INTERNATIONAL SHIPHOLDING CORPORATION
11 North Water Street, Suite 18290
Mobile, Alabama 36602
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
11 North Water Street
PO Box 2527
Mobile, AL 36622
Attn: Edward Midyett, Senior Vice President
Facsimile No.: 251-690-1003
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., Waterman Steamship Corporation, N.W. Johnsen & Co., Inc., LMS Shipmanagement, Inc., ILS , United Ocean Services, LLC, Mary Ann Hudson, LLC, Sheila McDevitt, 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/ D. B. Drake
Name: D. B. Drake
Title: V/P/ Treasurer
Acknowledged and Accepted By:
REGIONS BANK,
As Administrative Agent and Collateral Agent
By: /s/ Edward Midyett
Name: Edward Midyett
Title: Senior VP
CAPITAL ONE
As a Lender
By: /s/ Kyle Fontanille
Name: Kyle Fontanille
Title: AVP
Acknowledged and Accepted By:
BRANCH BANKING AND TRUST COMPANY,
As a Lender
By: /s/ Robert M. Searson
Name: Robert Searson
Title: Senior Vice President
WHITNEY BANK
As a Lender
By: /s/ Phillip E. Gordillo
Name: Phillip E. Gordillo
Title: Senior Vice President