Document:

Prepared by MERRILL CORPORATION www.edgaradvantage.com

   EXHIBIT 10.14  

    EXECUTION COPY 

    AMENDMENT
NO. 1, WAIVER AND AGREEMENT dated as of January 29, 1999 (this "Amendment"), to the Credit Agreement dated as of
June 30, 1998 ("Credit Agreement"), among American Commercial Lines LLC, a Delaware limited liability company (the
"Borrower"), American Commercial Lines Holdings LLC, a Delaware limited liability company ("Holdings"),
the lenders party thereto (the "Lenders") and The Chase Manhattan Bank, a New York banking corporation, as issuing bank (in such capacity, the
"Issuing Bank"), as administrative agent (in such capacity, the "Administrative Agent"), as security
trustee and as collateral agent for the Lenders. 

    A.  Mid-South
Terminal Company LLC, a Tennessee limited liability company ("Mid-South") that is
50% owned by American Commercial Terminals-Memphis LLC, a Delaware limited liability company that is a wholly owned indirect Subsidiary of the Borrower
("ACT-Memphis"), intends to, or intends to cause one of its subsidiaries (together with Mid-South, the
"Acquiror") to, acquire (the "Acquisition") all the capital stock of Tajon Holdings, Inc., a
Pennsylvania corporation ("Tajon"), from the holders thereof (collectively, the "Seller"), for
consideration consisting of (a) approximately $23,000,000 in cash (the "Cash Consideration") to be paid to the Seller on the date of closing of
the Acquisition (the "Acquisition Closing Date") and (b) the assumption by the Acquiror on the Acquisition Closing Date of up to $16,000,000 in
the aggregate of indebtedness of Tajon (the "Tajon Indebtedness"), of which approximately $10,000,000 is expected to be repaid on the Acquisition
Closing Date (the "Refinanced Tajon Indebtedness"). 

    B.  Mid-South
intends to borrow (a) a portion of the Cash Consideration, (b) funds to refinance the Refinanced Tajon Indebtedness and
(c) funds to refinance approximately $6,500,000 of indebtedness of Mid-South on the Acquisition Closing Date from Bank One Kentucky, NA ("Bank
One") and a group of other lending institutions to be arranged by Bank One (collectively with Bank One, the "Bank One Lenders"),
pursuant to a credit agreement to be dated the Acquisition Closing Date (the "Bank One Credit Agreement") that Mid-South intends to, and
intends to cause certain of its subsidiaries to, enter into, in each case, as borrowers (collectively, the "Bank One Borrowers"), with Bank One, as
administrative agent and Bank One Lender, and the other Bank One Lenders party thereto. 

    C.  The
Bank One Credit Agreement will provide the Bank One Borrowers with (a) a term loan facility in an aggregate amount of up to $33,000,000 which is expected
to be drawn on the Acquisition Closing Date, (b) a revolving credit facility in an aggregate amount of up to $5,000,000 which may be drawn from time to time and (c) a letter of credit in
the amount of $5,400,000 that will be issued on the Acquisition Closing Date to the issuer of an existing letter of credit that supports certain of the Tajon Indebtedness. 

    D.  Subject
to the approval of this Amendment by the Required Lenders, the obligations of the Bank One Borrowers under the Bank One Credit Agreement will be secured by
a pledge by ACT-Memphis (the "ACT-Memphis Pledge") of the securities evidencing its (a) limited liability interest in
Mid-South and (b) general partnership interest in River Terminal Properties, L.P. ("River Terminal"). 

    E.  Pursuant
to the Credit Agreement, the Lenders and the Issuing Bank have extended credit to the Borrower, and have agreed to extend credit to the Borrower, in each
case pursuant to the terms and subject to the conditions set forth therein. 

    F.  The
Borrower has requested that the Required Lenders waive Section 6.02 of the Credit Agreement to the extent necessary to permit the ACT-Memphis
Pledge as set forth herein. 

1

 

    G.  The Borrower has also requested that the Required Lenders agree to amend Section 5.04(e) of the Credit Agreement to reflect certain timing considerations
associated with the internal approval process for its budget. 

