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 BC2M 7EB, United Kingdom
Attn: Peter Attridge
Department: Transaction and Loan Services
Email: tls.london@dvbbank.eom
Facsimile No.: +44 207 256 4352
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/ D.B. Drake
Name: D.B. Drake
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 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, N.Y. 10017, USA
Attn: Christoph Clauss
Matthew Galici
Email: christoph.clauss@dvbbank.com; matthew.galici@dvbbank.com
Facsimile: (212) 858-2664; (917) 369-2196