item 1.01 entry into a material definitive...

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-KCURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

DateofReport(Dateofearliesteventreported):August14,2018

GENCO SHIPPING & TRADING LIMITED(Exactnameofregistrantasspecifiedinitscharter)

Republic of the Marshall Islands 001-33393 98-043-9758(Stateorotherjurisdictionofincorporationor

organization)(Commissionfilenumber) (I.R.S.employeridentificationno.)

299 Park Avenue12th Floor

New York, New York

10171(Addressofprincipalexecutiveoffices) (Zipcode)

Registrant’stelephonenumber,includingareacode:(646)443-8550

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions(seeGeneralInstructionA.2.below):

☐ WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)☐ Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))☐ Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405ofthischapter)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2ofthischapter).

Emerginggrowthcompany☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐

Item 1.01 Entry into a Material Definitive Agreement .

OnAugust14,2018,GencoShipping&TradingLimited(the“Company”)enteredintoanewfive-yearseniorsecuredcreditfacility(the“NewCreditFacility”)withCréditAgricoleCorporate&InvestmentBank(“CACIB”),asStructurerandBookrunner,CACIBandSkandinaviskaEnskildaBankenAB(Publ)asMandatedLeadArrangers,CACIB,asAdministrativeAgentandasSecurityAgent,andtheotherlenderspartytheretofromtimetotime.TheCompanyintendstouseproceedsfromtheNewCreditFacilitytofinanceaportionofthepurchasepriceforthefourCapesizeandtwoUltramaxvessels(each,a“Vessel”)whichtheCompanyhasagreedtoacquirepursuanttothevesselpurchaseagreementsdescribedintheCompany’sCurrentReportsonForm8-KfiledonJune14,2018andJuly18,2018,whichVesselsaretoserveascollateralundertheNewCreditFacility.TheCompanyhastakendeliveryofoneoftheUltramaxVesselsandtwooftheCapesizeVessels,andtheremainingthreeVesselsareexpectedtobedeliveredtotheCompanyduringthethirdquarterof2018.TheaggregateamountofthecommitmentsundertheNewCreditFacilityis$108,000,000,providedthateachborrowingofaloaninrespectofaVesselshallnotexceed45%oftheappraisedvalueofsuchVessel.Suchamountmaybedrawndowninuptosixborrowings.TheNewCreditFacilityprovidesforthefollowingadditionalkeyterms:

· ThefinalmaturitydateoftheNewCreditFacilityisAugust14,2023.

· BorrowingsundertheNewCreditFacilitywillbearinterestatLIBORplus250basispointsthroughSeptember30,2019andLIBORplusarangeof225to275basispointsthereafter,dependentupontheCompany’sratiooftotalnetindebtednesstothelasttwelvemonthsEBITDA.

· ScheduledamortizationpaymentsundertheNewCreditFacilityaretoreflectarepaymentprofilewherebythefacilityshallhavebeenrepaidtonilwhentheaverageageofthecollateralVesselsreaches20years.AssumingborrowingofthefullamountestimatedaboveundertheNewCreditFacilitywithinthethirdquarterof2018,suchpaymentsareanticipatedtobeapproximately$1,600,000perquartercommencingonDecember31,2018,withafinalballoonpaymentonthematuritydate.

· Mandatoryprepaymentsaretobeappliedtoremainingamortizationpaymentsprorata,whilevoluntaryprepaymentsaretobeappliedtoremainingamortizationpaymentsinorderofmaturity.

· Dividendsmaybepaidsubjecttocustomaryconditionsandalimitationof50%ofconsolidatednetincomeforthequarterprecedingsuchdividendpaymentifthecollateralmaintenancetestratiois200%orlessforsuchquarter.

· Acquisitionsandadditionalindebtednessareallowedsubjecttocompliancewithfinancialcovenants(includingacollateralmaintenancetest)andothercustomaryconditions.

· KeyfinancialcovenantsaresubstantiallysimilartothoseundertheCompany’s$460MillionCreditFacilityandinclude:

· minimumliquidity,withunrestrictedcashandcashequivalentstoequalorexceedthegreaterof$30millionand7.5%oftotalindebtedness;

· minimumworkingcapital,withconsolidatedcurrentassets(excludingrestrictedcash)minusconsolidatedcurrentliabilities(excludingthecurrentportionoflong-termindebtedness)tobenotlessthanzero;

· debttocapitalization,withtheratiooftotalindebtednesstototalcapitalizationtobenotmorethan70%;and

· collateralmaintenance,withtheaggregateappraisedvalueofcollateralVesselstobeatleast135%oftheprincipalamountoftheloanoutstandingundertheNewCreditFacility.

TheforegoingdescriptionoftheNewCreditFacilitydoesnotpurporttobecompleteandisqualifiedinitsentiretybyreferencetotheNewCreditFacility,whichisfiledasExhibit10.1heretoandisincorporatedintothisItem1.01byreference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

TheinformationsetforthinItem1.01ofthisCurrentReportonForm8-KisincorporatedbyreferenceintothisItem2.03initsentirety.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

Thisreportcontainsforward-lookingstatementsmadepursuanttothesafeharborprovisionsofthePrivateSecuritiesLitigationReformActof1995.Suchforward-lookingstatementsusewordssuchas“anticipate,”“budget,”“estimate,”“expect,”“project,”“intend,”“plan,”“believe,”andotherwordsandtermsofsimilarmeaninginconnectionwithadiscussionofpotentialfutureevents,circumstancesorfutureoperatingorfinancialperformance.Theseforwardlookingstatementsarebasedonmanagement’scurrentexpectationsandobservations.Includedamongthefactorsthat,inourview,couldcauseactualresultstodiffermateriallyfromtheforwardlookingstatementscontainedinthisreportaretheCompany’sabilitytofulfillconditionstofinancevesselpurchasesundertheNewCreditFacility,completionofdocumentationforvesseltransactionsandtheperformanceofthetermsthereofbysellersofvesselsandus,andotherfactorslistedfromtimetotimeinourpublicfilingswiththeSecuritiesandExchangeCommissionincluding,withoutlimitation,theCompany’sAnnualReportonForm10-KfortheyearendedDecember31,2017anditssubsequentreportsonForm10-QandForm8-K.Wedonotundertakeanyobligationtoupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.

Item 9.01. Financial Statements and Exhibits

(d)Thefollowingexhibitsareincludedinthisreport:

ExhibitNo. Description 10.1 UptoUS$108,000,000SeniorSecuredCreditAgreementdatedAugust14,2018,byandamongGencoShipping&TradingLimitedasBorrower,

thelenderspartytheretofromtimetotime,CréditAgricoleCorporate&InvestmentBank,asStructurerandBookrunner,CréditAgricoleCorporate&InvestmentBankandSkandinaviskaEnskildaBankenAB(Publ)asMandatedLeadArrangersandCréditAgricoleCorporate&InvestmentBank,asAdministrativeAgentandasSecurityAgent.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersignedhereuntodulyauthorized.

GENCOSHIPPING&TRADINGLIMITED DATE:August15,2018 By /s/ApostolosZafolias ApostolosZafolias ChiefFinancialOfficerandExecutive VicePresident,Finance

EXECUTIONVERSION

Exhibit 10.1

UP TO US$108,000,000 SENIOR SECURED CREDIT AGREEMENT

among

GENCO SHIPPING & TRADING LIMITED

as Borrower,

VARIOUS LENDERS

and

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

as Administrative Agent and as Security Agent

Dated as of August 14, 2018

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

as Structurer and Bookrunner

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),as Mandated Lead Arrangers

TABLEOFCONTENTS Page SECTION1 DefinitionsandAccountingTerms 1 1.01 DefinedTerms 1 1.02 OtherDefinitionalProvisions 30 1.03 Rounding 30 SECTION2 AmountandTermsofCreditFacilities 30 2.01 TheCommitments 30 2.02 NoticeofBorrowing 31 2.03 DisbursementofFunds 31 2.04 Notes 32 2.05 ProRataBorrowings 32 2.06 Interest 33 2.07 InterestPeriods 33 2.08 IncreasedCosts,Illegality,MarketDisruption,etc 34 2.09 Compensation 36 2.10 ChangeofLendingOffice;LimitationonAdditionalAmounts 36 2.11 ReplacementofLenders 37 SECTION3 CommitmentCommission;Fees;ReductionsofCommitment 38 3.01 CommitmentCommission;Fees 38 3.02 VoluntaryReductionofCommitments 38 3.03 MandatoryReductionofCommitments 38 SECTION4 Prepayments;Payments;Taxes 39 4.01 VoluntaryPrepayments 39 4.02 MandatoryRepaymentsandCommitmentReductions 39 4.03 MethodandPlaceofPayment 42 4.04 NetPayments;Taxes 42 4.05 ApplicationofProceeds 44 SECTION5 ConditionsPrecedent 46 5.01 ClosingDate 46 5.02 ConditionstoeachBorrowingDate 48 SECTION6 RepresentationsandWarranties 50 6.01 Corporate/LimitedLiabilityCompany/LimitedPartnershipStatus 50 6.02 CorporatePowerandAuthority 50 6.03 Title;MaintenanceofProperties 50 6.04 LegalValidityandEnforceability 50 6.05 NoViolation 51 6.06 GovernmentalApprovals 51 6.07 BalanceSheets;FinancialCondition;UndisclosedLiabilities 52 6.08 Litigation 52 6.09 TrueandCompleteDisclosure 52 6.10 UseofProceeds;MarginRegulations 53 6.11 Taxes;TaxReturnsandPayments 54 6.12 CompliancewithERISA 54 6.13 SecurityDocuments 55 6.14 RepresentationsandWarrantiesinDocuments 56 6.15 Subsidiaries 56 6.16 CompliancewithStatutes,etc. 56 6.17 InvestmentCompanyAct 56

(i)

TABLEOFCONTENTS(continued)

Page 6.18 PollutionandOtherRegulations 56 6.19 LaborRelations 57 6.20 Patents,Licenses,FranchisesandFormulas 57 6.21 FinancialIndebtedness 57 6.22 Insurance 57 6.23 ConcerningtheCollateralVessels 58 6.24 Citizenship 58 6.25 VesselClassification 58 6.26 Anti-MoneyLaunderingandSanctionsLaws 58 6.27 NoImmunity 59 6.28 FeesandEnforcement 59 6.29 FormofDocumentation 59 6.30 NoMaterialAdverseEffect 59 6.31 PariPassuorPriorityStatus 59 6.32 Solvency;Winding-up,etc 59 6.33 CompletenessofDocumentation 60 SECTION7 AffirmativeCovenants 60 7.01 InformationCovenants 60 7.02 Books,RecordsandInspections 64 7.03 MaintenanceofProperty;InsuranceMortgageeInterestInsurance 64 7.04 CorporateFranchises 64 7.05 CompliancewithStatutes,etc 64 7.06 CompliancewithEnvironmentalLaws 65 7.07 ERISA 65 7.08 EndofFiscalYears;FiscalQuarters 66 7.09 PerformanceofObligations 66 7.10 PaymentofTaxes 66 7.11 FurtherAssurances 67 7.12 DepositofEarnings 67 7.13 OwnershipofSubsidiariesandCollateralVessels 68 7.14 Citizenship;FlagofCollateralVessel;CollateralVesselClassifications;OperationofCollateralVessels 68 7.15 UseofProceeds 69 7.16 CharterContracts 69 7.17 TechnicalManagementAgreements 70 7.18 SeparateExistence 70 7.19 Sanctions 71 7.20 MaintenanceofListing 71 SECTION8 NegativeCovenants 71 8.01 Liens 71 8.02 Consolidation,Merger,SaleofAssets,etc. 73 8.03 Dividends 74 8.04 Indebtedness 75 8.05 Advances,Investments,LoansandVesselAcquisitions 75 8.06 TransactionswithAffiliates 76 8.07 FinancialCovenants 76 8.08 LimitationonModificationsofCertainDocuments;etc 77 8.09 LimitationonCertainRestrictionsonSubsidiaries 77 8.10 LimitationonIssuanceofCapitalStock 78

(ii)


.11 Business 78 8.12 Manager 78 8.13 BankAccounts 78 8.14 JurisdictionofEmployment 78 8.15 OperationofCollateralVessels 79 8.16 CorruptPractices 79 8.17 NoInvestments 79 8.18 HedgingAgreements 79 SECTION9 EventsofDefault 79 9.01 Payments 79 9.02 Representations,etc 79 9.03 Covenants 79 9.04 DefaultUnderOtherAgreements 80 9.05 Bankruptcy,etc 80 9.06 ERISA 80 9.07 SecurityDocuments 81 9.08 Guaranty 81 9.09 Judgments 82 9.10 TerminationofBusiness 82 9.11 AuthorizationsandConsents 82 9.12 Arrest;Expropriation 82 9.13 FailuretoComplywithFinalJudgment 82 9.14 ChangeofControl 82 SECTION10 AgencyandSecurityTrusteeProvisions 83 10.01 Appointment 83 10.02 NatureofDuties 83 10.03 LackofRelianceontheAgents 84 10.04 CertainRightsoftheAgents 84 10.05 Reliance 84 10.06 Indemnification 84 10.07 TheAdministrativeAgentinitsIndividualCapacity 85 10.08 Holders 85 10.09 ResignationbytheAdministrativeAgent 85 10.10 CollateralMatters 86 10.11 CertainERISAMatters 88 10.12 DeliveryofInformation 88 SECTION11 Miscellaneous 88 11.01 PaymentofExpenses,etc 88 11.02 RightofSetoff 89 11.03 Notices 90 11.04 BenefitofAgreement;Assignments;Participations 90 11.05 NoWaiver;RemediesCumulative 92 11.06 PaymentsProRata 93 11.07 Calculations;Computations 93 11.08 AgreementBinding 93 11.09 GOVERNINGLAW;SUBMISSIONTOJURISDICTION;VENUE;WAIVEROFJURYTRIAL 94 11.10 Counterparts 95

(iii)


Page 11.11 Effectiveness 95 11.12 HeadingsDescriptive 95 11.13 AmendmentorWaiver;etc 95 11.14 Survival 97 11.15 DomicileoftheLoans 97 11.16 Confidentiality 97 11.17 Register 98 11.18 JudgmentCurrency 98 11.19 Language 99 11.20 WaiverofImmunity 99 11.21 USAPATRIOTActNotice 99 11.22 Severability 99 11.23 FlagJurisdictionTransfer 99 11.24 AcknowledgementandConsenttoBail-InofEEAFinancialInstitutions 100 11.25 GermanResidentSecuredCreditor. 100SCHEDULEI - CommitmentsSCHEDULEII - LenderAddressesSCHEDULEIII - SubsidiariesSCHEDULEIV-A - RequiredInsuranceSCHEDULEIV-B - CollateralVesselInsuranceSCHEDULEV - ERISASCHEDULEVI - CollateralVesselsSCHEDULEVII - NoticeAddressesSCHEDULEVIII - FinancialIndebtednessSCHEDULEIX - DisqualifiedLendersSCHEDULEX - ScheduledRepayments EXHIBITA - FormofNoticeofBorrowingEXHIBITB - FormofNoteEXHIBITC - FormofGuarantyEXHIBITD-1 - FormofMarshallIslandsCollateralVesselMortgageEXHIBITD-2 - FormofLiberianCollateralVesselMortgageEXHIBITE - FormofPledgeAgreementEXHIBITF - FormofAssignmentofInsurancesEXHIBITG - FormofAssignmentofEarningsEXHIBITH - FormofAssignmentofCharterEXHIBITI-1 - FormofComplianceCertificateEXHIBITI-2 - FormofCollateralMaintenanceRatioCertificateEXHIBITJ - FormofSubordinationProvisionsEXHIBITK - FormofAssignmentandAssumptionAgreementEXHIBITL - FormofSolvencyCertificateEXHIBITM - FormofAssignmentofHedgingAgreementEXHIBITN - FormofAccountSecurityAgreement

(iv)

CREDITAGREEMENT,datedasofAugust14,2018,amongGENCOSHIPPING&TRADINGLIMITED,acompanyincorporatedunderthelaws of the Republic of the Marshall Islands (the “ Borrower ”), the Lenders party hereto from time to time, CRÉDIT AGRICOLE CORPORATE ANDINVESTMENTBANK(“CACIB”),asStructurerandBookrunner,CRÉDITAGRICOLECORPORATEANDINVESTMENTBANKandSKANDINAVISKAENSKILDABANKENAB(PUBL),asMandatedLeadArrangers(insuchcapacity,the“MandatedLeadArrangers”)andCACIB,asAdministrativeAgent(insuchcapacity,the“AdministrativeAgent”)andasSecurityAgentundertheSecurityDocuments(insuchcapacity,the“SecurityAgent”).AllcapitalizedtermsusedhereinanddefinedinSection1.01areusedhereinasthereindefined.

WITNESSETH:

WHEREAS,subjecttoanduponthetermsandconditionshereinsetforth,theLendersarewillingtomakeavailabletotheBorrowertheCreditFacilityprovidedforherein.

NOW,THEREFORE,ITISAGREED:

SECTION1DefinitionsandAccountingTerms.

1.01DefinedTerms.AsusedinthisAgreement,thefollowingtermsshallhavethefollowingmeanings(suchmeaningstobeequallyapplicabletoboththesingularandpluralformsofthetermsdefined):

“AcceptableClassificationSociety”shallmeanAmericanBureauofShipping,NipponKaijiKyokai,Lloyd’sRegisterofShipping,BureauVeritasandDNVGL,orsuchotherfirstclassvesselclassificationsocietythatisamemberoftheInternationalAssociationofClassificationSocietiesthattheRequiredLendersmayapprovefromtimetotime.

“AcceptableFlagJurisdiction”shallmeantheRepublicoftheMarshallIslands,Liberia,HongKong,Panama,theBahamas,SingaporeorsuchotherflagjurisdictionasmaybeacceptabletoallLenders.

“AccountBank”shallmeanCACIB.“AccountCollateral”shallmeanall“AccountCollateral”asdefinedintheAccountSecurityAgreements.“AdditionalCollateral”shallmeanadditionalCollateralsatisfactorytotheRequiredLendersgrantedinfavoroftheSecurityAgenttocurenon-

compliancewithSection8.07(d)(itbeingunderstoodthatcashcollateralcomprisedofDollars(whichshallbevaluedatpar)andanydrybulkvesselthatisnotmore thanten (10) years of age andotherwise meets the requirements of a Replacement Vessel (other thanclause (iii) thereof) shall, in eachcase, be deemedsatisfactory to the Required Lenders), pursuant to security documentation in form and substance reasonably satisfactory to the Security Agent; providedsuchAdditionalCollateralisinanaggregateamountatleastsufficienttocuresuchnon-compliance.

“Account Security Agreement ” shall mean the account security agreements in connection with the Earnings Accounts of the Subsidiary

GuarantorssubstantiallyintheformofExhibitNtobeexecutedbytheapplicableSubsidiaryGuarantorandtheSecurityAgent.

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“AdditionalCollateralReleaseConditions”shallmean,withrespecttothereleaseofanyAdditionalCollateral,thefollowing:

(a)beforeandaftergivingeffecttosuchrelease,(i)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingand(ii)theBorrowershallbe,andshallhavebeenatalltimesduringthemostrecentlyendedfullfiscalquarter,incompliancewithSection8.07(d);

(b)theBorrowershallhavedeliveredtotheAdministrativeAgent,ineachcaseinformandsubstancesatisfactorytotheAdministrative

AgentandtheSecurityAgent,(i)anofficer’scertificatecertifyingastomattersinclause(a)above,(ii)AppraisalsforeachCollateralVesseldatednomorethanthirty(30)dayspriortothedeliverythereofinformandsubstancereasonablyacceptabletotheAdministrativeAgentandfromtwoApprovedAppraisersstatingthethencurrentAppraisedValueofeachCollateralVesselandotherwisemeetingtherequirementssetforthinSection7.01(d)and(iii)anyotherdocumentsreasonablyrequestedbytheAdministrativeAgent;and

(c)theBorrowershallhavepaidallcostsandexpensesoftheAdministrativeAgentandtheSecurityAgentrelatingtothepreparation,

executionanddeliveryoftherelevantreleasedocuments.“AdditionalVessel”shallhavethemeaningprovidedinthedefinitionof“CollateralVessel”.“AdministrativeAgent”shallhavethemeaningprovidedinthefirstparagraphofthisAgreement,andshallincludeanysuccessorthereto.“Affiliate”shallmean,withrespecttoanyPerson,anyotherPerson(including,forpurposesofSection8.06only,alldirectors,officersand

partnersofsuchPerson)directlyorindirectlycontrolling,controlledby,orunderdirectorindirectcommoncontrolwith,suchPerson;provided,however,thatforpurposesofSection8.06,anAffiliateoftheBorrowershallincludeanyPersonthatdirectlyorindirectlyownsmorethan5%ofanyclassofthecapitalstockoftheBorrowerandanyofficerordirectoroftheBorroweroranyofitsSubsidiaries.APersonshallbedeemedtocontrolanotherPersonifsuchPersonpossesses,directlyorindirectly, thepowertodirect orcausethedirectionofthemanagementandpoliciesofsuchotherPerson,whetherthroughtheownershipofvotingsecurities,bycontractorotherwise.Notwithstandinganythingtothecontrarycontainedabove,forpurposesofSection8.06,noneoftheAdministrativeAgent,northeSecurityAgent,noranyMandatedLeadArranger,noranyLender(oranyoftheirrespectiveaffiliates)shallbedeemedtoconstituteanAffiliateoftheBorroweroritsSubsidiariesinconnectionwiththeCreditDocumentsoritsdealingsorarrangementsrelatingthereto.

“Agents”shallmean,collectively,theAdministrativeAgentandtheSecurityAgent.“Aggregate Appraised Value ” shall mean at any time, the sum of the Appraised Value of all Collateral Vessels owned by the Subsidiary

GuarantorsatsuchtimewhicharenotthensubjecttoanEventofLoss.“Agreement”shallmeanthisCreditAgreement,asmodified,supplemented,amendedorrestatedfromtimetotime.“AmortizationAmount”shallmean,foranyPaymentDate,theamountequaltotheamountsetforthonScheduleXheretoasoftheClosing

Date,assuchamount(andsuchScheduleX)maybeamended(i)bytheAdministrativeAgentonorpriortothefirstPaymentDatetoreflectarepaymentprofile(takingintoaccounttheageoftheCollateralVesselsasofSeptember1,2018),wherebytheCredit

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FacilityisrepaidtonilwhentheaverageageoftheCollateralVesselsreaches20yearsofageor(ii)pursuanttoSection4.02(b)(v).“Anti-CorruptionLaws”shallhavethemeaningprovidedinSection6.10(d).“ApplicableMargin” shall mean (i) fromthe Closing Date until (and including) September 30, 2019, 2.50%per annumand (ii) thereafter,

followingthedeliveryofaQuarterlyPricingCertificate,thepercentageperannumsetforthacrossfromtheTotalNetLeverageRatiointhetablebelowindicatedtohavebeenachievedinanysuchcertificate:

PricingLevel TotalNetLeverageRatio

ApplicableMargin

1 Greaterthan5.00to1.00 2.75%

2Greaterthanorequalto3.00to1.00andlessthanorequalto

5.00to1.00 2.50%

3 Lessthan3.00to1.00 2.25%TheApplicableMargindeterminedinaccordancewithclause(ii)ofthefirstparagraphofthisdefinitionshallbeineffectfromandaftereach

dateofdelivery(eachsuchdate,a“StartDate”)ofanycertificate(eachsuchcertificate,a“QuarterlyPricingCertificate”)byanAuthorizedOfficeroftheBorrowertotheAdministrativeAgent,within45daysofthelastdayofthefirstthreefiscalquartersoftheBorrowerandwithin90daysofthelastdayofthefourthfiscalquarteroftheBorrower,whichcertificateshallsetforththecalculationoftheTotalNetLeverageRatioasatthelastdayofthefiscalquarterendedimmediatelypriortotherelevantStartDateandtheApplicableMargin,whichshallbethereafterapplicableuntiltheearlierof(x)thedateonwhichthenextQuarterlyPricingCertificateisdeliveredtotheAdministrativeAgentor(y)thedatewhichis45daysfollowingthelastdayofthefiscalquarterinwhichthepreviousStartDateoccurred(suchearlierdate,the“EndDate”).IfnocertificatehasbeendeliveredtotheAdministrativeAgentasoftheEndDateindicatinganentitlementtoanew(orthesame)ApplicableMargin(andthuscommencinganewStartDate),theApplicableMarginshallbetheonesetforthinPricingLevel1ofthetableabove(suchlevel,the“HighestApplicableMargin”).Notwithstandinganythingtothecontrarycontainedaboveinthisdefinition,theApplicableMarginshallbetheHighestApplicableMarginatalltimesduringanEventofDefault.

“Appraisal”shallmean,withrespecttoaCollateralVessel,awrittenappraisalbyanApprovedAppraiserinfavoroftheAdministrativeAgent

oftheAppraisedValueofsuchCollateralVessel.“AppraisedValue”shallmeanforanyCollateralVesselatanytime,thearithmeticmeanofthefairmarketvaluesofsuchCollateralVesselas

setforthontheAppraisalsofatleasttwoApprovedAppraisersmostrecentlydeliveredto,orobtainedby,theAdministrativeAgentpriortosuchtimepursuanttoSection5.02(e)orSection7.01(d)andprepared:

(a)asatadatenotmorethan30dayspriortosuchdelivery;(b)bytwoApprovedAppraisersselectedbytheBorrower;(c)withoutphysicalinspectionoftheCollateralVessel,exceptasrequiredbytheAdministrativeAgentifanEventofDefaulthas

occurredandiscontinuing;and(d)onthebasisofasaleforpromptdeliveryforcashonnormalarm’slengthcommercialtermsasbetweenawillingsellerandawilling

buyer,freeofanycharterorother

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contract of employment and with no value to be given to any pooling arrangements; provided that if a range of values is provided in a particularAppraisal,thentheAppraisedValueinsuchAppraisalshallbedeemedtobethemedianofsuchvalues.

“ApprovedAppraiser”shallmeanBarryRoglianoSalles,E.A.GibsonShipbrokers,ClarksonValuationsLimited,ArrowSale&Purchase

(UK)Limited,SimpsonSpence&YoungShipbrokers,BraemarACM,FearnleysorMaerskBroker,anyAffiliateoftheforegoingwhichactuallyprovidesAppraisalsforaVesseloranyotherappraiserapprovedbytheRequiredLenders,forthepurposesofprovidinganAppraisalforaCollateralVessel.

“AssignmentandAssumptionAgreement”shallmeananassignmentandassumptionagreementsubstantiallyintheformofExhibitK

(appropriatelycompleted).“AssignmentofCharter”shallmeananassignmentofchartersubstantiallyintheformofExhibitH.“AssignmentofEarnings”shallmeananassignmentofearningssubstantiallyintheformofExhibitG.“AssignmentofHedgingAgreements”shallmeananassignmentofhedgingagreementssubstantiallyintheformofExhibitM.“AssignmentofInsurances”shallmeananassignmentofinsurancessubstantiallyintheformofExhibitF.“AuthorizedOfficer”shallmeanthechairmanoftheboard,thepresident,anyvicepresident,thetreasurer,thesecretary,anyassistant

secretary,anyotherfinancialofficer,anauthorizedmanagerandanyotherofficer(oraPersonorPersonssodesignatedbyanyofficer)ofanyObligor.“Bail-InAction”shallmeantheexerciseofanyWrite-DownandConversionPowersbytheapplicableEEAResolutionAuthorityinrespectof

anyliabilityofanEEAFinancialInstitution.“Bail-InLegislation”shallmean,withrespecttoanyEEAMemberCountryimplementingArticle55ofDirective2014/59/EUoftheEuropean

ParliamentandoftheCounciloftheEuropeanUnion,theimplementinglawforsuchEEAMemberCountryfromtimetotimewhichisdescribedintheEUBail-InLegislationSchedule.

“BankruptcyCode”shallhavethemeaningprovidedinSection9.05.“BankruptcyProceeding”shallhavethemeaningprovidedinSection10.10(e).“BeneficialOwnershipCertification”shallmeanacertificationregardingbeneficialownershipasrequiredbytheBeneficialOwnership

Regulation.“BeneficialOwnershipRegulation”shallmean31C.F.R.§1010.230.“BenefitPlan”shallmeananyof(a)an“employeebenefitplan”(asdefinedinERISA)thatissubjecttoTitleIofERISA,(b)a“plan”as

definedinSection4975oftheCodeor(c)anyPersonwhoseassetsinclude(forpurposesofERISASection3(42)orotherwiseforpurposesofTitleIofERISAorSection4975oftheCode)theassetsofanysuch“employeebenefitplan”or“plan”.

“Borrower”shallhavethemeaningprovidedinthefirstparagraphofthisAgreement.“Borrowing”shallmeanaborrowingofLoansfromalltheLenders(otherthananyDefaultingLender)havingCommitmentsonagivendate

havingthesameInterestPeriod.

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“BorrowingDate”shallmeaneachdateonwhichLoansareincurredbytheBorrower,whichdateshallbe(x)thedateoftheconsummationofthedeliveryofaCollateralVesseltoaSubsidiaryoftheBorroweror,ifearlier,thedateprovidedinSection5.02inconnectionwithaprepositioningofoneormoreLoansasprovidedthereinor(y)iflater,thedateonwhichtheBorrowerincurssuchLoanstoreimburse,inpart,theacquisitionpriceofsuchCollateralVessel,ineachcase,pursuanttoSection2.01(a).

“BusinessDay”shallmeananydayexceptSaturday,Sundayandanydaywhichshallbealegalholidayoradayonwhichbankinginstitutions

areauthorizedorrequiredbylaworothergovernmentactiontocloseinNewYorkCity,Paris,LondonandStockholm.“CACIB”shallhavethemeaningprovidedinthefirstparagraphofthisAgreement.“CashEquivalents”shallmean(i)securitiesissuedordirectlyandfullyguaranteedorinsuredbytheUnitedStatesoranyagencyor

instrumentalitythereof(providedthatthefullfaithandcreditoftheUnitedStatesispledgedinsupportthereof)havingmaturitiesofnotmorethanoneyearfromthedateofacquisition,(ii)timedepositsandcertificatesofdepositofanycommercialbankhaving,orwhichistheprincipalbankingsubsidiaryofabankholdingcompanyhavingcapital,surplusandundividedprofitsaggregatinginexcessof$200,000,000,withmaturitiesofnotmorethanoneyearfromthedateofacquisitionbysuchPerson,(iii)repurchaseobligationswithatermofnotmorethan90daysforunderlyingsecuritiesofthetypesdescribedinclause(i)aboveenteredintowithanybankmeetingthequalificationsspecifiedinclause(ii)above,(iv)commercialpaperissuedbyanyPersonincorporatedintheUnitedStatesratedatleastA-1ortheequivalentthereofbyS&PoratleastP-1ortheequivalentthereofbyMoody’sandineachcasematuringnotmorethanoneyearafterthedateofacquisitionbysuchPerson,and(v)Investmentsinmoneymarketfundssubstantiallyallofwhoseassetsarecomprisedofsecuritiesofthetypesdescribedinclauses(i)through(iv)above.

“CERCLA”shallmeantheComprehensiveEnvironmentalResponse,Compensation,andLiabilityActof1980,asamendedfromtimetotime,

42U.S.C.§9601etseq.“ChangeinLaw”shallmeantheoccurrence,afterthedateofthisAgreement,ofanyofthefollowing:(a)theadoptionortakingeffectofany

law,rule,regulationortreaty,(b)anychangeinanylaw,rule,regulationortreatyorintheadministration,interpretation,implementationorapplicationthereofbyanyGovernmentalAuthorityor(c)themakingorissuanceofanyrequest,rule,guidelineordirective(whetherornothavingtheforceoflaw)byanyGovernmentalAuthority;providedthatnotwithstandinganythinghereintothecontrary,(x)theDodd-FrankWallStreetReformandConsumerProtectionActandallrequests,rules,guidelinesordirectivesthereunderorissuedinconnectiontherewithand(y)allrequests,rules,guidelinesordirectivespromulgatedbytheBankforInternationalSettlements,theBaselCommitteeonBankingSupervision(oranysuccessororsimilarauthority)ortheUnitedStatesorforeignregulatoryauthorities,ineachcasepursuanttoBaselIII,ifnotalreadyenactedasoftheClosingDate,shallineachcasebedeemedtobea“ChangeinLaw”,regardlessofthedateenacted,adoptedorissued.

“ChangeofControl”shallmeananyofthefollowing:

(a) if the Borrower ceases to own directly or indirectly, 100%of the Equity Interests in any Subsidiary Guarantor other than as a

consequenceoftheCollateralDispositionoftheCollateralVesselownedbysuchSubsidiaryGuarantorandtheprepaymentoftheLoanspursuantto,andtotheextentrequiredby,Section4.02(b);or

(b)any“person”or“group”(assuchtermsareusedinSections13(d)and14(d)(2)oftheExchangeAct),otherthananyPermittedHolder

oranygroupofPermittedHolders,shallatanytimebecometheultimateowner,directlyorindirectly,beneficiallyorofrecordorthe

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“beneficial owner”(as definedin Rules13(d)-3and13(d)-5of theExchangeAct), of Equity Interests representingmorethan35%oftheoutstandingvotingoreconomicEquityInterestsoftheBorrowerorcontroltheappointmentofmembersoftheboardofdirectorsoftheBorrower,unlessthenewshareholder(s)is/areacceptabletotheLenders;or

(c)thereplacementofamajorityofthedirectorsontheboardofdirectorsoftheBorroweroveratwo-yearperiodfromthedirectorswho

constitutedtheboardofdirectorsoftheBorroweratthebeginningofsuchperiod,andsuchreplacementshallnothavebeenapprovedbyavoteofatleastamajorityoftheboardofdirectorsoftheBorrowerthenstillinofficewhoeitherweremembersofsuchboardofdirectorsatthebeginningofsuchperiodorwhoseelectionasamemberofsuchboardofdirectorswaspreviouslysoapproved;or

(d) a “changeof control” or similar event shall occur as providedinanyoutstandingFinancial Indebtedness of theBorrower(or the

documentationgoverningthesame).“Claims”shallhavethemeaningprovidedinthedefinitionof“EnvironmentalClaims”.“ClosingDate”shallhavethemeaningprovidedinSection11.11.“Code” shall mean the Internal RevenueCodeof 1986, as amendedfromtimeto time, andthe regulations promulgated andrulings issued

thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement and any subsequent provisions of the Code,amendatorythereof,supplementaltheretoorsubstitutedtherefor.

“Collateral”shallmeanallproperty(whetherrealorpersonal)withrespecttowhichanysecurityinterestshavebeengranted(orpurportedto

be granted) pursuant to any Security Document, including, without limitation, all Pledge Agreement Collateral, all Earnings Collateral, all InsuranceCollateral, all Collateral Vessels, all Account Collateral, all Hedging Collateral and all cash and Cash Equivalents at any time delivered as collateralthereunderorasrequiredhereunder.

“CollateralandGuarantyRequirements”shallmean,withrespecttoeachObligorandeachCollateralVessel,therequirementsthat:

(i)eachSubsidiaryoftheBorrowerthatisrequiredtobeaSubsidiaryGuarantorinaccordancewiththedefinitionthereofshallhaveduly

authorized, executed and delivered to the Administrative Agent the Guaranty, substantially in the form of Exhibit C (as modified, supplemented oramendedfromtimetotime,togetherwithanyJoinderAgreement,the“Guaranty”),orajoindertheretoinformandsubstancereasonablysatisfactorytotheAdministrativeAgent(eachasmodified,supplementedoramendedfromtimetotime,a“JoinderAgreement”)andtheGuarantyshallbeinfullforceandeffect;

(ii)theBorrowerandeachSubsidiaryGuarantorshallhavedulyauthorized,executedanddeliveredthePledgeAgreementsubstantiallyin

theformofExhibitE(asmodified, supplementedoramendedfromtimetotime,togetherwithanyJoinderAgreement, the“PledgeAgreement”)orJoinderAgreementandshallhave(x)deliveredtotheSecurityAgent,aspledgee,allthePledgeAgreementCollateralreferredtothereinwithrespecttothe Equity Interests in each Subsidiary Guarantor and all Earnings Accounts and (y) duly authorized, executed and delivered any other relateddocumentationnecessaryoradvisabletoperfecttheLienonthePledgeAgreementCollateralintherespectivejurisdictionsofformationoftherespectiveSubsidiaryGuarantorortheBorrower,asthecasemaybe;

(iii)eachSubsidiaryGuarantor,theSecurityAgentandtheAccountBank,shallhavedulyauthorized,executedanddeliveredoneormore

collateralagreementssubstantiallyinthe

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formofExhibit N (each as modified, supplemented or amended fromtime to time, the “Account Security Agreement”), and pursuant to which theEarnings Accounts shall have been pledged to secure the Secured Obligations, and shall have complied with all of the requirements set forth in suchAccountSecurityAgreements.