    H.  The
Required Lenders are willing to so amend the Credit Agreement and to grant such waiver, in each case pursuant to the terms and subject to the conditions set
forth herein. 

    I.  Capitalized
terms used and not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement. 

    In
consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree, on the terms and subject to the conditions set forth
herein, as follows: 

    SECTION
1.  Amendment.  Section 5.04(e) of the Credit Agreement is hereby amended by substituting
the words "within 45 days after the start of each fiscal year" for the words "prior to the beginning of each fiscal year". 

    SECTION
2.  Waiver.  The Required Lenders hereby waive compliance with the requirement in
Section 6.02 of the Credit Agreement that neither the Borrower nor Holdings cause or permit any Subsidiary to create any Lien on any of its property or assets (including securities of any
person) to the extent, but only to the extent, necessary to permit ACT-Memphis to pledge the securities evidencing its limited liability interest in Mid-South and its general
partnership interest in River Terminal to the Bank One Lenders as collateral for, but only as collateral for, the obligations of the Bank One Borrowers under the Bank One Credit Agreement. 

    SECTION
3.  Representations and Warranties.  The Borrower and Holdings each represents and warrants to
the Administrative Agent and the Lenders that: 

    (a) This
Amendment has been duly executed and delivered by it and constitutes its legal, valid and binding obligation enforceable against it in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally and except as enforceability may be
limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

    (b) Before
and after giving effect to this Amendment, the representations and warranties set forth in Article III of the Credit Agreement are true and correct in
all material respects with the same effect as if made on the date hereof, except to the extent such representations and warranties expressly relate to an earlier date. 

    (c) After
giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. 

    SECTION
4.  Conditions to Effectiveness.  This Amendment shall become effective as of the date first
above written when (a) the representations and warranties set forth in Section 3 of this Amendment shall be true and correct and (b) the Administrative Agent shall have received
counterparts of this
Amendment that, when taken together, bear the signatures of the Borrower, Holdings and the Required Lenders. 

    SECTION
5.  Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or the Lenders under the Credit Agreement, and shall not alter,
modify, amend or in any way affect the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower or Holdings to a consent to, or a waiver, amendment, modification or other change of, any terms, conditions, 

2

 

obligations, covenants or agreements contained in the Credit Agreement in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the
Credit Agreement specifically referred to herein. 

    SECTION
6.  Credit Agreement.  Except as specifically amended or waived hereby, the Credit Agreement
shall continue in full force and effect in accordance with the provisions thereof as in existence on the date hereof. After the date hereof, any reference to the Credit Agreement shall mean the Credit
Agreement as amended and waived hereby. This Amendment shall constitute a Loan Document for all purposes under the Credit Agreement. 

    SECTION
7.  Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 

    SECTION
8.  Counterparts.  This Amendment may be executed in two or more counterparts, each of which
shall constitute an original but all of which when taken together shall constitute but one contract. Delivery of an executed signature page of this Amendment by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof. 

    SECTION
9.  Headings.  The Section headings used herein are for convenience of reference only, are not
part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above. 

	 	 	AMERICAN COMMERCIAL LINES LLC,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

AMERICAN COMMERCIAL LINES HOLDINGS LLC,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

THE CHASE MANHATTAN BANK,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 

3

 

SIGNATURE PAGE TO

AMENDMENT NO. 1, WAIVER

AND AGREEMENT

dated January 29, 1999 

    To
approve Amendment No. 1, Waiver and Agreement: 

	Name of Institution	 	 	 	 
	 	 	

	

 	
 	

by	
 	

 
	

 	
 	

	 	 	Name:

Title:	 	 

4Prepared by MERRILL CORPORATION www.edgaradvantage.com

   EXHIBIT 10.15  

    EXECUTION COPY 

    AMENDMENT
AND WAIVER No. 2 dated as of December 13, 1999 (this "Amendment and Waiver"), to the Credit Agreement dated as
of June 30, 1998, as amended by Amendment No. 1, Waiver and Agreement dated as of January 29, 1999 (the "Credit Agreement"), among
AMERICAN COMMERCIAL LINES LLC, a Delaware limited liability company (the "Borrower"), AMERICAN COMMERCIAL LINES HOLDINGS LLC, a Delaware limited
liability company ("Holdings"), the LENDERS (as defined in the Credit Agreement), and THE CHASE MANHATTAN BANK, a New York banking corporation
("Chase"), as issuing bank (in such capacity, the "Issuing Bank"), as administrative agent (in such
capacity, the "Administrative Agent"), as security trustee (in such capacity, the "Security Trustee")
and as collateral agent (in such capacity, the "Collateral Agent") for the Lenders. 

