Document:

EX 101

		
			Exhibit 10.1
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 9
		

		
			TO
		

		
			FACILITY AGREEMENT PROVIDING FOR A
		

		
			SENIOR SECURED TERM LOAN
		

		
			OF ¥5,102,500,000
		

		
			dated January 23, 2008,
		

		
			EAST GULF SHIPHOLDING, INC.
		

		
			as Borrower,
		

		
			AND
		

		
			The Banks and Financial Institutions listed on Schedule I thereto,
		

		
			as Lenders,
		

		
			AND
		

		
			DNB BANK ASA, NEW YORK BRANCH
		

		
			as Facility Agent and as Security Trustee
		

		
			AND
		

		
			IN 1ERNATIONAL SHIPHOLDING CORPORATION,
		

		
			as Guarantor
		

		
			Dated as of March 30, 2015
		

		
			 
		

		

		

		 

 

		
		

		
			AMENDMENT NO. 9 TO LOAN AGREEMENT
		

		
			THIS AMENDMENT NO. 9 TO LOAN AGREEMENT (this "Amendment") is dated as of March 30, 2015, by and among (1) EAST GULF SHIPHOLDING, INC., a corporation organized and existing under the laws of the Republic of the Marshall Islands, as borrower (the "Borrower"), (2) INTERNATIONAL SHIPHOLDING CORPORATION, a corporation organized and existing under the laws of the State of Delaware, as guarantor (the "Guarantor"), (3) DNB Capital LLC and the other banks and financial institutions listed on Schedule I to the Facility Agreement (as defined below), as lenders (together with any bank or financial institution which becomes a Lender pursuant to Article 11 of the Facility Agreement, as defined below, the "Lenders" and each a "Lender"), and (4) DNB BANK ASA, NEW YORK BRANCH (formerly known as DnB NOR Bank ASA) ("DNB"), as facility agent (in such capacity including any successor thereto, the "Facility Agent"), as security trustee for the Lenders (in such capacity, the "Security Trustee" and, together with the Facility Agent, the "Agents"), and amends and is supplemental to the Senior Secured Facility Agreement dated as of January 23, 2008, entered into by and among the Borrower, the Guarantor, the Lenders and the Agents, as amended by Amendment No. 1 thereto dated as of April 21, 2010, Amendment No, 2 thereto dated as of December 31, 2010, Amendment No. 3 thereto dated as of April 5, 2011, Amendment No. 4 thereto dated as of November 28, 2012, Amendment No. 5 thereto dated as of August 7, 2013, Amendment No. 6 thereto dated as of August 26, 2014, Amendment No. 7 dated as of October 31, 2014 and Amendment No. 8 dated as of November 25, 2014 (the "Original Agreement" and as further amended hereby, the "Facility Agreement").
		

		
			WITNESSETH THAT:
		

		
			WHEREAS, the Guarantor has informed the Creditors that the Guarantor intends to incur up to Fifteen Million United States Dollars (US$15,000,000) of additional Indebtedness (the "Additional Domestic Debt") for general corporate purposes, either under an existing credit facility or by a new credit facility pursuant to which the Guarantor would be a borrower, a co-borrower or a guarantor of the Additional Domestic Debt;
		

		
			WHEREAS, the Guarantor has informed the Creditors that the covenant contained in Sections 9.2(m) of the Original Agreement will, absent a waiver from the Lenders, be breached upon the incurrence of the Additional Domestic Debt by the Guarantor, as a borrower, a co-borrower or a guarantor; and
		

		
			WHEREAS, the Security Parties and the Creditors have agreed, inter alia, to amend the Original Agreement as follows.
		

		
			NOW, THEREFORE, in consideration of the premises and such other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by the parties, it is hereby agreed as follows:
		

		
			1.Definitions. Unless otherwise defined herein, words and expressions defined in the Original Agreement have the same meanings when used herein.
		

		
			2.Representations and Warranties. Each of the Security Parties hereby reaffirms, as of the date hereof, each and every representation and warranty made thereby in the Original Agreement and the Note (updated mutatis mutandis).
		

