INTERNATIONAL SHIPHOLDING CORPORATION 11 North Water Street, Suite 18290 Mobile, Alabama 36602
EXHIBIT 10.36
INTERNATIONAL SHIPHOLDING CORPORATION
11 North Water Street, Suite 18290
Mobile, Alabama 36602
September 15, 2015
DVB Bank SE
Park House
16-18 Finsbury Circus
London EC2M 7EB, United Kingdom
Attn: Peter Attridge
Department Transaction and Loan Services
Email: ***@***
Facsimile No.: +44 ###-###-####
Re:Request for waivers under that certain
Senior Secured Term Loan Credit Agreement
dated as of August 26, 2014, as amended, for the vessel GREEN BAY
Dear Sirs:
Reference is made to that certain Senior Secured Term Loan Credit Agreement dated as of August 26, 2014 (as the same has been amended from time to time, the "Credit Agreement"), by and among (1) Central Gulf Lines, 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, which information has since been updated in communications between the Guarantor and the Lenders and the Agents. 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; |
| · | extend the mandatory prepayment deadline under section 5 of the Omnibus, Assignment, Assumption and Amendment Agreement dated August 4, 2015 to October 23, 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/ D.B. Drake
Name: D.B. Drake
Title: Vice President and 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 Schuppan
Name: Eik Schuppan
Title: Senior Vice President
By: /s/ Felix Ulbricht
Name: Felix Ulbricht
Title: Managing Director
cc:DVB Transport (US) LLC
609 Fifth Avenue, 5th Floor
New York, New York 10017, USA
Attn: Christoph Clauss
Matthew Galici
Email: ***@***; ***@***
Facsimile: (212) 858-2664; (917) 369-2196
