Document:

Exhibit 1017

		
			Exhibit 10.17
		

		
			 
		

		
			 
		

		
			THIRD AMENDMENT TO CREDIT AGREEMENT AND CONSENT AGREEMENT
		

		
			THIS THIRD AMENDMENT TO CREDIT AGREEMENT AND CONSENT AGREEMENT (the "Agreement") dated as of November 18, 2014 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 (as 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"); and
		

		
			WHEREAS, the Borrowers have requested that the Lenders amend the Credit Agreement as set forth below.
		

		
			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:
		

			
	
			
				 1.
			

			
	
			
			Consent. Notwithstanding the dollar limitation in Section 8.9(b) of the Credit Agreement, but subject to both the next sentence and the second paragraph of this Section 1, the Required Lenders (i) have previously consented to the sale by UOS of the NAIDA RAMIL vessel and the PEGGY PALMER vessel (collectively, the "UOS Vessels"), (ii) hereby consent to the sale by ISC's subsidiary, East Gulf Shipholding, Inc., of the EGS TIDE vessel, the EGS WAVE vessel and the EGS CREST vessel (collectively, the "EGS Vessels"), and (iii) hereby consent to the sale by ISC's subsidiary, Gulf South Shipping Pte. Ltd., of the OCEAN PORPOISE vessel (the "GSS Vessel"; collectively, together with the UOS Vessels and the EGS Vessels, the "Vessels"), provided that the sale of all of the Vessels shall be completed by June 30, 2015. The Required Lenders hereby agree that the Credit Parties shall not be deemed to have failed to comply with the 
		

		 

 

			dollar limitation in Section 8.9(b) of the Credit Agreement to the extent the proceeds of the sale of the Vessels exceeds said dollar limitation for any subsequent period of twelve months commencing with the month in which the sale of the first of the Vessels occurs, provided that, for the avoidance of doubt, the Borrowers and the Lenders agree that the proceeds from the sale of the Vessels shall apply to the dollar limitation in Section 8.9(b).

		
			 
		

		
			 Except as expressly provided herein, the above consents shall not modify or affect the Loan Parties' obligations to comply fully with the terms of Section 8.9(b) of the Credit Agreement or any other duty, term, condition or covenant contained in the Credit Agreement or any other Credit Document 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 waiver of Section 8.9(b) of the Credit Agreement with respect to any other matter or any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Credit Documents or under applicable law.
		

		
			 
		

			
	
			
				 2.
			

			
	
			
			Amendments to Credit Agreement.

		
			 
		

			
	
			
				 a.
			

			
	
			
			The definition following definition is hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

		
			"Specified Impairment Losses" means impairment losses incurred by the Company and its Subsidiaries, on a consolidated basis, that, in accordance with GAAP, result from the placement of the following assets as held for sale on the balance sheet of the Company and its Subsidiaries: the EGS TIDE vessel, the EGS WAVE vessel, the EGS CREST vessel, the NAIDA RAMIL vessel, the PEGGY PALMER vessel and the OCEAN PORPOISE vessel, in an amount not to exceed, in the aggregate, $41,000,000; provided that such impairment losses are incurred by March 31, 2015 at the latest.
		

			
	
			
				 b.
			

			
	
			
			Section 8.8(a)(iii) of the Credit Agreement is amended and restated in its entirety as follows:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			Minimum Consolidated Tangible Net Worth.  Maintain a Consolidated Tangible Net Worth, as measured at the end of each Fiscal Quarter, in an amount of not less than the sum of Two Hundred Twenty Eight Million Dollars ($228,000,000) minus the Specified Impairment Losses plus fifty percent (50%) of all Consolidated Net Income of the Company and its Subsidiaries 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 100% of the proceeds of all issuances of Equity Interests (common or preferred) of the Company 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).

		
			 
		

		 

 

			
	
			
				 3.
			

			
	
			
			Conditions Precedent. This Agreement shall be effective upon satisfaction of the following conditions precedent:

		
			 
		

			
	
			
				 a.
			

			
	
			
			the Administrative Agent shall have received counterparts of this Agreement duly executed by the Borrowers, the Required Lenders and the Administrative Agent; and

		
			 
		

			
	
			
				 b.
			

			
	
			
			the Administrative Agent shall have received payment of all fees due to the Lenders on the date hereof and all fees, charges and disbursements of counsel to the Administrative Agent incurred in connection with the preparation, negotiation and documentation of this Agreement.