		
			3.No Defaults. Each of the Security Parties hereby represents and warrants that as of the date hereof there exists no Event of Default or any condition which, with the giving of notice or passage of time, or both, would constitute an Event of Default.
		

		
			4.Performance of Covenants. Each of the Security Parties hereby reaffirms that it has duly performed and observed the covenants and undertakings set forth in the Original Agreement, the Note and the Security Documents on its part to be performed, and covenants and undertakes to continue duly to perform and observe such covenants and undertakings, other than as waived hereby, so long as the Facility Agreement, as may be amended or supplemented from time to time, shall remain in effect.
		

		
			5.Waiver/Consent. Subject to the Security Parties' continued compliance with the provisions contained herein and in the Facility Agreement to the satisfaction of the Creditors in their sole discretion, the Creditors hereby consent to the incurrence of the Additional Domestic Debt and waive any breach of Section 9.2(m) of the Facility Agreement solely in connection with the incurrence of Additional Domestic Debt. Solely, based upon information provided to us in that request letter dated March 11, 2015, the Creditors, solely in connection with the transactions described herein, hereby waive compliance with any other provision contained in the Facility Agreement or the other Transaction Documents as may be necessary to give full effect to the waiver and consent set forth in this Section 5.
		

		
			6.The Secured Parties shall provide copies of the final documentation in respect of the Additional Domestic Debt.
		

		
			7.Amendments to the Original Agreement. Subject to the terms and conditions of this Amendment, the Original Agreement is hereby amended and supplemented as follows:
		

		
			(a)All references to "this Agreement" shall be deemed to refer to the Original Agreement, as amended hereby;
		

		
			(b)Section 9.3(c) of the Original Agreement is hereby amended and restated in its entirety as follows:
		

		
			"(c) Minimum Consolidated Tangible Net Worth. Maintain a Consolidated Tangible Net Worth, as measured at the end of each fiscal quarter of the Guarantor, in an amount of not less than the sum of Two Hundred Fifty-Four Million Eight Hundred Eighty Thousand Dollars ($254,880,000) plus fifty percent (50%) of all Consolidated Net Income of the Guarantor and the Subsidiaries earned after March 31, 2015 
		

		 

 

		plus one hundred percent (100%) of the proceeds of all issuances of equity interests (common or preferred) of the Guarantor and the Subsidiaries (on a consolidated basis) received after March 31, 2015 (other than issuances in connection with the exercise by a present or former employee, officer or director under a stock incentive plan, stock option plan or other equity-based compensation plan or arrangement);"; and
		

		
			(c)Section 9.3(f) of the Original Agreement is hereby amended and restated in its entirety as follows:
		

		
			"(f) Minimum Consolidated Fixed Charge Coverage Ratio. Maintain a Consolidated Fixed Charge Coverage Ratio of at least (i) 1.05:1.00, beginning with the fiscal quarter ending March 31, 2015 through the fiscal quarter ending December 31, 2015, (ii) 1.15:1.00, for the fiscal quarter ending March 31, 2016, (iii) 1.20:1.00, for the fiscal quarter ending June 30, 2016 and (iv) 1.25:1.00, thereafter, measured at the end of each fiscal quarter of the Guarantor based on the four most recent fiscal quarters of the Guarantor for which financial information is available;".
		

		
			8.No Other Amendment. All other terms and conditions of the Original Agreement shall remain in full force and effect and the Original Agreement shall be read and construed as if the terms of this Amendment were included therein by way of addition or substitution, as the case may be.
		

		
			9.Conditions Precedent to the Effectiveness of this Amendment. The effectiveness of this Amendment shall be expressly subject to the following conditions precedent:
		

		
			(a)This Amendment. The Borrower and the Guarantor shall have duly executed and delivered this Amendment to the Facility Agent; and
		

		
			(b)Interest, Fees and Expenses Paid. The Facility Agent shall have received payment in full of all interest, fees and expenses due under or in connection to the Original Agreement and this Amendment.
		

