Waiver And Fourth Amendment to Third Amended and Restated Credit Agreement Otherwise Known as the End of the Line

Reading the press release from U.S. Shipping Partners (“USS”) announcing an amendment to the credit agreement, we came away with the impression of a simple waiver and amendment to get the company through the next year, although it does contain a caveat that the summary “does not purport to be complete and is subject to and qualified in its entirety by reference to the waiver and fourth amendment filed herewith,” which you are urged to read in its entirety. We did and were surprised.

According to the summary, USS amended its credit agreement with Canadian Imperial Bank of Commerce, Lehman Commercial Paper Inc. and Keybank National Association. In exchange for obtaining waivers for any potential defaults under the financial covenants for the quarters ended September 30, 2008 and December

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