BERENBERG BANK
TBS
INTERNATIONAL PLC & SUBSIDIARIES EXHIBIT
10.25
BERENBERG BANK
TRS
Shipping Services Inc.
Xx
Xxxxxxxxx X, Xxxxxx
000 Xxxx
Xxxxxx Xxxxxx Xxxx
Yonkers
New York
10710
USA
Fax No.:
x0 (000) 000 0000
Grainger
Maritime Corp,
e/o 'I13S
International Limited
Xx
Xxxxxxx X. Xxxx
Suite
306, Commerce Building
One
Chancery Xxxx
Xxxxxxxx
HM12
Bermuda
Fax No.:
x0 (000) 000-0000
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 paragraph
10.2 (b) of the Loan Agreement through 31 March 2010 under the following
conditions:
·
|
You
will prepay an amount ofUSD 812,500.00 on 18 January 2010 representing the
instalment of USD 812,500.00 due on 22 March 2010. The next regular
repayment instalment will become due on 22 June 2010 as per the attached
repayment schedule.
|
Grainger
Maritime Corp
|
|||||||||||||||||||
Account/Customer
|
Currency:
|
||||||||||||||||||
No.:
23281
|
USC
|
||||||||||||||||||
REPAYMENT
SCHEDULE
|
|||||||||||||||||||
Installment:
quarterly
|
|||||||||||||||||||
No.
|
Due
Date
|
Interest
|
Instalment
|
Total
amount
|
Outstanding
|
||||||||||||||
30.12.09 | 8.125.000,00 | ||||||||||||||||||
1 | 18.01.10 | 812.500,00 | 812.500,00 | 7.312.500,00 | |||||||||||||||
2 | 22.06.10 | 812.500,00 | 812.500,00 | 6.500.000,00 | |||||||||||||||
3 | 22.09.10 | 812.500,00 | 812.500,00 | 5.687.500,00 | |||||||||||||||
4 | 22.12.10 | 812.500,00 | 812.500,00 | 4.875.000,00 | |||||||||||||||
5 | 22.03.11 | 812.500,00 | 812.500,00 | 4.062.500,00 | |||||||||||||||
6 | 22.06.11 | 812.500,00 | 812.500,00 | 3.250.000,00 | |||||||||||||||
7 | 22.09.11 | 812.500,00 | 812.500,00 | 2.437.500,00 | |||||||||||||||
8 | 22.12.11 | 812.500.00 | 812.500,00 | 1.625.000,00 | |||||||||||||||
9 | 22.03.12 | 812.500,00 | 812.500,00 | 812.500,00 | |||||||||||||||
10 | 22.06.12 | 812.500,00 | 812.500,00 | 0,00 | |||||||||||||||
Data
in marked area depend on further interest developments and can therefore
not be guaranteed
|
·
|
All other banks
granting loans to TBS International Group i.e. Bank of America, The Royal
Bank of Scotland, DVB Bank, Credit Suisse and AIG Commercial Equipment
Finance Inc have waived their financial covenants - including the asset
protection clause - required in their respective loan documentation
through 31 March 2010. Please confirm this in writing to
us.
|
For this
request we will increase the margin to 4,00% p.a. and will debit your current
account no. 0523281004 with an arrangement fee of EUR 12,500.00.
Yours
faithfully,
Joh.
Xxxxxxxxx, Xxxxxxx & Co. KG
/s/ Xxxxx /s/ Xxxxxxxxxxxxx
(Xxxxx) (Xxxxxxxxxxxxx)
Accepted
SIGNED
by
/s/
Xxxxxxx X.
Xxxx
for and
on behalf of
Grainger
Maritime Corp.