Document:

EX 105

		
			EXHIBIT 10.5
		

		
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			LCI SHIPHOLD1NGS, INC.
		

		
			11 North Water Street, Suite 18290 
Mobile, Alabama 36602
		

		
			January 13, 2016
		

		
			Citizens Asset Finance, Inc.
		

		
			71 South Wacker Drive, 29th Floor
		

		
			Mailstop 1H2935
		

		
			Chicago, Illinois 60606
		

		
			Attn: Mr. John Pors
		

		
			Re:Certain requests under that certain Loan Agreement
		

		
			dated as of August 25, 2014, as amended, for the vessel GREEN DALE
		

		
			Dear Sirs:
		

		
			Reference is made to that certain Loan Agreement, dated as of August 25, 2014 (as the same has been amended from time to time, the "Loan Agreement"), by and between LCI Shipholdings, Inc., as borrower, International Shipholding Corporation, as guarantor, and Citizens Asset Finance, Inc. (f/k/a RBS Asset Finance, Inc.), as lender. Reference is also made to that certain Limited Waiver Agreement, dated as of November 13, 2015, by and among Borrower, Guarantor and Lender (the "Limited Waiver Agreement"). Capitalized terms used herein shall have the meanings provided to them in the Loan Agreement and the Limited Waiver Agreement.
		

		
			In connection with the most recent information provided by Guarantor to Lender regarding the implementation of Guarantor's 2015 Restructuring Plan, outlined in Schedule A to the Limited Waiver Agreement, Borrower hereby requests that Lender consent to the following:
		

		
			1.The amendment of the 2015 Restructuring Plan, as set forth in Schedule A to the
		

		
			Limited Waiver Agreement, as follows:
		

			
	
			
				 a.
			By substituting the sale of certain of the assets/operations of CC Railway, Inc. (but not including the railferry vessels), which sale shall occur by February 28, 2016, in lieu of both (i) the sale of the assets or stock of NWT addressed in Section 5 of Schedule A and (ii) the sale of the PTFI/MPV Notes, which were described as the "Indonesian Assets" and included among the "Other Designated Assets" in Section 6 of Schedule A to the Limited Waiver Agreement.

			
	
			
				 b.
			By permitting Guarantor to sell either the assets or the stock/membership interests of Frascati Shops, Inc. and Tower, LLC (collectively, "FSI"), instead of just the assets of those companies as currently permitted in Section 3 of Schedule A to the Limited. Waiver Agreement, and extending the date by which such sales shall occur until February 28, 2016 (from December 22, 2015, as currently provided). The Net Cash

		
			 
		

		

		

		 

 

		Citizens Asset Finance, Inc.
		

		
			January 13, 2016
		

		
			Page 2
		

		
			Proceeds to be realized from the sale of the assets or the stock/membership interests of FSI shall also be increased from not less than $4,500,000 to not less than $5,000,000 in the aggregate, but all such Net Cash Proceeds may continue to be paid directly to the Collateral Agent and applied to prepay SCA Term Loan A in inverse order of maturities.
		

		
			c.By permitting Guarantor or one of its subsidiaries to transfer Guarantor's
		

		
			minority equity interests (which equity interests are held by Bulk Shipholding, Inc., a subsidiary of Guarantor) in Oslo Bulk Shipping AS and Oslo Bulk Holding Pte. (the "Oslo Bulk Minority Interests") in exchange for one (1) mini bulker cargo vessel, which will be sold, on credit, to an Indonesian entity for employment under that entity's contract with PTFI and who will pay one or more of Guarantor's subsidiaries approximately $2.2 million per year in vessel management fees and annual. debt service with respect to the credit sale. The Oslo Bulk Minority Interests were included among the "Other Designated Assets" of Section 6 of Schedule A to the Limited Waiver Agreement. Because the Oslo Bulk Minority Interests will not be sold, clause (iii) of Section 6(b) of Schedule A, which permitted the Guarantor and its subsidiaries to retain up to $5 million from the proceeds of such sale as "Capital Reserve Amounts," is deleted.
		