    A.  Pursuant
to the Credit Agreement, the Lenders and the Issuing Bank have extended credit to the Borrower, and have agreed to extend credit to the Borrower, in each
case pursuant to the terms and subject to the conditions set forth therein. 

    B.  The
Borrower has informed the Administrative Agent that it intends to enter into the Receivables Program (as defined herein) and has requested that the Required
Lenders agree to amend the Credit Agreement as provided herein to permit the transactions contemplated thereby. 

    C.  The
Borrower and American Commercial Barge Line LLC ("ACBL") became parties to a leveraged lease
transaction on June 30, 1998, through an assignment and assumption of a charter and loan agreement between National Marine Inc. ("NMI"),
Wilmington Trust Company and ING Lease Structured Finance B.V. ("ING") for two towboats. ACBL chartered the vessels pursuant to a Bareboat Charter Party
dated as of September 30, 1992, between Wilmington Trust Company, in its capacity as owner trustee under a Trust Agreement (the "Owner Trust")
between it and KeyCorp Leasing Ltd. ("KeyCorp"), and ACBL (as successor to NMI). The leveraged lease transaction included a Loan Agreement dated
as of September 30, 1992 (the "Loan Agreement"), among NMI, as Charterer (which Charter was later assigned to ACBL), Vectura Group, Inc.,
as Guarantor (which Guaranty was later assigned to the Borrower), Wilmington Trust Company, as Shipowner, KeyCorp, as Beneficiary, and ING, as Loan Participant (all as defined in the Loan Agreement).
In order to take advantage of tax
depreciation and a tax deduction, the Borrower purchased KeyCorp's beneficial interest in the Owner Trust for $4,100,000 and assumed the ING debt of approximately $5,700,000. The Borrower's purchase
of the KeyCorp Owner Trust is a Permitted Investment. By virtue of these transactions, the Owner Trust may be classified as a Subsidiary under the Credit Agreement. The Borrower has requested that the
Required Lenders agree to waive certain requirements of the Credit Agreement to the extent necessary to allow the Owner Trust to avoid becoming a party to the Security Documents and having its stock
pledged to secure the Obligations. 

    D.  The
Required Lenders are willing to amend the Credit Agreement and grant the requested waiver pursuant to the terms and subject to the conditions set forth herein. 

    E.  Each
capitalized term used and not otherwise defined herein shall have the meaning assigned to such term in the Credit Agreement. 

1

 

    Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties hereto agree as follows: 

    SECTION
1.  Amendments to Credit Agreement.  

    (a) Section 1.01
of the Credit Agreement is hereby amended as follows: 

     (i) The
following definitions are hereby inserted in the appropriate alphabetical order therein: 

    (A) "ACL Funding" shall mean American Commercial Lines Funding Corporation, a bankruptcy-remote corporation that is a
wholly owned Subsidiary of the Borrower organized solely for the purpose of engaging in the Receivables Program; 

    (B) "Program Receivables" shall mean all trade receivables and related contract rights originated and owned by the
Borrower or any Subsidiary and sold pursuant to the Receivables Program; 

    (C) "Receivables Program" shall mean, collectively, (a) the sale of, or transfer of interests in, Program
Receivables to ACL Funding in exchange for cash consideration equal to the fair market value of such Program Receivables (i.e., a "true sale") and
(b) the sale of, or transfer of interests in, such Program Receivables by ACL Funding to special purpose trusts or corporations which are not Affiliates of the Borrower;  provided, that (i) the
aggregate amount of the Receivables Program shall not exceed $60,000,000 at any time and (ii) all governing terms
and conditions (including any terms or conditions providing for recourse to the Borrower or any of its Subsidiaries (other than ACL Funding)) of the Receivables Program shall be subject to the prior
written approval of the Administrative Agent, which approval shall not be unreasonably withheld; and 

    (D) "Receivables Program Documentation" shall mean all written agreements that may from time to time be entered into by
the Borrower, any Subsidiary and/or ACL Funding in connection with the Receivables Program, as such agreements may be amended, supplemented or otherwise modified from time to time in accordance with
the provisions thereof and hereof. 

