Document:

ex10_4.htm

    bacbamer.hn
 

    
      

       

      Tegucigalpa

    

    
      Blvd.
Suyapa, Fte. a Emisoras Unidas

    

    
      Apdo.
Postal No. 1156

    

    
      PBX (504)
206-7200

    

    
      

       

      San
Pedro Sula

    

    
      Col.
Colombia, Ave. Circunvalación

    

    
      Apdo.
Postal No. 1914

    

    
      PBX (504)
557-4350

    

    
      

       

      La
Ceiba

    

    
      Ave. San
Isidro, 15 calle, Bo. Solares Nuevos 

      PBX (504)
443-0668

    

    
       

       

      San Pedro
Sula

    

    
      October
02,2009

    

    
      

       

      Gentlemen

    

    
      PriceSmart
Honduras, SA de C.V.

    

    
      

       

      Attention:

    

    
      

       

      Mrs.
Susan Altamirano 

      Legal
Representative

    

    
       

      Dear
Mrs.  Altamirano:

    

    
      

       

      We hereby
inform you that our Bank has authorized the renewal of the revolving line of
credit for the company you represent, with the following terms and
conditions:

       

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Applicant:

    

    
      PriceSmart
Honduras, SA de C.V.

    

    
      

      
        Sum
of the Credit  Line:

      

      $3,000,000
(three million US dollars) or its equivalent in local currency, which may be
used as follows:

    

    
      a. Direct
loans of up to $3,000,000.00

      b. Bank
guarantee for up to $3,000,000.00

      c.
overdrafts and unconfirmed funds For up to $3,000,000.00

    

    

     

    

    
      Credit
Line Expiration 

    

    
      Credit
Line expires on September 17, 2010

    

    
      

      Payment Method:
Objective:

      20%
withholding on daily invoicing through Credomatic

    

    
      

      
        Guarantee:
(*) Interest Rate: 

        Working
Capital Direct loans and/or overdrafts and unconfirmed
funds

      

    

    
      

      Conditions of
Ownership:

      Without
collateral

    

    
       

      As per
that negotiated

    

    
      

       

      
        	
                ■  

              	
                Loans
      shall be granted to the company while owned by the current shareholders
      (individuals) or while the legal entities to which it belongs are, in
      turn, owned by such shareholders.  The creditor is hereby
      authorized to accept or reject the new shareholder(s), for which purpose
      such may perform the assessments it deems convenient and request the
      granting of complementary surety bonds or guarantees or otherwise consider
      the availability to have
expired.

              

      

    

    
      

       

      
        	
                ■  

              	
                The
      debtor is bound to immediately notify the creditor regarding any
      modification in the general powers of attorney, of those persons
      previously authorized to instruct the creditor or regarding any other
      relevant change, holding the creditor harmless of any responsibility that
      the noncompliance of this clause could produce in the Debtor
      availabilities that are in
effect.

              

      

    

    
      

       

      
        	
                ■  

              	 

      

    

    

     

    
      
        	
                ■  

              	 

      

    

    
       

      Commissions:

    

    
      To be
negotiated in accordance with each operation

    

    

     

    

    
      VERSION
6

      

      F
7.5.29.0.4

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Other terms and
conditions:                                              

       ■     The
Debtor(s) is(are) bound to provide provisional inancial
information, on a quarterly basis, as well as
any information required by the creditor for its correct assessment, signed by
the accountant and legal representative, as well as the audited financial statements
corresponding to the end of the period, a maximum of 90 days after the end of
the fiscal year.

    

    
      

       

      
        	
                ■  

              	
                The
      creditor may perform a periodic review of the Debtor, based on the
      financial situation of the latter, as well as any other availability it
      has with the debtor, prior to assessing the financial situation and any
      other element that is, in its opinion, necessary. The Bank shall have the
      exclusive right to interrupt the effectiveness of this availability of
      funds, if the financial information is not up to date or should any
      circumstances justifying such interruption
  exist.

              

      

       

      
        	
                ■  

              	
                Disbursements
      made by the Bank are subject to the availability of resources from the
      approved sources so that the Bank shall have  any liability
      whatsoever for the non disbursement of the available
    balances.