		
			2.By extending the deadline for the sale of the vessel NAIDA RAMIL addressed in
		

		
			Section 2 of Schedule A from January 15, 2016 until February 28, 2016. No changes to the minimum Net Cash Proceeds required for the sale or to the permissible disposition of those funds is requested,
		

		
			 
		

		
			[Signature Page Follows]
		

		

		

		 

 

		
		

		
			Citizens Asset Finance, Inc.
		

		
			January 13, 2016
		

		
			Page 3
		

		
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			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.
		

		
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			Sincerely yours,
		

		
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			LCI SHIPHOLDINGS, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			Acknowledged and agreed to
		

		
			this 13th day of January, 2016
		

		
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			Citizens Asset Finance, Inc.
		

		
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			By: /s/ Janet Melancon
		

		
			Name: Janet Melancon
		

		
			Title: Vice PresidentEX 106

		
			EXHIBIT 10.6
		

		
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			CONSENT AGREEMENT
		

		
			(Extension of FSI Sale Deadline)
		

		
			This CONSENT AGREEMENT (the "Agreement"), dated as of January 21, 2016, is entered into among INTERNATIONAL SHIPHOLDING CORPORATION, a Delaware corporation ("ISC"), ENTERPRISE SHIP COMPANY, INC., a Delaware corporation ("Enterprise"), SULPHUR CARRIERS, INC., a Delaware corporation ("Sulphur Carriers"), CG RAILWAY, INC., a Delaware corporation ("CG Railway"), CENTRAL GULF LINES, INC., a Delaware corporation ("Central Gulf"), WATERMAN STEAMSHIP CORPORATION, a New York corporation ("Waterman"), COASTAL CARRIERS, INC., a Delaware corporation ("Coastal"), N.W. JOHNSEN & CO., INC., a New York corporation ("NWJ"), LMS SHIPMANAGEMENT, INC., a Louisiana corporation ("LMS"), U.S. UNITED OCEAN SERVICES, LLC, a Florida limited liability company ("UOS"), MARY ANN HUDSON, LLC, a Delaware limited liability company ("MAH"), SHEILA MCDEVITT, LLC, a Delaware limited liability company ("SAM"), TOWER, LLC, an Alabama limited liability company ("Tower"), FRASCATI SHOPS, INC., an Alabama corporation ("Frascati"; ISC, Enterprise, Sulphur Carriers, CG Railway, Central Gulf, Waterman, Coastal, NWJ, LMS, UOS, MAH, SAM, Tower and Frascati, collectively, the "Borrowers"), the Lenders party hereto and REGIONS BANK, as administrative agent (in such capacity, "Administrative Agent") and collateral agent (in such capacity, "Collateral Agent"). All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement and in the Sixth Amendment (as such terms are defined below).
		

		
			RECITALS
		

		
			WHEREAS, the Borrowers, the Lenders and the Administrative Agent entered into that certain Credit Agreement dated as of September 24, 2013 (as amended or modified from time to time, the "Credit Agreement");
		

		
			WHEREAS, the Borrowers, the Lenders and the Administrative Agent entered into that certain Waiver Agreement, Consent and Sixth Amendment to Credit Agreement dated as of November 13, 2015 (the "Sixth Amendment"), pursuant to which the Lenders provided their consent to certain Assets Sales comprising the Collateral and the Borrowers agreed to complete certain Asset Sales of Collateral upon specific terms;
		

		
			WHEREAS, the Borrowers, the Lenders and the Administrative Agent entered into that certain Consent Agreement, dated as of December 23, 2015 (the "Consent Agreement"), pursuant to which the Lenders consented to the modification of the terms and conditions governing the Borrowers sales of certain Collateral;
		

		
			WHEREAS, the Borrowers have requested that the Required Lenders consent to revising the terms and conditions upon the applicable Borrowers shall sell the assets, operations or equity interests of Frascati Shops, Inc. and Tower, LLC (collectively, "FSI");
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			Section 1. Modified Terms for Disposition of the Assets of FSI. With respect to the Required Lenders' consent to the sale by Frascati Shops, Inc. and Tower, LLC (collectively, "FSI") of all assets and properties of FSI set forth in section 3.5 of the Sixth Amendment, and the requirements for the disposition of the assets of FSI set forth in section 5.2(b) of the Sixth Amendment, in 
		

		 

 

		each case as modified by the Consent Agreement, the Borrowers and the Required Lenders agree to the following revised terms:
		

		
			FSI shall complete the disposition of all of its assets and properties by no later than February 16, 2016 (or in the alternative, the Company shall complete the sale of 100% of its Equity Interests in FSI) for aggregate Net Cash Proceeds of at least $5,000,000, and all such Net Cash Proceeds shall be paid directly to the Collateral Agent to effect release of its Liens on the assets of FSI.
		

		
			Sections 3.5(a) and (b) of the Sixth Amendment shall continue to apply with regard to the Required Lenders' consent to the disposition of such assets of FSI. All such Net Cash Proceeds from the disposition of such assets of FSI paid to the Collateral Agent shall be applied to prepay the Term Loan in accordance with Section 2.12(b)(ii) of the Credit Agreement.
		

		
			Section 2.Limited Effect of Modifications. Except as expressly provided herein, the
		

		
			consents and modifications set forth herein shall not modify or affect the Loan Parties' obligations to comply fully with the other duties, terms, conditions and covenants contained in the Credit Agreement, the Sixth Amendment, the Consent Agreement, and the other Credit Documents, now or in the future. This Agreement is limited solely to the matters expressly provided herein, and nothing contained in this Agreement shall be deemed to constitute a consent, release or waiver of any other duty, term, condition or covenant contained in the Credit Agreement, the Sixth Amendment or any other Credit Document with respect to any matter or any other rights or remedies the Administrative Agent, the Collateral Agent or any Lender may have under the Credit Agreement, the Sixth Amendment, the Consent Agreement or any other Credit Documents or under applicable law.
		

		
			Section 3.Effectiveness. This Agreement shall be effective upon the Administrative
		

		
			Agent's receipt of counterparts of this Agreement duly executed by the Borrowers, the Required Lenders and the Administrative Agent.
		

		
			Section 4.Other Lenders' Consents. By February 1, 2016, the Borrowers shall obtain (and
		

		
			provide copies to the Administrative Agent of) parallel written consents (the "Other Lenders' Consents") from each holder of the Other Designated Indebtedness for which the applicable governing documents require the sale of the assets of FSI for a specified amount by a date certain, such Other Lenders' Consents to be in form and substance satisfactory to the Administrative Agent. No such consent or any related agreement may contain or require as a condition to such consent the payment by any Borrower or their respective Subsidiaries of any fee, other amount or other additional consideration (or the acceleration of the date for payment of any existing fee, other amount or other consideration) to any of the holders of the Other Designated Indebtedness.
		

		
			Section 5.Representations of the Borrowers. Each of the Borrowers represents and
		

		
			warrants to the Administrative Agent and the Lenders as follows:
		

			
	
			
				 (a)
			It has taken all necessary action to authorize the execution, delivery and performance of this Agreement and any other documents delivered by it in connection herewith.

			
	
			
				 (b)
			This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent

		
			 
		

		

		

		 

 

		conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
		

			
	
			
				 (c)
			No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by it of this Agreement.

			
	
			
				 (d)
			The execution and delivery of this Agreement or any other document delivered by it in connection herewith does not (i) violate, contravene or conflict with any provision of its organization documents or (ii) materially violate, contravene or conflict with any laws applicable to it.

			
	
			
				 (e)
			After giving effect to this Agreement, (i) the representations and warranties of the Borrowers set forth in the Credit Agreement and in each other Credit Document are true, accurate and complete in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or Event of Default.

