September 7, 2011TBS International PLC • September 8th, 2011 • 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
FORBEARANCE AGREEMENT dated as of September 7, 2011Forbearance Agreement • September 8th, 2011 • 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 Second Amended and Restated Credit Agreement, dated as of January 27, 2011 (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 (collectively, 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 Merrill Lynch Pierce Fenner & Smith Inc., as Sole Lead Arranger and Sole Book Manager; and (b) those certain int
Dated: as of September 7, 2011 BEDFORD MARITIME CORP. BRIGHTON MARITIME CORP. HARI MARITIME CORP. PROSPECT NAVIGATION CORP. HANCOCK NAVIGATION CORP COLUMBUS MARITIME CORP. and WHITEHALL MARINE TRANSPORT CORP. as joint and several Borrowers TBS...Forbearance Agreement and Waiver • September 8th, 2011 • TBS International PLC • Deep sea foreign transportation of freight • New York
WHEREAS, the Borrowers, the Guarantors, the Lender, the Facility Agent, the Security Trustee, the Swap Banks and others are parties to a Loan Agreement dated as of January 16, 2008, as amended by a First Amendatory Agreement dated as of March 23, 2009, a Second Amendatory Agreement dated as of December 31, 2009, a Third Amendatory Agreement dated as of January 11, 2010, a Fourth Amendatory Agreement dated as of April 30, 2010, a Fifth Amendatory Agreement dated as of January 27, 2011 and a Sixth Amendatory Agreement dated as of April 15, 2011 (the “Sixth Amendatory Agreement”) (as so amended, the “Loan Agreement”).
FORBEARANCE AGREEMENT AND WAIVERForbearance Agreement and Waiver • September 8th, 2011 • TBS International PLC • Deep sea foreign transportation of freight • New York
This FORBEARANCE AGREEMENT AND WAIVER (this “Forbearance Agreement”) dated as of September 7, 2011 is by and among (i) ALBEMARLE MARITIME CORP., ARDEN MARITIME CORP., AVON MARITIME CORP., BIRNAM MARITIME CORP., BRISTOL MARITIME CORP., CHESTER SHIPPING CORP., CUMBERLAND NAVIGATION CORP., DARBY NAVIGATION CORP., DOVER MARITIME CORP., ELROD SHIPPING CORP., EXETER SHIPPING CORP., FRANKFORT MARITIME CORP., GLENWOOD MARITIME CORP., HANSEN SHIPPING CORP., HARTLEY NAVIGATION CORP., HENLEY MARITIME CORP., HUDSON MARITIME CORP., JESSUP MARITIME CORP., MONTROSE MARITIME CORP., OLDCASTLE SHIPPING CORP., QUENTIN NAVIGATION CORP., RECTOR SHIPPING CORP., REMSEN NAVIGATION CORP., SHEFFIELD MARITIME CORP., SHERMAN MARITIME CORP., STERLING SHIPPING CORP., STRATFORD SHIPPING CORP., VEDADO MARITIME CORP., VERNON MARITIME CORP. and WINDSOR MARITIME CORP., each a corporation organized under the laws of the Republic of the Marshall Islands (collectively, together with any Borrowers joined on or after the dat
FORBEARANCE AGREEMENT AND WAIVERForbearance Agreement and Waiver • September 8th, 2011 • TBS International PLC • Deep sea foreign transportation of freight
This FORBEARANCE AGREEMENT AND WAIVER (this “Forbearance Agreement”) dated as of September 7, 2011 is by and among (i) ARGYLE MARITIME CORP., CATON MARITIME CORP., DORCHESTER MARITIME CORP., LONGWOODS MARITIME CORP., MCHENRY MARITIME CORP. and SUNSWYCK MARITIME CORP. each a corporation organized under the laws of the Republic of the Marshall Islands (collectively, together with any Borrowers joined on or after the date hereof, the “Borrowers” and, each individually, a “Borrower”), (ii) TBS INTERNATIONAL PLC, a corporation formed under the laws of Ireland (“Irish Holdings”), (iii) TBS INTERNATIONAL LIMITED, a corporation formed under the laws of Bermuda (“Bermuda Holdings”, and together with Irish Holdings, “Holdings”), (iv) each lender party hereto (collectively, the “Consenting Lenders” and individually, a “Consenting Lender”), and (v) THE ROYAL BANK OF SCOTLAND PLC, as agent (in such capacity, the “Agent”), Security Trustee and Swap Bank. Capitalized terms which are used herein witho
FORBEARANCE AGREEMENT AND WAIVERForbearance Agreement and Waiver • September 8th, 2011 • TBS International PLC • Deep sea foreign transportation of freight
THIS FORBEARANCE AGREEMENT AND WAIVER (this “Forbearance Agreement”) dated as of September 7, 2011 is by and among Amoros Maritime Corp., Lancaster Maritime Corp. and Chatham Maritime Corp., each a Marshall Islands corporation having a mailing address of P.O. Box HM 2522, Hamilton HMGX, Bermuda and a registered address of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Borrowers”; each, a “Borrower”), TBS International Limited, a Bermuda corporation whose tax domicile is in Ireland (“TBSIL Guarantor”), Sherwood Shipping Corp. (“Sherwood”), TBS Holdings Limited, a Bermuda company (“Bermuda Holdco”), TBS International public limited company, an Irish public limited company (“Parent Guarantor”) and AIG Commercial Equipment Finance, Inc., a Delaware corporation (together with its successors and assigns, “Lender”). Unless specifically defined in this Forbearance Agreement, capitalized terms not used in this herein shall have the meanings assigne
September 7, 2011TBS International PLC • September 8th, 2011 • 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
Letterhead of Joh. Berenberg, Gossler & Co. KG]TBS International PLC • September 8th, 2011 • Deep sea foreign transportation of freight
With reference to the Waiver Request addressed to all Lenders of TBS, we are pleased to inform you that subject to the acceptance of the Waiver Request by all other lenders affected by the Waiver Request we agree to:
FORBEARANCE LETTERForbearance Letter • September 8th, 2011 • TBS International PLC • Deep sea foreign transportation of freight
We refer to the Loan Agreement and the Supplemental Agreement. Words and expressions defined in the Loan Agreement and the Supplemental Agreement shall have the same meaning when used herein except as expressly provided in this letter.
