Letterhead of Berenberg bank]
TBS INTERNATIONAL LIMITED
& SUBSIDIARIES EXHIBIT
10.5
[Letterhead
of Berenberg bank]
Xx.
Xxxxxxxxx X. Xxxxxx
000 Xxxx
Xxxxxx Xxxxxx Xxxx
Yonkers
New York
10710
USA
Fax
No.: x(000) 000-0000
Grainger
Maritime Corp.
c/o TBS
International Limited
Xx.
Xxxxxxx X. Xxxx
Suite
306, Commerce Building
One
Chancery Xxxx
Xxxxxxxx
HM12
Bermuda
Fax
No.: x(000) 000-0000
March 10,
2009
Loan
Agreement dated 19 June 2008 (the “Loan Agreement”)
Here:
Waiver Request for the Asset Protection Clause
Dear
Sirs,
We hereby
give our consent to suspend the asset protection clause according to
para-graph 10.2(b) of the Loan Agreement through 31 December 2009
under the following conditions:
|
·
|
You
will prepay an amount of USD 1,625,000.00 on 19 March 2009
representing the instalment of USD 812,500.00, due on
21 September 2009, and the instalment of USD 812,500.00, due on
21 December 2009. the next regular repayment instalment
will become due on 22 March 2010 as per the attached repayment
schedule.
|
|
·
|
All
other banks granting loans to TBS International Group e.g. Bank of
America, The Royal Bank of Scotland, DVB Bank, Credit Suisse and AIG
Commercial Equipment Finance Borrowing have waived their financial
covenants – including the asset protection clause – required in their
respective loan documentation through 31 December
2009. Please confirm this in writing to
us.
|
For this
request we will debit your current account No. 0523281004 with an arrangement
fee of USD 9,750.00.
Yours faithfully,
Jeh.
Xxxxxxxxx, Xxxxxxx & Co. KG
/s/ Xxxx
Xxxxxxxxxxxxx
Xxxx Xxxxxxxxxxxxx
Accepted
SIGNED
BY
/s/ Xxxxxxxxx X.
Xxxxxx
for and
on behalf of
Grainger
Maritime Corp.