(iv)theSubsidiaryGuarantor(andanyotherrelevantObligor)thatownssuchCollateralVesselshallhavedulyauthorized,executedand

delivered (x) an Assignment of Insurances substantially in the form of Exhibit F (as modified, supplemented or amended from time to time, the “AssignmentofInsurances”),(y)anAssignmentofEarningssubstantiallyintheformofExhibitG(asmodified,supplementedoramendedfromtimetotime,the“AssignmentofEarnings”)togethercoveringallofsuchObligor’spresentandfutureEarningsCollateralandInsuranceCollateral,and(z)anAssignment of Charters (existing or future) substantially in the form of Exhibit H (as modified, supplemented or amended from time to time, the “AssignmentofCharters”)foranycharterorsimilarcontractofemploymentwithaterminexcessof24months(or,withrespecttoanycharterorsimilarcontract of employment existing on the Borrowing Date for such Collateral Vessel, a remaining term in excess of 24 months) (any such charter, a “Pledged Charter ”), and shall provide appropriate notices and consents related thereto, together granting a security interest and lien on all of suchObligor’s(i)presentandfutureEarningsCollateralandInsuranceCollateraland(ii)presentandfuturerightandreceivablesunderPledgedCharters,ineach case together with proper Financing Statements (Form UCC-1) in form for filing under the UCC or in other appropriate filing offices of eachjurisdictionasmaybenecessarytoperfectthesecurityinterestspurportedtobecreatedbytheAssignmentofInsurances,theAssignmentofEarningsandtheAssignmentofCharters;

(v)eachObligorpartytoaHedgingAgreementshallhavedulyauthorized,executedanddeliveredanAssignmentofHedgingAgreements

substantiallyintheformofExhibitM(asmodified,supplementedoramendedfromtimetotime,the“AssignmentofHedgingAgreements”)andshallusecommerciallyreasonableeffortstoprovideappropriatenoticeandconsentsrelatedthereto,togethergratingasecurityinterestandlienonalloftheBorrowerandsuchSubsidiaryGuarantor’spresentandfuturerightsandreceivablesundereachHedgingAgreement;

(vi)eachSubsidiaryGuarantorthatownsaCollateralVesselshallhavedulyauthorized,executedanddelivered,andcausedtoberecorded

in the appropriate vessel registry, a Collateral Vessel Mortgage with respect to such Collateral Vessel and such Collateral Vessel Mortgage shall beeffectivetocreateinfavoroftheSecurityAgentand/ortheLendersalegal,validandenforceablefirstprioritysecurityinterestin,andlienupon,suchCollateralVessel;

(vii)allfilings,deliveriesofinstrumentsandotheractionsnecessaryordesirableinthereasonableopinionoftheSecurityAgenttoperfect

andpreservethesecurityinterestsdescribedinclauses(i)throughandincluding(vi)aboveshallhavebeendulyeffected,including,withoutlimitation,properfinancingstatements(FormUCC-1)oramendmentsthereto,asrequestedbytheAdministrativeAgentorSecurityAgent,informforfilingunderthe UCCor in other appropriate filing offices of eachjurisdiction as maybe necessary to perfect the security interests purported to be created bytheSecurityDocuments,andtheSecurityAgentshallhavereceivedevidencethereofinformandsubstancereasonablysatisfactorytotheSecurityAgent;

(viii)theAdministrativeAgentshallhavereceivedeachofthefollowing:

(a)anAppraisalfromtwoApprovedAppraisersofsuchCollateralVesselofarecentdate(andinnoeventdatedlaterthan

60dayspriortothe

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relevantBorrowingDate)inscope,formandsubstancereasonablysatisfactorytotheAdministrativeAgent;(b)certificatesofownershipfromappropriateauthoritiesshowingtheregisteredownershipofsuchCollateralVesselin

thenameoftherelevantSubsidiaryGuarantorinanAcceptableFlagJurisdiction;(c)theresultsofmaritimeregistrysearcheswithrespecttosuchCollateralVessel,indicatingnorecordedliensotherthan

LiensinfavoroftheSecurityAgentand/ortheLendersandPermittedLiens;(d) confirmation of class certificates froman Acceptable Classification Society indicating that such Collateral Vessel

meetsthecriteriaspecifiedinSection6.23;(e)anIHM(togetherwithevidenceoftherelevantclassnotation)fromanAcceptableClassificationSocietyforeachsuch

CollateralVessel;providedthattheBorrowershallhavesatisfiedtherequirementsofthissubclause(viii)(e)assoonascommerciallypracticableaftertheClosingDate,andinanyevent,nolaterthanthedateofthefirstdry-dockingofsuchCollateralVesselfollowingtheClosingDate(itbeingacknowledgedandagreedthatnoIHMshallberequiredtobedeliveredpriortothecompletionofthefirstdry-dockingofsuchCollateralVesselfollowingtheClosingDate);

(f)certifiedcopiesof(x)allpoolingagreementsandagreementsrelatedtothetechnicalmanagementofeachCollateral

Vesselandadulyexecutedmanager’sundertakingfromeachTechnicalManagerinaccordancewithSection7.17and(y)CommercialManagementAgreementsrelatedtoeachCollateralVessel;

(g)adulyexecutedmanager’sundertakinginaformconsistentwithmarketpracticeinshipfinancetransactionsdelivered

byeachTechnicalManagerandCommercialManagerinfavoroftheSecurityAgentinaformandsubstancereasonablyacceptabletotheSecurityAgent;

(h)certifiedcopiesofallISMCodeandISPSCodedocumentationforeachCollateralVessel;and(i)areport,informandscopereasonablysatisfactorytotheAdministrativeAgent,fromafirmofindependentmarine

insurance brokers reasonably acceptable to the Administrative Agent (it being understood that AON, BankServe and Marsh areacceptable) with respect to the insurance maintainedbythe Obligors in respect of suchCollateral Vessel, together with a certificatefromsuchbrokercertifyingthatsuchinsurances(i)areplacedwithsuchinsurancecompaniesand/orunderwritersand/orclubs,insuchamounts,againstsuchrisks,andinsuchform,asarecustomarilyinsuredagainstbysimilarlysituatedinsuredsfortheprotectionoftheAdministrativeAgent,theSecurityAgentand/ortheLendersasmortgagee,(ii)otherwiseconformwiththeinsurancerequirementsofeachrespectiveCollateralVesselMortgage(itbeingunderstoodthat,exceptasrequiredbyapplicablelaw,theinsurancerequirements

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ofsuchCollateralVesselMortgageshallnotexceedtheRequiredInsurance)and(iii)includecopiesoftheRequiredInsurance;

(ix) theAdministrativeAgentshallhavereceivedfrom(a)specialNewYorkcounseltoeachoftheObligors(whichshallbeKramerLevinNaftalis &Frankel LLPorothercounsel toeachoftheObligorsqualifiedinsuchjurisdictionandreasonablysatisfactorytotheAdministrativeAgent),anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheBorrowingDateforsuchCollateralVessel,(b)ifapplicable, special Marshall Islands counsel to each of the Obligors (which shall be Reeder &SimpsonP.C. or other counsel to each of the ObligorsqualifiedinsuchjurisdictionandreasonablysatisfactorytotheAdministrativeAgent),anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheBorrowingDateforsuchCollateralVessel,(c)ifapplicable,specialLiberiancounseltoeachoftheObligors(whichshallbePoles, Tublin, Stratakis & Gonzalez LLP or other counsel to each of the Obligors qualified in such jurisdiction and reasonably satisfactory to theAdministrativeAgent),anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheClosingDate,(d)specialFrenchcounsel to the Administrative Agent and Security Agent (which shall be White &Case LLPor another lawfirmqualified to render an opinion as toFrench law reasonably acceptable to the Administrative Agent), an opinion addressed to the Administrative Agent, Security Agent and each of theLenderswithrespecttoeachAccountSecurityAgreementanddatedasoftheClosingDateand(e)ifapplicable,counseltoeachoftheObligorsinthejurisdictionoftheflagoftheCollateralVessel,anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheBorrowingDateforsuchCollateralVesselcoveringsuchmattersasshallbereasonablyrequiredbytheAdministrativeAgent,ineachcasewhichshall(x)beinformandsubstancereasonablyacceptabletotheAdministrativeAgentand(y)covercustomarymatters,includingtheperfectionofthesecurityinterests(otherthanthosetobecoveredbyopinionsdeliveredpursuanttotheotheropinionsabove)grantedpursuanttotheSecurityDocuments,andsuchothermattersincidentaltothetransactionscontemplatedhereinastheAdministrativeAgentmayreasonablyrequest;

(x)(a)theAdministrativeAgentshallhavereceivedacertificate,datedtheClosingDateandreasonablyacceptabletotheAdministrative

Agent, signedbythe Chairmanof the Board, the Chief Executive Officer, the President, anyVice President, the Treasurer or an authorized manager,memberorgeneralpartnerofeachObligorwhichownstheRelevantVessel,andattestedtobytheSecretaryoranyAssistantSecretary(or,totheextentsuchObligor does not havea Secretary or Assistant Secretary, the analogousPersonwithin suchObligor) of suchObligor, as the case maybe, withappropriate insertions, together with copies of the Organizational Documents of such Obligor and the resolutions of such Obligor referred to in suchcertificateauthorizingtheconsummationoftheTransactionand(b)theAdministrativeAgentshallhavereceivedcopiesofgovernmentalapprovals,goodstanding certificates and bring-down telegrams or facsimiles, if any, which the Administrative Agent may have reasonably requested in connectiontherewith,suchdocumentsandpapers,whereappropriate,tobecertifiedbypropercorporateorGovernmentalAuthorities;and

(xi)theBorrowershallhave(x)dulyauthorized,executedanddeliveredtotheSecurityAgent,assecuredpartyonbehalfoftheSecured

Creditors, a legal, valid and enforceable first priority security interest, in and Lien uponthe Equity Interests in the Subsidiary Guarantors pursuant todocumentationinformandsubstancereasonablysatisfactorytotheAdministrativeAgentand(y)effectedallfilings,deliveriesofinstrumentsandotheractionsnecessaryoradvisableinthereasonableopinionoftheAdministrativeAgenttoperfectandpreserveeachsecurityinterestdescribedinthisclause(xi)ineachrelevantjurisdiction,asthecasemaybe

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(including,withoutlimitation,thedeliveryofcustomaryliensearches,properfinancingstatements(FormUCC-1)informforfilingundertheUCCorinother appropriate filingoffices of eachjurisdiction, Certificated Securities (as suchtermis definedin Section8-102(A)(4) of theUCC), executedandundated transfer powers, legal opinions, board resolutions and officer’s certificates), in each case which shall be in form and substance reasonablysatisfactorytotheAdministrativeAgent.

“CollateralDisposition”shallmeanthesale,lease,transfer,bareboatcharterorotherdispositionbytheBorroweroranySubsidiaryGuarantor

toanyPersonotherthantheBorroweroraSubsidiaryGuarantorofanyCollateralVessel;providedthat(i)anybareboatcharterordemisecharterenteredintowiththeconsentofeachLenderand(ii)anytimechartershallnot,ineachcase,beconsideredaCollateralDispositionforthepurposesofSection4.02ofthisAgreement.

“CollateralDispositionPrepaymentAmount”shallmeananamountequaltotheproductofthethenaggregateprincipalamountofoutstanding

Loansmultipliedbyafraction,thenumeratorofwhichistheAppraisedValue(determinedonthebasisoftheAppraisalsmostrecentlydeliveredpursuanttoSection5.02(e)or7.01(d))oftheCollateralVesselorCollateralVessels(asapplicable)(otherthananyAdditionalVessels)subjecttosuchCollateralDispositionandthedenominatorofwhichistheAggregateAppraisedValue(determinedonthebasisoftheAppraisalsmostrecentlydeliveredpursuanttoSection5.02(e)or7.01(d))forallCollateralVessels(otherthananyAdditionalVessels)thensecuringtheCreditFacility.

“CollateralDispositionPrepaymentDate”shallhavethemeaningprovidedinSection4.02(b).

“CollateralMaintenanceTest”shallhavethemeaningprovidedinSection8.07(d).

“CollateralVessel”shallmean(a)eachvessellistedonScheduleVIhereto,totheextentsuchvesselhasbeenacquiredpursuanttoaCollateral

VesselAcquisition,(b)anyReplacementVesseland(c)suchothervesselpostedasAdditionalCollateral(suchvessel,an“AdditionalVessel”);providedthatforthepurposesofSection4.02(b),anAdditionalVesselshallnotbedeemedaCollateralVessel;provided,further,thatScheduleVIisautomaticallyupdatedtoincludeanyAdditionalVesselandanyReplacementVesselwithoutanyfurtheractiononthepartoftheAdministrativeAgent.

“CollateralVesselAcquisition”shallmeantheacquisitionbyaSubsidiaryGuarantorofaCollateralVessel.

“CollateralVesselMortgage”shallmean,withrespecttoeachCollateralVessel,afirstpreferredmortgageinsubstantiallytheformofExhibit

D-1orD-2attachedhereto,orafirstpreferredmortgageinsuchformasmaybereasonablysatisfactorytotheAdministrativeAgentandtheBorrower(including,withoutlimitation,anyfirstpreferredmortgageorstatutorymortgageandrelateddeedofcovenants,asapplicable,deliveredpursuanttoaFlagJurisdictionTransfer),assuchpreferredmortgagemaybeamended,modifiedorsupplementedfromtimetotimeinaccordancewiththetermshereofandthereofgrantedbytheapplicableCollateralVesselOwnerinfavoroftheSecurityAgent,assecuritytrusteeandasmortgagee.

“CollateralVesselOwner”shallmean,atanytime,aSubsidiaryGuarantorwhichownsaCollateralVessel.

“Commitment”shallmean,foreachLender,theamountsetforthoppositesuchLender’snameinScheduleIheretoasthesamemaybe(x)

terminatedpursuanttoSections3.02,3.03and/or9,asapplicable,or(y)adjustedfromtimetotimeasaresultofassignmentstoorfromsuchLenderpursuanttoSection2.11or11.04(b).

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“CommitmentCommission”shallhavethemeaningprovidedinSection3.01(a).

“CommitmentTerminationDate”shallmeanNovember12,2018.

“CommodityExchangeAct”shallmeantheCommodityExchangeAct(7U.S.C.§1etseq.),asamendedfromtimetotime,andanysuccessorstatute.

“CommercialManagementAgreement”shallmeananyshipmanagementagreementorsimilaragreementrelatingtothecommercial

managementofaCollateralVesselthatisenteredintobetweentheBorroweroranySubsidiaryGuarantorandaCommercialManagerthatisneithertheBorrowernoranyWholly-OwnedSubsidiaryoftheBorrower(togetherwithanyamendments,restatements,supplementsorothermodificationstheretoandanyothershipmanagementagreementorsimilaragreementrelatingtothecommercialmanagementofsuchCollateralVesselenteredintoinsubstitutionthereofwithaCommercialManagerthatisneithertheBorrowernoranyWholly-OwnedSubsidiaryoftheBorrower).

“CommercialManager”shallmean,collectively,oneormorecommercialmanagersselectedbytheBorrowerandreasonablyacceptabletothe

RequiredLendersincluding,withoutlimitation,GencoShipManagementLLC,GencoShippingPte.,Ltd.,GencoShippingA/S,andanyotherdirectorindirectWholly-OwnedSubsidiaryoftheBorrowerthatmayactasacommercialmanagerandeachPoolManager.

“ConsolidatedEBITDA”shallmean,withrespecttoanyPersonforanydesignatedperiod,anamountequaltotheConsolidatedNetIncomeof

suchPersonanditsSubsidiariesforsuchperiod,plus(a)thefollowingtotheextentdeductedincalculatingsuchConsolidatedNetIncome:(i)ConsolidatedInterestChargesforsuchperiod;(ii)theprovisionforFederal,state,localandforeignincomeTaxes(andsimilarTaxestotheextentbasedonincomeorprofits)payablebysuchPersonanditsSubsidiariesforsuchperiod;(iii)depreciationandamortizationexpense;(iv)extraordinaryornon-recurringchargesorlosses(includingwithoutlimitationthecumulativeeffectofchangesinGAAPandimpairmentchargesrelatedtolonglivedassetsandgoodwill)ofsuchPersonanditsSubsidiarieswhichdonotrepresentacashiteminsuchperiodoranyfutureperiod,(v)amortizationofexpenserelatingtonon-vestedawardsofEquityInterests,(vi)fees,expensesandlosses(ifany)inconnectionwiththeTransactionand(vii)lossesrelatingtosales,transfersorotherdispositionsofanyFleetVessels,minus(b)totheextentincludedincalculatingsuchConsolidatedNetIncome,(i)allextraordinaryornon-recurringnoncashitemsincreasingConsolidatedNetIncomeforsuchperiod,(ii)extraordinarygainsforsuchperiodand(iii)anygainsrelatingtosales,transfersorotherdispositionsofanyFleetVessels(which,fortheavoidanceofdoubt,shallnotincludeanycharterofanysuchFleetVessel).

“ConsolidatedInterestCharges”shallmean,withrespecttoanyPersonforanydesignatedperiod,thesumofallinterest,premiumpayments

(includinganyprepaymentpremiuminconnectionwiththeprepaymentofFinancialIndebtednessundercertaincreditfacilitiesoftheBorrowerandcertainofitsSubsidiariesthatwererepaidin2018),debtdiscount,fees,chargesandrelatedexpensesofsuchPersonanditsSubsidiariesinconnectionwithborrowedmoney(includingcapitalizedinterest)orinconnectionwithadeferredpurchasepriceofassets,ineachcasetotheextenttreatedasinterestinaccordancewithGAAP.

“ConsolidatedNetIncome”shallmean,withrespecttoanyPersonforanydesignatedperiod,thenetincome(orloss)ofsuchPersonandits

SubsidiariesforthatperioddeterminedinaccordancewithGAAP.

“ConsolidatedTangibleNetWorth”shallmean,withrespecttoanyPerson,theNetWorthofsuchPersonanditsSubsidiariesdeterminedonaconsolidatedbasisinaccordancewithGAAPafterappropriatedeductionforanyminorityinterestsinSubsidiaries,minusgoodwill.

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“ContingentObligation”shallmean,astoanyPerson,anyobligationofsuchPersonguaranteeingorintendedtoguaranteeanyFinancialIndebtedness,leases,dividendsorotherobligations(“primaryobligations”)ofanyotherPerson(the“primaryobligor”)inanymanner,whetherdirectlyorindirectly,including,withoutlimitation,anyobligationofsuchPerson,whetherornotcontingent,(a)topurchaseanysuchprimaryobligationoranypropertyconstitutingdirectorindirectsecuritytherefor,(b)toadvanceorsupplyfunds(x)forthepurchaseorpaymentofanysuchprimaryobligationor(y)tomaintainworkingcapitalorequitycapitaloftheprimaryobligororotherwisetomaintainthenetworthorsolvencyoftheprimaryobligor,(c)topurchaseproperty,securitiesorservicesprimarilyforthepurposeofassuringtheownerofanysuchprimaryobligationoftheabilityoftheprimaryobligortomakepaymentofsuchprimaryobligationor(d)otherwisetoassureorholdharmlesstheholderofsuchprimaryobligationagainstlossinrespectthereof;provided,however,thatthetermContingentObligationshallnotincludeendorsementsofinstrumentsfordepositorcollectionintheordinarycourseofbusinessandanyproductswarrantiesextendedintheordinarycourseofbusiness.TheamountofanyContingentObligationshallbedeemedtobeanamountequaltothestatedordeterminableamountoftheprimaryobligationinrespectofwhichsuchContingentObligationismade(or,iftheless,themaximumamountofsuchprimaryobligationforwhichsuchPersonmaybeliablepursuanttothetermsoftheinstrumentevidencingsuchContingentObligation)or,ifnotstatedordeterminable,themaximumreasonablyanticipatedliabilityinrespectthereof(assumingsuchPersonisrequiredtoperformthereunder)asdeterminedbysuchPersoningoodfaith.

“ComplianceCertificate”shallhavethemeaningprovidedinSection7.01(e)(i).

“CreditDocumentObligations”shallmeanthefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)

ofallamountsowingtotheAdministrativeAgent,theSecurityAgentoranyLenderpursuanttothetermsofthisAgreementoranyotherCreditDocument,including(x)theprincipalof,premium,ifany,andinterestontheNotesissuedby,andtheLoansmadeto,theBorrowerunderthisAgreementand(y)allotherobligations(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCodeorsimilaroperationofanyotherDebtorReliefLaw,wouldbecomedue),liabilitiesandindebtednessowingbytheBorrowertotheSecuredCreditors(inthecapacitiesreferredtointhedefinitionofSecuredCreditors)underthisAgreementandeachotherCreditDocumenttowhichtheBorrowerisaparty(including,withoutlimitation,indemnities,feesandinterestthereon(includinganyinterestaccruingafterthecommencementofanybankruptcy,insolvency,receivershiporsimilarproceedingattherateprovidedforinthisAgreement,whetherornotsuchinterestisanallowedclaiminanysuchproceeding)),whethernowexistingorhereafterincurredunder,arisingoutoforinconnectionwiththisAgreementandanysuchotherCreditDocumentandthedueperformanceandcompliancebytheBorrowerwithalloftheterms,conditionsandagreementscontainedinallsuchCreditDocuments.NotwithstandinganythingtothecontrarycontainedhereinorinanyotherCreditDocument,innoeventwilltheObligationsincludeanyExcludedSwapObligations.

“CreditDocuments”shallmeanthisAgreement,eachNote,eachSecurityDocument,theGuaranty,and,aftertheexecutionanddelivery

thereof,eachadditionalguarantyoradditionalsecuritydocumentexecutedpursuanttoSection7.11or8.07(d).

“CreditFacility”shallmeantheseniorsecuredtermloanfacilityintheaggregateprincipalamountofuptoUS$108,000,000asprovidedunderthisAgreement.

“DebtorReliefLaws”shallmeantheBankruptcyCode,andallotherliquidation,conservatorship,bankruptcy,assignmentforthebenefitof

creditors,moratorium,rearrangement,receivership,insolvency,reorganization,orsimilardebtorrelieflawsoftheUnitedStatesorotherapplicablejurisdictionsfromtimetotimeineffect.

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“Default”shallmeananyevent,actorconditionwhichwithnoticeorlapseoftime,orboth,wouldconstituteanEventofDefault.

“DefaultingLender”shallmeananyLenderwithrespecttowhichaLenderDefaultisineffect.

“DisqualifiedStock”shallmean,withrespecttoanyPerson,anyEquityInterestofsuchPersonthat,byitsterms(orbythetermsofanysecurityorotherEquityInterestsintowhichitisconvertibleorforwhichitisexchangeable),oruponthehappeningofanyeventorcondition,(a)maturesorismandatorilyredeemable(otherthansolelyforcommonsharesoftheBorrower)pursuanttoasinkingfundobligationorotherwise(exceptasaresultofachangeofcontrolorassetsalesolongasanyrightsoftheholdersthereofupontheoccurrenceofachangeofcontrolorassetsaleeventshallbesubjecttothepriorrepaymentinfulloftheLoansandallotherCreditDocumentObligationsthatareaccruedandpayableandtheterminationoftheCommitments),(b)isredeemableattheoptionoftheholderthereof(otherthansolelyforcommonsharesoftheBorrower),inwholeorinpart,(c)providesforthescheduledpaymentsofdividendsincash(exceptthatanEquityInterestshallnotbedeemedtobewithinthisclause(c)ifitstermsprovidethat(i)cashdividendsshallnotbepaidifprohibitedbylaworanyagreementtowhichthePersonisapartyor(ii)suchPersonmaysubstitutedividendsofEquityInterestsotherthanDisqualifiedStockofsuchPersonforcash)or(d)isorbecomesconvertibleintoorexchangeableforFinancialIndebtednessoranyotherEquityIntereststhatwouldconstituteDisqualifiedStock,ineachcase,priortothefirstanniversaryoftheMaturityDate;provided,however,thatonlytheportionoftheEquityIntereststhatsomatureoraremandatorilyredeemable,aresoconvertibleorexchangeableoraresoredeemableattheoptionoftheholderthereofpriortosuchdateshallbedeemedtobeDisqualifiedStock;provided,further,however,thatifsuchEquityInterestisissuedtoanyemployeeortoanyplanforthebenefitofemployeesoftheBorroweroritsSubsidiariesorbyanysuchplantosuchemployees,suchEquityInterestsshallnotconstituteDisqualifiedStocksolelybecausetheymayberequiredtoberepurchasedbytheBorroweroritsSubsidiariesinordertosatisfyapplicablestatutoryorregulatoryobligationsorasaresultofsuchemployee'stermination,deathordisability.

“DisqualifiedLender”shallmeananyPersonlistedonScheduleIXheretoandanyaffiliatesthereofwhichareclearlyidentifiablesolelyonthe

basisofsimilarityofname.

“Dividend”withrespecttoanyPerson,shallmeanthatsuchPersonhasdeclaredorpaidadividendordistributionorreturnedanyequitycapitaltoitsstockholders,partnersormembersorauthorizedormadeanyotherdistribution,paymentordeliveryofproperty(otherthancommonstock,aconversionofEquityInterestsintocommonstockortherighttopurchaseanyofsuchstockofsuchPerson)orcashtoitsstockholders,partnersormembersassuch,orredeemed,retired,purchasedorotherwiseacquired,directlyorindirectly,foraconsiderationofanysharesofanyclassofitscapitalstockoranyotherEquityInterestsoutstandingonoraftertheClosingDate(oranyoptionsorwarrantsissuedbysuchPersonwithrespecttoitscapitalstockorotherEquityInterests),orsetasideanyfundsforanyoftheforegoingpurposes,orshallhavepermittedanyofitsSubsidiariestopurchaseorotherwiseacquireforaconsideration(otherthancommonstock,QualifiedPreferredStockandtherighttopurchaseanyofsuchstockofsuchPerson)anysharesofanyclassofthecapitalstockof,orotherEquityInterestsin,suchPersonoutstandingonoraftertheClosingDate(oranyoptionsorwarrantsissuedbysuchPersonwithrespecttoitscapitalstockorotherEquityInterests).Withoutlimitingtheforegoing,“Dividends”withrespecttoanyPersonshallalsoincludeallpaymentsmadeorrequiredtobemadebysuchPersonwithrespecttoanystockappreciationrights,plans,equityincentiveorachievementplansoranysimilarplansorsettingasideofanyfundsfortheforegoingpurposes.

“Dollars”andthesign“$”shalleachmeanlawfulmoneyoftheUnitedStates.

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“Earnings”shallmeanallmoneyswhatsoeverwhicharenow,orlaterbecome,payable(actuallyorcontingently)totheBorrower,theSubsidiaryGuarantorsortheSecurityAgentandwhichariseoutoftheownership,use,operationormanagementofaCollateralVessel,including(butnotlimitedto):

(a)allfreight,hireandpassagemoneys,compensation,proceedsofoff-hireinsurance,andanyothermoneysearned,dueorpayabletotheBorrower, the Subsidiary Guarantors or the Security Agent of whatsoever nature arising out of or as a result of the ownership, use, operation ormanagementoftheCollateralVessel,includingmoneysandclaimsformoneysdueandtobecomedueintheeventoftheactualorconstructivetotallossoforrequisitionofuseofortitletotheCollateralVesselforhire,remunerationforsalvageandtowageservices,demurrageanddetentionmoneysanddamagesforbreach(orpaymentsforvariationortermination)ofanycharterpartyorothercontractfortheemploymentofaCollateralVessel;

(b)allmoneyswhichareatanytimepayableunderInsurancesinrespectoflossofearnings;and(c) if andwheneveraCollateral Vesselisemployedontermswherebyanymoneysfallingwithinparagraphs(a)or(b)arepooledor

sharedwithanyotherperson,thatproportionofthenetreceiptsoftherelevantpoolingorsharingarrangementwhichisattributabletoaCollateralVessel.“EarningsAccounts”shallmeanthosecertaindepositaccountsoftheSubsidiaryGuarantorsdesignatedintheapplicableAccountSecurity

AgreementsasbeingpledgedtotheSecurityAgent,whichdepositaccountsshallbeheldwiththeAccountBank,andintowhichtheBorrowershallprocurethatallEarningsandallhires,freights,insuranceproceeds,incomeandothersumspayableinrespectoftheCollateralVesselsarecreditedandwhichamountsshallbefreelyavailabletotheBorrowerandtheSubsidiaryGuarantorssolongasnoEventofDefaulthasoccurredandiscontinuingandnoticehasnotbeengiventotheBorrowerbytheAdministrativeAgentthatsuchamountsshallnotbefreelyavailable.

“EarningsCollateral”shallhavethemeaningprovidedintheAssignmentofEarnings.“EEAFinancialInstitution”shallmean(a)anycreditinstitutionorinvestmentfirmestablishedinanyEEAMemberCountrywhichissubject

tothesupervisionofanEEAResolutionAuthority,(b)anyentityestablishedinanEEAMemberCountrywhichisaparentofaninstitutiondescribedinclause(a)ofthisdefinitionor(c)anyfinancialinstitutionestablishedinanEEAMemberCountrywhichisasubsidiaryofaninstitutiondescribedinclause(a)or(b)ofthisdefinitionandissubjecttoconsolidatedsupervisionwithitsparent.

“EEAMemberCountry”shallmeananyofthememberstatesoftheEuropeanUnion,Iceland,Liechtenstein,NorwayandtheUnitedKingdom.“EEAResolutionAuthority”shallmeananypublicadministrativeauthorityoranypersonentrustedwithpublicadministrativeauthorityofany

EEAMemberCountry(includinganydelegee)havingresponsibilityfortheresolutionofanyEEAFinancialInstitution.“EligibleTransferee”shallmeanandincludeacommercialbank,insurancecompany,financialinstitution,fund,trustorotherPersonwhich

regularlypurchasesinterestsinloansorextensionsofcreditofthetypesmadepursuanttothisAgreement,anyotherPersonwhichwouldconstitutea“qualifiedinstitutionalbuyer”withinthemeaningofRule144AundertheSecuritiesActasineffectontheClosingDateorother“accreditedinvestor”(asdefinedinRegulationDoftheSecuritiesAct);

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providedthatneither(i)anyObligororanyAffiliateofanyObligornor(ii)anynaturalPersonshallbeanEligibleTransfereeatanytime.

“EndDate”shallhavethemeaningsetforthinthedefinitionof“ApplicableMargin”.“EnvironmentalClaims”shallmeananyandalladministrative,regulatoryorjudicialactions,suits,demands,demandletters,directives,orders,

consentdecrees,judgments,claims,liens,noticesofnoncomplianceorviolation,investigationsorproceedingsrelatinginanywaytoanyEnvironmentalLaworanypermitissued,oranyapprovalgiven,underanysuchEnvironmentalLaw(hereafter,“Claims”),including,withoutlimitation,(a)anyandallClaimsbygovernmentalorregulatoryauthoritiesforenforcement,cleanup,removal,response,remedialorotheractionsordamagespursuanttoanyapplicableEnvironmentalLawand(b)anyandallClaimsbyanythirdpartyseekingdamages,contribution,indemnification,costrecovery,compensationorinjunctivereliefinconnectionwithallegedinjuryorthreatofinjurytohealth,safetyortheenvironmentduetothepresenceofHazardousMaterials.

“EnvironmentalLaw”shallmeananyapplicableFederal,state,foreignorlocalstatute,LegalRequirement,law,treaty,protocol,rule,

regulation,ordinance,code,bindingandenforceableguideline,bindingandenforceablewrittenpolicy,deedorruleofcommonlawnoworhereafterineffectandineachcaseasamended,andanyjudicialoradministrativeinterpretationthereof,includinganyjudicialoradministrativeorder,consentdecreeorjudgment,totheextentbindingontheBorroweroranyofitsSubsidiaries,relatingtotheenvironment,ortoHazardousMaterials,including,withoutlimitation,CERCLA;OPA;theFederalWaterPollutionControlActandtheCleanWaterAct,33U.S.C.§1251etseq.;theHazardousMaterialTransportationAct,49U.S.C.§5101etseq.;theOccupationalSafetyandHealthAct,29U.S.C.§651etseq.(totheextentrelatingtoexposuretoHazardousMaterials);andanystate,international,localorforeigncounterpartsorequivalentsthereof,ineachcaseasamendedfromtimetotime,andanyapplicablerules,regulations,orrequirementsofanAcceptableClassificationSocietyinrespectofanyCollateralVessel.

“EquityInterests”ofanyPersonshallmeananyandallshares,interests,rightstopurchase,warrants,options,participationsorother

equivalentsoforinterestsin(howeverdesignated)equityofsuchPerson,includinganycommonstock,preferredstock,anylimitedorgeneralpartnershipinterestandanylimitedliabilitycompanymembershipinterest.

“ERISA”shallmeantheU.S.EmployeeRetirementIncomeSecurityActof1974,asawardedfromtimetotime,andtheregulations

promulgatedandrulingsissuedthereunder.SectionreferencestoERISAaretoERISA,asineffectatthedateofthisAgreementandanysubsequentprovisionsofERISA,amendatorythereof,supplementaltheretoorsubstitutedtherefor.

“ERISAAffiliate”shallmeananytradeorbusiness(whetherornotincorporated)whichtogetherwiththeBorroweroraSubsidiaryofthe

Borrowerwouldbedeemedtobea“singleemployer”withinthemeaningofSection414(b),(c),(m)or(o)oftheCode.“EUBail-InLegislationSchedule”shallmeantheEUBail-InLegislationSchedulepublishedbytheLoanMarketAssociation(orany

successorperson),asineffectfromtimetotime.“EurodollarRate”shallmeanwithrespecttoeachInterestPeriodforaLoan,theinterbankofferedrate(roundedupwardtothenearest1/100of

onepercent)fordepositsofDollarsforaperiodequivalenttosuchperiodatorabout11:00A.M.(Londontime)onthesecondBusinessDaybeforethefirstdayofsuchperiodasisdisplayedonReutersLIBOR01Page(orsuchotherserviceasmaybenominatedbytheICEBenchmarkAdministration)(the“ScreenRate”)(or,iftheScreenRateisnotavailableatsuchtime,acomparablesuccessorinterbankratefordepositsinUSDollarsthatis,atsuchtime,broadlyacceptedbythesyndicatedloanmarketinlieuoftheLondonInterbankOfferedRateor,ifnosuchbroadlyacceptedcomparablesuccessorinterbankrateexistsatsuchtime,asuccessorindex

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rateastheAdministrativeAgentmaydeterminewiththeconsentoftheBorrowerandtheRequiredLenders(whichshallnotbeunreasonablywithheldordelayed);providedthatanysuchrequiredconsentshallbedeemedtobegivenifsuchpartyfailstoobjecttoarequestbytheAdministrativeAgentforsuchconsentwithinfive(5)BusinessDaysaftersuchrequest);providedthatiftheScreenRateshallbelessthanzero,suchrateshallbedeemedtobezeroforthepurposesofthisAgreement;provided,furtherthatifonsuchdatenosuchrateissodisplayed,theEurodollarRateforsuchperiodshallbethearithmeticaverage(roundedupwardtothenearest1/100of1%)oftheratequotedtotheAdministrativeAgentbytheReferenceBanksfordepositsofDollarsinanamountapproximatelyequaltotheamountinrelationtowhichtheEurodollarRateistobedeterminedforaperiodequivalenttosuchapplicableInterestPeriodbytheprimebanksintheLondoninterbankEurodollarmarketatorabout11:00A.M.(Londontime)onthesecondBusinessDaybeforethefirstdayofsuchperiod,ineachcasedivided(androundedupwardtothenearest1/100of1%)byapercentageequalto100%minusthethenstatedmaximumrateofallreserverequirements(including,withoutlimitation,anymarginal,emergency,supplemental,specialorotherreservesrequiredbyapplicablelaw)applicabletoanymemberbankoftheFederalReserveSysteminrespectofEurocurrencyfundingorliabilitiesasdefinedinRegulationD(oranysuccessorcategoryofliabilitiesunderRegulationD);providedthatintheeventtheEurodollarRatecalculatedintheimmediatelyprecedingprovisoshallbelessthanzero,theEurodollarRateforsuchperiodshallbedeemedtobezeroforthepurposesofthisAgreement.

“EventofDefault”shallhavethemeaningprovidedinSection9.“EventofLoss”shallmeananyofthefollowingevents:(x)theactualorconstructivetotallossofaCollateralVesselortheagreedor

compromisedtotallossofaCollateralVessel;or(y)thecapture,condemnation,confiscation,expropriation,requisitionfortitleandnothire,purchase,seizureorforfeitureof,oranytakingoftitleto,aCollateralVessel.AnEventofLossshallbedeemedtohaveoccurred:(i)intheeventofanactuallossofaCollateralVessel,atthetimeandonthedateofsuchlossor,ifthatisnotknown,atnoonGreenwichMeanTimeonthedatewhichsuchCollateralVesselwaslastheardfrom;(ii)intheeventofdamagewhichresultsinaconstructiveorcompromisedorarrangedtotallossofaCollateralVessel,atthetimeandonthedateonwhichnoticeclaimingthelossoftheCollateralVesselisgiventotheinsurers;or(iii)inthecaseofaneventreferredtoinclause(y)above,atthetimeandonthedateonwhichsucheventisexpressedtotakeeffectbythePersonmakingthesame.Notwithstandingtheforegoing,ifsuchCollateralVesselshallhavebeenreturnedtoanyObligorfollowinganyeventreferredtoinclause(y)aboveor(b)shallhavebeenreplacedbyadrybulkvesselsatisfyingtherequirementsofthedefinitionofAdditionalCollateralandwhichshallbecomeAdditionalCollateral,ineachcasepriortothedateuponwhichpaymentisrequiredtobemadeunderSection4.02(b),thennoEventofLossshallbedeemedtohaveoccurredbyreasonofsuchevent.

“ExchangeAct”shallmeantheSecuritiesExchangeActof1934.“ExcludedSwapObligation”shallmean,withrespecttoanyObligor,anySwapObligationif,andtotheextentthat,alloraportionofthe

GuarantyofsuchObligorof,orthegrantbysuchObligorofasecurityinteresttosecure,suchSwapObligation(oranyGuarantythereof)isorbecomesillegalundertheCommodityExchangeActoranyrule,regulationororderoftheCommodityFuturesTradingCommission(ortheapplicationorofficialinterpretationofanythereof)byvirtueofsuchObligor’sfailureforanyreasontoconstitutean“eligiblecontractparticipant”asdefinedintheCommodityExchangeActandtheregulationsthereunderatthetimetheGuarantyofsuchObligororthegrantofsuchsecurityinterestbecomeseffectivewithrespecttosuchSwapObligation.IfaSwapObligationarisesunderamasteragreementgoverningmorethanoneswap,suchexclusionshallapplyonlytotheportionofsuchSwapObligationthatisattributabletoswapsforwhichsuchguaranteeorsecurityinterestisorbecomesillegal.

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“ExcludedTaxes”shallmeananyofthefollowingTaxesimposedonorwithrespecttoaRecipientorrequiredtobewithheldordeductedfromapaymenttoaRecipient,(a)Taxesimposedonormeasuredbynetincome(howeverdenominated),franchiseTaxes,andbranchprofitsTaxes,ineachcase,(i)imposedasaresultofsuchRecipientbeingorganizedunderthelawsof,orhavingitsprincipalofficeor,inthecaseofanyLender,itsapplicablelendingofficelocatedin,thejurisdictionimposingsuchTax(oranypoliticalsubdivisionthereof)or(ii)thatareOtherConnectionTaxes,(b)inthecaseofaLender,U.S.federalwithholdingTaxesimposedonamountspayabletoorfortheaccountofsuchLenderwithrespecttoanapplicableinterestinaLoanorCommitmentpursuanttoalawineffectonthedateonwhich(i)suchLenderacquiressuchinterestinsuchLoanorCommitment(otherthanpursuanttoanassignmentrequestbytheBorrowerunderSection2.11)or(ii)suchLenderchangesitslendingoffice,exceptineachcasetotheextentthat,pursuanttoSection4.04,amountswithrespecttosuchTaxeswerepayableeithertosuchLender’sassignorimmediatelybeforesuchLenderbecameapartyheretoortosuchLenderimmediatelybeforeitchangeditslendingoffice,(c)TaxesattributabletosuchRecipient’sfailuretocomplywithSection4.04(c),and(d)anyU.S.federalwithholdingTaxesimposedunderFATCA.

“ExecutiveOrder”shallmeantheExecutiveOrderNo.13224onTerroristFinancing,effectiveSeptember24,2011.“FATCA”shallmeanSections1471through1474oftheCode,asofthedateofthisAgreement(oranyamendedorsuccessorversionthatis

substantiallycomparableandnotmateriallymoreoneroustocomplywith),anycurrentorfutureregulationsorofficialinterpretationsthereof,anyagreementsenteredintopursuanttoSection1471(b)(i)oftheCodeandanyintergovernmentalagreement,orlegislationtoimplementtheforegoing.

“FCPA”shallhavethemeaningprovidedinSection6.10(d).“FederalFundsRate”shallmean,foranyday,arateperannumequaltotheweightedaverageoftheratesonovernightFederalfunds

transactionswithmembersoftheFederalReserveSystemarrangedbyFederalfundsbrokersonsuchday,aspublishedforsuchday(or,ifsuchdayisnotaBusinessDay,fortheimmediatelyprecedingBusinessDay)bytheFederalReserveBankofNewYork,or,ifsuchrateisnotsopublishedforanydaywhichisaBusinessDay,theaverageofthequotationsatapproximately11:00A.M.(NewYorktime)onsuchdayonsuchtransactionsreceivedbytheAdministrativeAgentfromthreeFederalfundsbrokersofrecognizedstandingselectedbytheAdministrativeAgentinitssolediscretion.

“FeeLetters”shallmeananyletteragreementbetween,interalios,theAdministrativeAgentandanyObligorortheMandatedLeadArrangers

andanyObligorwithrespecttofeespayablepursuanttoorinconnectionwiththisAgreement.“Fees”shallmeanallamountspayablepursuanttoorreferredtoinSection3.01(b).“FinancialCovenants”shallmeanthecovenantssetforthinSection8.07.“FinancialIndebtedness”shallmeananyobligationforthepaymentorrepaymentofmoney,whetherpresentorfuture,actualorcontingent,in

respectof(i)moneysborrowed;(ii)anyacceptancecredit;(iii)anybond,note,debenture,loanstockorsimilarinstrument;(iv)anyfinanceorcapitallease;(v)receivablessoldordiscounted(otherthanonanon-recoursebasis);(vi)deferredpaymentsforassetsorservices;(vii)anyamountraisedunderanyothertransaction(includinganyforwardsaleorpurchaseagreement)havingthecommercialeffectofaborrowing;(viii)anycounter-indemnityobligationinrespectofaguarantee,indemnity,bond,standbyordocumentaryletterofcreditoranyotherinstrumentissuedbyabankorfinancialinstitution;(ix)allDisqualifiedStock;and(x)theamountofanyliabilityinrespectofanyguaranteeorindemnityforanyoftheitemsreferredtoinclauses(i)through(ix)above;providedthattheFinancialIndebtednessshallnotinanyeventincludetrade

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payablesandexpensesaccruedintheordinarycourseofbusinessoranyobligationunderanyHedgingAgreement.“FlagJurisdiction”shallmean,withrespecttoanyCollateralVessel,theflagjurisdictionofsuchCollateralVesselontheBorrowingDatefor

suchCollateralVessel,which,fortheavoidanceofdoubt,mustbeanAcceptableFlagJurisdiction.“FlagJurisdictionTransfer”shallmeanthetransferoftheregistrationandflagofaCollateralVesselfromoneAcceptableFlagJurisdictionto

anotherAcceptableFlagJurisdiction;providedthatthefollowingconditionsaresatisfiedwithrespecttosuchexchangeortransfer:

(a)OneachFlagJurisdictionTransferDate,theObligorwhichisconsummatingaFlagJurisdictionTransferonsuchdateshallhavedulyauthorized,executedanddelivered,andcausedtoberecordedintheappropriatevesselregistryaCollateralVesselMortgage(whichCollateralVesselMortgage shall, to the extent possible, be registered as a “continuation mortgage” to the original Collateral Vessel Mortgage recorded in the initialAcceptableFlagJurisdiction)withrespect totheCollateral Vesselbeingtransferred(the“TransferredCollateralVessel”)andsuchCollateralVesselMortgageshallbeeffectivetocreateinfavoroftheSecurityAgentand/ortheLendersalegal,validandenforceablefirstprioritysecurityinterest,inandlien upon such Transferred Collateral Vessel, subject only to Permitted Liens. All filings, deliveries of instruments and other actions necessary ordesirableinthereasonableopinionoftheSecurityAgenttoperfectandpreservesuchsecurityinterestsshallhavebeendulyeffectedandtheSecurityAgentshallhavereceivedevidencethereofinformandsubstancereasonablysatisfactorytotheSecurityAgent.

(b)OneachFlagJurisdictionTransferDate,theAdministrativeAgentshallhavereceivedfromcounseltotheObligorsconsummatingthe

relevantFlagJurisdictionTransferreasonablysatisfactorytotheAdministrativeAgentpracticinginthosejurisdictionsinwhichtheTransferredCollateralVesselisregisteredand/ortheObligorowningsuchTransferredCollateralVesselisorganized,opinionswhichshallbeaddressedtotheAdministrativeAgent andeachof the Lenders anddatedsuchFlagJurisdiction Transfer Date, whichshall (x) bein formandsubstancereasonablyacceptable to theAdministrativeAgentand(y)covertheperfectionofthesecurityinterestsgrantedpursuanttotheCollateralVesselMortgage(s)andsuchothermattersincidenttheretoastheAdministrativeAgentmayreasonablyrequest.

