LOAN AND SECURITY AGREEMENT by and between MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., ACTING THROUGH ITS DIVISION, Merrill Lynch Capital As Lender and STERLING SHIPPING CORP. and REMSEN NAVIGATION CORP. As Debtors Dated as of December ____, 2005Loan and Security Agreement • December 16th, 2005 • TBS International LTD • Deep sea foreign transportation of freight
LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of December 15, 2005, by and between MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., acting through its division, Merrill Lynch Capital (“Lender”), a Delaware corporation, as lender, and∙STERLING SHIPPING CORP. (“Sterling Shipping”), and REMSEN NAVIGATION CORP. (“Remsen Navigation”), as borrowers (each of Sterling Shipping and Remsen Navigation, a “Debtor” and collectively the “Debtors”), each a corporation organized under the laws of the Republic of the Marshall Islands with an address at Trust Company Complex, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands, MH 96960. In consideration of the mutual agreements contained herein, the parties hereto agree as follows:
