Document:

ex4-6.htm

    Exhibit 4.6

      

       

      WAIVER

      

      In
consideration for the benefits I will receive as a result of my employer’s
participation in the United States Department of the Treasury’s TARP Capital
Purchase Program, I hereby voluntarily waive any claim against the United States
or my employer for any changes to my compensation or benefits that are required
to comply with the regulation issued by the Department of the Treasury as
published in the Federal Register on October 20, 2008.

      

      I
acknowledge that this regulation may require modification of the compensation,
bonus, incentive and other benefit plans, arrangements, policies and agreements
(including so-called “golden parachute” agreements) that I have with my employer
or in which I participate as they relate to the period the United States holds
any equity or debt securities of my employer acquired through the TARP Capital
Purchase Program.

      

      This
waiver includes all claims I may have under the laws of the United States or any
state related to the requirements imposed by the aforementioned regulation,
including without limitation a claim for any compensation or other payments I
would otherwise receive, any challenge to the process by which this regulation
was adopted and any tort or constitutional claim about the effect of these
regulations on my employment relationship.

      

      

      

      
        
          
            	
                    Date:

                  	 
      
	 
      	
                    Signature

                  
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                    Print
      NameExhibit 10.1

	
 

	
 

	
 

	
January 21,
 2009

 

Each of the
Borrowers and Loan Parties

     party to the Credit Agreement identified below

c/o U.S. Shipping Partners L.P.

399 Thornall Street

Edison, NJ 08837

Re: Extension
of Waiver and Fourth Amendment

Ladies and
Gentlemen:

          Reference
is made (i) to the Third Amended and Restated Credit Agreement, dated as of August 7,
2006, entered into by and among U.S. Shipping Partners, L.P. (“MLP”),
U.S. Shipping Operating LLC, ITB Baltimore LLC, ITB Groton LLC, ITB Jacksonville
LLC, ITB Mobile LLC, ITB New York LLC, ITB Philadelphia LLC, USS Chartering
LLC, USCS Chemical Chartering LLC, USCS Chemical Pioneer Inc., USCS Charleston
LLC, USCS Charleston Chartering LLC, USCS ATB LLC, USS ATB 1 LLC, USS ATB 2
LLC, USCS Sea Venture LLC, USS M/V Houston LLC, U.S. Shipping Finance Corp.,
USS JV Manager Inc., USS PC Holding Corp., and USS Product Manager LLC
(collectively, the “Borrowers”), the various financial institutions as
are or may become parties to the Credit Agreement as hereinafter defined
(collectively, the “Lenders”), Canadian Imperial Bank of Commerce, as
Letter of Credit Issuer, Canadian Imperial Bank of Commerce (“CIBC”), as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”), Lehman Commercial Paper Inc., as the syndication agent for the
Lenders (in such capacity, the “Syndication Agent”), and Keybank
National Association, as collateral agent (in such capacity, the “Collateral
Agent”) for the Secured Parties (as defined therein), as amended to date
(as the same may be further amended, restated, or otherwise modified from time
to time, the “Credit Agreement”) and (ii) the Waiver and Fourth
Amendment to Third Amended and Restated Credit Agreement, dated as of October
20, 2008, among the Borrowers, the Administrative Agent, the Collateral Agent,
the Syndication Agent and the Lenders (the “Amendment”). Any term used
herein and not otherwise defined herein shall have the meaning assigned to such
term in the Credit Agreement.

          The
parties hereby agree that:

	
 

	
 

	
 

	
 

	
(i)

	
Section 12
 of the Amendment is hereby amended by deleting the reference to “January 31,
 2009” appearing in the second line thereof and replacing such reference with
 “February 10, 2009”; and 

	
 

	
 

	
 

	
 

	
(ii)

	
all other
 terms and obligations set forth in the Amendment shall remain in full force
 and effect.

          This
letter agreement (the “Letter Agreement”) shall become effective as of
the date first above written upon receipt by the Administrative Agent of duly
executed counterparts of this Letter Agreement from the Borrowers, the
Administrative Agent, the Letter of Credit Issuer and the Majority Lenders. 

          This
Letter Agreement may be executed by the parties hereto in several counterparts,
each of which shall be an original and all of which shall constitute together
but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Letter Agreement by facsimile shall be effective as
delivery of a manually executed counterpart of this Letter Agreement.

          Nothing
contained in this Letter Agreement shall constitute a waiver of any right,
power or remedy of the Administrative Agent or any Lender under the Credit
Agreement or any other Loan Document. Except to the extent hereby amended,
waived or modified, nothing contained in this Letter Agreement shall constitute
an amendment, modification or waiver of such documents.

          THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. This Letter Agreement is a Loan
Document executed pursuant to the Credit Agreement and shall be construed and
administered in accordance with all of the terms and provisions of the Credit
Agreement.

[The remainder of this page left blank intentionally]

- 2 -

          This
letter shall be governed by and construed in accordance with the laws of the
State of New York.

	
 

	
 

	
 

	
 

	
 

	
AGENTS AND LENDERS:

	
 

	
 

	
 

	
 

	
 

	
CANADIAN IMPERIAL BANK OF COMMERCE,
 as Administrative Agent and Letter of Credit Issuer

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
LEHMAN COMMERCIAL PAPER INC.,
 as Syndication Agent and Lender

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
Name:

	
 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	
 

	
KEYBANK NATIONAL ASSOCIATION, as
 Collateral Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
_________________________________________________,

	
 

	
as Lender

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/

	
 

	
 

	
 

	
 

	 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

- 3 -

ACCEPTED AND
AGREED:

	
 

	
 

	
BORROWERS:

	
 

	
 

	
U.S. SHIPPING PARTNERS L.P. 

	
 

	
By:

	
US Shipping
 General Partner LLC,

	
 

	
its General
 Partner

	
 

	
 

	
By:

	
/s/ Ronald L.
 O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
U.S. SHIPPING OPERATING LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
ITB BALTIMORE LLC 

	
 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
ITB GROTON LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
ITB JACKSONVILLE LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
ITB MOBILE LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

- 4 -

	
 

	
 

	
ITB NEW YORK LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
ITB PHILADELPHIA LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USS CHARTERING LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
USCS CHEMICAL CHARTERING LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
USCS CHEMICAL PIONEER INC.

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USCS CHARLESTON CHARTERING LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USCS CHARLESTON LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

- 5 -

	
 

	
 

	
USCS ATB LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USCS ATB 1 LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USCS ATB 2 LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USCS SEA VENTURE LLC

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USS M/V HOUSTON LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
U.S. SHIPPING FINANCE CORP. 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
USS PRODUCT MANAGER LLC 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

- 6 -

	
 

	
 

	
USS JV MANAGER INC. 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
USS PC HOLDING CORP. 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

- 7 -

	
 

	
 

	
GUARANTORS:

	
 

	
 

	
USS ATB 3 LLC 

	
 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

	
 

	
 

	
USS ATB 4 LLC 

	
 

	
 

	
By:

	
/s/ Ronald
 L. O’Kelley

	
Name:

	
Ronald L.
 O’Kelley

	
Title:

	
Chief
 Executive Officer

- 8 -

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