		
			10.Other Documents. By the execution and delivery of this Amendment, the Security Parties and the Lenders hereby consent and agree that all references in the Note and the Security Documents to the Original Agreement shall be deemed to refer to the Original Agreement as amended by this Amendment. By the execution and delivery of this Amendment, each of the Security Parties hereby consents and agrees that each of the Note and any other documents that has been executed in connection with the Original Agreement and each of the Security Parties' obligations under the Original Agreement shall remain in full force and effect notwithstanding the amendments contemplated hereby.
		

		
			11.Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws thereof other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York.
		

		
			12.Counterparts. This Amendment may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts each of which, when so executed, shall be deemed to be an original but all such counterparts shall constitute but one and the same agreement.
		

		
			13.Headings; Amendment. In this Amendment, section headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Amendment. This Amendment cannot be amended other than by written agreement signed by the parties hereto.
		

		
			 
		

		
			[Signature Page Follows]
		

		

		

		 

 

		
		

		
			IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment by its duly authorized representative on the day and year first above written.
		

		
			 
		

		
			EAST GULF SHIPHOLDING, INC.
		

		
			as Borrower
		

		
			 
		

		
			By: /s/ D.B. Drake
		

		
			Name: D.B. Drake
		

		
			Title: Vice President and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			INTERNATIONAL SHIPHOLDING CORPORATION
		

		
			as Guarantor
		

		
			 
		

		
			By: /s/ D.B. Drake
		

		
			Name: D.B. Drake
		

		
			Title: Vice President and Treasurer
		

		
			 
		

		
			 
		

		
			DNB BANK ASA, NEW YORK BRANCH,
		

		
			as Facility Agent and Security Trustee
		

		
			 
		

		
			By: /s/ Cathleen Buckley
		

		
			Name: Cathleen Buckley
		

		
			Title: Senior Vice President
		

		
			 
		

		
			By: /s/ Anders Platou
		

		
			Name: Anders Platou
		

		
			Title: Senior Vice President
		

		
			 
		

		
			 
		

		
			DNB CAPITAL LLC,
		

		
			as Lender
		

		
			 
		

		
			By: /s/ Cathleen Buckley
		

		
			Name: Cathleen Buckley
		

		
			Title: Senior Vice President
		

		
			 
		

		
			By: /s/ Anders Platou
		

		
			Name: Anders Platou
		

		
			Title: Senior Vice PresidentEX 102

		
			Exhibit 10.2
		

		
			 
		

		
			 
		

		
			 
		

		
			THIRD AMENDMENT TO LOAN AGREEMENT
		

		
			 
		

		
			THIS THIRD AMENDMENT (this "Amendment"), dated as of April 7, 2015, to that certain LOAN AGREEMENT dated as of August 25, 2014 (as previously amended, the "Loan Agreement") is executed by and among LCI SHIPHOLDINGS, INC., a non-resident corporation organized under the laws of the Republic of the Marshall Islands, with offices at 11 North Water St., Suite 18290, Mobile, Alabama 36602 ("Borrower"), INTERNATIONAL SH1PHOLDING CORPORATION, a corporation organized under the laws of Delaware, with offices at 11 North Water St., Suite 18290, Mobile, Alabama 36602 (together with its successors and permitted assigns, "Guarantor"), and CITIZENS ASSET FINANCE, INC. (f/k/a RBS Asset Finance, Inc.), a New York corporation, with offices at 71 South Wacker Drive, 29th Floor, Mailstop IH2935, Chicago, Illinois 60606 (together with its successors and assigns, "Lender").
		