              

      

    

    
      

       

      
        	
                ■  

              	
                The
      Debtor expressly and irrevocably grants its authorization for any
      commission, valuation, fiscal matter, review of guarantee expenses,
      bounced checks o any current or future expense directly or indirectly
      related with the effective credit availabilities to be debited from the
      deposits of any type kept by the client or that the client should
      subsequently hold with this institution or any other subsidiary of Grupo
      Financiero BAC Credomatic
Network.

              

      

    

    
      

       

      
        	
                ■  

              	
                All
      payments made by the Debtor shall be free and deductible of any current
      tax, charges, duties, liens, withholding or contribution or those that may
      be imposed in the future by any political, administrative or
      jurisdictional authority of the Debtor’s domicile.  In the event
      that the Debtor is or becomes compelled to deduct or withhold any sum for
      any reason, such shall increase the payment in such manner that the
      creditor will receive the full sum to which it is entitled, on the due
      date, as per the terms and conditions of this loan. In the event of
      delays, in addition to interests for payment in arrears, the bank may
      charge an established sum for the concept of administrative collection
      expenses.

              

      

    

    
      

       

      
        	
                ■  

              	
                The
      Debtor undertakes the granting of the necessary additional guarantees or,
      in the absence of such, to cancel the effective availabilities in the
      event that the Bank, the regulatory authorities or any other entity
      authorized for such purposes should reclassify the risk
      category.

              

      

    

    

    
       

      
        	
                ■  

              	
                The
      Bank reserves the right to no longer enable the use of the line of credit
      if the regulatory conditions or if, in its exclusive opinion, the
      financial conditions of the market, the creditor or the Debtor justify
      such right.

              

      

    

    
      

       

      
        	
                ■  

              	
                Should
      changes be made in the future to the legal provisions regulating the
      banking business, which result in an increase in cost for the Bank, the
      latter may increase its referenced interest rate margin, as long as it is
      necessary in order
      to cover such increase.   Default in payment of the
      increase shall entitle the Bank to proceed with the early termination of
      this loan.

              

      

       

      
 

    

    
      VERSION
6

    

    
      

       

      F
7.5.29.0.4

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

    

    
       

      In
acceptance of the aforementioned terms and conditions, we ask that you return
this letter signed by the legal representative(s) in the space provided for such
purpose, below.

    

     

    
      Sincerely,

    

    
      Corporate

    

    
      

      

      

      TalMG,
Keidar Carcamo

      Corporate
Credit Analyst

       

      

    

    
      

       

      

       

      We hereby
declare that we except the terms and conditions of the line of credit granted to
the company we represent.

    

    
      

      PriceSmart
Honduras, SA de C.V.

       

      [Name]

    

    
      

      Susan
Andrea Altamirano Cisneros ID. 0501-1974-09899

       

      
        Signature

      

    

    

    
      
        Date:

         

      

      October 14, 2009   

    

    
       

    

    
      

       

       

      

    

    
      VERSION
6

    

    
      

       

      F
7.5.29.0.4ex_10-1.htm

    Exhibit
10.1

    
DEED
POLL INDEMNITY

     

    This Deed
Poll is made on 16 December 2009 by TBS INTERNATIONAL LIMITED, a
company established in Bermuda having its registered office at Commerce
Building, Chancery Lane, Hamilton HM12, Bermuda (the “Indemnitor”), in respect of
each director, secretary and officer (excluding auditors) (the “Covered Persons”) of TBS
International plc (“TBS
plc”), a company established in Ireland with registered number 476578
having its registered office at Arthur Cox Building, Earlsfort Terrace, Dublin
2, Ireland.

     

    THIS
DEED POLL PROVIDES AS FOLLOWS:

     

    The
Indemnitor hereby declares, undertakes and agrees as follows:

     

    
      	
              1.  