(c)OneachFlagJurisdictionTransferDate:

(i)theAdministrativeAgentshallhavereceived(x)acertificateofownershipissuedbytheregistryoftheapplicableAcceptableFlag Jurisdiction showing the registered ownership of the Transferred Collateral Vessel transferred on such date in the name of the relevantSubsidiaryGuarantorand(y)acertificateofownershipandencumbranceor,asapplicable,atranscriptofregistrywithrespecttotheTransferredCollateral Vessel transferred onsuchdate, indicating norecord liens other than Liens in favor of the Security Agent and/or the Lenders andPermittedLiens;and

(ii)theAdministrativeAgentshallhavereceivedareport,informandscopereasonablysatisfactorytotheAdministrativeAgent,

fromafirmofindependentmarineinsurancebrokersreasonablyacceptabletotheAdministrativeAgentwithrespecttotheinsurancemaintainedbytheObligorinrespectoftheTransferredCollateralVesseltransferredonsuchdate,togetherwithacertificatefromsuchbrokercertifyingthatsuchinsurances(x)areplacedwithsuchinsurancecompaniesand/orunderwritersand/orclubs,insuchamounts,againstsuchrisks,andinsuchform,asarecustomarilyinsuredagainstbysimilarlysituatedinsuredsfortheprotectionoftheSecurityAgentas

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mortgageeand(y)conformwiththeinsurancerequirementsoftherespectiveCollateralVesselMortgages.

(d) On or prior to each Flag Jurisdiction Transfer Date, the Administrative Agent shall have received a certificate, dated the FlagJurisdictionTransferDate,signedbyanAuthorizedOfficer, member, orgeneralpartneroftheObligorconsummatingsuchFlagJurisdictionTransfer,certifyingthat(i)allnecessarygovernmental(domesticandforeign)andthirdpartyapprovalsand/orconsents,includingevidenceofdeletionfromtheexistingFlagJurisdiction,inconnectionwiththeFlagJurisdictionTransferbeingconsummatedonsuchdateandotherwisereferredtohereinshallhavebeenobtainedandremainineffectorthatnosuchapprovalsand/orconsentsarerequired,(ii)thereexistsnojudgment,order,injunctionorotherrestraintprohibitingorimposingmateriallyadverseconditionsuponsuchFlagJurisdictionTransferortheothertransactionscontemplatedbythisAgreementand(iii)copiesofanyauthorizingresolutionsapprovingtheFlagJurisdictionTransferofsuchObligorandanyothermattertheAdministrativeAgentmayrequest.

(e)OneachFlagJurisdictionTransferDate,theCollateralandGuarantyRequirementsfortheTransferredCollateralVesselshallhave

beensatisfied.(f) On each Flag Jurisdiction Transfer Date, (i) no Event of Default has occurred and is continuing and (ii) all representations and

warrantiescontainedhereinorinanyotherCreditDocumentshall betrueandcorrectinall material respects(it beingunderstoodandagreedthatanyrepresentationorwarrantywhichbyitstermsismadeasofaspecifieddateshallberequiredtobetrueandcorrectinallmaterialrespectsonlyasofsuchspecifieddate).

“FlagJurisdictionTransferDate”shallmeanthedateonwhichaFlagJurisdictionTransferoccurs.“FleetVessels”shallmeananyvessel(includingtheCollateralVessels)fromtimetotimeownedbytheBorroweroranyofitsSubsidiaries.“ForeignOfficial” shall meananofficer, employee, or anypersonactingonbehalf of anyforeigngovernmental bodyat thenational, state,

county,city,municipal,oranyotherlevel(includinganydepartment,agency,orinstrumentalitythereof),aswellasentitiespartiallyorwholly-ownedorcontrolledbysuchagovernmentalbody,state-ownedorcontrolledcompanies,andentitiesownedbysovereignwealthfunds.Thetermalsoincludesanyofficer,employee,oranypersonactingonbehalfofapublicinternationalorganization,apoliticalparty,partyofficial,orcandidatethereof.

“ForeignPensionPlan”shallmeananyplan,fund(including,withoutlimitation,anysuperannuationfund)orothersimilarprogramestablished

ormaintainedoutsidetheUnitedStatesofAmericabytheBorroweroranyoneormoreofitsSubsidiariesprimarilyforthebenefitofemployeesoftheBorrowerorsuchSubsidiariesresidingoutsidetheUnitedStatesofAmerica,whichplan,fundorothersimilarprogramprovides,orresultsin,retirementincome,andwhichplanwouldbecoveredbyTitleIVofERISAbutwhichisnotsubjecttoERISAbyreasonofSection4(b)(4)ofERISA.

“GAAP”shallhavethemeaningprovidedinSection11.07(a).“GovernmentalAuthority”shallmeanthegovernmentoftheUnitedStates,anyothernationoranypoliticalsubdivisionthereof,whetherstate,

provincialorlocal,andanyagency,authority,instrumentality,regulatorybody,court,centralbankorotherentityexercisingexecutive,legislative,judicial,taxing,regulatoryoradministrativepowersorfunctionsoforpertainingtogovernment.

“Guaranty”shallmeantheguarantysubstantiallyintheformofExhibitCheretotobeexecutedbyeachSubsidiaryGuarantor.

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“HazardousMaterials”shallmean:(a)anypetroleumorpetroleumproducts,petroleumbyproducts,petroleumbreakdownproducts,radioactivematerials, asbestos or asbestos-containing material in any form that is or could become friable, urea formaldehyde foam insulation, transformers or otherequipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as orincludedinthedefinitionof“hazardoussubstances,”“hazardouswaste,”“hazardousmaterials,”“extremelyhazardoussubstances,”“restrictedhazardouswaste,”“toxicsubstances,”“toxicwaste,”“toxicpollutants,”“contaminants,”or“pollutants,”orwordsofsimilarimport,underanyapplicableEnvironmentalLaw;and(c)anyotherchemical,materialorsubstance,exposuretowhichisprohibited,limitedorregulatedbyanyGovernmentalAuthorityunderanyEnvironmentalLaw.

“HedgingAgreement”shallmeananyinterestrateswapagreement,interestratecapagreement,interestcollaragreement,interestratehedging

agreement,interestrateflooragreementorothersimilaragreementorarrangementmeanttohedgeagainstinterestratefluctuationsunderthisAgreement.“HedgingCollateral”shallmeanall“HedgingCollateral”asdefinedintherespectiveAssignmentofHedgingAgreements.“HighestApplicableMargin”shallhavethemeaningsetforthinthedefinitionof“ApplicableMargin”.“IHM”shall mean, in relation to a Fleet Vessel, an inventory of hazardous materials (also knownas a greenpassport) issuedbythat Fleet

Vessel'sclassificationsociety,whichincludesalistofanyandallmaterialsknowntobepotentiallyhazardousandlistedintheconstructionoforonboardthatFleetVessel,theirlocationandapproximatequantities.

“IndemnifiedParties”shallhavethemeaningprovidedinSection11.01(b).“IndemnifiedTaxes”shallmean(a)Taxes,otherthanExcludedTaxes,imposedonorwithrespecttoanypaymentmadebyoronaccountof

anyobligationofanyObligorunderanyCreditDocumentand(b)totheextentnototherwisedescribedinprecedingclause(a),OtherTaxes.“InsuranceCollateral”shallhavethemeaningprovidedintheAssignmentofInsurances.“InterestDeterminationDate”shallmean,withrespecttoanyLoan,thesecondBusinessDaypriortothecommencementofanyInterestPeriod

relatingtosuchLoan.“InterestPeriod”shallhavethemeaningprovidedinSection2.07.“InterestRate”shallhavethemeaningprovidedinSection2.06(a).“InternationalGroup”shallhavethemeaningprovidedinScheduleIV-A.“Investments”shallhavethemeaningprovidedinSection8.05.“ ISM Code ” shall mean the International Safety Management Code (including the guidelines on its implementation), adopted by the

InternationalMaritimeOrganisationAssemblyasResolutionsA.741(18)andA.788(19),asthesamemaybeamendedorsupplementedfromtimetotime.“ISPSCode”shallmeantheInternationalShipandPortFacilitySecurityCodeconstitutedpursuanttoresolutionA.924(22)oftheInternational

MaritimeOrganisation(“IMO”)adoptedbyadiplomaticconferenceoftheIMOonMaritimeSecurityon13December2002andnowsetoutinChapterXI-2oftheSafetyofLifeatSeaConvention(SOLAS)1974(asamended)totakeeffecton1July2004.

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“JoinderAgreement”shallhavethemeaningprovidedinthedefinitionof“CollateralandGuarantyRequirements”.“Leaseholds”ofanyPersonshallmeanalltheright,titleandinterestofsuchPersonaslesseeorlicenseein,toandunderleasesorlicensesof

land,improvementsand/orfixtures.“LegalRequirement” shall mean, as to any Person, any law, treaty, convention, statute, ordinance, decree, award, requirement, order, writ,

judgment,injunction,rule,regulation(orofficialinterpretationofanyoftheforegoing)of,andthetermsofanylicenseorpermitissuedby,anyGovernmentalAuthoritywhichisbindingonsuchPerson.

“Lender”shallmeaneachfinancialinstitutionwithCommitmentsand/orwithoutstandingLoansandlistedonScheduleIhereto,aswellasany

Personwhichbecomesa“Lender”hereunderpursuanttoSection11.04(b).“LenderCreditors”shallmeantheLendersholdingfromtimetotimeoutstandingLoansand/orCommitments,theAdministrativeAgentand

theSecurityAgent,eachintheirrespectivecapacities.“LenderDefault”shallmean,astoanyLender,(a)thewrongfulrefusal(whichhasnotbeenretracted)ofsuchLenderorthefailureofsuch

Lender(whichhasnotbeencured)tomakeavailableitsportionofanyBorrowingwhenrequiredtodosoinaccordancewiththetermsofthisAgreementunlesssuch Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or moreconditionsprecedenttofunding(eachofwhichconditionsprecedent,togetherwithanyapplicabledefault,shallbespecificallyidentifiedinsuchwriting)hasnotbeensatisfied,(b)suchLenderhavingbeendeemedinsolventorhavingbecomethesubjectofabankruptcyorinsolvencyproceedingoratakeoverbyaregulatoryauthority under anyDebtor Relief Lawor hadappointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors orsimilarPersonchargedwithreorganizationorliquidationofitsbusinessorassets,includingtheFederalDepositInsuranceCorporationoranyotherstateorfederalregulatoryauthorityactinginsuchacapacity,(c)suchLenderhasbecomethesubjectofaBail-InActionor(d)suchLenderhavingnotifiedtheAdministrativeAgent and/or any Obligor (x) that it does not intend to comply with its obligations underSection 2.01(a) in circumstances where such non-compliance wouldconstituteabreachofsuchLender’sobligationsundertherespectiveSection(unlesssuchwritingorpublicstatementrelatestosuchLender’sobligationtofundaLoanhereunderandstatesthatsuchpositionisbasedonsuchLender’sdeterminationthataconditionprecedenttofunding(whichconditionprecedent,togetherwith anyapplicable default, shall be specifically identified in suchwritingor public statement) cannot be satisfied) or (y) of the events describedin precedingclauses(b)or(c);providedthat,forpurposesof(andonlyforpurposesof)Section2.11,theterm“LenderDefault”shallalsoinclude,astoanyLender,(i)anyAffiliateofsuchLenderthathas“control”(withinthemeaningprovidedinthedefinitionof“Affiliate”)ofsuchLenderhavingbeendeemedinsolventorhavingbecomethesubject of abankruptcyorinsolvencyproceedingoratakeover byaregulatoryauthorityunderanyDebtorRelief Law,(ii) anypreviouslycured“LenderDefault”ofsuchLenderunderthisAgreement,unlesssuchLenderDefaulthasceasedtoexistforaperiodofatleast90consecutivedays,(iii)anydefaultbysuchLenderwithrespecttoitsobligationsunderanyothercreditfacilitytowhichitisapartyandwhichtheAdministrativeAgentbelievesingoodfaithhasoccurred andis continuing and(iv) the failure of suchLender to makeavailable its portion of anyBorrowingwithin one(1) Business Dayof the date (x) theAdministrativeAgent(initscapacityasaLender)or(y)LendersconstitutingtheRequiredLendershasorhave,asapplicable,fundeditsortheirportionthereof.

“Lien”shallmeananymortgage,pledge,hypothecation,assignment,depositarrangement,encumbrance,lien(statutoryorother),preference,

priorityorothersecurityinterestofany

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kindornaturewhatsoever(including,withoutlimitation,anyconditionalsaleorothertitleretentionagreement,anyfinancingorsimilarstatementornoticevalidlyfiledundertheUCCoranyothersimilarrecordingornoticestatute,andanyleasehavingsubstantiallythesameeffectasanyoftheforegoing).

“Loan”shallhavethemeaningprovidedinSection2.01(a).“MajorCasualty” shall mean, in relation to a Collateral Vessel, any casualty to that Collateral Vessel in respect of which the claimor the

aggregateoftheclaimsagainstallinsurers,beforeadjustmentforanyrelevantfranchiseordeductible,exceeds$1,500,000ortheequivalentinanyothercurrency.“MandatedLeadArrangers”shallhavethemeaningprovidedinthefirstparagraphofthisAgreement.“MarginRegulations”shallmeanRegulationsT,UandXissuedbytheBoardofGovernorsoftheUnitedStatesFederalReserveSystemand

anysuccessorregulationsthereto,asineffectfromtimetotime.“MarginStock”shallhavethemeaningprovidedinRegulationU.“MarketDisruptionEvent”shallmeaneitherofthefollowingevents:

(a)if,atoraboutnoonontheInterestDeterminationDatefortherelevantInterestPeriod,theScreenRateisnotavailableandnoneor

onlyoneoftheReferenceBankssuppliesaratetotheAdministrativeAgenttodeterminetheEurodollarRatefortherelevantInterestPeriod;or(b)beforecloseofbusinessinNewYorkontheInterestDeterminationDatefortherelevantInterestPeriod,theAdministrativeAgent

receivesnoticefromaLenderorLenderswhoseoutstandingLoansexceed50%oftheaggregateLoansoutstandingatsuchtimethat(i)thecosttosuchLendersofobtainingmatchingdepositsintheLondoninterbankEurodollarmarketfortherelevantInterestPeriodwouldbeinexcessoftheEurodollarRateforsuchInterestPeriodor(ii)suchLendersareunabletoobtainfundingintheLondoninterbankEurodollarmarket.

“MaterialAdverseEffect”shallmeananyevent,changeorconditionthat,individuallyortakenasawholehashadorcouldreasonablybe

expectedtohaveamaterialadverseeffect(w)ontherightsorremediesoftheLenderCreditors,(x)ontheabilityoftheBorroweroranySubsidiaryGuarantor,ortheBorroweranditsSubsidiariestakenasawhole,toperformitsortheirobligationstotheLenderCreditors,(y)withrespecttotheTransactionor(z)ontheproperty,assets,operations,liabilities,condition(financialorotherwise),orprospectsoftheBorroweroranySubsidiaryGuarantor,ortheBorroweranditsSubsidiariestakenasawhole.

“MaterialityAmount”shallmean$7,500,000.“MaturityDate”shallmeanthefifthanniversaryoftheClosingDate.“MoneyLaundering”shallhavethemeaninggiventoitinArticle1ofDirective2005/60/ECoftheEuropeanParliamentandoftheCouncilof

theEuropeanUnionandtheDirective(EU)2015/849oftheEuropeanParliamentandoftheCounciloftheEuropeanUnionandshallincludeanyanalogousdefinitionprovidedinanyanti-moneylaunderinglawsandregulations,includingthePATRIOTActenactedbyanySanctionsAuthorityoranyotherrelevantGovernmentalAuthority.

“Moody’s”shallmeanMoody’sInvestorsService,Inc.anditssuccessors.

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“Mortgagee’sInsurances”shallmeanallpoliciesandcontractsofmortgageesinterestinsurance,mortgageesinterestinsuranceadditionalperils(pollution)insuranceandanyotherinsurancefromtimetotimetakenoutbytheSecurityAgentinrelationtoaCollateralVessel.

“MultiemployerPlan”shallmeanan“employeepensionbenefitplan”(withinthemeaningofSection3(2)ofERISA)whichisa

“multiemployerplan”(withinthemeaningofSection4001(a)(3)ofERISA)andwhichiscurrentlycontributedtoby(ortowhichthereisacurrentobligationtocontributeof)theBorroweroraSubsidiaryoftheBorroweroranyERISAAffiliate(otherthananyPersonwhoisconsideredanERISAAffiliatesolelypursuanttosubsection(m)or(o)ofSection414oftheCode),andanysuch“multiemployerplan”(withinthemeaningofSection4001(a)(3)ofERISA)towhichtheBorroweroraSubsidiaryoftheBorroweroranyERISAAffiliate(otherthananyPersonwhoisconsideredanERISAAffiliatesolelypursuanttosubsection(m)or(o)ofSection414oftheCode)contributedtoorhadanobligationtocontributetosuch“multiemployerplan”(withinthemeaningofSection4001(a)(3)ofERISA)duringtheprecedingfive-yearperiod.

“NetWorth”shallmean,astoanyPerson,thesumofitscapitalstock,capitalinexcessofparorstatedvalueofsharesofitscapitalstock,

retainedearningsandanyotheraccountwhich,inaccordancewithGAAP,constitutesstockholders’equity,butexcludingtreasurystock.“Non-ConsentingLender”shallhavethemeaningprovidedinSection11.13(b).“Non-DefaultingLender”shallmeanandincludeeachLenderotherthanaDefaultingLender.“Note”shallhavethemeaningprovidedinSection2.04(a).“NoticeofBorrowing”shallhavethemeaningprovidedinSection2.02.“NoticeOffice”shallmeantheofficeoftheAdministrativeAgentlocatedat12PlacedesEtats-Unis,92120Montrouge,France,orsuchother

officeastheAdministrativeAgentmayhereafterdesignateinwritingassuchtotheotherpartieshereto.“Obligations”shallmeanthefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)ofallamounts

owingtotheAdministrativeAgent,theSecurityAgentoranyLenderpursuanttothetermsofthisAgreementoranyotherCreditDocument,including(x)theprincipalof,premium,ifany,andinterestontheNotesissuedby,andtheLoansmadeto,theBorrowerunderthisAgreementand(y)allotherobligations(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCodeorsimilaroperationofanyotherDebtorReliefLaw,wouldbecomedue),liabilitiesandindebtednessowingbytheBorrowertotheSecuredCreditors(inthecapacitiesreferredtointhedefinitionofSecuredCreditors)underthisAgreementandeachotherCreditDocumenttowhichtheBorrowerisaparty(including,withoutlimitation,indemnities,feesandinterestthereon(includinganyinterestaccruingafterthecommencementofanybankruptcy,insolvency,receivershiporsimilarproceedingattherateprovidedforinthisAgreement,whetherornotsuchinterestisanallowedclaiminanysuchproceeding)),whethernowexistingorhereafterincurredunder,arisingoutoforinconnectionwiththisAgreementandanysuchotherCreditDocumentandthedueperformanceandcompliancebytheBorrowerwithalloftheterms,conditionsandagreementscontainedinallsuchCreditDocuments.NotwithstandinganythingtothecontrarycontainedhereinorinanyotherCreditDocument,innoeventwilltheObligationsincludeanyExcludedSwapObligations.

“Obligors”shallmeantheBorrowerandeachSubsidiaryGuarantorand“Obligor”shallmeananyoneofthem.“OPA”shallmeantheOilPollutionActof1990,asamended,33U.S.C.§2701etseq.,46U.S.C.§3703(a)etseq.

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“OrganizationalDocuments”withrespecttoanyObligorshallmeanthememorandumofassociationorcertificateofincorporation,asthecasemaybe,certificateofformation(including,withoutlimitation,bythefilingormodificationofanycertificateofdesignation),by-laws,limitedliabilitycompanyagreementorpartnershipagreement(orequivalentorganizationaldocuments)ofsuchObligor.

“OtherConnectionTaxes”shallmean,withrespecttoanyRecipient,Taxesimposedasaresultofapresentorformerconnectionbetweensuch

RecipientandthejurisdictionimposingsuchTax(otherthanconnectionsarisingsolelyfromsuchRecipienthavingexecuted,delivered,becomeapartyto,performeditsobligationsunder,receivedpaymentsunder,receivedorperfectedasecurityinterestunder,engagedinanyothertransactionpursuanttoorenforcedanyCreditDocument,orsoldorassignedaninterestinanyLoanorCreditDocument).

“OtherCreditors”shallmeanCACIBandanyotherLenderoranyaffiliatethereofandtheirsuccessorsandassigns,ifany(evenifsuchLender

oraffiliatesubsequentlyceasestobeaLenderoraffiliateofaLenderunderthisAgreementforanyreason),withwhichtheBorrowerentersintoanySecuredHedgingAgreementsfromtimetotime.

“OtherObligations”shallmeanthefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)ofall

amountsowingtotheOtherCreditors(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCodeorsimilaroperationofanyotherDebtorReliefLaw,wouldbecomedue),liabilitiesandindebtednessowingbytheBorrowertotheOtherCreditors(inthecapacitiesreferredtointhedefinitionofOtherCreditors)underanySecuredHedgingAgreement,whethersuchSecuredHedgingAgreementisnowinexistenceorhereafterarisingandthedueperformanceandcompliancebytheBorrowerwithalloftheterms,conditionsandagreementscontainedintherein.NotwithstandinganythingtothecontrarycontainedhereinorinanyotherCreditDocument,innoeventwilltheOtherObligationsincludeanyExcludedSwapObligations.

“OtherTaxes”shallhavethemeaningprovidedinSection4.04(b).“ParticipantRegister”shallhavethemeaningprovidedinSection11.04(a).“PATRIOTAct”shallhavethemeaningprovidedinSection11.21.“PaymentDate”shallmeanthelastBusinessDayofeachMarch,June,SeptemberandDecemberoccurringaftertheClosingDateand

commencingwiththelastBusinessDayofDecember31,2018and(ii)theMaturityDate.“PaymentOffice”shallmeantheofficeoftheAdministrativeAgentlocatedat12PlacedesEtats-Unis,92120Montrouge,France,orsuch

otherofficeastheAdministrativeAgentmayhereafterdesignateinwritingassuchtotheotherpartieshereto.“PBGC”shallmeanthePensionBenefitGuarantyCorporationestablishedpursuanttoSection4002ofERISA,oranysuccessorthereto.“PermittedHolders”shallmeanApolloGlobalManagementLLC,CenterbridgePartnersL.P.,andStrategicValuePartners,LLC;their

respectiveAffiliates;andtheirrespectivefunds,managedaccounts,andrelatedentitiesmanagedbyanyofthemortheirrespectiveAffiliates,orWholly-Ownedsubsidiariesoftheforegoing;butnotincluding,however,anyoftheiroperatingportfoliocompanies.

“PermittedLiens”shallhavethemeaningprovidedinSection8.01.

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“Person”shallmeananyindividual,partnership,jointventure,firm,corporation,association,trustorotherenterpriseoranygovernmentorpoliticalsubdivisionoranyagency,departmentorinstrumentalitythereof.

“Plan”shallmeanany“employeepensionbenefitplan”asdefinedinSection3(2)ofERISA,whichiscurrentlymaintainedorcontributedtoby

(ortowhichthereisacurrentobligationtocontributeof)theBorroweroraSubsidiaryoftheBorroweroranyERISAAffiliateandwhichissubjecttoERISA.“PledgeAgreement”shallmeanthepledgeagreementinconnectionwiththeEquityInterestsofeachSubsidiaryGuarantorsubstantiallyinthe

formofExhibitEtobeexecutedbytheBorrowerandeachSubsidiaryGuarantor,asapplicable.“PledgeAgreementCollateral”shallmeanall“Collateral”asdefinedinthePledgeAgreement.“PledgedCharter”shallhavethemeaningprovidedinthedefinitionof“CollateralandGuarantyRequirements”.“PoolManager”shallmeanClipperGroup(Management)Ltd.–ClipperLoggerPool,ClipperBulkA/S–ClipperSapphirePool,AS

KlavenessChartering–BulkhandlingHandymaxAS,LauritzenBulkers,Navig8BulkPoolInc.,BaumarineAS,Osloandanyotherinternationallyreputablepoolmanagers(inthereasonableopinionoftheAdministrativeAgent).

“PreferredEquityInterest”shallmean,asappliedtotheEquityInterestsofanyPerson,EquityInterestsofsuchPerson(otherthancommon

EquityInterestsofsuchPerson)ofanyclassorclasses(howeverdesigned)thatranksprior,astothepaymentofdividendsorastothedistribu-tionofassetsuponanyvoluntaryorinvoluntaryliquidation,dissolutionorwindingupofsuchPerson,tosharesofEquityInterestsofanyotherclassofsuchPerson,andshallincludeanyDisqualifiedStock.

“ProRataShare”shallhavethedefinitionprovidedinSection4.05(b).“QualifiedPreferredStock”shallmeananyPreferredEquityInterestotherthanDisqualifiedStock.“QuarterlyPricingCertificate”shallhavethemeaningsetforthinthedefinitionof“ApplicableMargin”.“Recipient”shallmean(a)anyAgentand(b)anyLender.“RealProperty”ofanyPersonshallmeanalltheright,titleandinterestofsuchPersoninandtoland,improvementsandfixtures,including

Leaseholds.“ReferenceBanks”shallmean,atanytime,eachLenderwhichagreestoactasaReferenceBank.“Register”shallhavethemeaningprovidedinSection11.17.“RegulationD”shallmeanRegulationDoftheBoardofGovernorsoftheFederalReserveSystemasfromtimetotimeineffectandany

successortoalloraportionthereofestablishingreserverequirements.“RegulationT”shallmeanRegulationToftheBoardofGovernorsoftheFederalReserveSystemasfromtimetotimeineffectandany

successortoalloraportionthereof.

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“RegulationU”shallmeanRegulationUoftheBoardofGovernorsoftheFederalReserveSystemasfromtimetotimeineffectandanysuccessortoalloraportionthereof.

“RegulationX”shallmeanRegulationXoftheBoardofGovernorsoftheFederalReserveSystemasfromtimetotimeineffectandany

successortoalloraportionthereof.“Release”shallmeananyreleasingorthreateningtorelease,spilling,leaking,pumping,pouring,emitting,emptying,discharging,injecting,

escaping,leaching,dumping,disposingormigrationinto,onorabouttheenvironmentoranystructure.“Released”shallhaveacorrespondingmeaning.“RelevantVessel”shallhavethemeaningprovidedinSection2.01(b).“ReplacedLender”shallhavethemeaningprovidedinSection2.11.“ReplacementLender”shallhavethemeaningprovidedinSection2.11.“ReplacementVessel”shallmeanavesselreplacingoneormoreCollateralVesselsinaccordancewiththerequirementssetforthpursuantto

Section4.02(b).SuchReplacementVesselmustbe(i)adrybulkvessel,(ii)between55,000dwtand210,000dwt,(iii)ofanagenotinexcessoftheageoftheCollateralVesselitisreplacingwhenitbecomesaCollateralVessel,(iv)classedwithanAcceptableClassificationSociety,(v)registeredundertheflagofanAcceptableFlagJurisdiction,(vi)builtatareputableyardand(vii)ownedbyaSubsidiaryGuarantor.

“ReportableEvent”shallmeananeventdescribedinSection4043(c)ofERISAwithrespecttoaPlan(otherthananyPlanmaintainedbya

PersonwhoisconsideredanERISAAffiliatesolelypursuanttosubsection(m)or(o)ofSection414oftheCodeoranyMultiemployerPlan)thatissubjecttoTitleIVofERISAotherthanthoseeventsastowhichthe30-daynoticeperiodreferredtoinSection4043iswaived.

“Representative”shallhavethedefinitionprovidedinSection4.05(e).“RequiredInsurance”shallmeaninsuranceassetforthonScheduleIV-Ahereto.“RequiredLenders”shallmean,atanytime,Non-DefaultingLendersthesumofwhoseoutstandingprincipalamountoftheLoansand

Commitmentsatsuchtimerepresentsinexcessof662/3%ofthesumofalloutstandingprincipalamountoftheLoansandavailableCommitmentsofNon-DefaultingLenders.

“RestrictedCashandCashEquivalents”shallmeanallcashandCashEquivalentsoftheBorroweranditsSubsidiariesotherthanUnrestricted

CashandCashEquivalents.“RestrictedParty”shallmeanaPerson(a)thatislistedonanySanctionsList(whetherdesignatedbynameorbyreasonofbeingincludedina

classofperson);(b)thatisdomiciled,registeredaslocatedorhavingitsmainplaceofbusinessin,orisincorporatedunderthelawsof,aSanctionedCountry;(c)thatissubjecttorestrictionsunderSanctionsLawsforbeingdirectlyorindirectlyowned50%ormorebyorotherwisecontrolledbyaPersonreferredtoinclauses(a)and/or(b)above;or(d)withwhichanyLenderisprohibitedfromdealingorotherwiseengaginginatransactionwithbyanySanctionsLaws.

“Returns”shallhavethemeaningprovidedinSection6.11(b).“S&P”shallmeanS&PGlobalInc.,anditssuccessors.“SanctionsAuthority”shallmean(a)theUnitedNations,theEuropeanUnion,thememberstatesoftheEuropeanUnion,theKingdomof

Norway,theUnitedStatesofAmericaandany

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authorityactingonbehalfofanyoftheminconnectionwithSanctionsLaws,including,withoutlimitation,theOfficeofForeignAssetsControloftheU.S.DepartmentoftheTreasury(“OFAC”),theU.S.DepartmentofStateandHerMajesty’sTreasuryoftheUnitedKingdomand(b)otherwise,anyotherjurisdictionwhereanObligororisorganizedorwhoselawisapplicabletoanObligor.

“SanctionsLaws”shallmeanalleconomicorfinancialsanctionslawsand/orregulations,tradeembargoes,freezingprovisions,prohibitions,restructuremeasures,decisions,executiveordersornoticesfromregulatorsimplemented,adapted,imposed,administered,enactedand/orenforcedbyanySanctionsAuthority.

“SanctionsList”shallmeananylistofprohibitedpersons,vesselsorentitiespublishedinconnectionwithSanctionsLawsbyoronbehalfof

anySanctionsAuthoritythathastheeffectofprohibitingtransactionswithsuchpersons,includingtheSpeciallyDesignatedNationalsandBlockedPersonsListandotherprohibitedpartylistsmaintainedbyOFACoranylistofPersonsissuedbyOFAC,includingtheExecutiveOrder,atitsofficialwebsiteoranyreplacementwebsiteorotherreplacementofficialpublication

“SanctionedCountry”shallmean,atanytime,acountry,regionorterritorywhichisitself,orwhosegovernmentis,thesubjectortargetofany

comprehensivecountry-wide,region-wideorterritory-wideSanctionsLaws.“ScheduledRepayment”shallmean(i)foreachPaymentDateuntiltheMaturityDate,anamountequalto100%oftheAmortizationAmount

and(ii)ontheMaturityDate,anamountequaltotheremainingoutstandingamountofLoansasofsuchdate,ineachcase,assetforthonScheduleX.TheAdministrativeAgentshall,attherequestoftheBorrowerfollowingthesubstitutionofaCollateralVesselwithaReplacementVesselpursuanttoSection4.02(b),issuearecalculatedScheduleXinaccordancewiththeprovisionssetforthinthedefinitionof“AmortizationAmount”.

“ScreenRate”shallhavethemeaningprovidedinthedefinitionofEurodollarRate.“SecuredCreditors”shallmeancollectivelytheOtherCreditorstogetherwiththeLenderCreditors.“SecuredHedgingAgreement”shallmeananyHedgingAgreemententeredintowithanOtherCreditorandcoordinatedbyCACIBoranyof

itsAffiliates,asswapcoordinator,meanttohedgeinterestrateorcurrencyfluctuationsunderthisAgreement.“SecuredObligations”shallmean(a)theCreditDocumentObligations,(b)theOtherObligations,(c)anyandallsumsadvancedbythe

SecurityAgentinordertopreservetheCollateralorpreserveitssecurityinterestintheCollateral,(d)intheeventofanyproceedingforthecollectionorenforcementofanyindebtedness,obligationsorliabilitiesoftheObligorsreferredtoinclauses(a)and(b)above,afteranEventofDefaultshallhaveoccurredandbecontinuing,thereasonableexpensesofretaking,holding,preparingforsaleorlease,sellingorotherwisedisposingoforrealizingontheCollateral,orofanyexercisebytheSecurityAgentofitsrightshereunder,togetherwithreasonableattorneys’feesandcourtcosts,and(e)allamountspaidbyanySecuredCreditorastowhichsuchSecuredCreditorhastherighttoreimbursementundertheSecurityDocuments.InnoeventwilltheSecuredObligationsincludeanyExcludedSwapObligations.

“SecuritiesAct”shallmeantheSecuritiesActof1933,asamended.“SecurityAgent”shallmeantheAdministrativeAgentactingasmortgagee,securitytrusteeorsecurityagentfortheSecuredCreditorspursuant

totheSecurityDocuments.

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“SecurityDocuments”shallmeantheGuaranty,thePledgeAgreement,theAssignmentofEarnings,theAssignmentofCharter,theAssignmentofInsurances,eachCollateralVesselMortgage,eachAccountSecurityAgreement,anyAssignmentofHedgingAgreements(ifapplicable)and,aftertheexecutionanddeliverythereof,eachadditionalsecuritydocumentexecutedpursuanttoSection7.11.

“SpecifiedCurrency”shallhavethemeaningprovidedinSection11.18.“SpecifiedRequirements”shallmeantherequirementssetforthinclauses(i),(vi),(viii)(a),(viii)(b),(viii)(c),(viii)(d)and(viii)(i)ofthe

definitionof“CollateralandGuarantyRequirements.”“StartDate”shallhavethemeaningsetforthinthedefinitionof“ApplicableMargin”.“Subsidiary”shallmean,astoanyPerson,(i)anycorporationmorethan50%ofwhosestockofanyclassorclasseshavingbytheterms

thereofordinaryvotingpowertoelectamajorityofthedirectorsofsuchcorporation(irrespectiveofwhetherornotatthetimestockofanyclassorclassesofsuchcorporationshallhaveormighthavevotingpowerbyreasonofthehappeningofanycontingency)isatthetimeownedbysuchPersonand/oroneormoreSubsidiariesofsuchPersonand(ii)anypartnership,limitedliabilitycompany,association,jointventureorotherentityinwhichsuchPersonand/oroneormoreSubsidiariesofsuchPersonhasmorethan50%oftheEquityInterestsatthetime.

“SubsidiaryGuarantor”shallmeaneachdirectorindirectWholly-OwnedSubsidiaryoftheBorrowerthatowns,directlyorindirectly,any

CollateralVessel,onajointandseveralbasis,eachsuchSubsidiarytobepartytotheGuarantyorexecuteacounterpartthereofaftertheClosingDate.“SwapObligation”shallmean,withrespecttoanyObligor,anyobligationtopayorperformunderanyagreement,contractortransactionthat

constitutesa“swap”withinthemeaningofsection1a(47)oftheCommodityExchangeAct.“Taxes”shallmeanallpresentorfuturetaxes,levies,imposts,duties,fees,assessments,deductions,withholdingsorotherchargesimposedby

anyGovernmentalAuthority,includinganyinterest,additionstotaxorpenaltiesapplicablethereto.“TechnicalManager”shallmeananyofAnglo-EasternShipmanagement,VshipsUSALLCandWallemShipManagementLimited,orany

Affiliatesoftheforegoingwhichprovidesuchtechnicalmanagementservices,oroneormoreothertechnicalmanagersselectedbytheBorrowerandreasonablyacceptabletotheRequiredLenders.

“TechnicalManagementAgreements”shallmean,collectively,allofthetechnicalshipmanagementagreementswithrespecttotherelevant

CollateralVesselsandenteredintowiththerelevantTechnicalManager,eachasineffectonthedatehereofandwithoutgivingeffecttoanyamendments,restatements,supplementsorothermodificationstheretoandanyothertechnicalshipmanagementagreemententeredintoinsubstitutionofanythereofandmeetingtherequirementsofSection8.12.

“TestPeriod”shallmeaneachperiodoffourconsecutivefiscalquarters,ineachcasetakenasoneaccountingperiod.“TotalCapitalization”shallmean,atanytimeofdeterminationforanyPerson,thesumofTotalIndebtednessofsuchPersonatsuchtimeand

ConsolidatedTangibleNetWorthofsuchPersonatsuchtime.“TotalCommitments”shallmean,atanytime,thesumoftheCommitmentsofeachoftheLendersatsuchtime.

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“TotalIndebtedness”shallmean,asatanydateofdeterminationforanyPerson,theaggregatestatedbalancesheetamountofallFinancialIndebtedness(butincludinginanyeventthethenoutstandingprincipalamountoftheLoans)ofsuchPersonanditsSubsidiariesonaconsolidatedbasisasdeterminedinaccordancewithGAAP.

“TotalNetLeverageRatio”shallmean,withrespecttoanyTestPeriod,theratioof(a)(i)TotalIndebtednessoftheBorrowerandits

SubsidiariesoutstandingasofthelastdayofsuchTestPeriodminus(ii)allcashandCashEquivalentsoftheBorroweranditsSubsidiariesto(b)ConsolidatedEBITDAoftheBorroweranditsSubsidiariesforsuchTestPeriod.

“Transaction”shallmean,collectively,(a)eachCollateralVesselAcquisition,(b)theenteringintooftheCreditDocumentsandtheincurrence

oftheLoanshereunderand(c)thepaymentofallfeesandexpensesinconnectionwiththeforegoing.“TransferredCollateralVessel”shallhavethemeaningprovidedinthedefinitionof“FlagJurisdictionTransfer”inthisSection1.01.“UCC”shallmeantheUniformCommercialCodeasfromtimetotimeineffectintherelevantjurisdiction.“UnfundedCurrentLiability”ofanyPlanshallmeantheamount,ifany,asofthemostrecentvaluationdatefortheapplicablePlan,bywhich

thepresentvalueofthePlan’sbenefitliabilitiesdeterminedinaccordancewithactuarialassumptionsatsuchtimeconsistentwiththoseprescribedbySection430oftheCodeandSection303ofERISA,exceedsthefairmarketvalueofallplanassetsallocabletosuchliabilitiesunderTitleIVofERISA.

“UnitedStates”and“U.S.”shalleachmeantheUnitedStatesofAmerica.“UnrestrictedCashandCashEquivalents”shallmean,whenreferringtocashorCashEquivalentsoftheBorroweroranyofitsSubsidiaries,

thatsuchcashorCashEquivalents(i)doesnotappear(orwouldnotberequiredtoappear)as“restricted”onaconsolidatedbalancesheetoftheBorrowerorofanysuchSubsidiary,(ii)arenotsubjecttoaLieninfavorofanyPerson(otherthanaLieninconnectionwithanyFinancialIndebtednesspermittedhereunder)or(iii)areotherwisegenerallyavailableforusebytheBorrowerorsuchSubsidiary.

“UnutilizedCommitments”shallmean,atanytime,theTotalCommitmentsatsuchtimelesstheaggregateoutstandingprincipalamountofthe

Loansmadeatsuchtime.“VesselAcquisitionDocumentation”shallmeanthedocumentationenteredintobyanyObligororSubsidiaryofanyObligorinconnection

withtheacquisitionofaCollateralVessel.“Wholly-OwnedSubsidiary”shallmean,astoanyPerson,(a)anycorporation100%ofwhosecapitalstock(otherthandirector’squalifying

shares)isatthetimedirectlyorindirectlyownedbysuchPersonand/oroneormoreWholly-OwnedSubsidiariesofsuchPersonand(b)anypartnership,limitedliabilitycompany,association,jointventureorotherentityinwhichsuchPersonand/oroneormoreWholly-OwnedSubsidiariesofsuchPersonhasdirectlyorindirectly100%oftheEquityInterestsatsuchtime.

“Write-DownandConversionPowers”shallmean,withrespecttoanyEEAResolutionAuthority,thewrite-downandconversionpowersof

suchEEAResolutionAuthorityfromtimetotimeundertheBail-InLegislationfortheapplicableEEAMemberCountry,whichwrite-downandconversionpowersaredescribedintheEUBail-InLegislationSchedule.

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1.02OtherDefinitionalProvisions.(a)Unlessotherwisespecifiedtherein,alltermsdefinedinthisAgreementshallhavethedefinedmeaningswhenusedintheotherCreditDocumentsoranycertificateorotherdocumentmadeordeliveredpursuantheretoorthereto.

(b)AsusedhereinandintheotherCreditDocuments,andanycertificateorotherdocumentmadeordeliveredpursuantheretoorthereto,(i)accountingtermsnotdefinedinSection1.01shallhavetherespectivemeaningsgiventothemunderGAAP,(ii)thewords“include”,“includes”and“including”shallbedeemedtobefollowedbythephrase“withoutlimitation”,(iii)theword“incur”shallbeconstruedtomeanincur,create,issue,assume,becomeliableinrespectoforsuffertoexist(andthewords“incurred”and“incurrence”shallhavecorrelativemeanings),(iv)unlessthecontextotherwiserequires,thewords“asset”and“property”shallbeconstruedtohavethesamemeaningandeffectandtorefertoanyandalltangibleandintangibleassetsandproperties,includingcash,EquityInterests,securities,revenues,accounts,leaseholdinterestsandcontractrights,(v)theword“will”shallbeconstruedtohavethesamemeaningandeffectastheword“shall”and(vi)unlessthecontextotherwiserequires,anyreferenceherein(A)toanyPersonshallbeconstruedtoincludesuchPerson’ssuccessorsandassignsand(B)totheBorroweroranyotherObligorshallbeconstruedtoincludetheBorrowerorsuchObligorasdebtoranddebtor-in-possessionandanyreceiverortrusteefortheBorroweroranyotherObligor,asthecasemaybe,inanyinsolvencyorliquidationproceeding.

(c)Thewords“hereof”,“herein”and“hereunder”andwordsofsimilarimport,whenusedinthisAgreement,shallrefertothis

AgreementasawholeandnottoanyparticularprovisionofthisAgreement,andSection,ScheduleandExhibitreferencesaretothisAgreementunlessotherwisespecified.

