Letterhead of Commerzbank Global Shipping]
TBS INTERNATIONAL LIMITED
& SUBSIDIARIES EXHIBIT
10.6
[Letterhead
of Commerzbank Global Shipping]
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To:
TBS
International Limited
Xx.
Xxxxxxxx X Xxxxxx
Xx.
Xxxxxxxxx X. Xxxxxx
000
Xxxx Xxxxxx Xxxxxx Xxxx Xxxxxxx
Xxx
Xxxx 00000
Xxxxxx
Xxxxxx xx Xxxxxxx
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From:
Commerzbank
AG Global Shipping
Martin
Xxxxxx
Xxxx
0 – 0
00000
Xxxxxxx
e-mail: xxxxxx.xxxxxx@xxxxxxxxxxx.xxx
March 2,
2009
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Dear Xxxx
and Xxxxx,
We refer
to the loan facility agreement dated May 28, 2008 made between yourselves as
Borrowers and ourselves as Lenders in which we provide you with a facility of up
to USD 12.5 Mio. (the "Facility
Agreement") to refinance the m.v., "CARIBE
MAIDEN". Words and expressions defined in the Facility Agreement have the same
meaning when used in this letter.
By email
dated February 17, 2009 you have asked for our approval of a prepayment of the
following two scheduled instalments dated September 2009 and 2nd
December 2009 of a total amount of USD 2.0 Mio.
We are
pleased to inform you about our consent to your request. We hereby approve the
following adjustment in relation to the Facility Agreement, subject to the
following conditions which shall replace those outlined in clause 14.1 and 10.17
respectiviy of the Facility Agreement through December 31, 2009, which means
that Me existing financial and LtV covenants will be waived through December 31,
2009 ("Waiver Period"):
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>
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Maintenance
at all times of Minimum Liquidity (unrestricted cash and cash
equivalents), tested monthly, of at least USD 40.0
Mio.
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>
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Maintenance
on a quarterly basis (xxxxxxxx with a two quarter test for the quarter
ending 6/30/09, building to a trailing four quarter test) of minimum
EBITDA to Consolidated interest Charges for such trailing period (EBITDA
definition will be amended in a manner to be agreed to address certain
impairment charges) as set forth
below:
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6/30109
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1.10:1.00
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9/30/09
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1.35:1.00
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12/31/09
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1.75:1.00
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Margin
increase to 3.00% p.a. for the duration of the Waiver Period
> Waiver
fee of 0.5% flat on the outstanding loan amount of USD 6.5
Mio.
Please
confirm your acceptance of the waiver terms and conditions set out in this
letter by duly signing, dating and returning to us the enclosed duplicate, By
your acceptance, this letter shall be deemed to be an integral part of the
Facility Agreement.
Looking
forward to hearing from you we remain with best regards
COMMERZBANK
Aktiengesellschaft
/s/ Xxxxxx
Xxxxxx /s/ Xxxxx
Xxxxxxxxx
Xxxxxx Xxxxxx Xxxxx Xxxxxxxxx
TBS
International Limited
/s/
Xxxxxxxxx X. Xxxxxx
Xxxxxxxxx X. Xxxxxx
Executive
Vice President and
Chief
Financial Officer
