AG

Shipfinance

St.
Alban-Graben 1-3

4002
Basel

Switzerland

Attn. Mrs Carla Vogel-Sforzini

Fax: +41 61 266 79 39

 

RE:                           Forbearance of Events of
Default under Credit Suisse AG  Facility and the Master Agreement dated December 7,
2007.

 

Reference
is hereby made to (a) the Loan Agreement dated 07 December 2007 made
between (i) Claremont Shipping Corp. and Yorkshire Shipping Corp. as joint
and several Borrowers (the “Borrowers”)and (ii) Credit Suisse AG as
Lender and Swap Bank (the “Lender”) relating a term loan facility of
US$40,000,000 as supplemented by an
amendment letter dated 19 March 2008, a waiver letter dated 24 March 2009,
an extension of waiver letter dated 22 December 2009, a supplemental
agreement dated 8 January 2010, an extension of waiver letter dated 31 March 2010
and a further waiver letter dated 21 April 2010 (together the “Loan
Agreement”) and the Master Agreement dated 07 December 2007 made
between the Borrowers and the Lender (the “Master Agreement”). Capitalized
terms defined in the Loan Agreement or the Master Agreement and not otherwise
defined herein are used herein as therein defined, as applicable.

 

We
hereby notify you that  the Borrowers
will be suspending the payment of certain upcoming scheduled principal
installments owing in respect of certain Indebtedness of such persons, as more
particularly described on Schedule 1 hereto, for a period of 45 days beginning
on September 30, 2010 (the “Payment Suspension”).  The Payment Suspension will result in one or
more Events of Default occurring under the Loan Agreement and the Master
Agreement (any such Event of Default resulting from the Payment Suspension, the
“Specified Events of Default”). The Borrowers acknowledge that the
principal of USD 437,000 due 19 November 2010 remains due and payable on
such date (plus interest as advised in your letter dated 17.08.2010) according
to above mentioned Loan Agreement.

 

In
order to allow time for TBS International, plc and its affiliates to work with
their various lenders, including you, towards a mutually agreeable solution on
their outstanding indebtedness, we hereby request that the Lender forbear from
exercising any of the rights or remedies arising from the Specified Events of
Default available to it under the Loan Agreement, the Master 

 

 

Agreement,
other transaction documents or under applicable law (all of which rights and
remedies are hereby expressly reserved by the Lender until the earlier of (i) the
occurrence of a Forbearance Termination Event and (ii) November 15,
2010.  As used herein, a “Forbearance
Termination Event” shall mean the occurrence of any Event of Default under
the Loan Agreement or the Master Agreement (other than the Specified Events of
Default).

 

By
counter-signing this letter, the Lender agrees to forbear from exercising any
of the rights or remedies arising from the Specified Events of Default on the
terms set forth 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 and Chief Financial Officer

  

 

 

	
  Acknowledged
  and Agreed,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CREDIT
  SUISSE AG,

  	
   

  
	
  As
  Lender and Swap Bank

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Meike Rubin

  	
   

  
	
   

  	
  Name:
  Meike Rubin

  	
   

  
	
   

  	
  Title:
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Carla Vogel-Sforzini

  	
   

  
	
   

  	
  Name: Carla Vogel-Sforzini

  	
   

  
	
   

  	
  Title: Assistant Vice President

  	
   

  

 

[Signature Page to CS Forbearance Agreement]

 

 

Schedule 1

 

	
  Facility

  	
   

  	
  Principal Amount

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America Facility,
  as amended and restated on March 26, 2008

  	
   

  	
  $

  	
  9,500,000

  	
   

  	
  September 30, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AIG Facility dated as of
  December 7, 2007

  	
   

  	
  $

  	
  1,800,000

  	
   

  	
  October 1, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DVB Facility dated as of
  January 16, 2008

  	
   

  	
  $

  	
  2,608,000

  	
   

  	
  October 23, 2010EX-10.7

 

September 30, 2010

 

Joh.
Berenberg, Gossler & Co. KG

Neuer
Jungfernstieg 20

20354
Hamburg

Germany

Fax:
(0049) 40 350 60 900

 

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

 

Reference
is hereby made to the Loan Agreement. 
Capitalized terms defined in the Loan Agreement and not otherwise
defined herein are used herein as therein defined.

 

We
hereby notify you that  the Borrowers
will be suspending the payment of certain upcoming scheduled principal
installments owing in respect of certain Indebtedness of such persons, as more
particularly described on Schedule 1 hereto, for a period of 45 days beginning
on September 30, 2010 (the “Payment Suspension”).  The Payment Suspension will result in one or
more Events of Default occurring under the Loan Agreement (any such Event of
Default resulting from the Payment Suspension, the “Specified Events of Default”).

 

In
order to allow time for TBS International, plc and its affiliates to work with
their various lenders, including you, towards a mutually agreeable solution on
their outstanding indebtedness, we hereby request that you forbear from
exercising any of the rights or remedies arising from the Specified Events of
Default available to Lender under the Loan Agreement, other transaction
documents or under applicable law (all of which rights and remedies are hereby
expressly reserved by the Lender) until the earlier of (i) the occurrence
of a Forbearance Termination Event and (ii) November 15, 2010.  As used herein, a “Forbearance Termination
Event” shall mean the occurrence of any Event of Default under the Loan
Agreement (other than the Specified Events of Default).

 

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 on the
terms set forth above.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TBS INTERNATIONAL, PLC

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Ferdinand V. Lepere

  
	
   

  	
   

  	
  Name:
  Ferdinand V. Lepere

  
	
   

  	
   

  	
  Title: Senior Executive
  Vice President and Chief Financial Officer

  

 

 

	
  Acknowledged
  and Agreed,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Joh.
  Berenberg, Gossler & Co. KG

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Aschenbrenner

  	
   

  
	
   

  	
  Name:
  Aschenbrenner

  	
   

  
	
   

  	
  Title:
  Assistant Director

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  

  	
  /s/
  Speer

  	
   

  
	
   

  	
  Name:
  Speer

  	
   

  
	
   

  	
  Title:
  Assistant Director

  	
   

  

 

[Signature Page to
Berenberg Agreement]

 

 

Schedule 1

 

	
  Facility

  	
   

  	
  Principal Amount

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America Facility,
  as amended and restated on March 26, 2008

  	
   

  	
  $

  	
  9,500,000

  	
   

  	
  September 30, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AIG Facility dated as of
  December 7, 2007

  	
   

  	
  $

  	
  1,800,000

  	
   

  	
  October 1, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DVB Facility dated as of
  January 16, 2008

  	
   

  	
  $

  	
  2,600,000

  	
   

  	
  October 23, 2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]