FIRST AMENDMENT TO FORBEARANCE AGREEMENT dated as of November 15, 2010Forbearance Agreement • November 15th, 2010 • TBS International PLC • Deep sea foreign transportation of freight • New York
Reference is hereby made to: (a) those certain extensions of credit made pursuant to and as evidenced by, inter alia, that certain Amended and Restated Credit Agreement, dated as of March 26, 2008 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors (collectively, “Holdings”), TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent (the “Administrative Agent”), Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager; (b) those certain interest rate swap transactions (collectively, the “Tran
Rushmore Shipping LLCTBS International PLC • November 15th, 2010 • Deep sea foreign transportation of freight
RE: Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented, the “Charter”) among Rushmore Shipping LLC as Owner (the “Owner”), Beekman Shipping Corp. as Charterer (the “Charterer”), and the Guarantors named therein in respect of the Panamanian registered and Philippines bareboat registered LAGUNA BELLE
To : (1) TBS International plcTBS International PLC • November 15th, 2010 • Deep sea foreign transportation of freight
FIRST AMENDMENT TO FORBEARANCE AGREEMENT dated as of November 15, 2010Forbearance Agreement • November 15th, 2010 • TBS International PLC • Deep sea foreign transportation of freight • New York
Reference is hereby made to (i) those certain extensions of credit (the “Loans”) made pursuant to and as evidenced by, inter alia, (a) that certain Amended and Restated Credit Agreement, dated as of March 26, 2008 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers (the “Borrowers”), TBS International plc and TBS International Limited, as guarantors (collectively, “Holdings”), TBS Shipping Services Inc., as Administrative Borrower (the “Administrative Borrower”), each of the financial institutions party thereto as lenders (the “Lenders”), Bank of America, N.A., as Administrative Agent (the “Administrative Agent”), Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book
ContractTBS International PLC • November 15th, 2010 • Deep sea foreign transportation of freight
Reference is hereby made to (a) the Loan Agreement dated 07 December 2007 made between (i) Claremont Shipping Corp. and Yorkshire Shipping Corp. as joint and several Borrowers (the “Borrowers”), (ii) Credit Suisse AG as Lender and Swap Bank (the “Lender”) relating a term loan facility of US$40,000,000 as supplemented by an amendment letter dated 19 March 2008, a waiver letter dated 24 March 2009, an extension of waiver letter dated 22 December 2009, a supplemental agreement dated 8 January 2010, an extension of waiver letter dated 31 March 2010 and a further waiver letter dated 21 April 2010 (together the “Loan Agreement”) , (b)the Master Agreement dated 07 December 2007 made between the Borrowers and the Lender (the “Master Agreement”) and (c) the Letter Agreement dated as of September 30, 2010 (the “Forbearance Letter”) whereby the Lender agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Specified Events of Default as p
DVB GROUP MERCHANT BANK (ASIA) LTD.TBS International PLC • November 15th, 2010 • Deep sea foreign transportation of freight
To : (1) TBS International plcFacility Agreement • November 15th, 2010 • TBS International PLC • Deep sea foreign transportation of freight
To : (1) TBS International plcLoan Agreement • November 15th, 2010 • TBS International PLC • Deep sea foreign transportation of freight
November 12, 2010Ag Loan Agreement • November 15th, 2010 • TBS International PLC • Deep sea foreign transportation of freight
Letterhead of Commerzbank] November 12 2010TBS International PLC • November 15th, 2010 • Deep sea foreign transportation of freight
Reference is hereby made to (i) the Loan Agreement and (ii) the Letter Agreement dated as of September 30, 2010 (the “Forbearance Letter”) whereby you agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Specified Events of Default as provided therein.. Capitalized terms defined in the Loan Agreement or the Forbearance Letter and not otherwise defined herein are used herein as therein defined, as applicable.