		
			 
		

			
	
			
				 4.
			

			
	
			
			Covenant to Provide Notice. ISC agrees to provide the Administrative Agent with notice of any memorandum of agreement, letter of intent or other agreement entered into by ISC or any of its Subsidiaries with respect to the sale of any of the Vessels (including a description of the general economic terms thereof, to the extent not prohibited by the terms of such agreement), and the expiration or other termination of any such agreement.

		
			 
		

			
	
			
				 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 it's 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.

		

		

		 

 

		 
		

			
	
			
				 6.
			

			
	
			
			Miscellaneous.

		
			 
		

			
	
			
				 a.
			

			
	
			
			The Credit Agreement, as modified hereby, and the obligations of the Borrowers thereunder and under the other Credit Documents, 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.
			

			
	
			
			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.

		
			 
		

			
	
			
				 d.
			

			
	
			
			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]Exhibit 1020

		
			Exhibit 10.20
		

		
			 
		

		
			 
		

		
			SECOND AMENDMENT TO LOAN AGREEMENT
		

		
			THIS SECOND AMENDMENT (this "Amendment"), dated as of December 9, 2014, to that certain LOAN AGREEMENT dated as of August 25, 2014 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 SHIPHOLDING 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 1H2935, 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 (a) to amend the definition of Consolidated EBITDA of Section 1.1, and the Minimum Consolidated Tangible Net Worth covenant of Section 6.10(c) of the Loan Agreement, to include a deduction for Specified Impairment Losses, and (b) to add a definition for Specified Impairment Losses to Section 1.1, to conform with comparable amendments made to the corresponding covenant in force under the senior credit facility in favor of Guarantor, the parent of Borrower; and
		

		
			WHEREAS, Lender has agreed to amend the definition of Consolidated EBITDA and the Minimum Consolidated Tangible Net Worth covenant as requested provided that Borrower and Guarantor execute an amendment to the Loan Agreement reflecting the changes to those provisions.
		

		
			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 amendments to the Loan Agreement are effective as of the date hereof:
		

		
			1.The definition of "Consolidated EBITDA, in Section 1.1 of the Loan Agreement, is amended and restated to read, in its entirety, as follows:
		

		
			"Consolidated EBITDA" means, for any period, with respect to the Parent and its Subsidiaries, including Borrower, the sum of (without duplication) (i) Consolidated Net Income; (ii) all Consolidated Interest Expense of the Parent and its Subsidiaries; (iii) income taxes of the Parent and its Subsidiaries; and (iv) depreciation and amortization of the Parent and its Subsidiaries determined on a consolidated basis in accordance with
		

		
			 
		

		

		

		 

 

		GAAP for such period; provided that if any Subsidiary is not wholly-owned by the Parent, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of Consolidated Net Income attributable to such Subsidiary multiplied by (B) the percentage ownership interest in the income of such Subsidiary not owned by the Parent on the last day of such period; and provided, further, that for purposes of the foregoing calculation, any Specified Impairment Losses shall be excluded from (so as not to reduce) Consolidated Net Income.
		

			
	
			
				 2.
			A definition of "Specified Impairment Losses," reading as follows, is added to Section 1.1 of the Loan Agreement in appropriate alphabetical order:

		
			"Specified Impairment Losses" means impairment losses incurred by the Guarantor, as Parent, and its Subsidiaries, including Borrower, on a consolidated basis, that, in accordance with GAAP, result from the placement of the following assets as held for sale on the balance sheet of the Parent and its Subsidiaries: the vessel EGS TIDE, the vessel EGS WAVE, the vessel EGS CREST, the vessel NAIDA RAMIL, the vessel PEGGY PALMER and the vessel OCEAN PORPOISE, in an amount not to exceed, in the aggregate, $41,000,000; provided that such impairment losses are incurred by March 31, 2015 at the latest.
		

			
	
			
				 3.
			Section 6.10 of the Loan Agreement is amended and restated to read, in its entirety, as follows:

		
			Section 6.10Financial 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) 1.15:1.00, beginning with the Fiscal Quarter ending March 31, 2015 through the Fiscal Quarter ending December 31, 2015, (D) 1.20:1.00, beginning with the Fiscal Quarter ending March 31, 2016 through the Fiscal Quarter ending June 30, 2016„ and (E) 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

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