(d)Themeaningsgiventotermsdefinedhereinshallbeequallyapplicabletoboththesingularandpluralformsofsuchterms.

1.03Rounding.AnyfinancialratiosrequiredtobemaintainedbytheBorrowerpursuanttothisAgreement(orrequiredtobesatisfiedin

orderforaspecificactiontobepermittedunderthisAgreement)shallbecalculatedbydividingtheappropriatecomponentbytheothercomponent,carryingtheresulttooneplacemorethanthenumberofplacesbywhichsuchratioisexpressedhereinandroundingtheresultupordowntothenearestnumber(witharoundingupifthereisnonearestnumber).

SECTION2AmountandTermsofCreditFacilities

2.01TheCommitments.(a)Subjecttoanduponthetermsandconditionssetforthherein,eachLenderwithaCommitmentseverallyagrees,duringtheperiodfromandincludingtheClosingDatetoandincludingtheCommitmentTerminationDate,tomakeatermloanortermloans(each,a“Loan”and,collectively,the“Loans”)totheBorrower,whichLoans:(i)may,withrespecttoeachLoanmadeinrespectofaparticularCollateralVessel,onlybeincurredpursuanttoasingledrawingmadebytheBorroweronaBorrowingDateinrespectofsuchCollateralVessel,whichshalloccur,ineachcase,onoraftertheClosingDateandonorpriortotheCommitmentTerminationDate,(ii)shallbedenominatedinDollarsand(iii)shallbemadebyeachsuchLenderinanaggregateprincipalamountwhichdoesnotexceedtheCommitmentsofsuchLenderontherelevantBorrowingDate(determinedbeforegivingeffectonsuchBorrowingDatetotheterminationthereofonsuchdatepursuanttoSection3.03).Oncerepaid,Loansincurredhereundermaynotbereborrowed.

(b)Notwithstandingtheforegoing,innoeventwilltheprincipalamountoftheLoansmadeonaBorrowingDateinrespectofa

CollateralVesselexceedthelesserof(i)theapplicableamountsetforthoppositetheCollateralVesselwithrespecttowhichLoansaremadeonsuchaBorrowingDate(suchCollateralVessel,the“RelevantVessel”)undertheheading“MaximumLoan

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Amount”inScheduleVIheretoand(ii)45.0%oftheAppraisedValueoftheRelevantVesselasdeterminedinaccordancewiththeAppraisalsdeliveredinconnectionwiththeCollateralandGuarantyRequirementsforsuchRelevantVessel.

2.02NoticeofBorrowing.WhenevertheBorrowerdesirestoincurLoanshereunder,itshallgivetheAdministrativeAgentattheNotice

Officeatleastthree(3)BusinessDays’priornotice(whichmaybetelephonicprovidedawrittennoticeisdeliveredbytheBorrowertotheAdministrativeAgentimmediatelythereafter)oftheLoanstobeincurredhereunder;providedthat(ineachcase)anysuchnoticeshallbedeemedtohavebeengivenonacertaindayonlyifgivenbefore10:00A.M.(NewYorktime)onsuchday.Eachsuchwrittennotice(each,a“NoticeofBorrowing”),exceptasotherwiseexpresslyprovidedinSection2.08,shallbeirrevocableandshallbegivenbytheBorrowersubstantiallyintheformofExhibitA,appropriatelycompletedtospecifyandinclude:

(a)theaggregateprincipalamountoftheLoanstobeincurredpursuanttosuchBorrowing;(b)thecalculationsrequiredtoestablishwhethertheBorrowerisincompliancewithSection2.01(b)fortheRelevantVessel;(c)thedateofsuchBorrowing(whichshallbeaBusinessDay);(d)thenameoftheRelevantVesselbeingacquiredonsuchdateorwhichwaspreviouslyacquiredinconnectionwiththeBorrowingto

bemadeonsuchdate;and(e)theinitialInterestPeriodtobeapplicabletheretoinaccordancewithSection2.07.

TheAdministrativeAgentshallpromptly(andinnoeventlessthanthree(3)BusinessDayspriortotheproposedBorrowingDate)giveeachLendernoticeofsuchproposedBorrowing,ofsuchLender’sproportionatesharethereofandoftheothermattersrequiredbytheimmediatelyprecedingsentencetobespecifiedineachNoticeofBorrowing.

2.03DisbursementofFunds.Exceptasotherwisespecificallyprovidedintheimmediatelysucceedingsentence,nolaterthan10:00A.M.(NewYorktime)onthedatespecifiedineachNoticeofBorrowing,eachLenderwillmakeavailableitsprorataportionofeachsuchBorrowingrequestedtobemadeonsuchdate.AllsuchamountsshallbemadeavailableinDollarsandinimmediatelyavailablefundsatthePaymentOfficeoftheAdministrativeAgentandtheAdministrativeAgentwillmakeavailabletotheBorrower(onsuchdaytotheextentoffundsactuallyreceivedbytheAdministrativeAgentpriorto10:00A.M.(NewYorktime)onsuchday)atthePaymentOffice,intheaccountspecifiedintheapplicableNoticeofBorrowing,theaggregateoftheamountssomadeavailablebytheLenders.UnlesstheAdministrativeAgentshallhavebeennotifiedbyanyLenderpriortoaBorrowingDatethatsuchLenderdoesnotintendtomakeavailabletotheAdministrativeAgentsuchLender’sportionofanyBorrowingtobemadeonsuchBorrowingDate,theAdministrativeAgentmayassumethatsuchLenderhasmadesuchamountavailabletotheAdministrativeAgentonsuchBorrowingDateandtheAdministrativeAgentmay,inrelianceuponsuchassumption,makeavailabletotheBorroweracorrespondingamount.IfsuchcorrespondingamountisnotinfactmadeavailabletotheAdministrativeAgentbysuchLender,theAdministrativeAgentshallbeentitledtorecoversuchcorrespondingamountondemandfromsuchLender.IfsuchLenderdoesnotpaysuchcorrespondingamountforthwithupontheAdministrativeAgent’sdemandtherefor,theAdministrativeAgentshallpromptlynotifytheBorrowerandtheBorrowershallimmediatelypaysuchcorrespondingamounttotheAdministrativeAgent.TheAdministrativeAgentshallalsobeentitledtorecoverondemandfromsuchLenderortheBorrower,asthecasemaybe,interestonsuchcorrespondingamountinrespectofeachday

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fromthedatesuchcorrespondingamountwasmadeavailablebytheAdministrativeAgenttotheBorroweruntilthedatesuchcorrespondingamountisrecoveredbytheAdministrativeAgent,atarateperannumequalto(i)ifrecoveredfromsuchLender,theovernightFederalFundsRateand(ii)ifrecoveredfromtheBorrower,therateofinterestapplicabletotherespectiveBorrowing,asdeterminedpursuanttoSection2.06.IfthefullamountoftheLoansisnotborrowedonorpriortotheCommitmentTerminationDateasaresultofthenon-consummationofoneormoreCollateralVesselAcquisitions,theAdministrativeAgentshallreturntheremainingnon-fundedLoansreceivedfromeachLenderpursuanttothisSection2.03tosuchLenderwithinoneBusinessDayaftertheCommitmentTerminationDate.Fortheavoidanceofdoubt,theBorrowershallberequiredtomakepaymentspursuanttoSections2.06and2.09ifoneormoreBorrowingDatesdonotoccur.

2.04Notes.(a)TheBorrower’sobligationtopaytheprincipalof,andintereston,theLoansmadebyeachLendershallbeevidencedintheRegistermaintainedbytheAdministrativeAgentpursuanttoSection11.17andshall,ifrequestedbysuchLender,alsobeevidencedbyapromissorynotedulyexecutedanddeliveredbytheBorrowersubstantiallyintheformofExhibitB,withblanksappropriatelycompletedinconformityherewith(each,a“Note”and,collectively,the“Notes”).

(b)EachNoteshall(i)beexecutedbytheBorrower,(ii)bepayabletosuchLenderoritsregisteredassignsandbedatedtheapplicable

BorrowingDate,(iii)beinastatedprincipalamountequaltotheoutstandingamountoftheLoansofsuchLenderandbepayableintheoutstandingprincipalamountoftheLoansevidencedthereby,(iv)matureontheMaturityDate,(v)bearinterestasprovidedinSection2.06inrespectoftheLoansevidencedthereby,(vi)besubjecttovoluntaryprepaymentasprovidedinSection4.01,andmandatoryrepaymentasprovidedinSection4.02,and(vii)beentitledtothebenefitsofthisAgreementandtheotherCreditDocuments.

(c)EachLenderwillnoteonitsinternalrecordstheamountofeachLoanmadebyitandeachpaymentinrespectthereofandwill,prior

toanytransferofanyofitsNotes,endorseonthereversesidethereoftheoutstandingprincipalamountoftheLoansevidencedthereby.FailuretomakeanysuchnotationoranyerrorinanysuchnotationorendorsementshallnotaffecttheBorrower’sobligationsinrespectofsuchLoans.

(d)NotwithstandinganythingtothecontrarycontainedaboveinthisSection2.04orelsewhereinthisAgreement,Notesshallbe

deliveredonlytoLendersthatatanytimespecificallyrequestthedeliveryofsuchNotes.NofailureofanyLendertorequestorobtainaNoteevidencingitsLoanstotheBorrowershallaffectorinanymannerimpairtheobligationsoftheBorrowertopaytheLoans(andallrelatedCreditDocumentObligations)incurredbytheBorrowerthatwouldotherwisebeevidencedtherebyinaccordancewiththerequirementsofthisAgreement,andshallnotinanywayaffectthesecurityorguarantiesthereforprovidedpursuanttotheCreditDocuments.AnyLenderthatdoesnothaveaNoteevidencingitsoutstandingLoansshallinnoeventberequiredtomakethenotationsonsuchNoteotherwisedescribedinprecedingclause(b).Atanytime(including,withoutlimitation,toreplaceanyNotethathasbeendestroyedorlost)whenanyLenderrequeststhedeliveryofaNotetoevidenceanyofitsLoans,theBorrowershallpromptlyexecuteanddelivertosuchLendertherequestedNoteintheappropriateamountoramountstoevidencesuchLoans;providedthat,inthecaseofasubstituteorreplacementNote,theBorrowershallhavereceivedfromsuchrequestingLender(i)anaffidavitoflossordestructionand(ii)acustomarylost/destroyedNoteindemnity,ineachcaseinformandsubstancereasonablyacceptabletotheBorrowerandsuchrequestingLender,anddulyexecutedbysuchrequestingLender.

2.05ProRataBorrowings.AllBorrowingsofLoansunderthisAgreementshallbeincurredfromtheLendersprorataonthebasisoftheir

Commitments.TheobligationsoftheLendershereundertomakeLoansandtomakepaymentspursuanttoSection10.06areseveralandnotjoint.Itis

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understoodthatnoLendershallberesponsibleforanydefaultbyanyotherLenderofitsobligationtomakeLoansorpaymentsunderSection10.06hereunderandthateachLendershallbeobligatedtomakeLoansprovidedtobemadebyithereunder,regardlessofthefailureofanyotherLendertomakeitsLoansandpaymentshereunder.

2.06Interest.(a)TheBorroweragreestopayinterestinrespectoftheunpaidprincipalamountofeachLoanfromthedateofBorrowing

thereofuntilthematuritythereof(whetherbyaccelerationorotherwise)atarateperannumwhichshallbeequaltothesumoftheApplicableMarginplustheEurodollarRate(the“InterestRate”)fortherelevantInterestPeriod,eachasineffectfromtimetotime.

(b)IftheBorrowerfailstopayanyamountpayablebyitunderaCreditDocumentonitsduedate,interestshallaccrueontheoverdue

amount(inthecaseofoverdueinteresttotheextentpermittedbylaw)fromtheduedateuptothedateofactualpayment(bothbeforeandafterjudgment)ataratewhichis,subjecttoparagraph(c)below,2%plustheInterestRatethenapplicabletoaLoan.AnyinterestaccruingunderthisSection2.06(b)shallbeimmediatelypayablebytheBorrowerondemandbytheAdministrativeAgent.

(c)IfanyoverdueamountconsistsofallorpartofaLoanwhichbecamedueonadaywhichwasnotthelastdayofanInterestPeriod

relatingtosuchLoan:(i)thefirstInterestPeriodforthatoverdueamountshallhaveadurationequaltotheunexpiredportionofthecurrentInterestPeriod

relatingtothatLoan;and(ii)therateofinterestapplyingtotheoverdueamountduringthatfirstInterestPeriodshallbe2%plustheInterestRatewhichwouldhave

appliediftheoverdueamounthadnotbecomedue.Defaultinterest(ifunpaid)arisingonanoverdueamountwillbecompoundedwiththeoverdueamountattheendofeachInterestPeriodapplicabletothatoverdueamountbutwillremainimmediatelydueandpayable.

(d)Accruedandunpaidinterestshallbepayable(i)inarrearsonthelastdayofeachInterestPeriodapplicabletheretoand,inthecaseofanInterestPeriodinexcessofthree(3)months,oneachdateoccurringatthree(3)monthintervalsafterthefirstdayofsuchInterestPeriod,and(ii)onanyrepaymentorprepayment(ontheamountrepaidorprepaid),atmaturity(whetherbyaccelerationorotherwise)and,aftersuchmaturity,ondemand.

(e)UponeachInterestDeterminationDate,theAdministrativeAgentshalldeterminetheEurodollarRateforeachInterestPeriod

applicabletotheLoansmadeortobemadepursuanttotheapplicableBorrowingandshallpromptlynotifytheBorrowerandtherespectiveLendersthereof.Eachsuchdeterminationshall,absentmanifesterror,befinalandconclusiveandbindingonallpartieshereto.

2.07InterestPeriods.AtthetimetheBorrowergivesanyNoticeofBorrowinginrespectofthemakingofanyLoan(inthecaseofthe

initialInterestPeriodapplicablethereto)oronthethirdBusinessDaypriortotheexpirationofanInterestPeriodapplicabletosuchLoan(inthecaseofanysubsequentInterestPeriod)(providedthatsuchnoticeshallbedeemedtobegivenonacertaindayonlyifgivenbefore10:00A.M.(NewYorktime)),itshallhavetherighttoelect,bygivingtheAdministrativeAgentnoticethereof,theinterestperiod(eachan“InterestPeriod”)applicabletosuchLoan,whichInterestPeriodshall,attheoptionoftheBorrower,beaone(1),three(3)orsix(6)monthperiod(orsuchotherperiodasalltheLendersmayagree);providedthat:

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(i)allLoanscomprisingaBorrowingshallatalltimeshavethesameInterestPeriod;(ii)subjecttoclause(iii)below,eachInterestPeriodforaLoanaftertheinitialInterestPeriodwithrespecttheretoshallcommenceonthe

dayonwhichtheimmediatelyprecedingInterestPeriodapplicabletheretoexpires;(iii)ifanyInterestPeriodrelatingtoaLoanbeginsonadayforwhichthereisnonumericallycorrespondingdayinthecalendarmonthat

theendofsuchInterestPeriod,suchInterestPeriodshallendonthelastBusinessDayofsuchcalendarmonth;(iv) if anyInterest Periodwouldotherwiseexpireonadaywhichis notaBusinessDay,suchInterest Periodshall expireonthefirst

succeedingBusinessDay;provided,however,thatifanyInterestPeriodforaLoanwouldotherwiseexpireonadaywhichisnotaBusinessDaybutisadayofthemonthafterwhichnofurtherBusinessDayoccursinsuchmonth,suchInterestPeriodshallexpireontheimmediatelyprecedingBusinessDay;

(v)noInterestPeriodinrespectofanyBorrowingofLoansshallbeselectedwhichextendsbeyondtheMaturityDate;(vi)anyInterestPeriodcommencinglessthanonemonthpriortotheMaturityDateshallendontheMaturityDate;(vii)ifanEventofDefaulthasoccurredandiscontinuing,unlesstheRequiredLendersotherwiseagree,theInterestPeriodshallbethree

(3)months;and(viii)noInterestPeriodshallbeselectedwhichextendsbeyondanydateuponwhichaScheduledRepaymentwillberequiredtobemade

underSection4.02(a)iftheaggregateprincipalamountoftheLoanswhichhaveInterestPeriodswhichwillexpireaftersuchdatewillbeinexcessoftheaggregateprincipalamountoftheLoansthenoutstandinglesstheaggregateamountofsuchrepayment.

If upontheexpirationofanyInterest PeriodapplicabletoaBorrowingofLoans,theBorrowerhasfailedtoelectanewInterest Periodtobe

applicabletotheLoanasprovidedabove,theBorrowershallbedeemedtohaveelectedathree(3)monthInterestPeriodtobeapplicabletotheLoaneffectiveasoftheexpirationdateofsuchcurrentInterestPeriod

2.08IncreasedCosts,Illegality,MarketDisruption,etc.(a)IntheeventthatanyLendershallhavereasonablydeterminedingoodfaith

(whichdeterminationshall,absentmanifesterror,befinalandconclusiveandbindinguponallpartieshereto):

(i)atanytime,thatsuchLendershallincurincreasedcostsorreductionsintheamountsreceivedorreceivablehereunderwithrespecttoanyLoanbecause of, without duplication, the introduction of or effectiveness of anyChangein Lawsince the ClosingDate in anyapplicable laworgovernmentalrule,regulation,order,guideline,directiveorrequest(whetherornothavingtheforceoflaw)concerningcapitaladequacyorotherwiseorintheinterpretationoradministrationthereofandincludingtheintroductionofanynewlaworgovernmentalrule,regulation,order,guidelineorrequest,suchas,forexample,butnotlimitedto:(A)achangeinthebasisoftaxationofpaymenttoanyLenderoftheprincipaloforinterestonsuchLoanoranyotheramountspayablehereunder(exceptforchangesintherateofTaxon,ordeterminedbyreferenceto,thenetincomeornetprofitsofsuchLenderpursuanttothelawsof

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the jurisdiction in which such Lender or the entity controlling such Lender is organized or in which the principal office of such Lender or the entitycontrolling such Lender or such Lender’s applicable lending office is located or any subdivision thereof or therein), but without duplication of anyamountspayableinrespectofTaxespursuanttoSection4.04,(B)achangeinofficialreserverequirementsbut,inallevents,excludingreservesrequiredunderRegulationDtotheextentincludedinthecomputationoftheEurodollarRateor(C)achangethatwillhavetheeffectofincreasingtheamountofcapital adequacy required or requested to be maintained by such Lender, or any corporation controlling such Lender, based on the existence of suchLender’sCommitmentshereunderoritsobligationshereunder;or

(ii)atanytime,thatthemakingorcontinuanceofanyLoanhasbeenmadeunlawfulbyanylaworgovernmentalrule,regulationororder;

then,andinanysuchevent,suchLendershallpromptlygivenotice(bytelephoneconfirmedinwriting)totheBorrowerand,inthecaseofclause(ii)above,totheAdministrativeAgentofsuchdetermination(whichnoticetheAdministrativeAgentshallpromptlytransmittoeachoftheLenders).Thereafter(x)inthecaseofclause (i) above, the Borrower agrees (to the extent applicable), to pay to such Lender, upon its written demand therefor, such additional amounts as shall berequiredtocompensatesuchLenderorsuchothercorporationfortheincreasedcostsorreductionstosuchLenderorsuchothercorporationand(y)inthecaseofclause(ii)above,theBorrowershalltakeoneoftheactionsspecifiedinSection2.08(b)aspromptlyaspossibleand,inanyevent,withinthetimeperiodrequiredbylaw. In determining such additional amounts, each Lender will act reasonably and in goodfaith andwill use averaging and attribution methods which arereasonable;providedthatsuchLender’sdeterminationofcompensationowingunderthisSection2.08(a)shall,absentmanifesterror(butsubjecttoSection2.10(to the extent applicable)), be final and conclusive and binding on all the parties hereto. Each Lender, upon determining that any additional amounts will bepayablepursuanttothisSection2.08(a) ,willgivepromptwrittennoticethereoftotheBorrower,whichnoticeshallshowinreasonabledetailthebasisforthecalculationofsuchadditionalamounts;providedthat,subjecttotheprovisionsofSection2.10(b),thefailuretogivesuchnoticeshallnotrelievetheBorrowerfromitsobligationshereunder.

(b)AtanytimethatanyLoanisaffectedbythecircumstancesdescribedinSection2.08(a)(i),theBorrowermay,andinthecaseofaLoanaffectedbythecircumstancesdescribedinSection2.08(a)(ii),theBorrowershall,either(x)iftheaffectedLoanisthenbeingmadeinitially,canceltherespectiveBorrowingbygivingtheAdministrativeAgenttelephonicnotice(confirmedinwriting)onthesamedateorthenextBusinessDaythattheBorrowerwasnotifiedbytheaffectedLenderortheAdministrativeAgentpursuanttoSection2.08(a)(i)or(ii)or(y)iftheaffectedLoanisthenoutstanding,uponatleastthree(3)BusinessDays’writtennoticetotheAdministrativeAgent,inthecaseofanyLoan,repayalloutstandingBorrowings(withinthetimeperiodrequiredbytheapplicablelaworgovernmentalrule,governmentalregulationorgovernmentalorder)whichincludesuchaffectedLoansinfullinaccordancewiththeapplicablerequirementsofSection4.02;providedthatifmorethanoneLenderisaffectedatanytimeinthesamemannerandtothesameextent,thenallaffectedLendersmustbetreatedthesamepursuanttothisSection2.08(b).

(c)IfaMarketDisruptionEventoccursinrelationtoaLoanforanyInterestPeriod,thentherateofinterestoneachLender’sshareof

suchLoanfortherelevantInterestPeriodshallbetherateperannumwhichisthesumof:(i)theApplicableMargin;and

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(ii)theratedeterminedbyeachLenderandnotifiedtotheAdministrativeAgent,whichexpressestheactualcosttoeachsuchLenderoffundingitsparticipationinsuchLoanforaperiodequivalenttosuchInterestPeriodfromwhateversourceitmayreasonablyselect.

(d)IfaMarketDisruptionEventoccursandtheAdministrativeAgentortheBorrowersorequire,theAdministrativeAgentandthe

Borrowershallenterintonegotiations(foraperiodofnotmorethan30days)withaviewtoagreeingasubstitutebasisfordeterminingtherateofinterest.Anyalternativebasisagreedpursuanttotheimmediatelyprecedingsentenceshall,withthepriorconsentofalltheLendersandtheBorrower,bebindingonallparties.Ifnoagreementisreachedpursuanttothisclause(d),therateprovidedforinclause(c)aboveshallapplyfortheentireInterestPeriod.

(e)IfanyReferenceBankceasestobeaLenderunderthisAgreement,(x)itshallceasetobeaReferenceBankand(y)the

AdministrativeAgentshall,withtheapproval(whichshallnotbeunreasonablywithheld)oftheBorrower,nominateassoonasreasonablypracticableanotherLendertobeaReferenceBankinplaceofsuchReferenceBank.

(f)TheAdministrativeAgentmaynotdisclosetoanyLenderanydetailsoftheratenotifiedtotheAdministrativeAgentbyanyother

LenderactingasaReferenceBankforthepurposesofSection2.08(c)or(d).

2.09Compensation.TheBorroweragreestocompensateeachLender,uponitswrittenrequest(whichrequestshallsetforthinreasonabledetailthebasisforrequestingandthecalculationofsuchcompensation;providedthatnoLendershallberequiredtodiscloseanyinformationthatwouldbeconfidentialorpricesensitive),forallreasonableanddocumentedlosses,expensesandliabilities(including,withoutlimitation,anysuchloss,expenseorliabilityincurredbyreasonoftheliquidationorreemploymentofdepositsorotherfundsrequiredbysuchLendertofunditsshareoftheLoansbutexcludinganylossofanticipatedprofits)whichsuchLendermaysustaininrespectoftheLoansmadetotheBorrower:(i)ifforanyreason(otherthanadefaultbysuchLenderortheAdministrativeAgent)aBorrowingofLoansdoesnotoccuronadatespecifiedthereforinaNoticeofBorrowing(whetherornotwithdrawnbytheBorrowerordeemedwithdrawnpursuanttoSection2.08(a));(ii)ifanyprepaymentorrepayment(includinganyprepaymentorrepaymentmadepursuanttoSection2.08(a),Section4.01orSection4.02orasaresultofanaccelerationoftheLoanspursuanttoSection9)ofanyofitsshareoftheLoans,orassignmentofitsportionoftheLoanspursuanttoSection2.11,occursonadatewhichisnotthelastdayofanInterestPeriodwithrespectthereto;(iii)ifanyprepaymentofanyofitsshareoftheLoansisnotmadeonanydatespecifiedinanoticeofprepaymentgivenbytheBorrower;or(iv)asaconsequenceofanyotherDefaultorEventofDefaultarisingasaresultoftheBorrower’sfailuretorepaytheLoansormakepaymentonanyNoteheldbysuchLenderwhenrequiredbythetermsofthisAgreement.

2.10ChangeofLendingOffice;LimitationonAdditionalAmounts.(a)EachLenderagreesthatontheoccurrenceofanyeventgiving

risetotheoperationofSection2.08(a),Section2.08(b)orSection4.04withrespecttosuchLender,itwill,ifrequestedbytheBorrower,usereasonablegoodfaithefforts(subjecttooverallpolicyconsiderationsofsuchLender)todesignateanotherlendingofficeforanyLoansaffectedbysuchevent;providedthatsuchdesignationismadeonsuchtermsthatsuchLenderanditslendingofficesuffernoeconomic,legalorregulatorydisadvantage(otherthananysuchdisadvantagethecostofwhichisreimbursedbytheBorrower),withtheobjectofavoidingtheconsequenceoftheeventgivingrisetotheoperationofsuchSection.NothinginthisSection2.10shallaffectorpostponeanyoftheobligationsoftheBorrowerortherightsofanyLenderprovidedinSections2.08and4.04.

(b)FailureordelayonthepartofanyLendertodemandcompensationpursuanttoSections2.08,2.10or4.04ofthisAgreementshall

notconstituteawaiverofsuchLender’srightto

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demandsuchcompensation;providedthattheBorrowershallnotberequiredtocompensateaLenderpursuanttothisSectionforanyincreasedcostsincurredorreductionssufferedmorethan180dayspriortothedatethatsuchLendernotifiestheBorroweroftheChangeinLawgivingrisetosuchincreasedcostsorreductions,andofsuchLender’sintentiontoclaimcompensationtherefor(exceptthat,iftheChangeinLawgivingrisetosuchincreasedcostsorreductionsisretroactive,thenthe180-dayperiodreferredtoaboveshallbeextendedtoincludetheperiodofretroactiveeffectthereof).ThisSection2.10(b)shallhavenoapplicabilitytoanySectionofthisAgreementotherthansaidSections2.08,2.09and4.04.

2.11ReplacementofLenders.(x)IfanyLenderbecomesaDefaultingLender,(y)upontheoccurrenceofanyeventgivingrisetotheoperationofSection2.08(a),Section2.08(b)orSection4.04withrespecttoanyLenderwhichresultsinsuchLenderchargingtotheBorrowerincreasedcostsmateriallyinexcessofthosebeinggenerallychargedbytheotherLendersor(z)asprovidedinSection11.13(b)inthecaseofcertainrefusalsbyaLendertoconsenttocertainproposedchanges,waivers,dischargesorterminationswithrespecttothisAgreementwhichhavebeenapprovedbytheRequiredLenders,theBorrowershallhavetheright,ifnoDefaultorEventofDefaultwillexistimmediatelyaftergivingeffecttotherespectivereplacement,toreplacesuchLender(the“ReplacedLender”)withoneormoreotherEligibleTransfereeorEligibleTransferees,noneofwhomshallconstituteaDefaultingLenderatthetimeofsuchreplacement(collectively,the“ReplacementLender”)reasonablyacceptabletotheAdministrativeAgent;providedthat:

(i)atthetimeofanyreplacementpursuanttothisSection2.11,theReplacementLendershallenterintooneormoreAssignmentandAssumptionAgreementspursuanttoSection11.04(b)(andwithallfeespayablepursuanttosaidSection11.04(b)tobepaidbytheReplacementLender)pursuanttowhichtheReplacementLendershallacquireall oftheCommitmentsandoutstandingamountoftheLoansoftheReplacedLenderand,inconnectiontherewith,shallpaytotheReplacedLenderinrespectthereofanamountequaltothesum(withoutduplication)of(x)anamountequaltotheamountof principal of, andall accruedinterest on, theoutstandingLoansoftheReplacedLenderand(y)anamountequal toall accrued, butunpaid,CommitmentCommissionowingtotheReplacedLenderpursuanttoSection3.01;

(ii)suchassignmentdoesnotconflictwithapplicablelaw;and(iii)allobligationsoftheBorrowerdueandowingtotheReplacedLenderatsuchtime(otherthanthosespecificallydescribedinclause(i)

above in respect of which the assignment purchase price has been, or is concurrently being, paid) shall be paid in full to such Replaced Lenderconcurrentlywithsuchreplacement.

UponreceiptbytheReplacedLenderofall amountsrequiredtobepaidtoit pursuanttothisSection2.11, theAdministrativeAgentshall beentitled(butnotobligated)andisauthorized(whichauthorization(x)iscoupledwithaninterest and(y)shall onlyarisetotheextenttheReplacedLenderhasnotexecutedtheAssignmentandAssumptionAgreementwithin10BusinessDaysafterwrittenrequesttherefor)toexecuteanAssignmentandAssumptionAgreementonbehalfofsuchReplacedLender,andanysuchAssignmentandAssumptionAgreementsoexecutedbytheAdministrativeAgentandtheReplacementLendershallbeeffective for purposes of thisSection2.11andSection11.04. Uponthe execution of the respective Assignment and Assumption Agreement, the payment ofamountsreferredtoinclauses(i)and(ii)aboveand,ifsorequestedbytheReplacementLender,deliveryto(i)theReplacementLenderoftheappropriateNoteorNotesexecutedbytheBorrower,theReplacementLendershallbecomeaLenderhereunderandtheReplacedLendershallceasetoconstituteaLenderhereunder,exceptwithrespecttoindemnificationprovisionsunderthisAgreement(including,withoutlimitation,Sections2.08,2.09,4.04,11.01and11.06),whichshallsurviveastosuchReplacedLender.

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SECTION3CommitmentCommission;Fees;ReductionsofCommitment.

3.01CommitmentCommission;Fees.(a)TheBorroweragreestopaytheAdministrativeAgentfordistributiontoeachNon-DefaultingLenderacommitmentcommission(the“CommitmentCommission”)fortheperiodfromtheClosingDateuntiltheearlierof(i)theCommitmentTerminationDateand(ii)thelastBorrowingDatecomputedataperannumrateequalto35%oftheApplicableMarginofthedailyUnutilizedCommitments,ineachcase,ofsuchNon-DefaultingLender.AccruedCommitmentCommissionshallbedueandpayableinarrearsoneachPaymentDateandoneachBorrowingDate(or,ifearlier,thedateuponwhichtheCreditFacilityisterminated).

(b)TheBorrowershallpay(i)thefeessetforthintheFeeLettersand(ii)totheAdministrativeAgent,fortheAdministrativeAgent’s

ownaccount,suchotherfeesashavebeenagreedtoinwritingbytheBorrowerandtheAdministrativeAgent(thefeessetforthinthisSection3.01(b),collectively,the“Fees”).

3.02VoluntaryReductionofCommitments.

(a)UponatleastthreeBusinessDays’priorwrittennoticetotheAdministrativeAgentatitsNoticeOffice(whichnoticethe

AdministrativeAgentshallpromptlytransmittoeachoftheLenders),theBorrowershallhavetheright,atanytimeorfromtimetotime,withoutpremiumorpenalty,toterminateorreducetheTotalCommitments,inwholeorinpartpriortotheCommitmentTerminationDate,inintegralmultiplesof$500,000inthecaseofpartialreductionstotheTotalCommitments;providedthat,ineachcase,suchreductionshallapplyproportionatelytopermanentlyreducetheCommitment,asapplicable,ofeachLender.

(b)IntheeventofcertainrefusalsbyaLenderasprovidedinSection11.13(b)toconsenttocertainproposedchanges,waivers,

dischargesorterminationswithrespecttothisAgreementwhichhavebeenapprovedbytheRequiredLenders,theBorrowermay,subjecttotherequirementsofsaidSection11.13(b)anduponfiveBusinessDays’writtennoticetotheAdministrativeAgentatitsNoticeOffice(whichnoticetheAdministrativeAgentshallpromptlytransmittoeachoftheLenders),terminatealloftheCommitments(ifany)ofsuchLendersolongasallLoans,togetherwithaccruedandunpaidinterest,CommitmentCommissionandallotheramounts,owingtosuchLenderarerepaidconcurrentlywiththeeffectivenessofsuchtermination(atwhichtimeScheduleIheretoshallbedeemedmodifiedtoreflectsuchchangedamounts),andatsuchtimesuchLendershallnolongerconstitutea“Lender”forpurposesofthisAgreement,exceptwithrespecttoindemnificationprovisionsunderthisAgreement(including,withoutlimitation,Sections2.09,2.10,4.04,11.01,11.17and11.18),whichshallsurviveastosuchrepaidLender.

3.03MandatoryReductionofCommitments.

(a)TheTotalCommitments(andtheCommitmentsofeachLender)shallterminateintheirentiretyontheearlierof(i)thelastBorrowingDateaftergivingeffecttoaBorrowingofLoansonsuchdatewhichresultsintheTotalCommitmentsbeingfullyutilizedand(ii)theCommitmentTerminationDate.

(b)InadditiontoanyothermandatorycommitmentreductionspursuanttothisSection3.03,oneachBorrowingDate,theTotalCommitments(andtheCommitmentsofeachLender)shallbepermanentlyreducedbytheaggregateprincipalamountoftheLoansmadeonsuchBorrowingDate.

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(c)Eachreductionto,orterminationof,theTotalCommitmentspursuanttothisSection3.03shallbeappliedtoproportionatelyreduceorterminatetheCommitmentsofeachLenderwithsuchCommitments.

SECTION4Prepayments;Payments;Taxes.

4.01VoluntaryPrepayments.(a)TheBorrowershallhavetherighttoprepaytheLoans,withoutpremiumorpenalty,inwholeorinpartatanytimeandfromtimetotimeonthefollowingtermsandconditions:

(i)theBorrowershallgivetheAdministrativeAgent,priorto10:00A.M.(NewYorktime)atitsNoticeOffice,atleastthree(3)BusinessDays’priorwrittennotice(ortelephonicnoticepromptlyconfirmedinwriting)ofitsintenttoprepaytheLoans,whichnoticeshallspecifytheamountofsuch prepayment and the specific Borrowing or Borrowings pursuant to which such Loans were made, which notice the Administrative Agent shallpromptlytransmittoeachoftheLenders;

(ii)eachpartialprepaymentoftheLoanspursuanttothisSection4.01shallbeinanaggregateprincipalamountofatleast$1,000,000(orsuch

lesseramountasisacceptabletotheAdministrativeAgentinanygivencase)orintegralmultiplesof$1,000,000;(iii)atthetimeofanyprepaymentoftheLoanspursuanttothisSection4.01whichoccursonanydateotherthanthelastdayoftheInterest

Periodapplicablethereto,theBorrowershallpaytheamountsrequiredpursuanttoSection2.09;(iv)exceptasexpresslyprovidedinclause(v)below,eachprepaymentpursuanttothisSection4.01inrespectofanyLoansmadepursuanttoa

BorrowingshallbeappliedtoreducefutureScheduledRepaymentsforeachPaymentDate(includingthefinalinstallmentamountdueontheMaturityDate)inaccordancewiththeremainingoutstandingprincipalamountsofsuchinstallmentsindirectorderofmaturity;and

(v) in the event of a refusal by a Lender to consent to certain proposed changes, waivers, discharges or terminations with respect to this

AgreementwhichhavebeenapprovedbytheRequiredLendersas(andtotheextent) providedinSection11.13(b) , theBorrowermay, uponfive(5)BusinessDays’priorwrittennoticetotheAdministrativeAgentattheNoticeOffice(whichnoticetheAdministrativeAgentshallpromptlytransmittoeachoftheLenders)repayallLoans,togetherwithaccruedandunpaidinterest,Fees,andotheramountsowingtosuchLenderinaccordancewith,andsubject totherequirementsof, saidSection11.13(b)solongas(I) all Commitments of suchLenderareterminatedconcurrently withsuchrepaymentpursuanttoSection4.02(f)(atwhichtimeScheduleIheretoshallbedeemedmodifiedtoreflectthechangedCommitments)and(II)theconsents,ifany,requiredunderSection11.13(b)inconnectionwiththerepaymentpursuanttothisclause(a)havebeenobtainedexceptthattotheextentsuchLenderhasbeenreplacedbyaReplacementLender,theTotalCommitmentsshallnotbereduced.

(b)LoansprepaidpursuanttothisSection4.01maynotbereborrowed.

4.02MandatoryRepaymentsandCommitmentReductions.

(a)InadditiontoanyothermandatoryrepaymentspursuanttothisSection4.02,theBorrowershallberequiredtorepaytheLoansoneachPaymentDate(includingfortheavoidanceofdoubt,theMaturityDate)inanamountequaltotheScheduledRepaymentforsuchPaymentDate,asset

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inScheduleX(asthesamemaybemodifiedinaccordancewiththeprovisionssetforthinthedefinitionof“AmortizationAmount”).TheinitialPaymentDateasoftheClosingDateshallbeDecember31,2018.

(b)(i)InadditiontoanyothermandatoryrepaymentsrequiredpursuanttothisSection4.02,butwithoutduplication,on(x)thedateof

anyCollateralDisposition(otherthanaCollateralDispositionconstitutinganEventofLoss)involvingaCollateralVessel(otherthananyAdditionalVessels)and(y)theearlierof(I)thedatewhichis120daysfollowinganyCollateralDispositionconstitutinganEventofLossinvolvingaCollateralVessel(otherthananAdditionalVessel)and(II)thedateofreceiptbytheBorrower,anyofitsSubsidiariesortheAdministrativeAgentoftheinsuranceproceedsrelatingtosuchEventofLoss(thedatedescribedin(y)above,the“CollateralDispositionPrepaymentDate”),theBorrowershallrepaytheLoaninanamountequaltotheCollateralDispositionPrepaymentAmount.

(ii) Notwithstandinganythingto thecontrary set forth in clause(b)(i), above, norepayment pursuant toSection4.02(b)(i)(y)willberequiredtobemadeifallofthefollowingconditionsaremet:

(1)theCollateralDispositionPrepaymentAmountshallhavebeendepositedascashcollateralwiththeSecurityAgentontheCollateralDispositionPrepaymentDateinanaccountattheAdministrativeAgent(eachsuchaccounta“CashCollateralAccount”)pursuanttoanaccountpledgeagreementonsubstantiallythesametermsasthosesetforthintheAccountSecurityAgreements,butpursuanttowhichonlytheAdministrativeAgentisentitledtogiveinstructionsonsuchCashCollateralAccount;

(2)within120daysaftertheCollateralDispositionPrepaymentDate(such120-dayperiod,the“ReinvestmentPeriod”),oneormoreReplacementVesselsmeetingtherequirementsofthedefinitionthereofhavebecomeCollateralVessel(s)underthisAgreementandallCollateralandGuarantyRequirementsinconnectionwithanysuchReplacementVesselandtheSubsidiaryoftheBorrowerwhichownssuchReplacementVesselhavebeensatisfied;

(3)theAppraisedValueoftheReplacementVessel(s)shallbeequaltoorhigherthantheAppraisedValueoftheCollateralVessel(s)whichis(orare)thesubjectoftheCollateralDisposition;and

(4)theBorrowerisinproformacompliancewiththeCollateralMaintenanceTestaftergivingeffecttoanyReplacementVesselbecomingaCollateralVessel.

(iii)InconnectionwithanyReplacementVesselbecomingaCollateralVesselasdescribedinSection4.02(b)(ii)(2)above,theBorrowershall be entitled to use the funds on deposit in the Cash Collateral Account to purchase such Replacement Vessel or to reimburse itself for (or refinance anyindebtednessrelatingto)anypreviouslyacquiredReplacementVessel.ThefundswillbereleasedtotheBorrower(1)inanamountequaltothelesserof(x)theamount then on deposit in the Cash Collateral Account and (y) the Appraised Value of such Replacement Vessel multiplied by the ratio of the AggregateAppraisedValueoftheCollateralVesselsimmediatelypriortotheCollateralDispositiontotheoutstandingLoanasoftheCollateralDispositionPrepaymentDateas reduced by any repayments of the Loan that have occurred after such Collateral Disposition Prepayment Date, (2) no earlier than the date on which suchReplacement Vessel is to become a Collateral Vessel and all Collateral and Guaranty Requirements in connection with any such Replacement Vessel and theSubsidiary of the Borrower which owns such Replacement Vessel are to be satisfied and (3) otherwise pursuant to a mechanic reasonably acceptable to theAdministrativeAgent.

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(iv)IfalloranyportionofsuchCollateralDispositionPrepaymentAmountisnotreleasedtotheBorrowerpursuanttoclause(iii)abovewithin the Reinvestment Period, the amount in the CashCollateral Account shall be applied onthe first Business Dayfollowingthe Reinvestment Period as amandatoryprepaymentpursuanttothisSection4.02(b).

