INTERNATIONAL SHIPHOLDING CORPORATION 11 North Water Street, Suite 18290
INTERNATIONAL SHIPHOLDING CORPORATION
00 Xxxxx Xxxxx Xxxxxx, Xxxxx 00000
Xxxxxx, Xxxxxxx 00000
September 15, 0000
XXX Xxxx XX
Xxxx House
00-00 Xxxxxxxx Xxxxxx
Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx
Attn: Xxxxx Xxxxxxxx
Department: Transaction and Loan Services
Email: xxx.xxxxxx@xxxxxxx.xxx
Facsimile No.: x00 000 000 0000
Re;Request for waivers under that certain
Senior Secured. Term Loan Credit Agreement
dated as of April 20, 2015, for the vessel GLOVIS COUNTESS
Dear Sirs:
Reference is made to that certain Senior Secured Term Loan Credit Agreement dated as of April 20, 2015 (the "Credit Agreement"), by and among (1) East Gulf Shipholding, Inc., as borrower, (2) International Shipholding Corporation, as guarantor, (3) the lenders from time to time party thereto, (4) DVB Bank SE, as facility agent and as security trustee, and (5) DVB Bank SE, as mandated lead arranger. Capitalized terms used herein shall have the meanings provided to them in the Credit Agreement.
Reference is also made to the information provided to the Lenders at the bank group meeting held at the Guarantor’s offices in Mobile, Alabama on Wednesday, September 9, 2015. In connection with same, the Borrower hereby requests that the Lenders and the Agents waive the Guarantor's compliance with the Working Capital, Minimum Liquidity, Minimum Consolidated Tangible Net Worth and Minimum Consolidated Fixed Charge Coverage Ratio
financial covenants, Sections 9.3(b), 9.3(d), 9.3(e) and 9.3(g), respectively, in the Credit
Agreement for the fiscal quarter ending September 30, 2015.
Please indicate your agreement to the foregoing by signing this letter agreement where indicated below. If you have any questions, please feel free to contact the undersigned.
Sincerely yours,
INTERNATIONAL SHIPHOLDING CORPORATION
By: /s/ X.X. Xxxxx
Name: X.X. Xxxxx
Title: Vice President - Treasurer
DVB Bank SE
September 15, 2015
Page 2
Acknowledged and agreed to this 29 day of September, 2015
DVB Bank SE, as Facility Agent,
Security Trustee and Lender
By: /s/ Eik Xxxxxxxx
Name: Eik Xxxxxxxx
Title: Senior Vice President
By: /s/ Xxxxx Xxxxxxxx
Name: Xxxxx Xxxxxxxx
Title: Managing Director
cc: DVB TRANSPORT (US) LLC
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, X.X. 00000, XXX
Attn: Xxxxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
Email: xxxxxxxxx.xxxxxx@xxxxxxx.xxx; xxxxxxx.xxxxxx@xxxxxxx.xxx
Facsimile: (000) 000-0000; (000) 000-0000