		
			Section 6.Miscellaneous.
		

			
	
			
				 (a)
			The Credit Agreement and the obligations of the Borrowers thereunder and under the other Credit Documents, as modified hereby, are hereby ratified and confirmed and shall remain in full force and effect according to their terms. This Agreement shall constitute a Credit Document.

			
	
			
				 (b)
			Each Borrower (a) acknowledges and consents to all of the terms and conditions of this Agreement, (b) affirms all of its obligations under the Credit Documents as modified hereby and (c) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.

			
	
			
				 (c)
			Each of the Borrowers, on behalf of its respective directors, officers, shareholders, employees, attorneys, successors, assigns and representatives, hereby releases the Administrative Agent, the Collateral Agent and each Lender and their respective affiliates, directors, officers, shareholders, employees, attorneys, consultants, successors and assigns and representatives (collectively, the "Released Parties") from the following, whether arising from or in connection with any of the Obligations, this Agreement or any of the Credit Documents or otherwise prior to the Effective Date: (i) damages, claims, liabilities, causes of action, contracts, or controversies of any type, kind, nature, description or character; (ii) breaches of contract or duty of any other type of relationship; (iii) acts or omissions, misfeasance or malfeasance; and (iv) commitments or promises of any type made prior to the date hereof (the matters described in the preceding clauses (i) through (iv) being referred to collectively as the "Claims"), whether or not the Claims are liquidated or unliquidated, which in any way arise out of, or relate to, the Credit Documents or any failure of any of the Released Parties to honor any prior commitment or any documents, agreements or other instruments in any way related to the Credit Documents.

		
			 
		

		 

 

			
	
			
				 (d)
			This Agreement may be executed in any number of counterparts, each of which 
when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

			
	
			
				 (e)
			THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

		
			 
		

		
			[Signature pages follow]
		

		

		

		 

 

		
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
		

		
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			BORROWERS:
		

		
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			INTERNATIONAL SHIPHOLDING CORPORATION
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			ENTERPRISE SHIP COMPANY, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			SULPHUR CARRIERS, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			CG RAILWAY, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			CENTRAL GULF LINES, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			WATERMAN STEAMSHIP CORPORATION
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			COASTAL CARRIERS, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			N.W. JOHNSEN & CO., INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			LMS SHIPMANAGEMENT, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			U.S. UNITED OCEAN SERVICES, LLC.
		

		
			By: Coastal Carriers, Inc., its sole member
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			MARY ANN HUDSON, LLC
		

		
			By: U.S. United Ocean Services, LLC, its sole member
		

		
			By: Coastal Carriers, Inc., its sole member
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			SHEILA MCDEVITT, LLC
		

		
			By: U.S. United Ocean Services, LLC, its sole member
		

		
			By: Coastal Carriers, Inc., its sole member
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			TOWER, LLC
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Authorized Representative
		

		
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			FRASCATI SHOPS, INC.
		

		
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			By: /s/ David B. Drake
		

		
			Name: David B. Drake
		

		
			Title: Vice President – Treasurer
		

		
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			ADMINISTRATIVE AGENT
		

		
			AND COLLATERAL AGENT:
		

		
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			REGIONS BANK, as Administrative Agent and Collateral Agent
		

		
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			By: /s/ N. Ronald Downey, III
		

		
			Name: N. Ronald Downey, III
		

		
			Title: Senior Vice President
		

		
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			LENDERS:
		

		
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			REGIONS BANK, as a Lender
		

		
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			By: /s/ N. Ronald Downey, III
		

		
			Name: N. Ronald Downey, III
		

		
			Title: Senior Vice President
		

		
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			BRANCH BANKING AND TRUST COMPANY, as a Lender
		

		
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			By: /s/ Mary McElwain
		

		
			Name: Mary McElwain
		

		
			Title: Senior Vice President
		

		
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