Exhibit 10.5

LETTER AGREEMENT

By this Letter Agreement entered into as of June 20, 2007, for good and valuable
consideration the adequacy of which is hereby acknowledged, and intending to be
legally bound, the Shareholders and IMTT Holdings Inc. (collectively with its
subsidiaries, the “Company”) agree to the following:

i) In the event of the issuance of tax exempt Gulf Opportunity Zone Bonds (“GO
Zone Bonds”) by the Company, the Shareholders shall cause the Members of the
Board appointed by them to, and the Company shall, declare and pay a dividend
with respect to each Fiscal Quarter in accordance with the requirements and
conditions set forth in Section 4 of the Shareholders’ Agreement with
adjustments as set out in Schedule 1. In the event that it becomes definitively
known that less than $215 million face value of GO Zone Bonds will be issued by
the Company, the parties agree that the adjustments as set forth in Schedule 1
shall be prorated based upon the cumulative GO Zone Bonds actually issued as
against $215 million of anticipated Go Zone Bonds; and

ii) The parties agree that for the purposes only of Section 5 of the
Shareholders’ Agreement (and specifically not Sections 4(d) and 4(e) of the
Shareholders’ Agreement), Net Debt shall be reduced by an amount equal to the
cumulative net adjustments made to dividends declared and paid by the Company
pursuant to clause (i) of this Agreement (including such adjustments made with
respect to the most recent Fiscal Quarter); and

iii) For the avoidance of doubt, no provision of this Letter Agreement is
intended to amend the requirement in Section 4 of the Shareholders’ Agreement
that the declaration and payment of dividends by the Company be subject to the
following:

 
a)
such dividend is permitted by the terms of the financing agreements of the
Company and by applicable law;

 
 
 

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b)
the payment of the dividend would not result in the Company retaining
insufficient reserves of cash, cash equivalents and/or committed and unutilized
credit facilities to enable the Company to meet the normal requirements of its
business and to fund Capital Expenditure previously approved by the Board;

 
c)
Section 4(d) and 4(e) of the Shareholders’ Agreement.

The Shareholders and the Company further agree that this Letter Agreement
constitutes an amendment to the Shareholders Agreement dated April 14, 2006 (as
amended) between the Shareholders and the Company (the “Shareholders’
Agreement”) and that, except as set forth herein, that Shareholders’ Agreement
shall remain in full force and effect. Capitalized terms in this Letter
Agreement shall be as defined in the Shareholders’ Agreement unless otherwise
defined herein. This Amendment may be executed and delivered (including by
facsimile transmission) in one or more counterparts, each of which when executed
shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement. This Letter Agreement shall be governed
by, and construed in accordance with, the laws of the State of Delaware.
 
 
 

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        IMTT HOLDINGS INC.  
   
   
  By:   /s/ Thomas B. Coleman  

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Name: THOMAS B. COLEMAN   Title: CHIEF EXECUTIVE OFFICER

        SHAREHOLDERS:        MACQUARIE TERMINAL HOLDINGS LLC  
   
By: 
 
Macquarie Infrastructure Company Inc. (d/b/a
Macquarie Infrastructure Company (US)) 
      By:   /s/ Peter Stokes  

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Name: PETER STOKES   Title: CHIEF EXECUTIVE OFFICER

       
CURRENT BENEFICIAL SHAREHOLDERS ARE
HEREIN REPRESENTED BY:
     
JAMES J. COLEMAN JR., THOMAS B. COLEMAN
AND JAMES OWEN COLEMAN, TRUSTEES OF
VOTING TRUST AGREEMENT DATED MAY 2, 2006
AS AMENDED ON JANUARY 11, 2007. 
 
   
   
  By:   /s/ Thomas B. Coleman  

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THOMAS B. COLEMAN, TRUSTEE

 

      By:   /s/ James J. Coleman   

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JAMES J. COLEMAN JR., TRUSTEE

 

      By:   /s/ James O. Coleman   

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JAMES O. COLEMAN, TRUSTEE

 
 

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Schedule 1

THIS SCHEDULE IS BASED UPON THE ISSUANCE OF
$215 MILLION OF GO ZONE BONDS

For each Fiscal Quarter beginning with the Fiscal Quarter ended March 31, 2009
through the Fiscal Quarter ended December 31, 2010 the dividend declared and
paid by the Company to the Shareholders will be increased by the following
amounts:

·
All Fiscal Quarters in 2009: $3,400,000 increase per Fiscal Quarter 

·
All Fiscal Quarters in 2010: $1,300,000 increase per Fiscal Quarter 

For each Fiscal Quarter beginning with the Fiscal Quarter ended March 31, 2011
through the Fiscal Quarter ended September 30, 2015 the dividend declared and
paid by the Company to the Shareholders will be decreased by the following
amounts:

·
All Fiscal Quarters in 2011: $300,000 decrease per Fiscal Quarter  

·
All Fiscal Quarters in 2012: $600,000 decrease per Fiscal Quarter  

·
All Fiscal Quarters in 2013: $1,100,000 decrease per Fiscal Quarter 

·
All Fiscal Quarters in 2014: $1,600,000 decrease per Fiscal Quarter 

·
First two Fiscal Quarters in 2015: $1,600,000 decrease per Fiscal Quarter 

 
·
Fiscal Quarter ended September 30, 2015: $1,200,000 decrease.

 
 
 

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