		
			 
		

		
			RECITALS:
		

		
			 
		

		
			WHEREAS, the Loan Agreement was executed and delivered by Borrower, Guarantor and Lender to establish the terms and conditions pursuant to which Lender would open a term loan credit facility in favor of Borrower with available credit thereunder in a principal amount of up to TWENTY-THREE MILLION FORTY THOUSAND AND NO/100 Dollars ($23,040,000.00) in order to refinance certain indebtedness of Borrower under the DNB Credit Agreement (as defined in the Loan Agreement), which debt was secured by a preferred mortgage lien and security interest against the Marshall Islands-flagged vessel, GREEN DALE, Official Number 5236, IMO Number 9181376 (the "Vessel") and to fund a portion of the acquisition price payable by Waterman Steamship Corporation, an Affiliate of Borrower and of Guarantor, in connection with the early termination of a bareboat charter of a sister ship of the Vessel; and
		

		
			WHEREAS, Borrower and Guarantor have requested that Lender agree to amend the Minimum Fixed Charge Coverage Ratio required under in Section 6.10(e) of the Loan Agreement to not less than (A) 1.05:1.00 beginning with the Fiscal Quarter ending March 31, 2015 through the Fiscal Quarter ending December 31, 2015, (B) 1.15:1.00 for the Fiscal Quarter ending March 31, 2016, (C) 1.20:1.00 for the Fiscal Quarter ending June 30, 2016, and (D) 1.25:1.00 as of each Fiscal Quarter end thereafter; and
		

		
			WHEREAS, Lender has agreed to amend the Minimum Fixed Charge Coverage Ratios for the designated accounting periods as requested, provided that Borrower and Guarantor execute an amendment to the Loan Agreement reflecting the changes to the ratios and pay to Lender a fee for such amendment of $23,040.00 (0.10% of the original principal amount of the Loan).
		

		
			NOW THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, Guarantor and Lender hereby agree as follows:
		

		
			The following amendment to the Loan Agreement is effective as of the date hereof:
		

		
			1.Section 6.10 of the Loan Agreement is amended and restated to read, in its entirety, as follows:
		

		
			Section 6.10 Financial Covenants. Until Borrower has paid and performed all of the Obligations, in full, Guarantor, as Parent, and its Subsidiaries shall maintain the following financial covenants on a consolidated basis:
		

		
			a)Maximum Consolidated Leverage Ratio. A Consolidated Leverage Ratio of not greater than (A) 4.50:1.00 through the Fiscal Quarter ending June 30, 2014, (B) 5.00:1.00 beginning with the Fiscal Quarter ending September 30, 2014 through the Fiscal Quarter ending December 31, 2015, (C) 4.75:1.00 for the Fiscal Quarter ending March 31, 2016, (D) 4.50:1.00 beginning with the Fiscal Quarter ending June 30, 2016 through the Fiscal Quarter ending September 30, 2016, and (E) 4.25:1.00 as of each Fiscal Quarter-end thereafter, tested quarterly at the end of each Fiscal Quarter based on the four most recent Fiscal Quarters for which financial information is available.
		

		
			b)Minimum Liquidity. Liquidity of not less than (A) $15,000,000 through the Fiscal Quarter ending June 30, 2014, and (B) $20,000,000 as of each Fiscal Quarter end thereafter, tested quarterly at the end of each Fiscal Quarter.
		

		
			c)Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth, tested quarterly as of the end of each Fiscal Quarter, in an amount of not less than the sum of (A) $228,000,000, minus (B) the Specified Impairment Losses, plus (C) 50% of all Consolidated Net Income of Parent and its Subsidiaries, including Borrower, earned after December 31, 2011 (eliminating any effect on Consolidated Net Income in any applicable period as a result of the Specified Impairment Losses) plus (D) 100% of the proceeds of all issuances of Equity Interests (common or preferred) of the Parent and its Subsidiaries (on a consolidated 
		

		 

 

		basis) received after December 31, 2011 (other than issuances in connection with the exercise by a present or former employee, officer or director under a stock incentive plan, stock option plan or other equity-based compensation plan or arrangement).
		

		
			d)Consolidated EBITDA to Consolidated Interest Expense. A ratio of Consolidated EBITDA to Consolidated Interest Expense of not less than 2.50 to 1.00 tested quarterly at the end of each Fiscal Quarter based on the four most recent Fiscal Quarters for which financial information is available.
		