            	
              Each
      Covered Person for the time being acting in relation to any of the affairs
      of TBS plc, any subsidiary of TBS plc, any entity controlled by TBS plc or
      any joint venture in which TBS plc is a participant (each a “TBS Company”) and to his
      heirs, executors and administrators, shall be indemnified and secured
      harmless out of the assets of the Indemnitor from and against all actions,
      costs, charges, losses, damages and expenses which any Covered Person, his
      heirs, executors or administrators, shall or may incur or sustain by or by
      reason of any act done, concurred in or omitted in or about the execution
      of his duty, or supposed duty, or in his offices or trusts, and no Covered
      Person shall be answerable to the Indemnitor for, and the Indemnitor shall
      indemnify and secure harmless each Covered Person against, the acts,
      receipts, neglects or defaults of the other Covered Persons or for joining
      in any receipts for the sake of conformity or for any bankers or other
      persons with whom any moneys or effects belonging to a TBS Company shall
      or may be lodged or deposited for safe custody, or for insufficiency or
      deficiency of any security upon which any monies of or belonging to a TBS
      Company shall be placed out on or invested, or for any other loss,
      misfortune or damage which may happen in the execution of his respective
      offices or trusts, or in relation thereto, provided that this indemnity
      shall not extend to any matter in respect of any fraud or dishonesty which
      may attach to such Covered Person.

            

    

     

    
      	
              2.  

            	
              The
      Indemnitor agrees to waive any claim or right of action it might have
      against any Covered Person on account of any action taken by such Covered
      Person, or the failure of such Covered Person to take any action in the
      performance of his duties with or for a TBS Company or the Indemnitor,
      provided that such waiver shall not extend to any matter in respect of
      which any fraud or dishonesty which may attach to such Covered
      Person.

            

    

     

    
      	
              3.  

            	
              The
      rights granted to the Covered Persons and their heirs, executors or
      administrators under this Deed Poll shall be a contract right and as such
      shall run for the benefit of each Covered Person and his heirs, executors
      and administrators.

            

    

     

    
      	
              4.  

            	
              No
      Covered Person may assign its rights, interests or obligations under this
      Deed Poll to any other person (except by operation of law) without the
      prior written consent of the
Indemnitor.

            

    

     

    
      	
              5.  

            	
              The
      Indemnitor may amend or terminate this Deed Poll at any time provided that
      any amendment or termination of this Deed Poll shall be prospective only
      and shall not limit the rights of any Covered Person or the obligations of
      the Indemnitor with respect to any claim arising from or related to any
      action indemnified pursuant to clause 1 of this Deed Poll taken by a
      Covered Person prior to such amendment or
  termination.

            

    

     

    
      	
              6.  

            	
              All
      notices or demands on the Indemnitor shall be deemed effective when
      received, shall be in writing and shall be delivered by hand or by
      registered mail, or by facsimile transmission promptly confirmed by
      registered mail, addressed to the Indemnitor
at:

            

    

     

    For the
attention of:    Ferdinand V. Lepere

    c/o TBS
Shipping Services Inc.

    612 E.
Grassy Sprain Road

    Yonkers
NY 10710

    USA

    

    Facsimile:
914-961-2286

    

    or to
such other address or fax number as the Indemnitor shall have notified the
Covered Persons in a written notice delivered to the Covered Persons at the
addresses or facsimile number specified in the Indemnitor records.

     

    
      	
              7.  

            	
              This
      Deed Poll shall remain in full force and effect and shall be binding on
      the Indemnitor, its successors and assigns until all of the obligations in
      this Deed Poll have been satisfied in
full.

            

    

     

    
      	
              8.  

            	
              The
      obligations under this Deed Poll may, at the option of the Indemnitor, be
      assigned or transferred to, or assumed by, a successor company of the
      Indemnitor (whether by merger, consolidation, scheme of arrangement or
      amalgamation or otherwise), a parent company of the Indemnitor or a
      company to which all or substantially all of the assets and business of
      the Indemnitor are transferred.

            

    

     

    
      	
              9.  

            	
              This
      Deed Poll of Indemnity shall be governed and construed in accordance with
      the laws of the State of New York.

            

    

     

    IN WITNESS OF WHICH this Deed
Poll has been executed as a deed poll by the Indemnitor on the date first above
written.

     

    GIVEN
under the common seal of

    TBS
INTERNATIONAL LIMITED

    

    

    

    /s/ Ferdinand V.
Lepere                      

    Name: Ferdinand V.
Lepere

    Title:
Chief Financial Officer

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