    (ii) The
definition of the term "Asset Sale" is hereby amended by inserting prior to the period at the end of such definition the additional proviso "; and  provided, further, that the sale of Program Receivables pursuant to the Receivables Program shall be
deemed not to be an "Asset Sale" for purposes of this Agreement"; and 

    (b) Section 2.13(b)
of the Credit Agreement is hereby amended by inserting the following sentence at the end of such subsection: 

"Not
later than the third Business Day following the completion of the initial sale of, or transfer of interests in, Program Receivables to ACL Funding pursuant to the Receivables Program, the
Borrower shall apply 100% of the Net Cash Proceeds (up to an aggregate amount of Net Cash Proceeds not in excess of $60,000,000) received to prepay outstanding Term Loans in accordance with
Section 2.13(g).". 

    (c) Section 5.10
of the Credit Agreement is hereby amended by inserting the words "(other than ACL Funding)" following the first occurrence of the words
"Domestic Subsidiary" in the second sentence thereof. 

2

 

    (d) Section 6.01(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    "(f) Indebtedness
of the Borrower or any wholly owned Subsidiary (other than ACL Funding) to Holdings, or of ACL Funding to the Borrower or any wholly owned Subsidiary
incurred pursuant to the Receivables Program; provided, however, that all such Indebtedness
(A) is subordinated to the prior payment in full of the Obligations on terms satisfactory to the Administrative Agent, (B) any Indebtedness to Holdings is evidenced by an intercompany
note pledged by Holdings to the Collateral Agent pursuant to the Pledge Agreement for the benefit of the Secured Parties and (C) any Indebtedness of ACL Funding incurred pursuant to this
subsection (f) shall be permitted only for such limited period of time as is required to account for any sale of Program Receivables, which period of time shall not in any event exceed two
Business Days;" 

    (e) Section 6.02
of the Credit Agreement is hereby amended as follows: 

     (i) by
deleting the word "and" at the end of subsection (k); 

    (ii) by
replacing the period at the end of subsection (l) with the words "; and"; and 

    (iii) by
inserting the following new subsection (m): 

    "(m)Liens
on the property of ACL Funding incurred pursuant to the Receivables Program Documentation." 

    (f)  Section 6.05(a)
of the Credit Agreement is hereby amended as follows: 

     (i) by
inserting the words "(other than ACL Funding)" following the words "wholly owned Subsidiary" in clause (ii)(A) and the first occurrence of the words
"wholly owned Subsidiary" in clause (ii)(B). 

    (g) Section 6.06(b)
of the Credit Agreement is hereby amended by inserting prior to the period at the end of such subsection the words ", or, in the case of ACL
Funding, to encumbrances or restrictions existing pursuant to the Receivables Program Documentation". 

    (h) Section 6.08
of the Credit Agreement is hereby amended as follows: 

     (i) by
inserting the words "or ACL Funding" after the word "Holdings" in subsection (a); and 

    (ii) by
inserting the following new subsection (c): 

    "(c) In
the case of ACL Funding, engage in any trade or business, or otherwise conduct any business activity, other than the performance of its obligations pursuant to
the Receivables Program Documentation and other incidental activities." 

    (i)  Article VIII
of the Credit Agreement is hereby amended by inserting the words "and the Program Receivables" after the word "Collateral" in the last sentence
of the first paragraph of such Article VIII. 

    SECTION
2.  Waiver.  The Required Lenders hereby waive compliance by the Borrower with the provisions of
Section 5.10 of the Credit Agreement to the extent (but only to the extent) that it requires the Owner Trust to become party to the Security Documents and to have its stock pledged to secure
the Obligations. 

