SECOND AMENDMENT TO FORBEARANCE AGREEMENT dated as of December 23, 2010Forbearance Agreement • December 27th, 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
Adirondack Shipping LLCTBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
RE: Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented, the “Charter”) among Adirondack Shipping LLC as Owner (the “Owner”), Fairfax Shipping Corp. as Charterer (the “Charterer”), and the Guarantors named therein in respect of the Panamanian registered and Philippines bareboat registered SEMINOLE PRINCESS
DVB GROUP MERCHANT BANK (ASIA) LTD.TBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
The Royal Bank of Scotland plc London EC2M 3UR Dear SirsTBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
ISDA Master Agreement dated as of 29 March 2009 (together with the schedules thereto and confirmations thereunder) as amended made between (i) Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp. acting jointly and severally and (ii) The Royal Bank of Scotland plc (the “Master Agreement”)
December 22, 2010TBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
Rushmore Shipping LLCTBS International PLC • December 27th, 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
ContractLetter Agreement • December 27th, 2010 • TBS International PLC • 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”), (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 provi
December 22nd, 2010TBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
RE: Extension of Forbearance Period under that certain Loan Agreement dated 28 May 2008 made between (i) Dyker Maritime Corp. as Borrower and (ii) Commerzbank AG as Lender relating to a term loan facility of US$12,500,000 as supplemented by a waiver letter dated 2 March 2009, an extension of waiver letter dated 28 December 2009, a supplemental agreement dated 8 January 2010, a further extension of waiver letter dated 31 March 2010 and a further extension letter dated 29 April 2010 (together the “Loan Agreement”).
The Royal Bank of Scotland plc Level 5 London EC2M 3UR Dear Sirs Loan Agreement dated 29 March 2007 as amended by a side letter dated 24 July 2007, a supplemental letter agreement dated 26 March 2008, a supplemental agreement dated 27 March 2009, a...TBS International PLC • December 27th, 2010 • Deep sea foreign transportation of freight
Reference is hereby made to (i) the Loan Agreement and (ii) the Letter Agreement dated as of 12 November 2010 (the “Forbearance Letter”) whereby the Lenders agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Events of Default as specified therein (the “Specified Events of Default”). Capitalized terms defined in the Loan Agreement or the Forbearance Letter and not otherwise defined herein are used herein as therein defined.
SECOND AMENDMENT TO FORBEARANCE AGREEMENT dated as of December 23, 2010Forbearance Agreement • December 27th, 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
The Royal Bank of Scotland plc Shipping Business Centre London EC3R 3HX Dear Sirs Facility Agreement dated 29 March 2007 as amended from time to time and made between (i) Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp.,...Facility Agreement • December 27th, 2010 • TBS International PLC • Deep sea foreign transportation of freight
Reference is hereby made to (i) the Facility Agreement and (ii) the Letter Agreement dated as of 12 November 2010 (the “Forbearance Letter”) whereby you as Issuer agreed subject to the conditions therein to forbear from exercising any of the rights or remedies arising from the Events of Default as specified therein (the “Specified Events of Default”). Capitalized terms defined in the Facility Agreement or the Forbearance Letter and not otherwise defined herein are used herein as therein defined.