(v) ScheduleXshall be amendedbythe Administrative Agent as of the last dayof the Reinvestment Period to reflect a recalculated

AmortizationAmountbasedontheoutstandingLoanasofsuchdateandCollateralVesselsownedbytheObligorsasofsuchdate.(vi)Fortheavoidanceofdoubt,andwithoutduplicationofanyrepaymentpursuanttoSection4.02(c),onanydateonwhichtheBorrower

isrequiredtomakearepaymentinconnectionwithanCollateral Dispositionunderthisclause(b), if aftergivingeffect tosuchrepaymenttheBorrowerisorwould not be in pro forma compliance with the Financial Covenant set forth in Section 8.07(b) (based on the most recent Appraisals delivered to theAdministrative Agent underSection 5.02(e) or7.01(d)), the Borrower shall be required to post Additional Collateral or make an additional repayment in anamountsufficienttocuresuchnon-complianceinaccordancewiththeprovisionsofSection8.07(d).

(c)InadditiontoanyothermandatoryrepaymentsrequiredpursuanttothisSection4.02,upontheoccurrenceofanEventofDefault

resultingfromafailurebytheBorrowertoprovideAdditionalCollateralorarepaymentoftheLoanstocureabreachofSection8.07(d),theBorrowershallberequiredtoimmediatelyrepaytheLoansinanamountsufficienttocomplywithSection8.07(d);providedthatitisunderstoodandagreedthattherequirementtorepayLoansunderthisSection4.02(c)shallnotbedeemedtobeawaiverofanyotherrightorremedythatanySecuredCreditormayhaveasaresultofanEventofDefaultresultingfromabreachofSection8.07(d).

(d)If,inanyapplicablejurisdiction,itbecomesimpossibleorunlawfulforanyLenderoritsaffiliatestoperformanyofitsobligationsascontemplatedinrelationtotheCreditFacilityortofundormaintainitsparticipationinanyLoans,suchLender’sUnutilizedCommitmentsshallbeimmediatelyreducedandcancelledandtheLoansattributabletosuchLendershallbeimmediatelydueandpayable.

(e)AllrepaymentsofLoanspursuanttoSections4.01and4.02(otherthan4.02(d))shallbeappliedtotherepaymentoftheportionof

theLoansheldbyeachLenderinaccordancewithitsProRataShare.(f)TheamountofallrepaymentsoftheLoanpursuanttoSections4.02(b)and4.02(c)shallbeappliedtoreducethethenremaining

ScheduledRepayments(includingtheScheduledRepaymentdueontheMaturityDate)onaproratabasis:(g)WithrespecttoeachrepaymentofLoansunderSection4.01orrequiredbythisSection4.02,theBorrowermaydesignatethe

specificBorrowingorBorrowingspursuanttowhichsuchLoansweremade;providedthat(i)eachBorrowingofLoanswithInterestPeriodsendingonsuchdateofrequiredrepaymentshallbepaidinfullpriortothepaymentofanyotherBorrowingofLoansand(ii)eachrepaymentofanyLoanscomprisingaBorrowingshallbeappliedprorataamongsuchBorrowing.IntheabsenceofadesignationbytheBorrowerasdescribedintheprecedingsentence,theAdministrativeAgentshall,subjecttotheprecedingprovisionsofthisclause(g),makesuchdesignationinitssolereasonablediscretionwithaview,butnoobligation,tominimizebreakagecostsowingpursuanttoSection2.09.

(h)NotwithstandinganythingtothecontrarycontainedelsewhereinthisAgreement,alloftheoutstandingLoansshallberepaidinfull

ontheMaturityDate.

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(i)RepaymentsofLoanspursuanttoSection4.01andthisSection4.02maynotbereborrowed.

4.03MethodandPlaceofPayment.Exceptasotherwisespecificallyprovidedherein,allpaymentsunderthisAgreementoranyNoteshallbemadetotheAdministrativeAgentfortheaccountoftheLenderorLendersentitledtheretonotlaterthan10:00A.M.(NewYorktime)onthedatewhendueandshallbemadeinDollarsinimmediatelyavailablefundsatthePaymentOfficeoftheAdministrativeAgentorsuchotherofficeintheStateofNewYorkastheAdministrativeAgentmayhereafterdesignateinwriting.WheneveranypaymenttobemadehereunderorunderanyNoteshallbestatedtobedueonadaywhichisnotaBusinessDay,theduedatethereofshallbeextendedtothenextsucceedingBusinessDayand,withrespecttopaymentsofprincipal,interestshallbepayableattheapplicablerateduringsuchextension.

4.04NetPayments;Taxes.(a)AllpaymentsmadebyanyObligorhereunderorunderanyNotewillbemadewithoutsetoff,counterclaim

orotherdefense.Allsuchpaymentswillbemadefreeandclearof,andwithoutdeductionorwithholdingforanyTaxesimposedwithrespecttosuchpaymentsunlessrequiredbyapplicablelaw.IfapplicablelawrequiresthedeductionorwithholdingofanyTaxesfromorinrespectofanysumpayableunderanyNote,then:

(i)theapplicableObligorshallbeentitledtomakesuchdeductionorwithholding;(ii)theapplicableObligorshallpaythefullamountdeductedorwithheldtotherelevantGovernmentalAuthority;and(iii) inthecaseofanyIndemnifiedTaxes,theapplicableObligoragreestopaythefullamountofsuchIndemnifiedTaxesandOther

Taxes, and such additional amounts as may be necessary so that, after such deduction or withholding has been made (including such deductions andwithholdings applicable to additional sums payable under this Section), the applicable Recipient receives an amount equal to the sum it would havereceivedhadnosuchdeductionorwithholdingbeenmade.

IfanyamountsarepayableinrespectofIndemnifiedTaxespursuanttotheprecedingsentence,theBorroweragreestoreimburseeachLender,

within10daysafterthewrittenrequestofsuchLender,forTaxesimposedonormeasuredbythenetincomeofsuchLenderpursuanttothelawsofthejurisdictionin which such Lender is organized or in which the principal office or applicable lending office of such Lender is located or under the laws of any politicalsubdivisionorGovernmentalAuthorityofanysuchjurisdictioninwhichsuchLenderisorganizedorinwhichtheprincipalofficeorapplicablelendingofficeofsuchLenderislocatedandforanywithholdingofTaxesassuchLendershalldeterminearepayableby,orwithheldfrom,suchLender,inrespectofsuchamountsso paid to or on behalf of suchLender pursuant to the preceding sentence and in respect of any amounts paid to or on behalf of such Lender pursuant to thissentence,whetherornotsuchTaxeswerecorrectlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.TheBorrowershallindemnifyeachRecipient,within10daysafterdemandtherefor,forthefullamountofanyIndemnifiedTaxes(includingIndemnifiedTaxesimposedorassertedonorattributableto amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and anyreasonableexpensesarisingtherefromorwithrespectthereto,whetherornotsuchIndemnifiedTaxeswerecorrectlyorlegallyimposedorassertedbytherelevantGovernmental Authority. AcertificateastotheamountofsuchpaymentorliabilitydeliveredtotheBorrowerbyaLender(withacopytotheAdministrativeAgent),orbytheAdministrativeAgentonitsownbehalforonbehalfofaLender,shallbeconclusiveabsentmanifesterror.TheBorrowerwillfurnishtotheAdministrative Agent within 45 days after the date of payment of any Indemnified Taxes is due pursuant to applicable law certified copies of Tax receiptsevidencingsuchpaymentbytheBorrower.

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(b)Withoutduplicatingthepaymentsunderclause(a)above,theBorroweragreestotimelypaytotherelevantGovernmentalAuthorityanyandallpresentorfuturestamp,courtordocumentaryTaxesandanyotherexcise(inthenatureofadocumentaryorsimilarTax),property,intangible,filingormortgagerecordingTaxesorchargesorsimilarleviesimposedbyanyGovernmentalAuthoritywhicharisefromtheexecution,delivery,performance,enforcementorregistrationof,orotherwisewithrespectto,anyNoteexcluding(i)suchamountsimposedinconnectionwithanAssignmentandAssumptionAgreement,grantofaparticipation,transferorassignmenttoordesignationofanewapplicablelendingofficeorotherofficeforreceivingpaymentsunderanyNote,excepttotheextentthatanysuchchangeisrequestedinwritingbytheBorrowerand(ii)theregistrationorpresentationofaNotethatismandatorilyrequiredbylaw(allsuchnon-excludedTaxesdescribedinthisSection4.04(b)beingreferredtoas“OtherTaxes”).

(c)AnyRecipientthatisentitledtoanexemptionfromorreductionofwithholdingTaxwithrespecttopaymentsmadeunderanyCredit

DocumentshalldelivertotheBorrowerandtheAdministrativeAgent,atthetimeortimesreasonablyrequestedbytheBorrowerortheAdministrativeAgent,suchproperlycompletedandexecuteddocumentationreasonablyrequestedbytheBorrowerortheAdministrativeAgentaswillpermitsuchpaymentstobemadewithoutwithholdingoratareducedrateofwithholding.Inaddition,anyRecipient,ifreasonablyrequestedbytheBorrowerortheAdministrativeAgent,shalldeliversuchotherdocumentationprescribedbyapplicablelaworreasonablyrequestedbytheBorrowerortheAdministrativeAgentaswillenabletheBorrowerortheAdministrativeAgenttodeterminewhetherornotsuchRecipientissubjecttobackupwithholdingorinformationreportingrequirements.Notwithstandinganythingtothecontraryintheprecedingtwosentences,thecompletion,executionandsubmissionofsuchdocumentationshallnotberequiredifintheRecipient’sreasonablejudgmentsuchcompletion,executionorsubmissionwouldsubjectsuchRecipienttoanymaterialunreimbursedcostorexpenseorwouldmateriallyprejudicethelegalorcommercialpositionofsuchRecipient.

(d)IftheAdministrativeAgentoraLenderdeterminesinitssolediscretionthatithasactuallyreceivedorrealizedarefundofany

IndemnifiedTaxesastowhichithasbeenindemnifiedbyanObligororwithrespecttowhichsuchObligorhaspaidadditionalamountspursuanttoSection4.04(a),itshallpayoversuchrefundtosuchObligor(butonlytotheextentofindemnitypaymentsmade,oradditionalamountspaid,bysuchObligorunderSection4.04(a)withrespecttotheIndemnifiedTaxesgivingrisetosuchrefund),netofallout-of-pocketexpensesoftheAdministrativeAgentorsuchLender(includinganyTaxesimposedwithrespecttosuchrefund)asisdeterminedinthesolediscretionoftheAdministrativeAgentorLenderingoodfaith,andwithoutinterest(otherthananyinterestpaidbytherelevantGovernmentalAuthoritywithrespecttosuchrefund).IntheeventtheAdministrativeAgentorsuchLenderisrequiredtorepaysuchrefundtosuchGovernmentalAuthority,thensuchObligor,uponthewrittenrequestoftheAdministrativeAgentorsuchLender,agreestorepaywithin30daystheamountpaidovertosuchObligor(withoutanypenalties,interestorotherchargesotherthananypenalties,interestorchargesimposedbytherelevantGovernmentalAuthority)totheAdministrativeAgentorsuchLender.NothinginthisSection4.04(d)shallrequireaLendertodiscloseanyconfidentialinformation(including,withoutlimitation,itsTaxreturnsoritscalculations).

(e)IfapaymentmadetoaLenderunderanyNotewouldbesubjecttowithholdingTaximposedbyFATCAifsuchLenderweretofail

tocomplywiththeapplicablereportingrequirementsofFATCA(includingthosecontainedinSection1471(b)or1472(b)oftheCode,asapplicable),suchLendershalldelivertotheBorrowerandtheAdministrativeAgentatthetimeortimesprescribedbylawandatsuchtimeortimesreasonablyrequestedbytheBorrowerortheAdministrativeAgentsuchdocumentationprescribedbyapplicablelaw(includingasprescribedbySection1471(b)(3)(C)(i)oftheCodeoranintergovernmentalagreement)andsuchadditionaldocumentationreasonablyrequestedbytheBorrowerortheAdministrativeAgentasmaybenecessaryfortheBorrowerandtheAdministrative

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AgenttocomplywiththeirobligationsunderFATCAandtodeterminethatsuchLenderhascompliedwithsuchLender’sobligationsunderFATCAortodeterminetheamounttodeductandwithholdfromsuchpayment.Solelyforpurposesofthisclause(e),ifanyapplicablelawrequiresthedeductionorwithholdingofanyTaxesfromorinrespectofanysumpayableupontheNote,includinganyTaxesimposedunderFATCA,theAdministrativeAgentshallbeentitledtomakedeductionsorwithholding.Solelyforpurposesofthisclause(e),“FATCA”shallincludeanyamendmentsmadetoFATCAafterthedateofthisAgreement.

(f)EachLendershallseverallyindemnifytheAdministrativeAgent,within10daysafterdemandtherefor,for(i)anyIndemnifiedTaxes

attributabletosuchLender(butonlytotheextentthattheBorrowerhasnotalreadyindemnifiedtheAdministrativeAgentforsuchIndemnifiedTaxesandwithoutlimitingtheobligationoftheBorrowertodoso),(ii)anyTaxesattributabletosuchLender’sfailuretocomplywiththeprovisionsofSection11.04(a)relatingtothemaintenanceofaParticipantRegisterand(iii)anyTaxesexcludedinSection4.04(a)attributabletosuchLender,ineachcase,thatarepayableorpaidbytheAdministrativeAgentinconnectionwithanyNote,andanyreasonableexpensesarisingtherefromorwithrespectthereto,whetherornotsuchTaxeswerecorrectlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.AcertificateastotheamountofsuchpaymentorliabilitydeliveredtoanyLenderbytheAdministrativeAgentshallbeconclusiveabsentmanifesterror.EachLenderherebyauthorizestheAdministrativeAgenttosetoffandapplyanyandallamountsatanytimeowingtosuchLenderunderanyNoteorotherwisepayablebytheAdministrativeAgenttotheLenderfromanyothersourceagainstanyamountduetotheAdministrativeAgentunderthisclause(f).

(g)Eachparty’sobligationsunderthisSection4.04shallsurvivetheresignationorreplacementoftheAdministrativeAgentorany

assignmentofrightsby,orthereplacementof,aLender,theterminationoftheCommitmentsandtherepayment,satisfactionordischargeofallobligationsunderanyCreditDocument.

4.05ApplicationofProceeds.(a)AllmoniescollectedbytheSecurityAgentuponanysaleorotherdispositionoftheCollateralandall

proceedsthereofofeachObligor,togetherwithallothermoniesreceivedbytheAdministrativeAgentorSecurityAgentunderandinaccordancewiththisAgreementandtheotherCreditDocuments(excepttotheextent(i)suchmoniesarefortheaccountoftheAdministrativeAgentorSecurityAgentonlyor(ii)releasedinaccordancewiththeapplicableprovisionsofthisAgreementoranyotherCreditDocument)orwithrespecttoanydistributionduringaBankruptcyProceeding,shallbeappliedtothepaymentoftheSecuredObligationsinaccordanceasfollows:

(i)first,tothepaymentofallamountsowingtheSecurityAgentofthetypedescribedinclauses(c)and(d)ofthedefinitionof“SecuredObligations”;

(ii)second,totheextentproceedsremainaftertheapplicationpursuanttotheprecedingclause(i),eachLenderCreditor’sandOther

Creditor’sProRataShareof:

(x)anamountequaltotheoutstandingCreditDocumentObligationsshallbepaidtotheLenderCreditorsasprovidedinSection4.05(d)hereof,witheachLenderCreditorreceivinganamountequaltosuchoutstandingCreditDocumentObligations,or,iftheproceedsareinsufficienttopayinfullallsuchCreditDocumentObligations,itsProRataShareoftheamountremainingtobedistributed,and

(y)anamountequaltooutstandingOtherObligationsunderSecuredHedgingAgreementstowhichanOtherCreditorisaparty

shallbepaidtotheOtherCreditorsasprovidedinSection4.05(d)hereof,witheachOtherCreditorreceivinganamountequaltooutstandingOtherObligations,or,iftheproceedsareinsufficienttopay

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infullallsuchOtherObligations,itsProRataShareoftheamountremainingtobedistributed;

(iii)third,totheextentproceedsremainaftertheapplicationpursuanttotheprecedingclauses(i)and(ii),inclusive,andfollowingtheterminationofthisAgreement,theCreditDocumentsandtheSecuredHedgingAgreementsinaccordancewiththeirterms,totherelevantObligorortowhomevermaybelawfullyentitledtoreceivesuchsurplus.

(b)ForpurposesofthisAgreement,“ProRataShare”shallmean,whencalculatingaSecuredCreditor’sportionofanydistributionor

amount,thatamount(expressedasapercentage)equaltoafractionthenumeratorofwhichisthethenunpaidamountofsuchSecuredCreditor’sCreditDocumentObligationsorapplicableOtherObligations,asthecasemaybe,andthedenominatorofwhichisthethenoutstandingamountofallCreditDocumentObligationsorapplicableOtherObligations,asthecasemaybe.

(c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured

Creditorshereundershallbeapplied(forpurposesofmakingdeterminationsunderthisSection4.05only)(i)first,totheirCreditDocumentObligations,and(ii)second,totheirOtherObligationsunderSecuredHedgingAgreements.IfanypaymenttoanySecuredCreditorofitsProRataShareofanydistributionwouldresultinoverpaymenttosuchSecuredCreditor,suchexcessamountshallinsteadbedistributedinrespectoftheunpaidCreditDocumentObligationsorapplicableOther Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Credit Document Obligations or applicable OtherObligations,asthecasemaybe,havenotbeenpaidinfulltoreceiveanamountequaltosuchexcessamountmultipliedbyafractionthenumeratorofwhichistheunpaidCreditDocumentObligationsorapplicableOtherObligations,asthecasemaybe,ofsuchSecuredCreditorandthedenominatorofwhichistheunpaidCreditDocumentObligationsorapplicableOtherObligations,asthecasemaybe,ofallSecuredCreditorsentitledtosuchdistribution.

(d)Allpaymentsrequiredtobemadehereundershallbemade(x)iftotheLenderCreditors,totheAdministrativeAgentunderthis

Agreement for the account of the Lender Creditors and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative (each a “Representative”)fortheOtherCreditorsor,intheabsenceofsuchaRepresentative,directlytotheOtherCreditors.

(e)ForpurposesofapplyingpaymentsreceivedinaccordancewiththisSection4.05,theSecurityAgentshallbeentitledtorelyupon(i)

theAdministrative Agent under this Agreement and(ii) theRepresentative for theOther Creditors or, in the absenceof sucha Representative, upontheOtherCreditorsforadetermination(whichtheAdministrativeAgent, eachRepresentativeforanyOtherCreditorsandtheSecuredCreditorsagree(orshall agree)toprovideuponrequestoftheSecurityAgent)oftheoutstandingCreditDocumentObligationsandapplicableOtherObligationsowedtotheLenderCreditorsortheOtherCreditors,asthecasemaybe.UnlessithasreceivedanotificationinwritingfromtheBorrowerandtherelevantOtherCreditordesignatingtheSecuredHedging Agreements of such Other Creditor as a “Secured Hedging Agreement” hereunder, the Security Agent, shall be entitled to assume that no SecuredHedgingAgreementsareinexistence.

(f)ItisunderstoodandagreedthateachObligorshallremainjointlyandseverallyliabletotheextentofanydeficiencybetweenthe

amountoftheproceedsoftheCollateralpledgedandLiensgrantedbyitunderandpursuanttotheSecurityDocumentsandtheaggregateamountoftheSecuredObligationsofsuchObligor.

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SECTION5ConditionsPrecedent.

5.01ClosingDate.ThisAgreementshallbecomeeffectiveonthedateonwhicheachofthefollowingconditionsissatisfied:(a)CreditAgreement;FeeLetters.TheBorrower,theAdministrativeAgentandeachoftheLenderswhoareinitiallypartyheretoshall

havesignedacounterpartof(i)thisAgreementand(ii)theFeeLetters(ineachcase,whetherthesameordifferentcounterparts)andshallhavedeliveredthesametotheAdministrativeAgentandthisAgreementandtheFeeLettersshallbeinfullforceandeffectandconsummatedinaccordancewiththedocumentationandapplicablelaws.

(b)PATRIOTAct;BeneficialOwnershipCertification.(i)TheObligorsshallhaveprovided,orprocuredthesupplyof,the“knowyour

customer”informationrequiredpursuanttothePATRIOTAct,toeachoftheLendersandtheAdministrativeAgentinconnectionwiththeirrespectiveinternalcomplianceregulationsthereunderorotherinformationrequestedbyanyLenderortheAdministrativeAgenttosatisfyrelatedchecksunderallapplicablelawsandregulationspursuanttothetransactionscontemplatedhereby,ineachcasetotheextentrequestedbyanyLenderortheAdministrativeAgentnotlaterthanthree(3)dayspriortotheClosingDate.

(ii)TheBorrowershallhavedeliveredaBeneficialOwnershipCertificationtotheAdministrativeAgentnotlaterthanthree(3)daysprior

totheClosingDate(c)SecurityDocuments.TheSecurityAgentandeachrelevantObligorshallhavesignedacounterpartof(i)theGuaranty,(ii)the

PledgeAgreementand(iii)theAccountSecurityAgreementssuchthattheLendershaveafirst-priorityperfectedsecurityinterestinthepropertypurportedtobecoveredthereby,withsuchexceptionsasarereasonablyacceptabletotheRequiredLenders.

(d)Officer’sCertificates.TheAdministrativeAgentshallhavereceivedacertificateinformandsubstancereasonablyacceptabletothe

AdministrativeAgentsignedbyanAuthorizedOfficeroftheBorrowerandeachSubsidiaryGuarantor,withappropriateinsertions,togetherwithcopiesoftheOrganizationalDocumentsoftheBorrowerandeachSubsidiaryGuarantorandtheresolutionsoftheBorrowerandeachSubsidiaryGuarantorreferredtoinsuchcertificateauthorizingtheconsummationoftheTransactionandcertifyingthattheconditionssetforthinSections5.01(e),(f),(i),(j)and(k)aresatisfied(totheextentthat,ineachcase,suchconditionsarenotrequiredtobeacceptable(reasonablyorotherwise)totheAdministrativeAgent).

(e)MaterialAdverseEffect.SinceDecember31,2017,nothingshallhaveoccurred(andneithertheAdministrativeAgentnoranyof

theLendersshallhavebecomeawareofanyconditionorcircumstancenotpreviouslyknowntoitorthem)whichtheAdministrativeAgentortheRequiredLendersshalldeterminehashad,orcouldreasonablybeexpectedtohave,aMaterialAdverseEffect.

(f)Litigation.OnandasoftheClosingDate,nolitigationbyanyentity(privateorgovernmental)shallbependingorthreatenedwith

respecttoanyObligororanyofitsSubsidiarieswhichtheAdministrativeAgentortheRequiredLendersshalldeterminehashad,orcouldreasonablybeexpectedtohave,aMaterialAdverseEffect..

(g)LegalOpinions.TheAdministrativeAgentshallhavereceived,onbehalfofitselfandtheLenders,thefollowinglegalopinions:

(i)specialNewYorkcounseltotheBorrowerandtheObligors(whichshallbeKramerLevinNaftalis&FrankelLLPoranother

NewYorklawfirmreasonably

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acceptabletotheAdministrativeAgent),anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheClosingDate,

(ii)specialRepublicoftheMarshallIslandscounseltoeachoftheObligors(whichshallbeReeder&Simpson,P.C.oranotherlawfirmqualifiedtorenderanopinionastotheRepublicoftheMarshallIslandslawreasonablyacceptabletotheAdministrativeAgent),anopinionaddressedtotheAdministrativeAgentandeachoftheLendersanddatedasoftheClosingDate,and

(iii)specialFrenchcounseltotheAdministrativeAgentandSecurityAgent(whichshallbeWhite&CaseLLPoranotherlaw

firm qualified to render an opinion as to French law reasonably acceptable to the Administrative Agent), an opinion addressed to theAdministrative Agent, Security Agent andeachof theLenders withrespect to theAccount Security Agreements anddatedas of theClosingDate.

ineachcasewhichshallbeinformandsubstancereasonablyacceptabletotheLenders;

(h)CorporateDocumentation.TheAdministrativeAgentshallhavereceivedcopiesoftheOrganizationalDocumentsofeachSubsidiaryGuarantor.Totheextentnotpreviouslydelivered,theAdministrativeAgentshallhavereceived(i)acertificate,datedtheClosingDateandreasonablyacceptabletotheAdministrativeAgent,signedbyanAuthorizedOfficerofeachObligorwithappropriateinsertions,togetherwithcopiesoftheOrganizationalDocumentsofsuchObligorandtheresolutionsofsuchObligorreferredtoinsuchcertificateauthorizingtheconsummationoftheTransactionand(ii)copiesofgovernmentalapprovals(ifany)andgoodstandingcertificateswhichtheAdministrativeAgentmayhavereasonablyrequestedinconnectiontherewith.

(i) Approvals .OnandasoftheClosingDate,allnecessarygovernmental(domesticandforeign)andthirdpartyapprovalsand/or

consentsinconnectionwiththeTransaction,theLoans,andthegrantingofLiensundertheCreditDocumentsshallhavebeenobtainedandremainineffect,andallapplicablewaitingperiodswithrespecttheretoshallhaveexpiredwithoutanyactionbeingtakenbyanycompetentauthoritywhich,inthereasonablejudgmentoftheAdministrativeAgent,restrains,preventsorimposesmateriallyadverseconditionsupontheconsummationoftheTransaction,themakingoftheLoansandtheperformancebytheObligorsoftheCreditDocumentstobeenteredintoontheClosingDate.Inaddition,thereshallnotexistanyjudgment,order,injunctionorotherrestraintissuedorfiledorahearingseekinginjunctiverelieforotherrestraintpendingornotifiedprohibitingorimposingmateriallyadverseconditionsupontheconsummationoftheTransaction,themakingoftheLoansortheperformancebytheObligorsoftheCreditDocuments.

(j)NoDefaultorEventofDefault;RepresentationsandWarranties.OnandasoftheClosingDate,(i)noDefaultorEventofDefault

hasoccurredandiscontinuingand(ii)allrepresentationsandwarrantiescontainedhereinorinanyotherCreditDocumentshallbetrueandcorrectinallmaterialrespects (it beingunderstoodandagreed that anyrepresentation or warranty whichbyits termsis madeas of a specified date shall be required to be true andcorrectinallmaterialrespectsonlyasofsuchspecifieddate).

(k)NoConflicts.AftergivingeffecttotheconsummationoftheTransactionandtheothertransactionscontemplatedhereby,thereshall

benoconflictwith,ordefaultunderanymaterialagreementtowhichtheBorroweroranySubsidiaryGuarantorisaparty.(l)Fees.Allfeesandallotherreasonablefeesanddocumentedout-of-pocketcostsandexpenses(including,withoutlimitation,the

reasonablelegalfeesandexpensesofWhite&CaseLLP

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and other local counsel to the Administrative Agent) and other compensation due and payable on or prior to the Closing Date, in each case, payable to theAdministrative Agent, the Security Agent, the MandatedLeadArrangers andthe Lenders in respect of the transactions contemplated bythis Agreement to theextentreasonablyinvoicedatleasttwo(2)BusinessDayspriortotheClosingDate.

5.02ConditionstoeachBorrowingDate.TheobligationofeachLendertomaketheLoansavailabletotheBorroweronanyBorrowingDateissubjecttothesatisfactionofeachofthefollowingconditions:

(a)ClosingDate.OnorpriortoeachBorrowingDate,(i)theClosingDateshallhaveoccurredand(ii)thereshallhavebeendelivered

totheAdministrativeAgentfortheaccountofeachoftheLendersthathasrequestedsametheappropriateNoteexecutedbytheBorrowerinaccordancewithSection2.04.

(b)DeliveryofCollateralVessel.EachCollateralVesselOwnershallhavereceivedorshallreceivesubstantiallysimultaneouslywith

fundingoftheLoanswithrespecttotherelevantCollateralVessel,titletotherelevantCollateralVessel,andsuchCollateralVesselOwnershallatsuchtimebetherecordandbeneficialownerofsuchCollateralVesselfreeandclearofallliensotherthanthePermittedLiens.

(c)BorrowingNotice.TheAdministrativeAgentshallhavereceivedaNoticeofBorrowingasrequiredbySection2.02.(d)Officer’sCertificate.TheAdministrativeAgentshallhavereceivedacertificatefromanAuthorizedOfficeroftheBorrower

certifyingthattheconditionssetforthinSections5.02(f),(h),(i),(j),(k),and(l)aresatisfied(totheextentthat,ineachcase,suchconditionsarenotrequiredtobeacceptable(reasonablyorotherwise)totheAdministrativeAgent).

(e)Appraisals.TheAdministrativeAgentshallhavereceivedAppraisalsnotolderthansixty(60)dayspriortoeachBorrowingDate

fromtwoApprovedAppraisersinacceptablescope,formandsubstance,statingthethencurrentfairmarketvalueoftherelevantCollateralVessel.(f)CollateralandGuarantyRequirements.OnorpriortoeachBorrowingDate,theCollateralandGuarantyRequirementswithrespect

toeachCollateralVesselbeingfinancedonsuchBorrowingDateshallbesatisfiedortheAdministrativeAgentshallhavewaivedsuchrequirements(otherthantheSpecifiedRequirements)and/orconditionedsuchwaiveronthesatisfactionofsuchrequirementswithinaspecifiedperiodoftime.

(g)SolvencyCertificate.TheBorrowershallcausetobedeliveredtotheAdministrativeAgentasolvencycertificatefroman

AuthorizedOfficeroftheBorrower,substantiallyintheformofExhibitL,whichshallbeaddressedtotheAdministrativeAgentanddatedasoftheapplicableBorrowingDate,settingforththeconclusionthat,aftergivingeffecttotheTransactionandtheincurrenceofallthefinancingscontemplatedhereby,eachObligorindividually(aftergivingeffecttorightsofcontributionandsubrogation)andtheBorroweranditsSubsidiariestakenasawhole,arenotinsolventandwillnotberenderedinsolventbytheincurrenceofsuchindebtedness,andwillnotbeleftwithunreasonablysmallcapitalwithwhichtoengageinitsbusinessandwillnothaveincurreddebtsbeyonditsabilitytopaysuchdebtsastheybecomedue.

(h)OutstandingIndebtedness.OneachBorrowingDate,aftergivingeffecttotheconsummationoftheTransactions,theBorrowerand

itsSubsidiariesshallhavenooutstandingFinancial

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IndebtednessorContingentObligationsexceptforthosearisingundertheCreditDocumentsandthosesetforthonScheduleVIII.(i)NoConflicts.OneachBorrowingDate,aftergivingeffecttotheconsummationoftheTransaction,themakingoftheLoansandthe

performancebytheObligorsoftheCreditDocuments,thefinancingsincurredinconnectiontherewithandtheothertransactionscontemplatedhereby,thereshallbenoconflictwith,ordefaultunderanymaterialagreementtowhichtheBorroweroranySubsidiaryGuarantorisapartyasaresultthereof.

(j)Approvals.OneachBorrowingDate,thereshallnotexistanyjudgment,order,injunctionorotherrestraintissuedorfiledora

hearingseekinginjunctiverelieforotherrestraintpendingornotifiedprohibitingorimposingmateriallyadverseconditionsuponthemakingoftheLoansortheperformancebytheObligorsoftheCreditDocuments.

(k)RepresentationsandWarranties.BeforeandaftergivingeffecttotheLoansbeingincurredoneachBorrowingDate,all

representationsandwarrantiescontainedhereinorinanyotherCreditDocumentshallbetrueandcorrectinallmaterialrespectsbothbeforeandaftergivingeffecttosuchLoanswiththesameeffectasthoughsuchrepresentationsandwarrantieshadbeenmadeonthedateofsuchLoans(itbeingunderstoodandagreedthatanyrepresentationorwarrantywhichbyitstermsismadeasofaspecifieddateshallberequiredtobetrueandcorrectinallmaterialrespectsonlyasofsuchspecifieddate).

(l)NoDefaultorEventofDefault.NoDefaultorEventofDefaultshallhaveoccurredandbecontinuing,orwouldresultfromthe

LoansbeingincurredoneachBorrowingDate.NotwithstandinganythingtothecontraryinthisSection5.02,LoansonanyBorrowingDatemaybeborrowedbeforetheapplicableconditionssetforthaboveinSection5.02aremet;providedthat:

(i)aBorrowingDatemaynotbemorethanfiveBusinessDayspriortothescheduleddeliverydateoftherelevantCollateralVessel;and

(ii)onaBorrowingDate,theAdministrativeAgentshall(A)prepositiontheLoanswithrespecttosuchBorrowingDateatabankorotherfinancialinstitution(the“Seller’sBank”)orotherindependentthirdpartyescrowagent(an“EscrowAgent”),ineachcase,satisfactorytotheAdministrativeAgent,whichfundsshallbeheldattheSeller’sBank(or,asthecasemaybe,theEscrowAgent)inthenameandunderthesolecontroloftheAdministrativeAgentoranAffiliatethereofand(B)issueaSWIFTMT199orsimilarcommunicationauthorizingthereleaseofsuchfundsbytheSeller’sBankontherelevantdeliverydateinaccordancewiththereleasemechanismagreedbetweentheAdministrativeAgent,theBorrowerandtheSeller’sBankinsuchSWIFTMT199(orsimilarcommunication);providedthat if thedeliveryof therelevant Collateral Vessel doesnot occur withinfiveBusiness Daysafter thescheduleddeliverydate, thefundsheldat theSeller’sBank(or,asthecasemaybe,theEscrowAgent)shallbereturnedtotheAdministrativeAgentforfurtherdistributiontotheLenders.Fortheavoidanceofdoubt:

(A)allinterestandfeesontheLoansshallaccruefromthedatesuchLoanisprepositionedattheSeller’sBank;

(B)theAdministrativeAgentandtheLenderssuspendsatisfactionoftheconditionsprecedentsetforthinclauses(viii)(b),(c),(d)and(h)ofthedefinitionof“CollateralandGuarantee

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Requirements”solelyforthetimeperiodonandbetweentherelevantBorrowingDateand(I)therelevantdeliverydatewithrespecttoclauses(viii)(b),(c)and(d)and(II)within5daysoftherelevantdeliverydatewithrespecttoclause(viii)(h);

(C)iftheCollateralVesselisnotdeliveredwithinthetimeprescribedandtheproceedsoftheLoansarereturnedtotheAdministrativeAgentfordistributiontotheLenders,(i)theBorrowershallpayallaccruedinterestandfeesinrespectofsuchreturnedproceedsonthedatesuchproceedsarereturnedtotheAdministrativeAgentand(ii)therelevantavailableCommitmentswillbeincreasedbyanamountequaltotheaggregateprincipalamountoftheLoanproceedssoreturned;and

(D)iftheLoansareconvertedintoacurrencyotherthanDollarsfordepositwiththeSeller’sBankandtherelevantCollateralVesselisnotdeliveredwithinthetimeprescribedandtheproceedsoftheLoansarereturnedtotheAdministrativeAgentforfurtherdistributiontotheLenders,theBorrowershallpayanyandallfees,chargesandexpensesarisingfromsuchconversionintoanalternativecurrencyandanyfees,charges,expensesandshortfallsarisingfromtheconversionofsuchproceedsbackintoDollars.

TheacceptanceofthebenefitsofeachLoanshallconstitutearepresentationandwarrantybytheBorrowertotheAdministrativeAgentandeachoftheLendersthatalloftheapplicableconditionsspecifiedinthisSection5andapplicabletosuchBorrowinghavebeensatisfiedorwaivedasofthattime.AlloftheapplicableNotes,certificates,legalopinionsandotherdocumentsandpapersreferredtoinSection5(includingbyreferencetotheCollateralandGuarantyRequirements),unlessotherwisespecified,shallbedeliveredtotheAdministrativeAgentattheNoticeOfficefortheaccountofeachoftheLenders.

SECTION6RepresentationsandWarranties.InordertoinducetheLenderstoenterintothisAgreementandtomaketheLoans,theBorrowermakesthefollowingrepresentationsandwarranties,aftergivingeffecttotheTransaction,allofwhichshallsurvivetheexecutionanddeliveryofthisAgreementandtheNotesandthemakingoftheLoans,withtheborrowingofeachLoanonoraftertheClosingDatebeingdeemedtoconstitutearepresentationandwarrantythatthemattersspecifiedinthisSection6aretrueandcorrectinallmaterialrespectsonandasoftheClosingDateandoneachBorrowingDate(itbeingunderstoodandagreedthatanyrepresentationorwarrantywhichbyitstermsismadeasofaspecifieddateshallberequiredtobetrueandcorrectinallmaterialrespectsonlyasofsuchspecifieddate):

6.01Corporate/LimitedLiabilityCompany/LimitedPartnershipStatus.EachoftheBorrowerandtheSubsidiaryGuarantors(i)isduly

organized,validlyexistingandingoodstandingunderthelawsofthejurisdictionofitsincorporationorformationand(ii)isdulyqualifiedandisauthorizedtodobusinessandisingoodstandingineachjurisdictionwheretheconductofitsbusinessascurrentlyconductedrequiressuchqualifications,exceptforfailurestobesoqualifiedwhich,individuallyorintheaggregate,couldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

6.02CorporatePowerandAuthority.EachoftheBorrowerandtheSubsidiaryGuarantorshasthecorporateorotherapplicablepowerand

authorityto(i)ownitspropertyandassetsandtotransactthebusinessinwhichitiscurrentlyengagedandpresentlyproposestoengageand(ii)execute,deliverandperformthetermsandprovisionsofeachoftheCreditDocumentstowhichitispartyandhastakenorwilltakeinduecourseallnecessarycorporateorotherapplicableactiontoauthorizetheexecution,deliveryandperformancebyitofeachofsuchCreditDocuments.

6.03Title;MaintenanceofProperties.ExceptaspermittedbySection8.01,eachObligorhasgoodandindefeasibletitletoallpropertiesownedbyit,freeandclearofallLiens,otherthanPermittedLiens.

6.04LegalValidityandEnforceability.

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(a)EachObligorhasdulyexecutedanddeliveredeachoftheCreditDocumentstowhichitisparty,andeachofsuchCreditDocumentsconstitutesthelegal,validandbindingobligationofsuchObligorenforceableagainstsuchObligorinaccordancewithitsterms,excepttotheextentthattheenforceabilitythereofmaybelimitedbyapplicablebankruptcy,insolvency,fraudulentconveyance,reorganization,moratoriumorothersimilarlawsgenerallyaffectingcreditors’rightsandbyequitableprinciples(regardlessofwhetherenforcementissoughtinequityoratlaw).

(b)Aftertheexecutionanddeliverythereofanduponthetakingoftheactionsmentionedintheimmediatelysucceedingsentence,eachoftheSecurityDocumentscreatesinfavoroftheSecurityAgentforthebenefitoftheSecuredCreditorsalegal,validandenforceablefullyperfectedfirstprioritysecurityinterestinandLienonallright,titleandinterestoftheObligorspartytheretointheCollateraldescribedtherein,subjectonlytoPermittedLiens.SubjecttoSections5.02(f)and6.06,nofilingsorrecordingsarerequiredinordertoperfectthesecurityinterestscreatedunderanySecurityDocumentortoensurethelegality,validity,enforceabilityoradmissibilityinevidenceofanyCreditDocument;exceptforfilingsorrecordingswhichshallhavebeenmadeonorpriortoeachBorrowingDate.

(c)EachoftheCreditDocumentsisor,whenexecutedwillbe,inproperlegalformunderthelawsoftheRepublicoftheMarshallIslandsandtheapplicableAcceptableFlagJurisdictionfortheenforcementthereofundersuchlaws,subjectonlytosuchmatterswhichmayaffectenforceabilityarisingunderthelawoftheStateofNewYork.Toensurethelegality,validity,enforceabilityoradmissibilityinevidenceofeachsuchCreditDocumentintheRepublicoftheMarshallIslandsandtheapplicableAcceptableFlagJurisdiction,itisnotnecessarythatanyCreditDocumentoranyotherdocumentbefiledorrecordedwithanycourtorotherauthorityintheapplicableAcceptableFlagJurisdiction,exceptashavebeenmade,orwillbemade,onorpriortoeachBorrowingDate.

(d)NoneoftheObligorshasaplaceofbusinessinanyjurisdictionwhichrequiresanyoftheSecurityDocumentstobefiledorregisteredinthatjurisdictiontoensurethevalidityoftheSecurityDocumentstowhichitisapartyunlessallsuchfilingsandregistrationshavebeenmadeorwillbemadeonorpriortoeachBorrowingDate.

6.05NoViolation.Neithertheexecution,deliveryorperformancebyanyObligoroftheCreditDocumentstowhichitisaparty,norcompliancebyitwiththetermsandprovisionsthereof,will(i)contraveneanymaterialprovisionofanyapplicablelaw,statute,ruleorregulationoranyapplicableorder,judgment,writ,injunctionordecreeofanycourtorgovernmentalinstrumentality,(ii)violate,conflictwithorresultinanybreachofanyoftheterms,covenants,conditionsorprovisionsof,orconstituteadefaultunder,orresultinthecreationorimpositionof(ortheobligationtocreateorimpose)anyLien(exceptPermittedLiens)uponanyofthematerialpropertiesorassetsoftheBorroweranditsSubsidiariespursuanttothetermsofanyindenture,mortgage,deedoftrust,creditagreementorloanagreement,oranyothermaterialagreement,contractorinstrument,towhichanyoftheBorroweranditsSubsidiariesisapartyorbywhichitoranyofitsmaterialpropertyorassetsisboundortowhichitmaybesubjector(iii)violateanyprovisionoftheOrganizationalDocumentsofanyoftheBorroweranditsSubsidiaries.

6.06GovernmentalApprovals.