    SECTION
3.  Representations and Warranties.  

    Each
of Holdings and the Borrower represents and warrants to each other party hereto that, after giving effect to this Amendment and Waiver, (a) the representations and
warranties set forth in 

3

 

Article III of the Credit Agreement are true and correct in all material respects on and as of the date of this Amendment and Waiver, except to the extent such representations and warranties
expressly relate to an earlier date, and (b) no Default or Event of Default has occurred and is continuing. 

    SECTION
4.  Amendment Fee.  

    In
consideration of the agreements of the Lenders contained herein, the Borrower agrees to pay to each Lender, through the Administrative Agent, an amendment fee (the
"Amendment Fee") equal to 0.05% of the sum of (a) the outstanding Term Loans of such Lender and (b) the Revolving Credit Commitment
(whether used or unused) of such Lender, provided that such Lender approves this Amendment and Waiver and returns an executed signature page no later
than December 23, 1999. The Amendment Fee shall be payable in immediately available funds on the Amendment Effective Date. Once paid, the Amendment Fee shall not be refundable. 

    SECTION
5.  Effectiveness.  

    This
Amendment and Waiver shall become effective as of the date set forth above on the date (the "Amendment and Waiver Effective Date")
that (a) the Administrative Agent shall have received the Amendment Fee and (b) the Administrative Agent or its counsel shall have received counterparts of this Amendment and Waiver
which, when taken together, bear the signatures of each of Holdings, the Borrower, the Subsidiary Guarantors and the Required Lenders. 

    SECTION
6.  Effect of Amendment and Waiver.  

    Except
as expressly set forth herein, this Amendment and Waiver shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and
remedies of the Lenders, any Issuing Bank, the Collateral Agent or the Administrative Agent, under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment and Waiver shall apply and be effective only
with respect to the provisions of the Credit Agreement specifically referred to herein. 

    SECTION
7.  Counterparts.  

    This
Amendment and Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of any executed counterpart of a signature page of this Amendment and Waiver by
facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 

    SECTION
8.  Applicable Law.  

    THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

    SECTION
9.  Headings.  

    The
headings of this Amendment and Waiver are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

4

 

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly executed by their respective authorized officers as of the day and year first above written. 

	 	 	AMERICAN COMMERCIAL LINES LLC,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

AMERICAN COMMERCIAL LINES HOLDINGS LLC,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

THE CHASE MANHATTAN BANK, individually and as Administrative Agent, Collateral Agent, Issuing Bank and Security Trustee,
	

 	
 	

By	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	Title:	 	 

5

 

    Each of the Subsidiary Guarantors hereby acknowledges receipt of and consents to this Amendment and Waiver: 

ACL
CAPITAL CORP.

AMERICAN COMMERCIAL BARGE LINE LLC

AMERICAN COMMERCIAL LINES INTERNATIONAL LLC

WATERWAY COMMUNICATIONS SYSTEM LLC

AMERICAN COMMERCIAL MARINE SERVICE LLC

JEFFBOAT LLC

AMERICAN COMMERCIAL TERMINALS LLC

AMERICAN COMMERCIAL TERMINALS-MEMPHIS LLC

LOUISIANA DOCK COMPANY LLC

HOUSTON FLEET LLC

LEMONT FLEETING & HARBOR SERVICE LLC

TIGER SHIPYARD LLC

WILKINSON POINT LLC

ORINOCO TASA LLC

ORINOCO TASV LLC

BREEN TAS LLC

BULLARD TAS LLC

SHELTON TAS LLC 

	by	 	 
	 	 	

	 	 	Name:

Title: Authorized Signatory

6

 
SIGNATURE PAGE TO

AMENDMENT AND WAIVER NO. 2

to AMERICAN COMMERCIAL

LINES CREDIT AGREEMENT  

To approve Amendment and Waiver No. 2:  

	Name of Institution:	 	 	 	 
	 	 	

	

 	
 	

by	
 	

 
	

 	
 	

	 	 	Name:

Title:	 	 

7

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