		
			e)Minimum Consolidated Fixed Charge Coverage Ratio. A Consolidated Fixed Charge Coverage Ratio of not less than (A) 1.15:1.00 through the Fiscal Quarter ending June 30, 2014, (B) 1.10:1.00 beginning with the Fiscal Quarter ending September 30, 2014 through the Fiscal Quarter ending December 31, 2014, (C) 1.05:1.00 beginning with the Fiscal Quarter ending March 31, 2015 through the Fiscal Quarter ending December 31, 2015, (D) 1.15:1.00 for the Fiscal Quarter ending March 31, 2016, (E) 1.20:1.00 for the Fiscal Quarter ending June 30, 2016, and (F) 1.25:1.00 as of each Fiscal Quarter end thereafter tested quarterly at the end of each Fiscal Quarter based on the four most recent Fiscal Quarters for which financial information is available.
		

		
			 
		

		
			The calculations of the financial covenants shall be made on a pro forma basis after giving effect to any acquisitions and dispositions such that (i) income statement and cash flow statement items attributable to property disposed of shall be excluded to the extent relating to any period prior to the date of such acquisition, (ii) income statement and cash flow statement items attributable to any entity or property acquired, for the prior four rolling quarters, shall be included to the extent related to any period applicable in such calculations and supported by financial statements or other information satisfactory to the Administrative Agent (or following any termination of the Senior Credit Agreement, satisfactory to Lender), and (iii) any Debt assumed in connection with any such transaction shall be deemed to have been incurred as of the first day of the applicable period.
		

		
			The execution and delivery of this Amendment has been duly authorized, and all conditions and requirements have been satisfied and performed that are necessary to make this Amendment a valid and binding agreement, and to effect the amendment of the Loan Agreement as provided herein.
		

		
			All of the warranties, representations, covenants and agreements of Borrower and Guarantor, and all the rights, immunities, powers and the remedies of Lender, that are set forth in the Loan Agreement, as previously amended, are incorporated herein and shall apply with the same force and effect as though set forth at length in this Amendment.
		

		
			This Amendment shall be construed in connection with and as part of the Loan Agreement, as previously amended. Capitalized terms not otherwise defined herein that are defined in the Loan Agreement, as previously amended, are used herein with such defined meanings. If for any reason this Amendment, or any part hereof, shall be declared invalid or unenforceable for any reason whatsoever, such invalidity or unenforceability shall not be deemed to affect the validity or enforceability of the Obligations, any other Loan Document, or the remaining portions of this Amendment.
		

		
			Except as expressly amended hereby, all provisions of the Loan Agreement, as previously amended, remain in full force and effect. The Loan Agreement, as previously amended, and as further amended by this Amendment, and all Loan Documents related thereto, be and are hereby ratified and affirmed.
		

		
			This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall be deemed one and the same instrument.
		

		
			 
		

		
			 
		

		
			 
		

		
			[Signature Page Follows]
		

		

		

		 

 

		
		

		
			IN WITNESS WHEREOF, the parties hereto have duly executed this Third Amendment to Loan Agreement to be effective as of the day and year first above written.
		

		
			 
		

		
			 
		

		
			 
		

		
			Borrower:
		

		
			LCI SHIPHOLDINGS, INC.
		

		
			 
		

		
			By: /s/ David Drake
		

		
			Name: David Drake
		

		
			Title: Vice President and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			Guarantor:
		

		
			INTERNATIONAL SHIPHOLDING CORPORATION
		

		
			 
		

		
			By: /s/ David Drake
		

		
			Name: David Drake
		

		
			Title: Vice President and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			Lender:
		

		
			CITIZENS ASSET FINANCE, INC.
		

		
			(f/k/a RBS Asset Finance, Inc.)
		

		
			 
		

		
			By: /s/ Janet Melancon
		

		
			Name: Janet Melancon
		

		
			Title: Vice President

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