(a)Noorder,consent,approval,license,authorizationorvalidationof,orfiling,recordingorregistrationwithorexemptionby,any

GovernmentalAuthorityorpublicbody,oranysubdivisionthereof,isrequiredtoauthorize,orisrequiredinconnectionwith,(i)theexecution,deliveryandperformancebyanyObligorofanyCreditDocumenttowhichitisapartyor(ii)thelegality,validity,bindingeffectorenforceabilityofanyCreditDocumenttowhichitisaparty,ineachcase,except(x)as

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havebeenobtainedormadeor(y)filingsorotherrequisiteactionsnecessarytoperfectorestablishthepriorityoftheLienscreatedundertheSecurityDocuments.

(b)NofeesorTaxes,including,withoutlimitation,stamp,transaction,registrationorsimilarTaxes,arerequiredtobepaidtoensurethelegality,validity,orenforceabilityofthisAgreementoranyoftheotherCreditDocumentsotherthanrecordingandfilingfeesand/orTaxeswhichhavebeen,orwillbe,paidasandtotheextentdue.UnderthelawsoftheRepublicoftheMarshallIslands,thechoiceofthelawsoftheStateofNewYorkassetforthintheCreditDocumentswhicharestatedtobegovernedbythelawsoftheStateofNewYorkisavalidchoiceoflaw,andtheirrevocablesubmissionbyeachObligortojurisdictionandconsenttoserviceofprocessand,wherenecessary,appointmentbysuchObligorofanagentforserviceofprocess,ineachcaseassetforthinsuchCreditDocuments,islegal,valid,bindingandeffective.

6.07BalanceSheets;FinancialCondition;UndisclosedLiabilities.

(a)(i)TheauditedconsolidatedbalancesheetoftheBorroweranditsSubsidiariesatDecember31,2017andtherelatedconsolidatedstatementsofincomeandcashflowsandchangesinshareholders’equityoftheBorroweranditsSubsidiariesforthefiscalyearendedonDecember31,2017ineachcasefurnishedtotheLenderspriortotheClosingDate,presentfairlyinallmaterialrespectstheconsolidatedfinancialpositionoftheBorroweranditsSubsidiariesatthedateofsaidfinancialstatementsandtheresultsfortherespectiveperiodscoveredtherebyand(ii)theunauditedconsolidatedbalancesheetoftheBorroweranditsSubsidiariesatJune30,2018andtherelatedconsolidatedstatementsofincomeandcashflowsandchangesinshareholders’equityoftheBorroweranditsSubsidiariesforthethree-monthperiodendedonsuchdate,furnishedtotheLenderspriortotheClosingDate,presentfairlyinallmaterialrespectstheconsolidatedfinancialconditionoftheBorroweranditsSubsidiariesatthedateofsaidfinancialstatementsandtheresultsfortheperiodcoveredthereby,subjecttonormalyear-endadjustments.AllsuchfinancialstatementshavebeenpreparedinaccordancewithGAAPconsistentlyappliedexcepttotheextentprovidedinthenotestosaidfinancialstatementsandsubject,inthecaseoftheunauditedfinancialstatements,tonormalyear-endauditadjustmentsandtheabsenceoffootnotes.

(b)AllfinancialstatementsprovidedpursuanttoSection7.01(a)andSection7.01(b)havebeenpreparedinaccordancewithGAAPconsistentlyappliedexcepttotheextentprovidedinthenotestosaidfinancialstatementsandsubject,inthecaseoftheunauditedfinancialstatements,tonormalyear-endauditadjustmentsandtheabsenceoffootnotes.

(c)ExceptasfullydisclosedinthebalancesheetsdeliveredpursuanttoSection6.07(a)or(b),therewereasofthedateofdeliveryofsuchbalancesheetsnoliabilitiesorobligationswithrespecttotheBorroweroranyofitsSubsidiariesofanynaturewhatsoever(whetherabsolute,accrued,contingentorotherwiseandwhetherornotdue)which,eitherindividuallyorintheaggregate,wouldbemateriallyadversetotheBorroweranditsSubsidiariestakenasawhole.Asofthedateofdeliveryofsuchbalancesheets,noneoftheObligorsknowsofanybasisfortheassertionagainstitofanyliabilityorobligationofanynaturethatisnotfairlydisclosed(including,withoutlimitation,astotheamountthereof)inthebalancesheetsdeliveredpursuanttoSection6.07(a)which,eitherindividuallyorintheaggregate,couldreasonablybeexpectedtobemateriallyadversetotheBorroweranditsSubsidiariestakenasawhole.

6.08Litigation.Thereisnolitigationpendingor,totheknowledgeofanyObligor,threatenedagainsttheBorroweroranyofitsSubsidiaries(i)withrespecttotheTransactionsor(ii)whichcouldreasonablybeexpectedtohave,eitherindividuallyorintheaggregate,aMaterialAdverseEffect.

6.09TrueandCompleteDisclosure.

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(a)Allfactualinformation(takenasawhole)furnishedbyoronbehalfoftheObligorsinwritingtotheAdministrativeAgentoranyLender(including,withoutlimitation,allinformationcontainedintheCreditDocumentstowhichanyObligorisapartyandanyfinancialstatementsreferredtoinSection6.07(a))forpurposesoforinconnectionwiththisAgreement,theotherCreditDocumentsoranytransactioncontemplatedhereinorthereinis,andallothersuchfactualinformation(takenasawhole)hereafterfurnishedbyoronbehalfofanyObligorinwritingtotheAdministrativeAgentoranyLenderwillbe,trueandaccurateinallmaterialrespectsanddidnotfailtostateanyfactnecessarytomakesuchinformation(takenasawhole)notmisleadinginanymaterialrespectatsuchtimeassuchinformationwasprovided(or,ifsuchinformationexpresslyrelatestoaspecificdate,asofsuchspecificdate).

(b)TheprojectionsdeliveredtotheAdministrativeAgentandtheLenderspriortotheClosingDatehavebeenpreparedingoodfaithandarebasedonreasonableassumptions(itbeingunderstoodthatsuchfinancialprojectionsaresubjecttouncertaintiesandcontingencies,whichmaybebeyondthecontroloftheBorrowerandthatnoassurancesaregivenbytheBorrowerthattheprojectionswillberealized).

(c)AsoftheClosingDate,theinformationcontainedintheBeneficialOwnershipCertificationistrueandcorrectinallrespects.

6.10UseofProceeds;MarginRegulations.

(a)AllproceedsoftheLoansshallbeused(i)tofinance,inpart,theacquisitioncostsoftheCollateralVessels,and/or(ii)toreimbursetheBorroweranditsSubsidiariesfromtimetotime,inpart,fortheacquisitioncostsoftheCollateralVessels,and/or(iii)forpaymentoffeesandexpensesrelatingtotheTransaction.

(b)NopartoftheproceedsofanyLoanswillbeusedtobuyorcarryanyMarginStockortoextendcreditforthepurposeofbuyingorcarryinganyMarginStock.NeitherthemakingofanyLoannortheuseoftheproceedsthereofwillviolateorbeinconsistentwiththeMarginRegulations.

(c)NoproceedsoftheLoansshallbeusedormadeavailabledirectlyorindirectlytofund,finance,orfacilitateanyactivities,businessortransactionoforwithanyRestrictedParty,orinanySanctionedCountry,inviolationofanySanctionsLaws,norshalltheyotherwisebeappliedinamannerorforapurposeprohibitedbySanctionsLawsorinanymannerthatcouldreasonablybeexpectedtoresultinanyLenderCreditororanyObligorbeinginviolationofSanctionsLaws.

(d)NoproceedsoftheLoansshallbeused,directlyor,totheknowledgeofanyoftheBorroweranditsSubsidiariesaftermakingdueinquiry,indirectly,infurtheranceofanoffer,payment,promisetopay,orauthorizationofapaymentorgivingofmoney,oranythingelseofvalue,toaForeignOfficialoranypersoninviolationoftheUnitedStatesForeignCorruptPracticesAct,15U.S.C.§§78dd-1etseq.(“FCPA”),theUKBriberyAct2010,andtheanti-briberyandanti-corruptionlawsofthosejurisdictionsinwhichitdoesbusiness(collectively,the“Anti-CorruptionLaws”).

(e)TheBorrowerisactingforitsownaccountandtheaccountofitsSubsidiariesinconnectionwithaborrowingofLoans,theperformanceanddischargeofitsobligationsandliabilitiesunderthisAgreementoranyoftheotherCreditDocumentsandthetransactionsandotherarrangementseffectedorcontemplatedherebyortherebyandthattheforegoingwillnotinvolveorleadtoacontraventionofanylaw,officialrequirementorotherregulatorymeasureorprocedurewhichhasbeenimplementedtocombatMoneyLaundering.

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6.11Taxes;TaxReturnsandPayments.

(a)AllpaymentswhichanObligorisliabletomakeundertheCreditDocumentstowhichitisapartycanproperlybemadewithoutdeductionorwithholdingfororonaccountofanyTaxpayableunderanylawofanyrelevantjurisdictionapplicableasoftheClosingDate.

(b)TheBorrowerandeachofitsSubsidiarieshastimelyfiledwiththeappropriateGovernmentalAuthorities(orobtainedextensionswithrespectthereto)allU.S.federalincometaxreturns,statements,formsandreportsforTaxesandallothermaterialU.S.andnon-U.S.taxreturns,statements,formsandreportsforTaxesrequiredtobefiledbyorwithrespecttotheincome,propertiesoroperationsoftheBorrowerand/oranyofitsSubsidiaries(the“Returns”).AllsuchReturnsaccuratelyreflectinallmaterialrespectsallliabilityforTaxesoftheBorroweranditsSubsidiariesasawholefortheperiodscoveredthereby.TheBorrowerandeachofitsSubsidiarieshaveatalltimespaid,orhaveprovidedadequatereserves(inaccordancewithGAAP)forthepaymentof,allTaxespayablebythem.

(c)Thereisnoaction,suit,proceeding,investigation,audit,orclaimnowpendingor,tothebestknowledgeoftheBorroweroranyofitsSubsidiaries,threatenedbyanyauthorityregardinganyTaxesrelatingtotheBorroweroranyofitsSubsidiaries.

(d)AsoftheClosingDate,neithertheBorrowernoranyofitsSubsidiarieshasenteredintoanagreementorwaiverorbeenrequestedtoenterintoanagreementorwaiverextendinganystatuteoflimitationsrelatingtothepaymentorcollectionofmaterialTaxesoftheBorroweroranyofitsSubsidiaries,orisawareofanycircumstancesthatwouldcausethetaxableyearsorothertaxableperiodsoftheBorroweroranyofitsSubsidiariesnottobesubjecttothenormallyapplicablestatuteoflimitations.

6.12CompliancewithERISA.(a)ExceptaswouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect,individuallyorinthe

aggregate,

(i) each Plan (and each related trust, insurance contract or fund), other than any Multiemployer Plan and each trust related to theMultiemployerPlan,isincompliancewithitstermsandwithallapplicablelaws,includingwithoutlimitationERISAandtheCode;

(ii)eachPlan(andeachrelatedtrust,ifany),otherthananyMultiemployerPlanandanytrustrelatedtotheMultiemployerPlan,whichis

intendedtobequalifiedunderSection401(a)oftheCodehasreceivedafavorabledeterminationletterfromtheInternalRevenueService,orstillhasaremainingperiodoftimeinwhichtoapplyfororreceivesuchletterandtomakeanyamendmentsnecessarytoobtainafavorabledetermination;

(iii)noReportableEventhasoccurred;(iv)totheknowledgeoftheBorrower,noMultiemployerPlanisinsolventorincriticalstatus;(v)noPlan(otherthanaMultiemployerPlan)hasanUnfundedCurrentLiability;(vi) each Plan (other than a Multiemployer Plan) which is subject to Section 412 of the Code or Section 302 of ERISAsatisfies the

minimumfundingstandardofsuchsectionsoftheCodeorERISA,andnosuchPlanhasappliedfororreceivedawaiveroftheminimumfundingstandardoranextensionofanyamortizationperiod,withinthemeaningofSection412oftheCodeorSection303ofERISA;

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(vii)allcontributionsrequiredtobemadebytheBorroweroranyofitsSubsidiariesorERISAAffiliateswithrespecttoaPlansubjecttoTitleIVofERISAhavebeenorwillbetimelymade(exceptasdisclosedonScheduleVhereto);

(viii) neither the Borrower nor any of its Subsidiaries nor any ERISAAffiliate has any liability (including any indirect, contingent or

secondary liability) to or on account of a Plan pursuant to Section 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 4975 of the Code orreasonablyexpectstoincuranysuchliabilityunderanyoftheforegoingsectionswithrespecttoanyPlan;

(ix) neither the Borrower nor any of its Subsidiaries nor any ERISAAffiliate has received written notice from the PBGCor a plan

administrator(inthecaseofaMultiemployerPlan)indicatingthatproceedingshavebeeninstitutedbythePBGCtoterminateorappointatrusteetoadministeranyPlanwhichissubjecttoTitleIVofERISA;

(x)noaction,suit,proceeding,hearing,auditorinvestigationwithrespecttotheadministration,operationortheinvestmentofassetsof

anyPlan,otherthanaMultiemployerPlan,(otherthanroutineclaimsforbenefits)ispending,or,tothebestknowledgeoftheBorrower,expectedorthreatened;(xi)usingactuarialassumptionsandcomputationmethodsconsistentwithPart1ofsubtitleEofTitleIVofERISA,theBorrowerandits

SubsidiariesandERISAAffiliateshavenotincurredanyliabilitiestoanyPlanswhichareMultiemployerPlansasaresultofacompletewithdrawaltherefrom;(xii)nolienimposedundertheCodeorERISAontheassetsoftheBorroweroranyofitsSubsidiariesoranyERISAAffiliatewithrespect

toaPlanexistsandnoeventhasoccurredwhichcouldreasonablybeexpectedtogiverisetoanysuchlienonaccountofanyPlan(otherthanaMultiemployerPlan);and

(xiii)theBorroweranditsSubsidiariesdonotmaintainorcontributetoanyemployeewelfareplan(asdefinedinSection3(1)ofERISAand

subject to ERISA) which provides post-employment health benefits to retired employees or other former employees (other than as required by Section 601 ofERISAorothersimilarandapplicablelaw).

(b)ExceptaswouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect,individuallyorintheaggregate,(i)eachForeignPensionPlanhasbeenmaintainedincompliancewithitstermsandwiththerequirementsofanyandallapplicablelaws,statutes,rules,regulationsandordersandhasbeenmaintained,whererequired,ingoodstandingwithapplicableregulatoryauthorities;(ii)allcontributionsrequiredtobemadewithrespecttoaForeignPensionPlanhavebeenorwillbetimelymade;(iii)neithertheBorrowernoranyofitsSubsidiarieshasincurredanyobligationinconnectionwiththeterminationoforwithdrawalfromanyForeignPensionPlan;and(iv)thepresentvalueoftheaccruedbenefitliabilities(whetherornotvested)undereachForeignPensionPlan,determinedasoftheendoftheBorrower’smostrecentlyendedfiscalyearonthebasisofreasonableactuarialassumptions,didnotexceedthecurrentvalueoftheassetsofsuchForeignPensionPlanallocabletosuchbenefitliabilities.

6.13SecurityDocuments.Aftertheexecutionanddeliverythereofanduponthetakingoftheactionsmentionedintheimmediately

succeedingsentence,eachoftheSecurityDocumentswillcreateinfavoroftheSecurityAgentforthebenefitoftheSecuredCreditorsalegal,validandenforceablefullyperfectedfirstprioritysecurityinterestinandLienonallright,titleandinterestoftheObligorspartytheretointheCollateraldescribedtherein,subjecttonootherLiensotherthanPermitted

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Liens.NofilingsorrecordingsarerequiredinordertoperfectthesecurityinterestscreatedunderanySecurityDocumentexceptforfilingsorrecordingstobemadeonorpriortotheClosingDatepursuanttotheSecurityDocuments.

6.14RepresentationsandWarrantiesinDocuments.OneachBorrowingDate,allrepresentationsandwarrantiesmadebytheBorroweranditsSubsidiariesintheotherCreditDocumentsweretrueandcorrectinallmaterialrespectsatthetimeatwhichsuchrepresentationsandwarrantiesweremade(ordeemedmade).

6.15Subsidiaries.OnandasoftheClosingDate,theBorrowerhasnoSubsidiariesotherthanthoseSubsidiarieslistedonScheduleIII.

ScheduleIIIsetsforth,asoftheClosingDate,thepercentageownership(directandindirect)oftheBorrowerineachclassofcapitalstockorotherEquityInterestsofeachofitsSubsidiariesandalsoidentifiesthedirectownerthereof.AlloutstandingsharesofEquityInterestsofeachSubsidiaryoftheBorrowerhavebeendulyandvalidlyissued,arefullypaidandnon-assessableandhavebeenissuedfreeofpreemptiverights.NoSubsidiaryoftheBorrowerhasoutstandinganysecuritiesconvertibleintoorexchangeableforitsEquityInterestsoroutstandinganyrighttosubscribeforortopurchase,oranyoptionsorwarrantsforthepurchaseof,oranyagreementprovidingfortheissuance(contingentorotherwise)oforanycalls,commitmentsorclaimsofanycharacterrelatingto,itsEquityInterestsoranystockappreciationorsimilarrights.

6.16CompliancewithStatutes,etc.TheBorroweranditsSubsidiariesareincompliancewithallapplicablestatutes,regulationsand

ordersof,andallapplicablerestrictionsimposedby,allgovernmentalbodies,domesticorforeign,inrespectoftheconductofitsbusinessandtheownershipofitsproperty,exceptsuchnoncomplianceascouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect.

6.17InvestmentCompanyAct.NeithertheBorrowernoranyoftheSubsidiaryGuarantorsisan“investmentcompany”oracompany

“controlled”byan“investmentcompany,”withinthemeaningoftheInvestmentCompanyActof1940,asamended.

6.18PollutionandOtherRegulations.(a)EachoftheBorroweranditsSubsidiariesisincompliancewithallapplicableEnvironmentalLawsincludingthosegoverningitsbusiness,FleetVessels,andanyotherfacilityorvesselowned,leased,operatedoroccupiedbytheBorroweroranyofitsSubsidiaries,exceptforsuchfailurestocomplyascouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect,andneithertheBorrowernoranyofitsSubsidiariesisliableforanymaterialpenalties,finesorforfeituresforfailuretocomplywithanyoftheforegoing.

(b)Alllicenses,permits,registrationsorapprovalsrequiredforthebusinessoftheBorrowerandeachofitsSubsidiaries,as

conductedasoftheClosingDate,FleetVessels,RealProperty,andanyotherfacilityorvesselowned,operatedoroccupiedbytheBorroweroranyofitsSubsidiariesunderanyEnvironmentalLawhavebeensecuredandtheBorrowerandeachofitsSubsidiariesisinsubstantialcompliancetherewith,exceptforsuchfailurestosecureorcomplyascouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

(c)NeithertheBorrowernoranyofitsSubsidiariesis,toitsknowledge,inanyrespectinnoncompliancewith,breachofordefault

underanyapplicablewrit,order,judgment,injunction,ordecreetowhichtheBorrowerorsuchSubsidiaryisapartyorwhichwouldaffecttheabilityoftheBorrowerorsuchSubsidiarytooperateanyFleetVessel,RealPropertyorotherfacilityorvesselandnoeventhasoccurredandiscontinuingwhich,withthepassageoftimeorthegivingofnoticeorboth,wouldconstitutenoncompliance,breachofordefaultthereunder,exceptineachsuchcase,suchnoncompliance,breachesordefaultsascouldnotreasonablybeexpectedto,individuallyorintheaggregate,haveaMaterialAdverseEffect.

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(d)TherearenoEnvironmentalClaimspendingor,totheknowledgeoftheBorrower,threatenedagainsttheBorroweroranyofitsSubsidiarieswhich,eitherindividuallyorintheaggregate,couldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

(e)Therearenofacts,circumstances,conditionsoroccurrencesonorrelatingtothepastorpresentbusinessoftheBorrowerand

eachofitsSubsidiaries,anyFleetVessel,RealPropertyorotherfacilityorvesselcurrentlyorformerlyowned,operatedoroccupiedbytheBorroweroranyofitsSubsidiariesthatisreasonablylikely(i)toformthebasisofanEnvironmentalClaimagainsttheBorroweroranyofitsSubsidiaries,includingrelatingtoanyCollateralVessel,RealPropertyorotherfacilityorvesselownedbytheBorroweroranyitsSubsidiariesor(ii)tocausesuchFleetVessel,RealPropertyorotherfacilityorvesseltobesubjecttoanyrestrictionsonitsownership,occupancy,useortransferabilityunderanyEnvironmentalLaw,exceptineachsuchcase,suchEnvironmentalClaimsorrestrictionsthatindividuallyorintheaggregatecouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

(f)HazardousMaterialshavenotatanytimepriortotheClosingDate,been(i)generated,used,treatedorstoredon,ortransported

toorfrom,anyFleetVessel,RealPropertyorotherfacilityorvesselatanytimeowned,operatedoroccupiedbytheBorroweroranyoftheSubsidiaryGuarantorsor(ii)ReleasedonorfromanysuchFleetVessel,RealPropertyorotherfacilityorvessel,exceptineachcaseforclauses(i)and(ii)abovewheresuchoccurrenceorevent,eitherindividuallyorintheaggregate,isreasonablylikelytohaveaMaterialAdverseEffect.

6.19LaborRelations.NeithertheBorrowernoranyofitsSubsidiariesisengagedinanyunfairlaborpracticethatcouldreasonablybe

expectedtohaveaMaterialAdverseEffectandthereis(i)nounfairlaborpracticecomplaintpendingagainsttheBorroweroranyoftheitsSubsidiaries,totheBorrower’sknowledge,threatenedagainstanyofthembeforetheNationalLaborRelationsBoard,andnomaterialgrievanceorarbitrationproceedingarisingoutoforunderanycollectivebargainingagreementissopendingagainsttheBorroweroranyofitsSubsidiariesor,totheBorrower’sknowledge,threatenedagainstanyofthem,(ii)nostrike,labordispute,slowdownorstoppagependingagainsttheBorroweroranyofsuchSubsidiariesor,totheBorrower’sknowledge,threatenedagainsttheBorroweroranyofsuchSubsidiariesand(iii)nounionrepresentationproceedingpendingwithrespecttotheemployeesoftheBorroweroranyofsuchSubsidiaries,except(withrespecttothemattersspecifiedinclauses(i),(ii)and(iii)above)ascouldnot,eitherindividuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect.

6.20Patents,Licenses,FranchisesandFormulas.EachoftheBorrowerandeachofitsSubsidiariesowns,orhastherighttouse,all

materialpatents,trademarks,permits,servicemarks,tradenames,copyrights,licenses,franchisesandformulas,andhasobtainedassignmentsofallleasesandotherrightsofwhatevernature,necessaryforthepresentconductofitsbusiness,withoutanyknownconflictwiththerightsofothers,exceptforsuchfailuresandconflictswhichcouldnot,eitherindividuallyorintheaggregate,reasonablybeexpectedtoresultinaMaterialAdverseEffect.

6.21FinancialIndebtedness.ScheduleVIIIsetsforthatrueandcompletelistofallFinancialIndebtednessoftheBorrowerandits

SubsidiariesasoftheClosingDateandwhichistoremainoutstandingaftereachBorrowingDate,ineachcaseshowingtheaggregateprincipalamountthereofandthenameoftheborrowerthereunderandanyotherentitywhichdirectlyorindirectlyguaranteessuchdebt.

6.22Insurance.ScheduleIV-BheretosetsforthatrueandcompletelistingofallinsurancemaintainedbyeachObligorwith,asofthe

ClosingDate,theamountsinsured(andanydeductibles)setforththerein;providedthatScheduleIV-BshallbeupdateduponeachBorrowingDateto

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reflecttheinsurancemaintainedfortheCollateralVessel(s)withrespecttowhichLoansaremadeonsuchBorrowingDate.

6.23ConcerningtheCollateralVessels.Thename,registeredowner(whichshallbeaSubsidiaryGuarantor),IMOnumber,jurisdictionofregistrationandflag(whichshallbeinanAcceptableFlagJurisdiction),vesseltype,deadweighttonnage,builder’shullnumberandbuiltdateofeachCollateralVessel(oreachvesselintendedtobeaCollateralVessel,asthecasemaybe)shallbesetforthonScheduleVIheretoalongwiththe“MaximumLoanAmount”foreachCollateralVesselreferredtoinSection2.01,whichScheduleshallbeupdatedbywrittennoticetotheAdministrativeAgentandtheSecurityAgentpriortoorconcurrentlywitheachBorrowingDatetoincorporateeachadditionalCollateralVessel.EachCollateralVesselownedortobeownedbyaSubsidiaryGuarantorortheBorrowerwillbeoperatedinmaterialcompliancewithallapplicablelaw,rulesandregulations.

6.24Citizenship.TheBorrowerandeachotherObligorwhichownsoroperates,orwillownoroperate,oneormoreCollateralVesselsis

qualifiedtoownandoperatesuchCollateralVesselunderthelawsoftheRepublicoftheMarshallIslandsortheRepublicofLiberia,asapplicable,orsuchotherjurisdictioninwhichanysuchCollateralVesselispermitted,orwillbepermitted,tobeflaggedinaccordancewiththetermsoftherespectiveCollateralVesselMortgages.

6.25VesselClassification;Flag.EachCollateralVesselis(i)classifiedinthehighestclassavailableforvesselsofitsageandtypebyan

AcceptableClassificationSociety,freeofanyconditionsorrecommendations,otherthanaspermitted,oraswillbepermitted,undertheCollateralVesselMortgagesand(ii)flaggedinanAcceptableFlagJurisdiction.

6.26Anti-MoneyLaunderingandSanctionsLaws.

(a)Totheextentapplicable,eachoftheBorroweranditsSubsidiariesisincompliance,inallmaterialrespects,with(i)theTrading

withtheEnemyAct,asamended,andeachoftheforeignassetscontrolregulationsoftheUnitedStatesTreasuryDepartment(31C.F.R.,SubtitleB,ChapterV,asamended)andanyotherenablinglegislationorexecutiveorderrelatingthereto,(ii)allUnitedStateslawsrelatingtoterrorismormoneylaunderingincludingtheExecutiveOrder,(iii)thePATRIOTActand(iv)anyanalogousEuropeanUnionorotherapplicablelaw,ruleorregulation.

(b)NoneoftheBorroweranditsSubsidiariesnor,aftermakingdueinquiry,anyAffiliateofanyoftheBorroweranditsSubsidiaries,is,orwillbeafterconsummationoftheTransactionandapplicationoftheproceedsoftheLoans,aRestrictedParty.

(c)TheBorroweranditsSubsidiariesdonot,inviolationofSanctionsLaw,dealin,orotherwiseengageinanytransactionrelatingto,anypropertyorinterestsinpropertyblockedpursuanttoSanctionsLaworengageinorconspiretoengageinanytransactionthatevadesoravoids,orhasthepurposeofevadingoravoiding,orattemptstoviolate,anyoftheprohibitionssetforthinanySanctionsLaw.

(d)EachoftheBorroweranditsSubsidiariesandtheirrespectivedirectors,officers,employeesor,totheknowledgeoftheBorroweranditsSubsidiariesaftermakingdueinquiry,Affiliates,agentsorrepresentativeshasbeenforthepastfiveyearsandisincomplianceinallmaterialrespectswithSanctionsLawsandapplicableAnti-CorruptionLawsandanti-moneylaunderinglawsorregulationsinanyapplicablejurisdiction.

(e)NoneoftheBorrowernoritsSubsidiaries,northeirrespectivedirectors,officers,employees,or,totheknowledgeoftheBorroweranditsSubsidiariesaftermakingdueinquiry,agentsorrepresentatives(i)isaRestrictedParty,orisinvolvedinanytransactionthroughwhichitislikelyto

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becomeaRestrictedParty;or(ii)issubjecttoorinvolvedinanyinquiry,claim,action,suit,proceedingorinvestigationagainstitwithrespecttoSanctionsLawsbyanySanctionsAuthority.

(f)EachoftheBorroweranditsSubsidiarieshasimplementedandmaintainsineffectpoliciesandprocedureswithrespectAnti-CorruptionLaws,SanctionsLawsandanti-moneylaunderinglaws,whichpoliciesandproceduresaredesignedtopromotecompliancewithSanctionsLaws,Anti-CorruptionLawsandanti-moneylaunderinglawsbyit,itsSubsidiariesandtheirrespectivedirectors,officers,employeesandagentsandsuchpartiesarerequiredtocomplytherewith.

6.27NoImmunity.TheBorrowerdoesnot,nordoesanyotherObligororanyoftheirrespectiveproperties,haveanyrightofimmunity

onthegroundsofsovereigntyorotherwisefromthejurisdictionofanycourtorfromsetofforanylegalprocess(whetherthroughserviceornotice,attachmentpriortojudgment,attachmentinaidofexecution,executionorotherwise)underthelawsofanyjurisdiction.TheexecutionanddeliveryoftheCreditDocumentsbytheObligorsandtheperformancebythemoftheirrespectiveobligationsthereunderconstitutecommercialtransactions.

6.28FeesandEnforcement.NofeesorTaxes,including,withoutlimitation,stamp,transaction,registrationorsimilarTaxes,arerequired

tobepaidtoensurethelegality,validity,orenforceabilityofthisAgreementoranyoftheotherCreditDocumentsotherthanrecordingtaxeswhichhavebeen,orwillbe,paidasandtotheextentdue.UnderthelawsoftheeachapplicableAcceptableFlagJurisdiction,thechoiceofthelawsoftheStateofNewYorkassetforthintheCreditDocumentswhicharestatedtobegovernedbythelawsoftheStateofNewYorkisavalidchoiceoflaw,andtheirrevocablesubmissionbyeachObligortojurisdictionandconsenttoserviceofprocessand,wherenecessary,appointmentbysuchObligorofanagentforserviceofprocess,ineachcaseassetforthinsuchCreditDocuments,islegal,valid,bindingandeffective.

6.29FormofDocumentation.EachoftheCreditDocumentsisinproperlegalformunderthelawsoftheapplicableAcceptableFlag

Jurisdictionfortheenforcementthereofundersuchlaws,subjectonlytosuchmatterswhichmayaffectenforceabilityarisingunderthelawoftheStateofNewYork.Toensurethelegality,validity,enforceabilityoradmissibilityinevidenceofeachsuchCreditDocumentintheapplicableAcceptableFlagJurisdiction,itisnotnecessarythatanyCreditDocumentoranyotherdocumentbefiledorrecordedwithanycourtorotherauthorityintheapplicableAcceptableFlagJurisdiction,ornotarizedorexecutedunderseal,orphysicallyexecutedinanysuchjurisdiction,exceptashavebeenmade,orwillbemade,onorpriortoeachBorrowingDate.

6.30NoMaterialAdverseEffect.SinceDecember31,2017,nothinghasoccurredthathashadorcouldreasonablybeexpectedtohavea

MaterialAdverseEffect.

6.31PariPassuorPriorityStatus.TheclaimsoftheAdministrativeAgent,theSecurityAgentandtheLendersagainsttheBorrowerandtheotherObligorsunderthisAgreementortheotherCreditDocumentswillrankatleastparipassuwiththeclaimsofallunsecuredcreditorsoftheBorroweroranyotherObligor,asthecasemaybe(otherthanclaimsofsuchcreditorstotheextentthattheyarestatutorilypreferred),andseniorinprioritytotheclaimsofanycreditoroftheBorroweroranyotherObligor.

6.32Solvency;Winding-up,etc.(a)OnandasoftheClosingDateandeachBorrowingDateandaftergivingeffecttotheTransaction

andtoallFinancialIndebtedness(includingtheLoans)beingincurredorassumedandLienscreatedbytheObligorsinconnectiontherewith(i)thesumoftheassets(includingitsrightofcontributionandsubrogationitmayhavewithrespecttoanyotherPerson),atafairvaluation,ofeachObligoronastand-alonebasisandoftheBorroweranditsSubsidiariestakenasawholewillexceedtheirrespectivedebts,(ii)eachObligoronastand-alonebasisandtheBorroweranditsSubsidiariestakenasawholehavenotincurredanddonotintendtoincur,and

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donotbelievethattheywillincur,debtsbeyondtheirrespectiveabilitytopaysuchdebtsassuchdebtsmatureand(iii)eachObligoronastand-alonebasisandtheBorroweranditsSubsidiariestakenasawholedonothaveunreasonablysmallworkingcapitalwithwhichtocontinuetheirrespectivebusinesses.ForpurposesofthisSection6.32(a),“debt”shallmeananyliabilityonaclaim,and“claim”shallmean(x)righttopayment,whetherornotsucharightisreducedtojudgment,liquidated,unliquidated,fixed,contingent,matured,unmatured,disputed,undisputed,legal,equitable,secured,orunsecuredor(y)righttoanequitableremedyforbreachofperformanceifsuchbreachgivesrisetoapayment,whetherornotsuchrighttoanequitableremedyisreducedtojudgment,fixed,contingent,matured,unmatured,disputed,undisputed,securedorunsecured.Theamountofcontingentliabilitiesatanytimeshallbecomputedastheamountthat,inthelightofallthefactsandcircumstancesexistingatsuchtime,representstheamountthatcanreasonablybeexpectedtobecomeanactualormaturedliability.

(b)NeithertheBorrowernoranyotherObligorhastakenanycorporateactionnorhaveanyotherstepsbeentakenorlegalproceedingsbeenstartedor(toitsknowledgeandbelief)threatenedagainstanyofthemforthewinding-up,dissolutionorfortheappointmentofaliquidator,administrator,receiver,administrativereceiver,trusteeorsimilarofficerofanyofthemoranyoralloftheirassetsorrevenuesnorhaveanyofthemsoughtanyotherreliefunderanyapplicableinsolvencyorbankruptcylaw.

6.33CompletenessofDocumentation.ThecopiesoftheTechnicalManagementAgreementsandanyVesselAcquisitionDocumentation

deliveredtotheAdministrativeAgentaretrueandcompletecopiesofeachsuchdocumentconstitutingvalidandbindingobligationsofthepartiestheretoenforceableinaccordancewiththeirrespectivetermsandnoactionhasbeentaken,tothebestknowledgeoftheBorrower,bythepartiestheretowhichwouldinanywayrendersuchdocumentinoperativeorunenforceable

SECTION7AffirmativeCovenants.TheBorrowerherebycovenantsandagreesthatonandaftertheClosingDateanduntiltheTotal

Commitments,LoansandNotes(ineachcasetogetherwithinterestthereon),FeesandallotherCreditDocumentObligations(otherthanindemnitiesdescribedinSection11.01(b)whicharenotthendueandpayable)incurredhereunderandthereunder,arepaidinfull:

7.01InformationCovenants.TheBorrowerwillfurnishtotheAdministrativeAgent,withsufficientcopiesforeachoftheLenders:

(a)QuarterlyFinancialStatements.CommencingwiththefiscalquarterendingSeptember30,2018,within45days(or,ifapplicable,

suchshorterperiodastheSecuritiesandExchangeCommissionshallspecifyforthefilingofquarterlyreportsonForm10-QiftheBorrowerisrequiredtofilesuchaquarterlyreport)aftertheendofeachofthefirstthreefiscalquartersofeachfiscalyear,(i)aconsolidatedbalancesheetandrelatedstatementsofoperationsandcashflowsshowingthefinancialpositionoftheBorroweranditsSubsidiariesasofthecloseofsuchfiscalquarterandtheconsolidatedresultsofitsoperationsduringsuchfiscalquarterandthethen-elapsedportionofthefiscalyearandsettingforthincomparativeformthecorrespondingfiguresforthecorrespondingperiodsofthepriorfiscalyear,allofwhichshallbeinreasonabledetailandwhichconsolidatedbalancesheetandrelatedstatementsofoperationsandcashflowsshallbecertifiedbyanAuthorizedOfficeroftheBorrowerasfairlypresenting,inallmaterialrespects,thefinancialpositionandresultsofoperationsoftheBorroweranditsSubsidiariesonaconsolidatedbasisinaccordancewithGAAP(subjecttonormalyear-endauditadjustmentsandtheabsenceoffootnotes)and(ii)management’sdiscussionandanalysisoftheimportantoperationalandfinancialdevelopmentsduringsuchfiscalquarters.

(b)AnnualFinancialStatements.Within90days(or,ifapplicable,suchshorterperiodastheSecuritiesandExchangeCommission

shallspecifyforthefilingofannualreportsonForm

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10-KiftheBorrowerisrequiredtofilesuchanannualreport)aftertheendofeachfiscalyear,(i)aconsolidatedbalancesheetandrelatedstatementsofoperations,cashflowsandowners’equityshowingthefinancialpositionoftheBorroweranditsSubsidiariesasofthecloseofsuchfiscalyearandtheconsolidatedresultsofitsoperationsduringsuchfiscalyearandsettingforthincomparativeformthecorrespondingfiguresforthepriorfiscalyear,whichconsolidatedbalancesheetandrelatedstatementsofoperations,cashflowsandowners’equityshallbeauditedbyindependentpublicaccountantsofrecognizednationalstandingandaccompaniedbyanopinionofsuchaccountants(whichshallnotbequalifiedinanymaterialrespect)totheeffectthatsuchconsolidatedfinancialstatementsfairlypresent,inallmaterialrespects,thefinancialpositionandresultsofoperationsoftheBorroweranditsSubsidiariesonaconsolidatedbasisinaccordancewithGAAPand(ii)management’sdiscussionandanalysisoftheimportantoperationalandfinancialdevelopmentsduringsuchfiscalyear.

(c)Projections,etc.Assoonasavailablebutnotmorethan45daysaftertheendofeachcalendaryear,cashflowprojections(includingabalancesheetandstatementofprofitandlossandcashflow)oftheBorroweranditsSubsidiariesinreasonabledetailforthecalendaryearinwhichsuchcashflowprojectionsareactuallydelivered.

(d)AppraisalReports.AtthetimeofdeliveryofthecertificatesprovidedforinSection7.01(e),andatanyothertimeattheoptionoftheBorrowerorwithin14daysofthewrittenrequestoftheAdministrativeAgent,AppraisalsforeachCollateralVesseldatednomorethan30dayspriortothedeliverythereof(itbeingunderstood,foravoidanceofdoubt,thattheAppraisalsrequiredpursuanttoSection5.02(e)shallbedatednomorethan60dayspriortodeliverythereof)informandsubstancereasonablyacceptabletotheAdministrativeAgentandfromtwoApprovedAppraisersstatingthethencurrentAppraisedValueofeachCollateralVessel.AllsuchAppraisalsshallbeconductedby,andmadeattheexpenseof,theBorrower(itbeingunderstoodthattheAdministrativeAgentmayand,attherequestoftheRequiredLenders,shall,uponnoticetotheBorrower,obtainsuchAppraisalsandthatthecostofallsuchAppraisalswillbefortheaccountoftheBorrower);providedthat,unlessanEventofDefaultshallthenbecontinuing,innoeventshalltheBorrowerberequiredtopayformorethantwoAppraisalsinexcessofthequarterlyAppraisalsobtainedpursuanttothisSection7.01(d)inanysinglefiscalyearoftheBorrower,withthecostofanysuchreportsinexcessthereoftobepaidbytheLendersonaproratabasis.

(e)Officer’sComplianceCertificates.

(i)AtthetimeofthedeliveryofthefinancialstatementsprovidedforinSections7.01(a)and(b),acertificateofanAuthorizedOfficeroftheBorrowersubstantiallyintheformofExhibitI-1(a“ComplianceCertificate”)totheeffectthatnoDefaultorEventofDefaulthasoccurredandiscontinuingor,ifanyDefaultorEventofDefaulthasoccurredandiscontinuing,specifyingthenatureandextentthereof(inreasonabledetail),whichcertificateshall(x)setforththecalculationsrequiredtoestablishwhethertheBorrowerisincompliancewiththeFinancialCovenantsattheendoftherelevantfiscalquarteroryear,asthecasemaybeand(y)certifythattherehavebeennochangestoanyoftherepresentationsorwarrantiessetforthineachoftheSecurityDocumentssincetheClosingDateor,iflater,sincethedateofthemostrecentcertificatedeliveredpursuanttothisSection7.01(e),oriftherehavebeenanysuchchanges,alistinreasonabledetailofsuchchangesandwhethertheBorrowerandtheotherObligorshaveotherwisetakenallactionsrequiredtobetakenbythempursuanttosuchSecurityDocumentsoranyoneofthem.

(ii)AtthetimeofthedeliveryoftheComplianceCertificateprovidedforinclause(i)above,acertificateofanAuthorizedOfficeroftheBorrowersubstantiallyintheformofExhibitI-2totheeffectthatnoDefaultorEventofDefaulthasoccurredandiscontinuingor,ifanyDefaultorEventofDefaulthasoccurredandiscontinuing,specifyingthenatureandextentthereof(inreasonabledetail),

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whichcertificateshallsetforththecalculationsrequiredtoestablishwhethertheBorrowerisincompliancewiththeFinancialCovenantsetforthinSection8.07(d).

(iii)AtthetimeofaCollateralDispositioninrespectofanyCollateralVessel,acertificateofanAuthorizedOfficeroftheBorrowerwhichcertificateshall(x)certifyonbehalfoftheBorrowerthelastAppraisalsreceivedpursuanttoSection7.01(d)determiningtheAggregateAppraisedValueofallCollateralVessels,aftergivingeffecttosuchdisposition(s)and/orshowingtheindividualAppraisedValueofallCollateralVesselsownedbytheSubsidiaryGuarantorswhichhavenotbeensold,transferred,lostorotherwisedisposedofatsuchtime,and(y)setforththecalculationsrequiredtoestablishwhethertheBorrowerisincompliancewiththeprovisionsofSection8.07(d)aftergivingeffecttosuchdisposition.

