INTERNATIONAL SHIPHOLDING CORPORATION 11 North Water Street, Suite 18290
INTERNATIONAL SHIPHOLDING CORPORATION
00 Xxxxx Xxxxx Xxxxxx, Xxxxx 00000
Xxxxxx, Xxxxxxx 00000
July 2, 2015
Regions Bank
Capital One Bank, N.A.
Branch Banking and Trust Company
Whitney Bank
do Regions Bank, as Administrative Agent
and as Collateral Agent
00 Xxxxx Xxxxx Xxxxxx
XX Xxx 0000
Xxxxxx, XX 00000
Attn: Xxxxxx Xxxxxxx, Senior Vice President
Facsimile No.: 000-000-0000
Re:Requests under that certain Credit Agreement
dated as of September 24, 2013, as amended
Dear Sirs:
Reference is made to that certain Credit Agreement dated as of September 24, 2013, as amended (the "Credit Agreement"), by and among (1) International Shipholding Corporation, Enterprise Ship Company, Inc., Sulphur Carriers, Inc., CG Railway, Inc,, Central Gulf Lines, Inc., Coastal Carriers, Inc., Xxxxxxxx Steamship Corporation, X.X. Xxxxxxx & Co., Inc., LMS Shipmanagement, Inc., ILS , United Ocean Services, LLC, Xxxx Xxx Xxxxxx, LLC, Xxxxxx XxXxxxxx, LLC, Tower, LLC and Frascati Shops, Inc., as borrowers, (2) Regions Bank, Capital One Bank, N.A., Branch Banking and Trust Company and Whitney Bank, as lenders, and (3) Regions Bank, as administrative agent and as collateral agent. Capitalized terms used herein shall have the meanings provided to them in the Credit Agreement.
Pursuant to Section 2.11(b)(i) of the Credit Agreement, the Company, on behalf of the Borrowers, hereby notifies the Administrative Agent that the Borrowers are permanently reducing the Revolving Commitments by $10,000,000 (ratably among the Lenders in accordance with their respective commitment percentage thereof), effective immediately. By acknowledgment and acceptance hereof, the Required Lenders hereby waive the requirement for three Business Days prior notice to the effectiveness of such commitment reduction.
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: V/P/ Treasurer
Acknowledged and Accepted By:
REGIONS BANK,
As Administrative Agent and Collateral Agent
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Senior VP
CAPITAL ONE
As a Lender
By: /s/ Xxxx Xxxxxxxxxx
Name: Xxxx Xxxxxxxxxx
Title: AVP
Acknowledged and Accepted By:
BRANCH BANKING AND TRUST COMPANY,
As a Lender
By: /s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Senior Vice President
WHITNEY BANK
As a Lender
By: /s/ Xxxxxxx X. Xxxxxxxx
Name: Xxxxxxx X. Xxxxxxxx
Title: Senior Vice President