(f)NoticeofDefault,MaterialLitigation,EventofLossorMajorCasualty.Promptly,andinanyeventwithinthree(3)BusinessDaysaftertheBorrowerobtainsactualknowledgethereof,noticeof(i)theoccurrenceofanyeventwhichconstitutesaDefaultorEventofDefaultwhichnoticeshallspecifythenaturethereof,theperiodofexistencethereofandwhatactiontheBorrowerproposestotakewithrespectthereto,(ii)anymateriallitigationorgovernmentalinvestigationorproceedingpendingorthreatenedagainsttheBorroweroranyofitsSubsidiaries,(iii)anyEventofLossinrespectofanyCollateralVessel,(iv)anyMajorCasualtyinrespectofanyCollateralVesseland(v)anymaterialdefaultunderanycharterrelatingtoaCollateralVessel.

(g)OtherReportsandFilings.Promptly,(i)copiesofallfinancialinformation,proxymaterialsandotherinformationandreports,ifany,whichtheBorroweroranyofitsSubsidiarieshasfiledwiththeSecuritiesandExchangeCommission(oranysuccessorthereto)and(ii)copiesofallfinancialinformationandotherinformationandreports,ifany,whichtheBorroweroranyofitsSubsidiarieshasdeliveredtoholdersofitsFinancialIndebtednesspursuanttothetermsofthedocumentationgoverningsuchFinancialIndebtedness(oranytrustee,agentorotherrepresentativetherefor).

(h)EnvironmentalMatters.Promptlyupon,andinanyeventwithinfive(5)BusinessDaysafter,theBorrowerobtainsknowledgethereof,writtennoticeofanyofthefollowingenvironmentalmattersoccurringaftertheClosingDate,excepttotheextentthatsuchenvironmentalmatterscouldnot,individuallyorintheaggregate,bereasonablyexpectedtohaveaMaterialAdverseEffect:

(i)anyEnvironmentalClaimpendingorthreatenedinwritingagainsttheBorroweroranyofitsSubsidiariesoranyCollateralVesselorpropertyownedoroperatedoroccupiedbytheBorroweroranyofitsSubsidiaries;

(ii)anyconditionoroccurrenceonorarisingfromanyCollateralVesselorpropertyownedoroperatedoroccupiedbytheBorroweror

anyofitsSubsidiariesoranyotherlocationthat(A)resultsinnoncompliancebytheBorrowerorsuchSubsidiarywithanyapplicableEnvironmentalLawor(B)couldreasonablybeexpectedtoformthebasisofanEnvironmentalClaimagainsttheBorroweroranyofitsSubsidiariesorrelatingtoanysuchCollateralVesselorproperty;

(iii) any condition or occurrence on any Collateral Vessel or property owned or operated or occupied by the Borrower or any of its

SubsidiariesthatcouldreasonablybeexpectedtocausesuchCollateralVesselorpropertytobesubjecttoanyrestrictionsontheownership,occupancy,useortransferabilitybytheBorroweroranyofitsSubsidiariesofsuchCollateralVesselorpropertyunderanyEnvironmentalLaw;and

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(iv)theconductingofanyremovalorremedialactioninresponseanytheactualorallegedpresenceorReleaseofanyHazardousMaterialonorfromanyCollateralVesselorpropertyownedoroperatedoroccupiedbytheBorroweroranyofitsSubsidiariesasrequiredbyanyEnvironmentalLaworanygovernmentalorotheradministrativeagency;providedthatinanyeventtheBorrowershalldelivertotheAdministrativeAgentallmaterialnoticesreceivedbytheBorroweroranyofitsSubsidiariesfromanygovernment,governmentalagencyoranyPersonrelatingto,under,orpursuantto,CERCLAorOPAortheirstateequivalents.

Allsuchnoticesshalldescribeinreasonabledetailthenatureoftheclaim,investigation,condition,occurrenceorremovalorremedialactionand

theBorrower’sorsuchSubsidiary;responsethereto.Inaddition,theBorrowerwillprovidetheAdministrativeAgentwithcopiesofallmaterialcommunicationswithanygovernment,governmentalagencyorPersonrelatingtoanyEnvironmentalClaimofwhichnoticeisrequiredtobegivenpursuanttothisSection7.01(h),andsuchdetailedreportsofanysuchEnvironmentalClaimasmayreasonablyberequestedbytheAdministrativeAgentortheRequiredLenders.

(i)SanctionsandMoneyLaunderingMatters.Promptlyandinanyeventwithinthree(3)BusinessDaysafteranyObligorobtainsactualknowledgethereof,therelevantObligorshallsupplytotheAdministrativeAgent(i)thedetailsofanyinquiry,claim,action,suit,proceedingorinvestigationpursuanttoSanctionsLawsbyanySanctionsAuthorityorimplementedtocombatMoneyLaunderingagainstit,anyofitsSubsidiaries,anyofitsAffiliates,anyofitsdirectorindirectowners,oranyoftheirrespectivedirectors,officers,employees,agentsorrepresentativesaswellasinformationonwhatstepsarebeingtakentoansweroropposesuchinquiry,claim,action,suit,proceedingorinvestigation,(ii)thatanyObligor,anyofitsSubsidiaries,anyofitsAffiliates,oranyofitsdirectorindirectowners,oranyoftheirrespectivedirectors,officers,employees,agentsorrepresentativeshasbecomeorislikelytobecomeaRestrictedPartyand(iii)information,certificatesandanydocumentswithrespecttosuchObligorreasonablyrequiredbyaLendertoensuresuchLender’scompliancewithanylaw,officialrequirementorotherregulatorymeasureorprocedureimplementedtocombatMoneyLaundering.

(j)ManagementLetters.PromptlyaftertheBorrower’soranySubsidiary’sreceiptthereof,acopyofany“managementletter”receivedfromitscertifiedpublicaccountantsandmanagement’sresponsethereto.

(k)OtherInformation.Fromtimetotime,suchotherinformationwithrespecttothebusiness,condition(financialorotherwise),operations,performance,propertiesorprospectsoftheBorroweranditsSubsidiariesastheAdministrativeAgent(ortheLendersthroughtheAdministrativeAgent)mayreasonablyrequest.

DocumentsrequiredtobedeliveredpursuanttoSection7.01(a),7.01(b)and/or7.01(g)(i)maybedeliveredelectronicallyand,ifsodeliveredshall be deemed furnished and delivered on the date such information (x) has been posted on the SEC website accessible throughhttp://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the Securities and Exchange Commission thereto and (y) other than withrespecttodocumentstobedeliveredpursuanttoSection7.01(g)(i) ,theAdministrativeAgentshallhavebeennotifiedthereof,suchnotificationwhichshallbedeemedtobereceivedbytheAdministrativeAgentwithrespecttothedocumentsrequiredtobedeliveredpursuanttoSection7.01(a)and7.01(b)upondeliveryofthe Compliance Certificate pursuant toSection 7.01(e)(i) ;providedthat upon request of the Administrative Agent (acting on the instructions of the RequiredLenders),theBorrowershalldelivercopiesofsuchdocumentstotheAdministrativeAgentuntilawrittenrequesttoceasedeliveringpapercopiesisgivenbytheAdministrativeAgent(actingontheinstructionsoftheRequiredLenders).Notwithstandinganythingtothecontraryherein,inevery

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instance,theBorrowershallberequiredtoprovidecopiesoftheComplianceCertificaterequiredbySection7.01(e)(i)totheAdministrativeAgentandeachoftheLendersandnosuchpublicfilingsshallbedeemedtobeasubstitutetherefor.

7.02Books,RecordsandInspections.TheBorrowerwill,andwillcauseitsSubsidiariesto,keepproperbooksofrecordandaccountinwhichfull,trueandcorrectentries,inconformityinallmaterialrespectswithgenerallyacceptedaccountingprinciplesandallrequirementsoflaw,shallbemadeofalldealingsandtransactionsinrelationtoitsbusiness.TheBorrowerwill,andwillcauseitsSubsidiariesto,permitofficersanddesignatedrepresentativesoftheAdministrativeAgentandtheLendersasagrouptovisitandinspectduringregularbusinesshoursandunderguidanceofofficersoftheBorroweroritsSubsidiaries,anyofthepropertiesoftheBorroweroranyofitsSubsidiaries,andtoexaminethebooksofaccountoftheBorrowerorsuchSubsidiaryanddiscusstheaffairs,financesandaccountsoftheBorrowerorsuchSubsidiarywith,andbeadvisedastothesameby,itsandtheirofficersandindependentaccountants,alluponreasonableadvancenoticeandatsuchreasonabletimesandintervalsandtosuchreasonableextentastheAdministrativeAgentortheRequiredLendersmayrequest;providedthat,unlessanEventofDefaultexistsandiscontinuingatsuchtime,theAdministrativeAgentandtheLendersshallnotbeentitledtorequestmorethantwosuchvisitationsand/orexaminationsinanyfiscalyearoftheBorrower.

7.03MaintenanceofProperty;InsuranceMortgageeInterestInsurance.(a)TheBorrowerwill,andwillcauseeachoftheSubsidiaryGuarantorsto,(i)keepallmaterialpropertynecessarytoitsbusinessingoodworkingorderandcondition(ordinarywearandtearandlossordamagebycasualtyorcondemnationexcepted),(ii)maintaininsurancewithrespecttomaterialpropertythatisnotCollateralVesselsinatleastsuchamountsandagainstatleastsuchrisksasareinaccordancewithnormalindustrypracticeforsimilarlysituatedinsureds,(iii)maintaintheRequiredInsurancewithrespecttotheCollateralVesselsatalltimesand(iv)furnishtotheAdministrativeAgent,atthewrittenrequestoftheAdministrativeAgent,acompletedescriptionofthematerialtermsofinsurancecarried,or,attheBorrower’soption,copiesofsuchpolicies.

(b)TheBorrowerwillreimbursetheAdministrativeAgent,theSecurityAgentand/ortheLendersforallcosts,feesandexpensesincurredinrelationtoMortgagee’sInsurances.

7.04CorporateFranchises.TheBorrowerwill,andwillcauseeachofitsSubsidiariesto,doorcausetobedoneallthingsnecessarytopreserveandkeepinfullforceandeffectitsexistenceanditsmaterialrights,franchises,licensesandpatents(ifany)usedinitsbusiness;providedthatnothinginthisSection7.04shallprevent(i)salesorotherdispositionsofassets,consolidationsormergersbyorinvolvingtheBorroweroranySubsidiarywhicharepermittedinaccordancewithSection8.02or(ii)theabandonmentbytheBorroweroranySubsidiaryofanyrights,franchises,licensesandpatentsthatcouldnotbereasonablyexpectedtohaveaMaterialAdverseEffect.

7.05CompliancewithStatutes,etc.TheBorrowerwill,andwillcauseeachofitsSubsidiariesto:

(a)complywithallapplicablestatutes,regulationsandorderof,andallapplicablerestrictions(includingalllawsandregulationsrelatingtomoneylaunderingandcorruptpractices,includingtheFCPA)imposedby,allGovernmentalAuthorities:(i)applicabletotheirbusiness,exceptwhenthefailuretocomplycouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect,(ii)applicabletoeachCollateralVessel,itsownership,employment,operation,managementandregistration,withrespecttotheISMCode,theISPSCode,allEnvironmentalLaws,exceptwherethefailuretocomplycouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect,andthelawsoftherelevantAcceptableFlagJurisdictionand(iii)applicabletoeachCollateralVessel,itsownership,employment,operation,managementandregistration,withrespecttoallSanctionsLaws;

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(b)obtain,complywithanddoallthatisnecessarytomaintaininfullforceandeffectanypermits,licenses,andapprovalsrequiredbyanyEnvironmentalLaw;and

(c)withoutlimitingparagraph(a)above,notemployanyCollateralVesselnorallowitsemployment,operationormanagementinanymannercontrarytoanyapplicablelaworregulationincluding,butnotlimited,totheISMCode,theISPSCode,allEnvironmentalLawsandallSanctionsLaws.

7.06CompliancewithEnvironmentalLaws.(a)TheBorrowerwill,andwillcauseeachofitsSubsidiariesto,complyinallmaterialrespectswithallEnvironmentalLawsapplicabletothebusinessoftheBorrowerandeachofitsSubsidiaries,theownershiporuseofanyCollateralVessel,RealPropertyorotherproperty,facilityorvesselnoworhereafterowned,operatedoroccupiedbytheBorroweroranyofitsSubsidiaries,payorcausetobepaidwithinareasonabletimeperiodallcostsandexpensesincurredinconnectionwithsuchcompliance(excepttotheextentbeingcontestedingoodfaith),andkeeporcausetobekeptallsuchCollateralVessel,RealProperty,orotherproperty,facilityorvesselfreeandclearofanyLiensimposedpursuanttosuchEnvironmentalLaws.NeithertheBorrowernoranyofitsSubsidiarieswillgenerate,use,treat,store,Releaseordisposeof,orpermitthegeneration,use,treatment,storage,Releaseordisposalof,HazardousMaterialsonorfromanyCollateralVessel,RealPropertyorotherproperty,facilityorvesselnoworhereafterowned,operatedoroccupiedbytheBorroweroranyofitsSubsidiaries,ortransportorpermitthetransportationofHazardousMaterialstoorfromanyportsorproperty,exceptineachcaseinmaterialcompliancewithallapplicableEnvironmentalLawsandasreasonablyrequiredinconnectionwiththeoperation,useandmaintenanceofanysuchpropertyorotherwiseinconnectionwiththeirbusinesses.TheBorrowerwill,andwillcauseeachofitsSubsidiariesto,maintaininsuranceontheCollateralVesselsandanyotherFleetVesselinatleastsuchamountsasareinaccordancewithnormalindustrypracticeforsimilarlysituatedinsureds,againstlossesfromoilspillsandotherenvironmentalpollution.

(b) The Borrower shall ensure that each Fleet Vessel which is to be recycled shall, at the time of such recycling, be recycled incompliancewitheither(i)theHongKongInternationalConventionfortheSafeandEnvironmentallySoundRecyclingofShips,2009(the“Convention”)andtheapplicableguidelinesandrequirementsissuedbytheInternationalMaritimeOrganizationinconnectionwiththeConventionoranyGovernmentalAuthorityorunderanyEnvironmentalLawrelatingtheretoor(ii)Regulation(EU)No1257/2013oftheEuropeanParliamentandoftheCouncilof20November2013onshiprecyclingandamendingRegulation(EC)No1013/2006andDirective2009/16/EC(TextwithEEArelevance).

(c)Subjecttoclause(vii)(d)ofthedefinitionof“CollateralandGuarantyRequirements”,theBorrowershallprocurethateachCollateralVesselhasobtainedanIHM,orequivalentdocumentacceptabletotheAdministrativeAgent,inrespectofthatFleetVessel,whichshallbekeptuptodateandmaintaineduntiltheMaturityDateincompliancewithallapplicablerequirements(e.g.,EuropeanUnionregulations).

7.07ERISA.(a)Assoonasreasonablypossibleand,inanyevent,within10daysaftertheBorrowerknowsorhasreasontoknowoftheoccurrenceofanyofthefollowingthatcouldreasonablybeexpectedtoresultinaMaterialAdverseEffect,theBorrowerwilldelivertotheAdministrativeAgentacertificateofanAuthorizedOfficeroftheBorrowersettingforththedetailsastosuchoccurrenceandtheaction,ifany,thattheBorrower,suchSubsidiaryorsuchERISAAffiliateisrequiredorproposestotake:

(i)thataReportableEventhasoccurred(excepttotheextentthattheBorrowerhaspreviouslydeliveredtotheAdministrativeAgentacertificateconcerningsucheventpursuanttothenextclausehereof);or

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(ii) thatacontributingsponsor(asdefinedinSection4001(a)(13)ofERISA)ofaPlansubjecttoTitleIVofERISAissubjecttotheadvancereportingrequirementofPBGCRegulationSection4043.61(whichisnotwaived),andaneventdescribedinsubsection.62,.63,.64,.65,.66,.67or.68ofPBGCRegulationSection4043isreasonablyexpectedtooccurwithrespecttosuchPlanwithinthefollowing30days;or

(iii)thataPlan(otherthanaMultiemployerPlan)hasfailedtosatisfytheminimumfundingstandardofSection412oftheCodeorSection302ofERISA,oranapplicationhasbeenmadeforawaiverormodificationoftheminimumfundingstandard(includinganyrequiredinstallmentpayments)oranextensionofanyamortizationperiodunderSection412oftheCodeorSection303ofERISAwithrespecttoaPlan(otherthanaMultiemployerPlan);or

(iv)thatanycontributionrequiredtobemadebytheBorroweroranyofitsSubsidiariesoranyERISAAffiliatewithrespecttoaPlansubjecttoTitleIVofERISAorbytheBorroweroranyofitsSubsidiarieswithrespecttoaForeignPensionPlanhasnotbeentimelymade;or

(v)thataPlanhasbeenterminated,reorganized,partitionedordeclaredinsolventunderTitleIVofERISA;or

(vi)thatBorroweroranyofitsSubsidiariesoranyERISAAffiliatehasreceivedwrittennoticefromthePBGCoraplanadministrator(inthecaseofaMultiemployerPlan)indicatingthatproceedingshavebeeninstitutedbythePBGCtoterminateorappointatrusteetoadministeraPlanwhichissubjecttoTitleIVofERISA;or

(vii)thattheBorroweroranyofitsSubsidiariesoranyERISAAffiliatehasanyliability(includinganyindirect,contingent,orsecondaryliability)tooronaccountoftheterminationoforwithdrawalfromaPlanunderSection4062,4063,4064,4069,4201,4204or4212ofERISAorwithrespecttoaPlanunderSection4975oftheCode.

(b)TheBorrowerandeachofitsapplicableSubsidiariesshallensurethatallForeignPensionPlansadministeredbyit,andshallmonitorthatallotherForeignPensionPlansintowhichitmakespayments,obtainorretain(asapplicable)registeredstatusunderandasrequiredbyapplicablelawandareadministeredinatimelymannerinallrespectsincompliancewithallapplicablelawsexceptwherethefailuretodoanyoftheforegoingcouldnotbereasonablylikelytoresultinaMaterialAdverseEffect.

7.08EndofFiscalYears;FiscalQuarters.TheBorrowerwillcause(i)eachofitsanditsSubsidiaries’fiscalyearstoendonDecember31and(ii)eachofitsanditsSubsidiaries’fiscalquarterstoendonMarch31,June30,September30andDecember31ofeachyearorsuchotherdateasshallbeagreedtobytheAdministrativeAgent(suchconsentnottobeunreasonablywithheld).

7.09PerformanceofObligations.TheBorrowerwill,andwillcauseeachofitsSubsidiariesto,performallofitsobligationsunderthetermsofeachmortgage,indenture,securityagreementandotherdebtinstrument(including,withoutlimitation,theCreditDocuments)bywhichitisbound,exceptsuchnon-performancesascouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect.

7.10PaymentofTaxes.TheBorrowerwill,andwillcauseeachofitsSubsidiariesto,payanddischarge,allmaterialTaxes,assessmentsandgovernmentalchargesorleviesimposeduponitoruponitsincomeorprofits,oruponanypropertiesbelongingtoit,priortothedateonwhichpenaltiesattachthereto,andalllawfulclaimsforsumsthathavebecomedueandpayablewhich,ifunpaid,mightbecomeaLiennototherwisepermittedunderSection8.01;providedthatneithertheBorrowernoranyof

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itsSubsidiariesshallberequiredtopayanysuchTax,assessment,charge,levyorclaimwhichisbeingcontestedingoodfaithandbyproperproceedingsifitmaintainsadequatereserveswithrespecttheretoinaccordancewithGAAP.

7.11FurtherAssurances.(a)TheBorrower,andeachotherObligor,agreesthatatanytimeandfromtimetotime,attheexpenseoftheBorrowerorsuchotherObligor,itwillpromptlyexecuteanddeliverallfurtherinstrumentsanddocuments,andtakeallfurtheractionthatmaybereasonablynecessary,orthattheAdministrativeAgentmayreasonablyrequire,toperfectandprotectanyLiengrantedorpurportedtobegrantedherebyorbytheotherCreditDocuments,ortoenabletheSecurityAgenttoexerciseandenforceitsrightsandremedieswithrespecttoanyCollateral.Withoutlimitingthegeneralityoftheforegoing,theBorrowerwillexecute,ifrequired,andfile,orcausetobefiled,suchfinancingorcontinuationstatementsundertheUCC(oranynon-U.S.equivalentthereto),oramendmentsthereto,suchamendmentsorsupplementstotheCollateralVesselMortgages(includinganyamendmentsrequiredtomaintainLiensgrantedbysuchCollateralVesselMortgages),andsuchotherinstrumentsornotices,asmaybereasonablynecessary,orthattheAdministrativeAgentmayreasonablyrequire,toprotectandpreservetheLiensgrantedorpurportedtobegrantedherebyandbytheotherCreditDocuments.

(b)TheBorrowerherebyauthorizestheSecurityAgenttofileoneormorefinancingorcontinuationstatementsundertheUCC(oranynon-U.S.equivalentthereto),andamendmentsthereto,relativetoalloranypartoftheCollateralwithoutthesignatureoftheBorroweroranyotherObligor,wherepermittedbylaw.TheSecurityAgentwillpromptlysendtheBorroweracopyofanyfinancingorcontinuationstatementswhichitmayfilewithoutthesignatureoftheBorroweroranyotherObligorandthefilingorrecordationinformationwithrespectthereto.

(c)IfatanytimeanySubsidiaryoftheBorrowerownsaCollateralVesselorowns,directlyorindirectly,aninterestinanySubsidiarywhichownsaCollateralVesselandtheCollateralandGuarantyRequirementswithrespecttosuchSubsidiaryhasnotbeensatisfied,theBorrowerwillcausetheCollateralandGuarantyRequirementswithrespecttosuchSubsidiary(andanySubsidiarywhichdirectlyorindirectlyownstheEquityInterestsofsuchSubsidiarytotheextentnotanObligor)tobesatisfiedwithrespecttoeachrelevantCollateralVesselasifsuchSubsidiaryhadbeenanObligoronaBorrowingDate.

(d)AtthereasonablewrittenrequestofanycounterpartytoaSecuredHedgingAgreemententeredintoaftertheClosingDate(totheextentpermittedunderthisAgreementtobeenteredintoandsecured)withoneormoreLendersoranyAffiliatethereof(evenif,aftertheentryintosuchSecuredHedgingAgreement,therespectiveLendersubsequentlyceasestobeaLenderforanyreason),theapplicableObligorand,atthewrittendirectionoftheSecurityAgent,themortgagee,shallpromptlyexecuteanamendmenttoeachCollateralVesselMortgageaddingobligationsundersuchSecuredHedgingAgreementasanadditionalSecuredObligationundereachCollateralVesselMortgage(andallowingsuchobligationstobesecuredonsuchbasisassetforthinthisAgreementorinthePledgeAgreement),andcausethesametobepromptlyanddulyrecorded,andsuchamendmentshallbeinformandsubstancereasonablysatisfactorytotheSecurityAgent.

7.12DepositofEarnings.OnandaftereachBorrowingDate,eachObligorwillcausetheEarningsderivedfromtheCollateralVesselfinancedonsuchBorrowingDate,totheextentconstitutingEarningsCollateralandInsuranceCollateral,tobedepositedbytherespectiveaccountdebtorinrespectofsuchearningsintooneormoreoftheEarningsAccountsmaintainedforsuchObligorortheBorrowerfromtimetotime(itbeingunderstoodthat,absentanEventofDefault,theBorroweranditsSubsidiariesshallhavefullaccesstothefundswithinsuchEarningsAccount).WithoutlimitinganyObligor’sobligationsinrespectofthisSection7.12,eachObligoragreesthat,intheeventitreceivesany

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earningsconstitutingEarningsCollateralandInsuranceCollateral,oranysuchearningsaredepositedotherthaninoneoftheEarningsAccounts,itshallpromptlydepositallsuchproceedsintooneoftheEarningsAccountsmaintainedforsuchObligorortheBorrowerfromtimetotime.NoObligorwillenterintoanyagreementorarrangementforthesharingofanyEarningsCollateralandInsuranceCollateral(otherthanwithrespecttopoolingarrangementsintheordinarycourseofbusiness).

7.13OwnershipofSubsidiariesandCollateralVessels.(a)TheBorrowerwilldirectly(orindirectlythroughaWholly-OwnedSubsidiaryoftheBorrower),own100%oftheEquityInterestsineachSubsidiaryGuarantor.

(b)TheBorrowershallcauseeachSubsidiaryGuarantor,toatalltimes,bedirectlywholly-ownedbyoneormoreObligors.

(c)TheBorrowerwillcauseeachCollateralVesseltobeownedatalltimesbyasingleSubsidiaryGuarantorthatownsnootherFleetVessels.

7.14Citizenship;FlagofCollateralVessel;CollateralVesselClassifications;OperationofCollateralVessels.(a)TheBorrowershall,andshallcauseeachSubsidiaryGuarantorthatownsaCollateralVesselto,causeeachCollateralVesseltoberegisteredinanAcceptableFlagJurisdiction.TheBorrowerwill,andwillcauseeachSubsidiaryGuarantorwhichownsoroperatesaCollateralVesselto,bequalifiedtoownandoperatesuchCollateralVesselunderthelawsoftheapplicableAcceptableFlagJurisdiction,ineachcaseinaccordancewiththetermsoftherelatedCollateralVesselMortgage.Notwithstandingtheforegoing,anyObligormaytransferaCollateralVesseltoanotherAcceptableFlagJurisdictionpursuanttotherequirementssetforthinthedefinitionof“FlagJurisdictionTransfer”.

(b)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesselto(i)complywithandsatisfyinallmaterialrespectsallapplicableLegalRequirementsofthejurisdictionofsuchCollateralVessel’shomeport,noworhereafterfromtimetotimeineffect,inorderthatsuchCollateralVesselshallcontinuetoberegisteredpursuanttothelawsofthejurisdictionofitshomeportwithsuchendorsementsasshallqualifysuchCollateralVesselforparticipationinthetradesandservicestowhichitmaybededicatedfromtimetotimeor(ii)notdoorallowtobedoneanythingwherebysuchregistrationisorcouldreasonablybeexpectedtobeforfeited.

(c)Otherthanasaresultofdamageorcasualty,theBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltokeepsuchCollateralVesselinagoodandsufficientstateofrepairconsistentwiththeship-ownershipandmanagementpracticeemployedbyfirstclassownersofvesselsofsimilarsizeandtypeandsoastoensurethateachCollateralVesselisclassifiedinthehighestclassavailableforvesselsofitsageandtypewithanAcceptableClassificationSociety,freeofanyoverdueconditionsoroverduerecommendationsaffectingtheclassofsuchCollateralVessel;providedthatiftheclassificationofanyoftheCollateralVesselsshallbesubjecttoanysuchoverduerecommendations,theBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownssuchCollateralVesseltoprovideawrittenreporttotheAdministrativeAgentdescribingtheoverduerecommendationsandassessingthestepsrequiredtobetakentopreventsuchoverduerecommendationsfromaffectingsuchCollateralVessel’sclassification.

(d)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesselto(i)makeorcausetobemadeallrepairstoorreplacementofanydamaged,wornorlostpartsorequipmentsuchthatthevalueofsuchCollateralVesselwillnotbemateriallyimpairedand(ii)exceptasotherwisecontemplatedbythisAgreement,notremoveanymaterialpartof,oritemof,equipmentownedbytheObligorsinstalledonsuchCollateralVesselexceptintheordinarycourseoftheoperationandmaintenanceofsuchCollateralVesselunless(x)thepartoritemsoremovedisforthwith

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replacedbyasuitablepartoritemwhichisinthesameconditionasorbetterconditionthanthepartoritemremoved,isfreefromanyLien(otherthanPermittedLiens)infavorofanyPersonotherthantheSecurityAgentandbecomes,uponinstallationonsuchCollateralVessel,thepropertyoftheObligorsandsubjecttothesecurityconstitutedbytheCollateralVesselMortgageorthePledgeAgreementor(y)theremovalwillnotmateriallydiminishthevalueofsuchCollateralVessel.

(e)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltosubmitsuchCollateralVesseltosuchperiodicorothersurveysasmayberequiredforclassificationpurposesand,uponthewrittenrequestoftheSecurityAgent,supplytotheSecurityAgentcopiesofallsurveyreportsandclassificationcertificatesissuedinrespectthereof.

(f)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltopromptlypayanddischargealltolls,dues,taxes,assessments,governmentalcharges,fines,penalties,debts,damagesandliabilitieswhatsoeverwhichhavegivenormaygiverisetomaritimeorpossessoryLiens(otherthanPermittedLiens)on,orclaimsenforceableagainst,suchCollateralVesselotherthananyoftheforegoingbeingcontestedingoodfaithanddiligentlybyappropriateproceedings,and,intheeventofarrestofanyCollateralVesselpursuanttolegalprocess,orintheeventofitsdetentioninexerciseorpurportedexerciseofanysuchLienorclaimasaforesaid,procure,ifpossible,thereleaseofsuchCollateralVesselfromsucharrestordetentionforthwithuponreceivingnoticethereofbyprovidingbailorotherwiseasthecircumstancesmayrequire.

(g)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltomaintain,orcausetobemaintainedbythechartererorlesseeofanyCollateralVessel,avalidCertificateofFinancialResponsibility(OilPollution)issuedbytheUnitedStatesCoastGuardpursuanttotheFederalWaterPollutionControlActtotheextentthatsuchcertificatemayberequiredbyapplicableLegalRequirementsforanyCollateralVesselandsuchothersimilarcertificatesasmayberequiredinthecourseoftheoperationsofanyCollateralVesselpursuanttotheInternationalConventiononCivilLiabilityforOilPollutionDamageof1969,orotherapplicableLegalRequirements.

(h)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltocausesuchCollateralVesselstobemanagedbyitsTechnicalManagerandaCommercialManager;providedthatnothinghereinshallprohibittheCollateralVesselsfrombeingenteredintopoolingarrangementswithPoolManagers.

(i)TheBorrowerwillandwillcauseeachSubsidiaryGuarantorwhichownsaCollateralVesseltocauseeachCollateralVesseltobeusedonlyforcivilmerchanttrading.

7.15UseofProceeds.(a)TheBorrowerwillusetheproceedsoftheLoansonlyasprovidedinSection6.10.

(b)TheBorrowershallnot(andshallprocurethatnoneofitsSubsidiarieswill)(i)inviolationofanyapplicableSanctionsLawsorinanymannerthatwouldcauseanyLenderCreditortobeinviolationofanyapplicableSanctionsLaws,repayorprepaytheLoansunderthisAgreementoranypartthereoffromfundsorassetsthatconstitutepropertyof,orthatarebeneficiallyowneddirectlyorindirectlyby,anyRestrictedParty,orfromfundsorassetsobtainedorderivedfromtransactionswithorrelatingtoanySanctionedCountryor(ii)fundalloranypartofanypaymentunderthisAgreementoutofproceedsderivedfromtransactionsinviolationofanyapplicableSanctionsLawsorinanymannerthatwouldcauseanyLenderCreditortobeinviolationofanyapplicableSanctionsLaws.

7.16CharterContracts.Inconnectionwithanytimechartershavingastatedterminexcessof24monthstheapplicableObligorshall(i)atitsowncostandexpense,promptlyanddulyexecuteanddelivertotheSecurityAgentanAssignmentofCharterinrespectofsuchchartercontract

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and(ii)willnotifythechartererundersuchcharterofsuchAssignmentofCharteranduseitscommerciallyreasonableeffortstocausesuchcharterertoexecuteanddelivertotheSecurityAgentaconsenttosuchAssignmentofCharterinformandsubstancesatisfactorytotheAdministrativeAgent.

7.17TechnicalManagementAgreements.OnandaftereachBorrowingDate,theBorrowerwillcause,withrespecttotheTechnicalManageroftheCollateralVesselfinancedonsuchBorrowingDate,suchTechnicalManager’srightstopaymentunderitsrespectiveTechnicalManagementAgreementandanylienscreatedinfavorofsuchTechnicalManagerthereundertobesubordinatedtothoseoftheLenderspursuanttoadulyexecutedmanager’sundertakinginaformconsistentwithmarketpracticeinshipfinancetransactionsdeliveredbysuchTechnicalManager(itbeingunderstoodthattheBorrowerwillusecommerciallyreasonableeffortsaftersuchBorrowingDatetoobtainsuchmanager’sundertakingsfromaTechnicalManagerwhichisnotanAffiliateoftheBorrower)infavoroftheSecurityAgentinaformandsubstancereasonablyacceptabletotheSecurityAgent.

7.18SeparateExistence.(a)TheBorrowerwill,andwillcauseeachofitsSubsidiariesto:

(i)maintainitsbooks,financialrecordsandaccounts,includingcheckingandotherbankaccounts,andcustodianandothersecuritiessafekeepingaccounts,separateanddistinctfromthoseoftheotherSubsidiaries;

(ii) maintain its books, financial records andaccounts (including inter-entity transaction accounts) in a manner so that it will not be

difficult or costly to segregate, ascertain or otherwise identify its assets and liabilities separate and distinct fromthe assets and liabilities of the otherSubsidiaries;

(iii)notcommingleanyofitsassets,fundsorliabilitieswiththeassets,fundsorliabilitiesoftheotherSubsidiariesprovidednothingherein

shallprohibittransactionspermittedbySection8.05;

(iv)observeallrequisiteorganizationalproceduresandformalities,includingtheholdingofmeetingsoftheboardsofdirectorsasrequiredbyitsOrganizationalDocuments,therecordationandmaintenanceofminutesofsuchmeetings,andtherecordationofandmaintenanceofresolutionsadoptedatsuchmeetings;and

(v)exceptaspermittedbySection8.02,notbeconsensuallymergedorconsolidatedwiththeotherSubsidiaries(otherthanforfinancial

reportingpurposes).

(b)TheBorroweranditsSubsidiariesshallensurethat:

(i)alltransactions,agreementsanddealingsbetweentheBorrowerandtheSubsidiaries(including,ineachcase,transactions,agreementsanddealingspursuanttowhichtheassetsorpropertyofoneisusedortobeusedbytheother),willreflecttheseparateidentityandlegalexistenceofeachsuchPerson;

(ii) transactionsbetweenanyoftheBorrowerandtheSubsidiaries,ontheonehand,andanythirdparties,ontheotherhand,willbe

conducted in the nameof the Borrower or suchSubsidiary, as applicable, as an entity separate anddistinct fromthe Borrower or suchSubsidiary, asapplicable;and

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(iii)noSubsidiarywillrefertotheBorrowerasadepartmentordivisionofsuchSubsidiaryandwillnototherwiserefertotheBorrowerinamannerinconsistentwithitsstatusasaseparateanddistinctlegalentity.

7.19Sanctions.(a)TheBorroweranditsSubsidiariesshallensurethatnoneofit,noranyofitsdirectors,officersoremployees,andshall

useitsbesteffortstoensurethatnoneofitsagentsorrepresentativesoranyotherpersonactingonanyoftheirbehalfisorwillbecomeaRestrictedParty.

(b)TheBorroweranditsSubsidiariesshall:

(i)ensurethatanyCollateralVesselownedandcontrolledbyitshallnotbeusedbyorforthebenefitofanyRestrictedPartyinviolationofSanctionsLaw;

(ii)ensurethatsuchCollateralVesselshallnotbeusedintradinginviolationofSanctionsLaws;

(iii) ensurethatsuchCollateral Vesselshall notbeusedintradinginanymannerwhichwouldtriggertheoperationofanysanctions

limitationorexclusionclause(orsimilar)intheInsuranceCollateralrelatingtosuchCollateralVessel,

(iv)usecommerciallyreasonableeffortstoensurethateachcharterpartyinrespectofsuchCollateralVesselenteredintoaftertheClosingDate shall contain, for the benefit of the relevant Obligor, language which gives effect to the provisions of this Section 7.19and permits refusal ofemploymentorvoyageorderswhichwouldresultinaviolationofSanctionsLaw.

7.20MaintenanceofListing.TheBorrowershallmaintainitslistingontheNewYorkStockExchangeorsuchotherreputable

internationalstockexchangeapprovedbytheAdministrativeAgent(actingontheinstructionsoftheRequiredLenders)inwriting,suchapprovalnottobeunreasonablywithheldordelayed.

SECTION8NegativeCovenants.TheBorrowerherebycovenantsandagreesthatonandaftertheClosingDateanduntiltheTotalCommitments,LoansandNotes(ineachcasetogetherwithinterestthereon),FeesandallotherCreditDocumentObligations(otherthanindemnitiesdescribedinSection11.01(b)whicharenotthendueandpayable)incurredhereunderandthereunder,arepaidinfull:

8.01Liens.TheBorrowerwillnot,andwillnotpermitanyofitsSubsidiariesto,create,incur,assumeorsuffertoexistanyLienuponorwithrespecttoanyCollateral,whethernowownedorhereafteracquired,orsellanysuchCollateralsubjecttoanunderstandingoragreement,contingentorotherwise,torepurchasesuchCollateral(includingsalesofaccountsreceivablewithrecoursetotheBorroweroranyofitsSubsidiaries);providedthattheprovisionsofthisSection8.01shallnotpreventthecreation,incurrence,assumptionorexistenceofthefollowing(Liensdescribedbelowarehereinreferredtoas“PermittedLiens”):

(a)inchoateLiensforTaxes,assessmentsorgovernmentalchargesorleviesnotyetdueandpayableorLiensforTaxes,assessmentsorgovernmentalchargesorleviesbeingcontestedingoodfaithandbyappropriateproceedingsforwhichadequatereserveshavebeenestablishedinaccordancewithGAAP;

(b)Liensimposedbylaw,whichwereincurredintheordinarycourseofbusinessanddonotsecureFinancialIndebtednessforborrowedmoney,suchascarriers’,warehousemen’s,materialmen’sandmechanics’liens,liensfornecessaries,salvageliens,generalaverageliens,liensinrespectoforcoveredbyinsurance(includingpermitteddeductibles)andothersimilarLiensarisinginthe

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ordinarycourseofbusiness,and(x)whichdonotintheaggregatemateriallydetractfromthevalueoftheCollateralanddonotmateriallyimpairtheusethereofintheoperationofthebusinessoftheBorroweroranySubsidiaryor(y)whicharebeingcontestedingoodfaithbyappropriateproceedings,whichproceedings(orordersenteredinconnectionwithsuchproceedings)havetheeffectofpreventingtheforfeitureorsaleoftheCollateralsubjecttoanysuchLien;

(c)LienscreatedpursuanttotheSecurityDocuments;

(d)Liensarisingoutofjudgments,awards,decreesorattachmentswithrespecttowhichtheBorroweroranyofitsSubsidiariesshallingoodfaithbeprosecutinganappealorproceedingsforreview;providedthattheaggregateamountofallsuchjudgments,awards,decreesorattachmentsshallnotexceedtheMaterialityAmount;

(e)Liensinrespectofseamen’swages,charteringoperations,drydockingandmaintenancewhicharenotpastdueandothermaritimeLiensarisingintheordinarycourseofbusinessuptoanaggregateamountnottoexceedtheMaterialityAmount,whichareforamounts(x)notmorethan30dayspastdueor(y)whicharebeingcontestedingoodfaithbyappropriateproceedings,whichproceedings(orordersenteredinconnectionwithsuchproceedings)havetheeffectofpreventingtheforfeitureorsaleoftheCollateralsubjecttoanysuchLien;

(f)LiensgrantedinfavoroftheAccountBank,itsbranchesand/oritsAffiliatespursuanttotheaccountagreementsestablishingtheAccounts;

(g)LienswhichrankaftertheLienscreatedbytheSecurityDocumentstosecuretheperformanceofbids,tenders,bondsorcontracts;providedthatsuchbids,tenders,bondsorcontractsdirectlyrelatetotheCollateralVessels,areincurredintheordinarycourseofbusinessanddonotrelatetotheincurrenceofFinancialIndebtednessforborrowedmoney;provided,further,thatatanytimeoutstanding,theaggregateamountofLiensunderthisclause(g)shallnotsecureobligationsinexcessoftheMaterialityAmount;

(h)LiensforsalvageorgeneralaverageforamountswhicharenotdelinquentorwhicharebeingcontestedingoodfaithandbyappropriateproceedingsdiligentlyconductedifadequatereserveswithrespecttheretoaremaintainedonthebooksoftheapplicableObligorinaccordancewithGAAP;

(i)Liens(otherthananyLienimposedbyERISA)incurredordepositsmadeintheordinarycourseofbusinessinconnectionwithworkers’compensation,unemploymentinsuranceandothertypesofsocialsecurity,Lienstosecuretheperformanceoftenders,statutoryobligations(otherthanexcisetaxes),surety,stay,customsandappealbonds,statutorybonds,bids,leases,governmentcontracts,tradecontracts,performanceandreturnofmoneybondsandothersimilarobligationsineachcaseincurredintheordinarycourseofbusiness(exclusiveofobligationsforthepaymentofborrowedmoney)andLiensarisingbyvirtueofdepositsmadeintheordinarycourseofbusinesstosecureliabilityforpremiumstoinsurancecarriers;providedthattheaggregatevalueofallcashandpropertyatanytimeencumberedpursuanttothisclause(i)shallnotexceed$2,500,000;

(j)Easements,rights-of-way,restrictions,encroachments,exceptionstotitleandothersimilarchargesorencumbrancesonanyCollateralVesseloranyotherpropertyoftheBorroweroranyofitsSubsidiariesarisingintheordinarycourseofbusinesswhichdonotmateriallydetractfromthevalueofsuchCollateralVesselorthepropertysubjectthereto;and

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(k)bankers’Liens,rightsofsetoffandothersimilarLiensexistingsolelywithrespecttocashandCashEquivalentsondepositinoneormoreaccountsmaintainedbytheBorroweroranySubsidiary,ineachcasegrantedintheordinarycourseofbusinessinfavorofthebankorbankswithwhichsuchaccountsaremaintained,securingamountsowingtosuchbankorbankswithrespecttocashmanagementandoperatingaccountarrangements.InconnectionwiththegrantingofLiensdescribedaboveinthisSection8.01bytheBorroweroranyofitsSubsidiaries,theAdministrativeAgentandtheSecurityAgent shall be authorized to take any actions deemed appropriate by it in connection therewith (including, without limitation, by executing appropriate liensubordinationagreementsinfavoroftheholderorholdersofsuchLiens,inrespectoftheitemoritemsofequipmentorotherassetssubjecttosuchLiens).

8.02Consolidation,Merger,SaleofAssets,etc.TheBorrowerwillnot,andwillnotpermitanySubsidiaryto,windup,liquidateordissolveitsaffairsorenterinto,anytransactionofmergerorconsolidation,orconvey,sell,lease,charter(otherwisethanintheordinarycourseofbusinessbutexcludinganybareboatcharter)orotherwisedisposeofallorsubstantiallyallofitsassets(determinedonaconsolidatedbasis)oranyoftheCollateral,orenterintoanysale-leasebacktransactionsinvolvingallorsubstantiallyallofitsassets(determinedonaconsolidatedbasis)oranyoftheCollateral,exceptthat:

(a)theBorrowerandeachofitsSubsidiariesmaysell,leaseorotherwisedisposeofanyFleetVessel(or100%oftheEquityInterestsoftheSubsidiarythatownssuchFleetVessel);providedthatinthecaseofanyCollateralVessels,(i)suchsaleismadeatfairmarketvalue(takingintoconsiderationtheAppraisalsmostrecentlydeliveredtotheAdministrativeAgent(orobtainedbytheAdministrativeAgent)pursuanttoSection7.01(d)ordeliveredatthetimeofsuchsaletotheAdministrativeAgentbytheBorrower),(ii)100%oftheconsiderationinrespectofsuchsaleshallconsistofcashorCashEquivalentsreceivedbytheBorrower,ortherespectiveSubsidiaryGuarantorwhichownedsuchCollateralVessel,onthedateofconsummationofsuchsale,(iii)thenetcashproceedsofsuchsaleorotherdispositionshallbeappliedasrequiredbySection4.02(b)torepaytheLoans,(iv)noDefaultorEventofDefaultshallexistatsuchtimeand(v)beforeandaftergivingeffecttoanysaleofaCollateralVessel,theBorrowershallbeinproformacompliancewiththeCollateralMaintenanceTest;

(b)(i)anyObligormaytransferassetsorleasetooracquireorleaseassetsfromanyotherObligorand(ii)theBorroweroranySubsidiaryoftheBorrower(otherthanaSubsidiaryGuarantor)maytransferassetsorleasetooracquireorleaseassetsfromtheBorroweroranyotherSubsidiaryoftheBorrower(otherthanaSubsidiaryGuarantor)oranySubsidiaryoftheBorrower(otherthanaSubsidiaryGuarantor)maybemergedintoanySubsidiaryoftheBorrower(otherthanaSubsidiaryGuarantor)oranySubsidiaryGuarantormaybemergedintotheBorroweroranyotherSubsidiaryGuarantor,ineachcasesolongas(x)allactionsnecessaryordesirabletopreserve,protectandmaintainthesecurityinterestandLienoftheSecurityAgentinanyCollateralheldbyanyPersoninvolvedinanysuchtransactionaretakentothesatisfactionoftheAdministrativeAgentand(y)noDefaultorEventofDefaultexistsaftergivingeffectthereto;

(c)followingaCollateralDispositionpermittedbythisAgreement,theSubsidiaryGuarantorthatownedtheCollateralVesselthatisthesubjectofsuchCollateralDispositionmaydissolve(ortheequivalent);providedthat(x)thenetcashproceedsofsuchCollateralDispositionshallbeappliedtorepaytheLoanstotheextentrequiredbySection4.02(b),(y)alloftheproceedsofsuchdissolutionshallbepaidonlytotheBorroweroraSubsidiaryGuarantorand(z)noEventofDefaultiscontinuingatthetimeofsuchdissolution;

(d)theBorroweranditsSubsidiariesmaymakedispositionsofassetsmadeintheordinarycourseoftradingofthedisposingentity(excludingdispositionsofCollateralVesselsorother

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Collateral)includingwithoutlimitation,thepaymentofcashasconsiderationforthepurchaseoracquisitionofanyassetorserviceorinthedischargeofanyobligationincurredforvalueintheordinarycourseoftrading;

(e)theBorroweranditsSubsidiariesmaymakedispositionsofassets(otherthantheCollateralVesselsorotherCollateral)ownedbytheminexchangeforotherassetscomparableorsuperiorastotypeandvalue;

(f)theBorroweranditsSubsidiariesmaysellordiscount,ineachcasewithoutrecourseandintheordinarycourseofbusiness,overdueaccountsreceivablearisingintheordinarycourseofbusiness,butonlyinconnectionwiththecompromiseorcollectionthereofconsistentwithcustomaryindustrypractice(andnotaspartofanybulksale);and

(g)theBorrowermayconsolidateormergewithanyotherPersonif(A)atthetimeofsuchtransactionandaftergivingeffectthereto,noDefaultorEventofDefaultshallhaveoccurredandbecontinuing(orwouldariseaftergivingeffecttosuchtransaction),(B)thesurvivingentityinsuchtransactionshallbetheBorrower,(C)suchPersonareinthesameorrelatedbusinessastheObligorsthatisotherwisepermittedbySection8.11,(D)atthetimeofsuchtransaction,theBorrowershallbeinproformacompliancewiththeFinancialCovenants,(E)allrepresentationsandwarrantiessetforthinSection6andineachotherCreditDocumentshallbetrueandcorrectinallmaterialrespects(or,inthecaseofanyrepresentationorwarrantyqualifiedbymateriality,inallrespects)onandasofthedateofsuchtransactionand(F)theBorrowershallhavedeliveredtotheAdministrativeAgent,notlessthanten(10)BusinessDaysinadvanceofsuchconsolidationormerger,anofficer’scertificatesignedbyaseniorfinancialofficer,certifyingcompliancewithprecedingclauses(A)through(E)(andsettingforthinreasonabledetailcalculationsdemonstratingcompliancewithprecedingclause(D)).TotheextenttheRequiredLenderswaivetheprovisionsofthisSection8.02withrespecttothesaleofanyCollateral,oranyCollateralissoldaspermittedbySections8.02(a)or(c), such Collateral (unless sold to the Borrower or a Subsidiary of the Borrower) shall be sold free and clear of the Liens created by theSecurityDocuments,andtheAdministrativeAgentandSecurityAgentshallbeauthorizedtotakeanyactionsdeemedappropriateinordertoeffecttheforegoing.

8.03Dividends.TheBorrowerwillnot,andwillnotpermitanyofitsSubsidiariesto,authorize,declareor,payanyDividends,exceptthat:

(a)anySubsidiarymaypayDividendstotheBorrowerortoanySubsidiaryoftheBorrowerwhichownssuchSubsidiary;

(b)theBorrowerandeachofitsSubsidiariesmayauthorize,make,pay,distributeordeclareDividendspayablesolelyintheEquityInterests(otherthanDisqualifiedStock)ofsuchPerson,includingwithoutlimitationauthorizing,declaring,anddistributingaDividendofrightstoacquireEquityInterests(otherthanDisqualifiedStock)ofsuchPerson;

(c)theBorrowermayauthorize,make,payordeclarecashDividends(orrepurchaseordeclareormakeanoffertorepurchaseEquityInterestsincash);providedthat,forallDividendspursuanttothisclause(c),(i)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimeofdeclarationorpayment(orwouldariseaftergivingeffectthereto)ofsuchDividends,(ii)theBorroweranditsSubsidiariesshallbeinproformacompliancewiththeFinancial Covenantsbothimmediately beforeandimmediately after givingeffect to suchDividendsand(iii) theaggregate amountof suchDividendsdeclaredinanyfiscalquartershallnotexceed50%ofConsolidatedNetIncomefortheimmediatelyprecedingfiscalquarter;providedthattherestrictionsetforthinthis

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clause(iii)shallceasetobeapplicableforanyperiodduringwhichtheCollateralMaintenanceTestisgreaterthan200%;and

(d)totheextentconstitutingaDividend,theBorrowermaywithholdfromdeliveryofEquityIntereststobedeliveredtorecipientsofanaward under any equity incentive plan of the Borrower a portion of such Equity Interests to satisfy the amounts of federal, state and other governmental taxwithholdingrequirementsrelatedtosuchawardandpaytheamountsrequiredtobewithheldtotheappropriatetaxingauthorities.

8.04Indebtedness.(a)TheBorroweranditsSubsidiarieswillnotcontract,create,incur,assumeorsuffertoexistanyFinancialIndebtedness(otherthanFinancialIndebtednessincurredpursuanttothisAgreementandtheotherCreditDocuments)except:

(i)FinancialIndebtednesssolongasatthetimesuchFinancialIndebtednessisincurred:(x)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingorwouldresult therefromand(y)theBorrowerandits Subsidiariesshall beinproformacompliancewiththeFinancialCovenants;

(ii)FinancialIndebtednessoftheBorroweranditsSubsidiariesoutstandingontheClosingDateassetforthonScheduleVIIIhereto;

(iii)FinancialIndebtednesspermittedunderSection8.05(c);and

(iv)theSubsidiaryGuarantorsmayissueguaranteesofFinancialIndebtednesspermittedunderSection8.04(a)(ii).

(b)NotwithstandinganythingtothecontrarysetforthaboveinthisSection8.04,(i)noSubsidiaryGuarantorshallincuranyFinancial

Indebtednessforborrowedmoney(includingContingentObligationsinrespectthereof)exceptfor(x)FinancialIndebtednessincurredpursuanttothisAgreementandtheotherCreditDocumentsand(y)intercompanyindebtednesspermittedpursuanttoSection8.05(c),whichshallbesubordinatedtotheSecuredObligationsoftherespectiveObligorpursuanttowrittensubordinationprovisionssubstantiallyintheformofExhibitJand(ii)exceptaspermittedunderSection8.04(a)(ii),Section8.04(a)(iii)andSection8.04(a)(iv),theSubsidiaryGuarantorsshallnotassume,incurorsuffertoexistanyContingentObligationsinrespectofanyFinancialIndebtednessofanySubsidiaryoftheBorrowerwhichisnotanObligor.

8.05Advances,Investments,LoansandVesselAcquisitions.TheBorrowerwillnot,andwillnotpermitanyofitsSubsidiariesto,directlyorindirectly,lendmoneyorcreditormakeadvancestoanyPerson,orpurchaseoracquireanyEquityInterestsin,ormakeanycapitalcontributiontoanyotherPersonoracquireanyvessel(eachoftheforegoingan“Investment”and,collectively,“Investments”),withoutthepriorwrittenconsentoftheAdministrativeAgentandtheRequiredLenders,exceptthat:

(a)theBorroweranditsSubsidiariesmayacquireandholdaccountsreceivableowingtoanyofthem;

(b)solongasnoEventofDefaultexistsorwouldresulttherefrom,theBorroweranditsSubsidiariesmaymakeloansandadvancesintheordinarycourseofbusinesstoitsemployeessolongastheaggregateprincipalamountthereofatanytimeoutstandingwhichareinexistenceonormadeonoraftertheClosingDate(determinedwithoutregardtoanywrite-downsorwrite-offsofsuchloansandadvances)shallnotexceed$500,000;

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(c)theBorrowerandtheSubsidiaryGuarantorsmaymakeintercompanyloansandadvancestotheBorrower(inthecaseoftheSubsidiaryGuarantors)andbetweenoramongoneanother(includingtheBorrower),andSubsidiariesoftheBorrowerotherthantheSubsidiaryGuarantorsmaymakeintercompanyloansandadvancestotheBorroweroranyotherSubsidiaryoftheBorrower;providedthatanyloansoradvancestotheBorroweroranySubsidiaryGuarantorspursuanttothisSection8.05(c)shallbesubordinatedtotheSecuredObligationsoftherespectiveObligorpursuanttowrittensubordinationprovisionssubstantiallyintheformofExhibitJ;

(d)theBorrowerandtheSubsidiaryGuarantorsmaymakeInvestmentstoeffectaCollateralVesselAcquisition(includingbyacquiringaspecialpurposevehicle);

(e)theBorroweranditsSubsidiariesmaysellortransferassetstotheextentpermittedbySection8.02;and

(f)additionalInvestmentsbytheBorroweranditsSubsidiaries,subjectto(i)noEventofDefaulthavingoccurredorbeingcontinuingbothbeforeandaftergivingeffecttheretoand(ii)bothimmediatelybeforeandimmediatelyaftergivingeffecttosuchInvestment,theBorroweranditsSubsidiariesshallbeinproformacompliancewiththeFinancialCovenants.

8.06TransactionswithAffiliates.TheBorrowerwillnot,andwillnotpermitanyofitsSubsidiaryGuarantorsto,enterintoanytransactionorseriesofrelatedtransactions,whetherornotintheordinarycourseofbusiness,withanyAffiliateofsuchPerson,otherthanontermsandconditionsnolessfavorabletosuchPersonaswouldbeobtainedbysuchPersonatthattimeinacomparablearm’s-lengthtransactionwithaPersonotherthananAffiliate,exceptthat:

(a)DividendsmaybepaidtotheextentprovidedinSection8.03;

(b)loansandInvestmentsmaybemade(including,ineachcase,repaymentsthereof)andothertransactionsmaybeenteredintobetweentheBorroweranditsSubsidiariestotheextentnotprohibitedbySections8.04and8.05;

(c)theBorroweranditsSubsidiaryGuarantorsmaypaycustomarydirector’sfees;

(d)theBorroweranditsSubsidiaryGuarantorsmayenterintoemploymentagreementsorarrangementswiththeirrespectiveofficersandemployeesintheordinarycourseofbusiness;

(e)theBorrowermaypaymanagementfeestodirectorindirectWholly-OwnedSubsidiariesintheordinarycourseofbusiness;and

(f)theBorrowermaypayanyfeesorotheramountstoitsAffiliatesasexpresslypermittedbySections8.03,8.05andthisSection8.06.

8.07FinancialCovenants.

(a)MinimumLiquidity.TheBorrowerwillnotpermittheaggregateofallUnrestrictedCashandCashEquivalentsheldbytheBorroweranditsSubsidiariesatanytimetobelessthananamountequaltothegreaterof(x)$30.0millionand(y)7.5%ofTotalIndebtedness.

(b)MinimumWorkingCapital.TheBorrowerwillnotpermittheconsolidatedcurrentassets(determinedonaconsolidatedbasisinaccordancewithGAAP,butexcludingRestrictedCashandCashEquivalents)oftheBorroweranditsSubsidiarieslessconsolidatedcurrentliabilities

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(determinedonaconsolidatedbasisinaccordancewithGAAP,butexcludingthecurrentportionoflong-termFinancialIndebtedness)oftheBorroweranditsSubsidiariestobelessthan$0atalltimes,whichshallbetestedasofthelastdayofeachfiscalquarter.

(c)DebttoCapitalizationRatio.TheBorrowerwillmaintainaratioofTotalIndebtednesstoTotalCapitalizationofnotgreaterthan0.70to1:00atalltimes,whichshallbetestedasofthelastdayofeachfiscalquarter.

(d)CollateralMaintenance.TheBorrowerwillnotpermitthesumof(i)theAggregateAppraisedValueoftheCollateralVessels(which,fortheavoidanceofdoubt,shallincludeanyAdditionalVessels)whichhavenotbeensold,transferred,lostorotherwisedisposedof(itbeingunderstoodthatpermittedcharteringarrangementsdonotconstitutedisposalsforthispurpose)and(ii)anyAdditionalCollateral(otherthananyAdditionalVessels)tobelessthananamountequalto135%oftheaggregateoutstandingprincipalamountoftheLoansatalltimes(the“CollateralMaintenanceTest”);providedthatanynon-compliancewiththisSection8.07(d)shallnotconstituteanEventofDefault(butshallconstituteaDefault),solongaswithin30daysofthedateofsuchnon-compliance,theBorrowershalleither(x)postAdditionalCollateral(andshallduringsuchperiod,andpriortosatisfactorycompletionthereof,bediligentlycarryingoutsuchactions)or(y)prepaytheLoansinanamountsufficienttocuresuchnon-compliance;provided,further,thattheSecurityAgentshall(andtheLendersherebyauthorizetheSecurityAgentto),upontherequestoftheBorrower,releaseanyAdditionalCollateral,terminatetherelatedSecurityDocuments(includinganyrelatedGuaranty)solelywithrespecttosuchAdditionalCollateraliftheAdditionalCollateralReleaseConditionsshallhavebeensatisfied.

(e)ChangestoGAAP.IfatanytimeaftertheClosingDate,theGAAPrequirementsmateriallychangesoastoimpacttheFinancialCovenantssetforthinSections8.07(a),(b),(c)and(d),andifagreedbetweentheBorrowerandtheAdministrativeAgent(actinguponthewrittenconsentoftheRequiredLenders),thisAgreementshallbeamendedand/orsupplementedtoreflectsuchchanges.Ifnosuchagreementismade,theGAAPrequirementspriortoanysuchchangeshallapplyindeterminationoftheFinancialCovenants.

8.08LimitationonModificationsofCertainDocuments;etc.(a)TheBorrowerwillnot,andtheBorrowerwillnotpermitanySubsidiaryGuarantorto,amend,modifyorchangeitsOrganizationalDocumentsoranyagreemententeredintobyitwithrespecttoitsEquityInterests,orenterintoanynewagreementwithrespecttoitsEquityInterests,otherthananyamendments,modificationsorchangesoranysuchnewagreementswhicharenotinanywaymateriallyadversetotheinterestsoftheLenders.

(b)TheBorrowerorrelevantCollateralVesselOwnerpartytoanyCommercialManagementAgreement(ifapplicable),TechnicalManagementAgreementorcharterwillnotagreetoanyamendmentstheretoorgrantanywaiverthereunder,ineachcase,whichwouldbemateriallyadversetotheinterestsoftheLenders,withouttheconsentoftheAdministrativeAgent.

8.09LimitationonCertainRestrictionsonSubsidiaries.TheBorrowerwillnot,andwillnotpermitanySubsidiaryGuarantorto,directlyorindirectly,createorotherwisecauseorsuffertoexistorbecomeeffectiveanyencumbranceorrestrictionontheabilityofanysuchSubsidiaryto(a)payDividendsormakeanyotherdistributionsonitscapitalstockoranyotherinterestorparticipationinitsprofitsownedbytheBorroweroranysuchSubsidiary,orpayanyFinancialIndebtednessowedtotheBorroweroraSubsidiary,(b)makeloansoradvancestotheBorroweroranySubsidiaryor(c)transferanyofitspropertiesorassetstotheBorroweroranysuchSubsidiary,exceptforsuchencumbrancesorrestrictionsexistingunderorbyreasonof(i)applicablelaw,(ii)thisAgreementandtheotherCreditDocuments,(iii)customaryprovisionsrestrictingsublettingorassignmentofanyleasegoverninga

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leaseholdinterestoftheBorroweroraSubsidiaryoftheBorrower,(iv)customaryprovisionsrestrictingassignmentofanyagreement(includingashippurchaseagreement)enteredintobytheBorroweroraSubsidiaryintheordinarycourseofbusiness,(v)anyholderofaLienonassetsotherthantheCollateralmayrestrictthetransferoftheassetorassetssubjecttheretoand(vi)restrictionswhicharenotmorerestrictivethanthosecontainedinthisAgreement.

8.10LimitationonIssuanceofCapitalStock.TheBorrowerwillnotpermitanySubsidiaryGuarantortoissueanycapitalstock(includingbywayofsalesoftreasurystock)oranyoptionsorwarrantstopurchase,orsecuritiesconvertibleinto,capitalstock,except(i)fortransfersandreplacementsofthenoutstandingsharesofcapitalstock,(ii)forstocksplits,stockdividendsandadditionalissuanceswhichdonotdecreasethepercentageownershipoftheBorroweroranyofitsSubsidiariesinanyclassofthecapitalstockofsuchSubsidiary,(iii)inthecaseofforeignSubsidiariesoftheBorrower,toqualifydirectorstotheextentrequiredbyapplicablelaw,(iv)totheBorroweroranotherSubsidiaryGuarantor.AllcapitalstockofanySubsidiaryGuarantorissuedinaccordancewiththisSection8.10shallbedeliveredtotheSecurityAgentpursuanttothePledgeAgreement.

8.11Business.(a)TheBorroweranditsSubsidiarieswillnotengageinanybusinessotherthanthebusinessesinwhichanyofthemisengagedinasoftheClosingDate(or,inthecaseofanySubsidiarythatisformedorincorporatedaftertheClosingDate,anybusinessinwhichtheBorrower,anyotherSubsidiaryisengagedasoftheClosingDate)andactivitiesdirectlyrelatedthereto,andsimilarorrelatedmaritimebusinesses.

(b)TheBorrowerandSubsidiaryGuarantorswillnotengageinanyoperatingorbusinessactivitiesotherthan:(i)ownership,managementoroperationoftheCollateralVesselsand,withrespecttotheBorrower,theotherFleetVessels,(ii)maintenanceoflegalexistence(includingtheabilitytoincurfees,costs,expensesandtaxesrelatingtosuchmanagement),(iii)theenteringintoandperformanceofitsobligationsunderthisAgreementandtheotherCreditDocumentsanditsOrganizationalDocuments,(iv)ifapplicable,participatingintax,accountingandotheradministrativemattersasamemberoftheconsolidatedgroupoftheBorroweranditsSubsidiaries,(v)holdinganycash,CashEquivalentsandotherpropertynecessaryordesirableinconnectionwithorincidentalto,theownership,managementandoperationoftheCollateralVesselsand,withrespecttotheBorrower,theotherFleetVessels,(vi)paymentofDividends,incurringFinancialIndebtedness,makingInvestmentsandengaginginanyotheractivitiestotheextentpermittedhereunderandundertheotherCreditDocuments,(vii)providingindemnificationtoofficersanddirectors,(viii)InvestmentstoeffectaCollateralVesselAcquisition(includingbyacquiringaspecialpurposevehicle),(ix)anyactivitiesincidentalorreasonablyrelatedtotheforegoingand(x)owningtheEquityInterestsinanyoftheirrespectiveSubsidiaries.

8.12Manager.TheBorrowerandtheSubsidiaryGuarantorsshallnot,withoutthepriorwrittenconsentoftheAdministrativeAgent(suchconsentnotbeunreasonablywithheldordelayed),(i)changetheTechnicalManagerofanyCollateralVesselunlesssuchTechnicalManagerisreplacedwithin30daysbyanotherTechnicalManagerincompliancewiththedefinitionof“TechnicalManager”or(ii)changetheCommercialManagerunlesssuchCommercialManagerisreplacedwithin30daysbyanotherCommercialManagerincompliancewiththedefinitionof“CommercialManager”.

8.13BankAccounts.TheBorrowerwillnotpermitanySubsidiaryGuarantortomaintainanydeposit,savings,investmentorothersimilaraccountsotherthantheEarningsAccounts.

8.14JurisdictionofEmployment.TheBorrowerwillnot,andwillnotpermittheSubsidiaryGuarantorsoranythirdpartychartererofaCollateralVesseltoemployorcausetobeemployedanyCollateralVesselinanycountryorjurisdictioninwhichtheBorrower,theSubsidiaryGuarantorsorsuchthirdpartychartererofaCollateralVesselisprohibitedbylawfromdoingbusiness,

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(ii)theLiencreatedbytheapplicableCollateralVesselMortgagewillberenderedunenforceableor(iii)theSecurityAgent’sforeclosureorenforcementrightswillbemateriallyimpairedorhindered.

8.15OperationofCollateralVessels.TheBorrowerwillnot,andwillnotpermitanySubsidiaryGuarantorto:

(a)withoutgivingpriorwrittennoticethereoftotheSecurityAgent,changetheregisteredowner,name,officialorpatentnumber,asthecasemaybe,thehomeportorclassofanyCollateralVessel;and

(b) without the prior consent of the Administrative Agent (or, in the case of the registry, each Lender) (such consent not to be

unreasonablywithheld),changetheregisteredflagregistryorclassificationsocietyofanyCollateralVesselunlessthechangeistoanAcceptableFlagJurisdiction(andtherequirementsoftheFlagJurisdictionTransferhavebeensatisfied)ortoanAcceptableClassificationSociety.

8.16CorruptPractices.TheBorrowerandeachObligorshallnotuseanypartoftheproceedsoftheLoans,directlyor,totheknowledge

ofanyObligor,indirectly,infurtheranceofanoffer,payment,promisetopay,orauthorizationofapaymentofgivingofmoney,oranythingofvalue,toaForeignOfficialoranyperson,inordertoobtain,retainordirectbusinessorobtainanyimproperadvantage,inviolationofAnti-CorruptionLaws.

8.17NoInvestments.TheBorrowerandeachObligorshallnotuseanyInvestments,directlyor,totheknowledgeofanyObligor,indirectly,toorforthebenefitofaRestrictedPartyinviolationofSanctionsLawsnorshalltheyotherwisebeappliedinamannerorforapurposeprohibitedbySanctionsLaws.

8.18HedgingAgreements.TheBorrowerwillnotandwillnotpermitanySubsidiaryGuarantortoenterintoHedgingAgreementsorotherhedgingorsimilaragreementsotherthanHedgingAgreementsenteredintointheordinarycourseofbusinessandnotforspeculativepurposes;providedthattheBorrowermayonlyenterintoandremainliableunderSecuredHedgingAgreementsenteredintowithaLenderoranAffiliateofaLenderwithrespecttotheCollateralVesselsortheobligationsoftheBorrowerandeachotherObligorunderthisAgreement;provided,further,thatthenotionalamountofobligationshedgedundersuchHedgingAgreementsshallnotatanytimeexceedtheoutstandingprincipalamountoftheLoans.

SECTION9EventsofDefault.Eachofthefollowingshallconstitutean“EventofDefault”forpurposesofthisAgreementandtheotherCreditDocuments:

9.01Payments.TheBorrowershall(i)defaultinthepaymentwhendueofanyprincipalorinterestpayableinconnectionwithanyLoanoranyNoteor(ii)defaultinthepaymentwhendueofanyothersumspayableunderaCreditDocumentorunderanydocumentrelatingtoaCreditDocumentor,inthecaseofsumspayableondemand,withinfive(5)BusinessDaysafterthedatewhenfirstdemanded;providedthatifsuchfailuretopayasumwhendueissolelytheresultofanadministrativeortechnicalerror,itshallnotconstituteanEventofDefaultunlesssuchfailurecontinuesunremediedformorethanthree(3)BusinessDays;or

9.02Representations,etc.Anyrepresentation,warrantyorstatementmadebyanyObligorhereinorinanyotherCreditDocumentorinanycertificatedeliveredpursuantheretoortheretoshallprovetobeuntrueinanymaterialrespectonthedateasofwhichmadeordeemedmade;or

9.03Covenants.AnyObligorshall(i)defaultinthedueperformanceorobservancebyitofanyterm,covenantoragreementcontainedinSections7.01(f)(i),7.03(otherthanclause(a)(i)or

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(iv)thereof),7.05(a)(iii),7.06,7.15(b),7.19orSection8.07or(ii)defaultinthedueperformanceorobservancebyitofanyotherterm,covenantoragreementcontainedinthisAgreementoranyotherCreditDocumenttowhichitisapartyand,inthecaseofthisclause(ii),suchdefaultshallcontinueunremediedforaperiodof30daysafterwrittennoticetotheBorrowerbytheAdministrativeAgent;or

9.04DefaultUnderOtherAgreements.(i)TheBorroweroranyofitsSubsidiariesshalldefaultinanypaymentofanyFinancialIndebtedness(otherthantheCreditDocumentObligations)beyondtheoriginalperiodofgrace,ifany,providedintheinstrumentoragreementunderwhichsuchFinancialIndebtednesswascreatedor(ii)theBorroweroranyofitsSubsidiariesshalldefaultintheobservanceorperformanceofanyagreementorconditionrelatingtoanyFinancialIndebtedness(otherthantheCreditDocumentObligations)orcontainedinanyinstrumentoragreementevidencing,securingorrelatingthereto,oranyothereventshalloccurorconditionexist,theeffectofwhichdefaultorothereventorconditionistocause,ortopermittheholderorholdersofsuchFinancialIndebtedness(oratrusteeoragentonbehalfofsuchholderorholders)tocause(determinedwithoutregardtowhetheranynoticeisrequired),anysuchFinancialIndebtednesstobecomeduepriortoitsstatedmaturityor(iii)anyFinancialIndebtedness(otherthantheCreditDocumentObligations)oftheBorroweroranyofitsSubsidiariesshallbedeclaredtobedueandpayable,orrequiredtobeprepaidotherthanby(x)aregularlyscheduledrequiredprepaymentor(y)inconnectionwithanassetsale,casualtyorcondemnationorothersimilarmandatoryprepayment,priortothestatedmaturitythereof;providedthatitshallnotbeaDefaultorEventofDefaultunderthisSection9.04unlesstheaggregateprincipalamountofallFinancialIndebtednessasdescribedinprecedingclauses(i)through(iii),inclusive,exceeds$7,500,000;or

9.05Bankruptcy,etc.TheBorrower,anyofitsSubsidiariesshallcommenceavoluntarycaseconcerningitselfunderTitle11oftheUnitedStatesCodeentitled“Bankruptcy,”asnoworhereafterineffect,oranysuccessorthereto(the“BankruptcyCode”)oranyotherDebtorReliefLaw;oraninvoluntaryproceedingiscommencedagainsttheBorroweroranyofitsSubsidiariesunderanyDebtorReliefLawwhichisnotcontrovertedwithin30daysafterserviceofsummons(orsuchlongerperiodasmaybeprovidedbysuchsummons),orisnotdismissedwithin60days,aftercommencementoftheproceeding;orareceiver,custodian,trustee,examiner,liquidatororsimilarofficialisappointedfor,ortakeschargeof,allorsubstantiallyallofthepropertyoftheBorroweroranyofitsSubsidiaries,ortheBorroweroranyofitsSubsidiariescommencesanyotherproceedingunderanyreorganization,arrangement,adjustmentofdebt,reliefofdebtors,dissolution,insolvencyorliquidationorsimilarlawofanyjurisdictionwhethernoworhereafterineffectrelatingtotheBorroweroranyofitsSubsidiariesorthereiscommencedagainsttheBorroweroranyofitsSubsidiariesanysuchproceedingwhichremainsundismissedforaperiodof60days,ortheBorroweroranyofitsSubsidiariesisadjudicatedinsolventorbankrupt;oranyorderofrelieforotherorderapprovinganysuchcaseorproceedingisentered;oranyofitsSubsidiariessuffersanyappointmentofanyreceiver,custodian,trustee,examiner,liquidatororsimilarofficialorthelikeforitoranysubstantialpartofitspropertytocontinueundischargedorunstayedforaperiodof60days;ortheBorroweroranyofitsSubsidiariesmakesageneralassignmentforthebenefitofcreditors;oranycorporateactionistakenbytheBorroweroranyofitsSubsidiariesforthepurposeofeffectinganyoftheforegoing;or

9.06ERISA.If:

(a)(i)anyPlan(otherthanaMultiemployerPlan)shallfailtosatisfytheminimumfundingstandardrequiredforanyplanyearorpartthereofunderSection412oftheCodeorSection302ofERISAorawaiverofsuchstandardorextensionofanyamortizationperiodissoughtorgrantedunderSection412oftheCodeorSection303ofERISA;

(ii)aReportableEventshallhaveoccurred;

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(iii)acontributingsponsor(asdefinedinSection4001(a)(13)ofERISA)ofaPlansubjecttoTitleIVofERISAshallbesubjecttotheadvancereportingrequirementofPBGCRegulationSection4043.61(whichisnotwaived)andaneventdescribedinsubsection.62,.63,.64,.65,.66,.67or.68ofPBGCRegulationSection4043shallbereasonablyexpectedtooccurwithrespecttosuchPlanwithinthefollowing30days;

(iv)anyPlan(otherthanaMultiemployerPlan)whichissubjecttoTitleIVofERISAshallhavehadorisreasonablylikelytohavea

trusteeappointedtoadministersuchPlan;

(v) anyPlanwhichissubjecttoTitleIVofERISAis, orshall havebeen,terminatedorthesubjectofterminationproceedingsunderERISA;

(vi)acontributionrequiredtobemadebytheBorroweroranyofitsSubsidiariesoranyERISAAffiliatewithrespecttoaPlansubjectto

TitleIVofERISAorbytheBorroweroranyofitsSubsidiarieswithrespecttoaForeignPensionPlanisnottimelymade;

(vii)anyPlan(otherthanaMultiemployerPlan)shallhaveanUnfundedCurrentLiability;

(viii)theBorroweroranyofitsSubsidiariesoranyERISAAffiliatehasreceivedwrittennoticefromthePBGCoraplanadministrator(inthecaseofaMultiemployerPlan)indicatingthatproceedingshavebeeninstitutedbythePBGCtoterminateorappointatrusteetoadminister aPlansubjecttoTitleIVofERISA;

(ix)theBorroweroranyofitsSubsidiariesoranyERISAAffiliatehasorisreasonablylikelytohaveanyliabilitytooronaccountofa

PlanunderSection4062,4063,4064,4069,4201,4204or4212ofERISAorSection4975oftheCode;or

(x)a“default,”withinthemeaningofSection4219(c)(5)ofERISA,shalloccurwithrespectanyMultiemployerPlan;

(b)thereshallresultfromanysucheventoreventstheimpositionofalien,thegrantingofasecurityinterest,oraliabilityoramaterialandimpendingriskofincurringaliability;and

(c) suchlien, security interest or liability, individually, and/or in the aggregate, has had, or wouldreasonably beexpectedto have, a

MaterialAdverseEffect;or

9.07SecurityDocuments.Atanytimeaftertheexecutionanddeliverythereof,anyoftheSecurityDocumentsshall,otherthaninaccordancewiththetermshereoforthereof,ceasetobeinfullforceandeffect,orshallceaseinanymaterialrespecttogivetheSecurityAgentforthebenefitoftheSecuredCreditorstheLiens,rights,powersandprivilegespurportedtobecreatedthereby(including,withoutlimitation,aperfectedsecurityinterestin,andLienon,alloftheCollateral),infavoroftheSecurityAgent,superiortoandpriortotherightsofallthirdPersons(exceptinconnectionwithPermittedLiens),andsubjecttonootherLiens(exceptPermittedLiens),oranyObligorshalldefaultinthedueperformanceorobservanceofanyterm,covenantoragreementonisparttobeperformedorobservedpursuanttoanyoftheSecurityDocumentsandsuchdefaultshallcontinuebeyondanyoriginalperiodofgrace(ifany)specificallyapplicabletheretopursuanttothetermsofsuchSecurityDocumentorany“eventofdefault”(asdefinedinanyCollateralVesselMortgage)shalloccurinrespectofanyCollateralVesselMortgage;or

9.08Guaranty.Aftertheexecutionanddeliverythereof,anyGuaranty,oranyprovisionthereof,shallceasetobeinfullforceoreffectastotherelevantSubsidiaryGuarantor(unless

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suchSubsidiaryGuarantorisnolongeraSubsidiaryoftheBorrowerbyvirtueofaliquidation,sale,mergerorconsolidationpermittedbySection8.02)oranySubsidiaryGuarantor(orPersonactingbyoronbehalfofsuchSubsidiaryGuarantor)shalldenyordisaffirmsuchSubsidiaryGuarantor’sobligationsundertheGuarantytowhichitisapartyoranySubsidiaryGuarantorshalldefaultinthedueperformanceorobservanceofanyterm,covenantoragreementonisparttobeperformedorobservedpursuanttotheGuarantytowhichitisapartyandsuchdefaultshallcontinuebeyondanyoriginalperiodofgrace(ifany)specificallyapplicabletheretopursuanttothetermsofsuchGuaranty;or

9.09Judgments.OneormorejudgmentsordecreesshallbeenteredagainsttheBorroweroranyofitsSubsidiariesinvolvinginthe

aggregatefortheBorroweranditsSubsidiariesaliability(notpaidorfullycoveredbyareputableandsolventinsurancecompany)andsuchjudgmentsanddecreeseithershallbefinalandnon-appealableorshallnotbevacated,dischargedorstayedorbondedpendingappealforanyperiodofsixty(60)BusinessDays,andtheaggregateamountofallsuchjudgments,totheextentnotcoveredbyinsurance,exceedstheMaterialityAmount;or

9.10TerminationofBusiness.AnyObligorceasesorsuspendsorthreatenstoceaseorsuspendthecarryingonofitsbusiness,orapartofitsbusiness(ineachcaseotherthaninconnectionwithdrydockings,maintenanceoftheCollateralVesselandothertemporarysuspensionsofoperationsintheordinarycourseofbusiness)which,intheopinionoftheRequiredLenders,ismaterialinthecontextofthisAgreement;or

9.11AuthorizationsandConsents.AnyconsentnecessarytoenableaCollateralVesselOwnertoown,operateorchartertheCollateralVesselownedbyitortoenabletheBorroweroranyotherObligortocomplywithanyprovisionwhichtheRequiredLendersconsidermaterialofaCreditDocumentisnotgranted,expireswithoutbeingrenewed,isrevokedorbecomesliabletoberevokedoranyconditionofsuchaconsentisnotfulfilled,unlesscuredwithinthirty(30)BusinessDays;or

9.12Arrest;Expropriation.Alloramaterialpartoftheundertakings,assets,rightsorrevenuesof,orsharesorotherownershipinterestin,anyObligorarearrested,seized,nationalized,expropriatedorcompulsorilyacquiredbyorundertheauthorityofanygovernment,unlesscuredwithinthirty(30)BusinessDays,andprovidedthatinthereasonableopinionoftheAdministrativeAgent,suchoccurrencewouldadverselyaffectanyObligor’sabilitytoperformitsobligationsundertheCreditDocumentstowhichitisaparty;or

9.13FailuretoComplywithFinalJudgment.TheBorroweroranyofitsSubsidiariesfailtocomplywithafinaljudgmentissuedbyanycourtofcompetentjurisdiction;or

9.14ChangeofControl.ThereoccursanyChangeofControl.UpontheoccurrenceandduringthecontinuanceofanyEventofDefault,theAdministrativeAgentmay,anduponthewrittenrequestoftheRequiredLenders,shall, bywrittennoticetotheBorrower,takeanyorallofthefollowingactions,withoutprejudicetotherightsoftheAdministrativeAgent,anyLenderortheholderofanyNotetoenforceitsclaimsagainstanyObligor(providedthat,ifanEventofDefaultspecifiedinSection9.05shalloccur,theresultwhichwouldoccuruponthegivingofwrittennoticebytheAdministrativeAgenttotheBorrowerasspecifiedinclauses(i)and(ii)belowshalloccurautomaticallywithoutthegivingofanysuchnotice):(i)declaretheCommitmentsterminated,whereuponallCommitmentsofeachLendershallforthwithterminateimmediatelyandanyCommitmentCommissionshallforthwithbecomedueandpayablewithoutanyothernoticeofanykind;(ii)declaretheprincipalofandanyaccruedinterestinrespect of all Loans, Notes and all Credit Document Obligations owing hereunder or thereunder to be, whereupon the same shall become, forthwith due andpayablewithoutpresentment,demand,protestorothernoticeofanykind,allofwhichareherebywaivedbyeachObligor;or(iii)enforce,asSecurityAgent,alloftheLiensandsecurityinterestscreatedpursuanttotheSecurityDocuments.Notwithstandingtheforegoing,innoeventshalltheAdministrativeAgentbe

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requiredtodeliverwrittennoticetotheBorrowerpriortotakinganyactiondescribedinclause(iii)ofthisparagraph.

SECTION10AgencyandSecurityTrusteeProvisions.

10.01Appointment.(a)TheLendersintheircapacityasLendersandOtherCreditors(bytheiracceptanceofthebenefitshereofandoftheotherCreditDocuments)herebyirrevocablydesignateandappointCACIB,asAdministrativeAgent(forpurposesofthisSection10theterm“AdministrativeAgent”shallincludeCACIB(and/oranyofitsaffiliates)initscapacityasSecurityAgentpursuanttotheSecurityDocumentsandinitscapacityasmortgagee(ifapplicable)andsecuritytrusteepursuanttotheCollateralVesselMortgages)toactasspecifiedhereinandintheotherCreditDocuments.EachLenderherebyirrevocablyauthorizes,andeachholderofanyNotebytheacceptanceofsuchNoteshallbedeemedirrevocablytoauthorize,theAgentstotakesuchactiononitsbehalfundertheprovisionsofthisAgreement,theotherCreditDocumentsandanyotherinstrumentsandagreementsreferredtohereinorthereinandtoexercisesuchpowersandtoperformsuchdutieshereunderandthereunderasarespecificallydelegatedtoorrequiredofsuchAgentbythetermshereofandthereofandsuchotherpowersasarereasonablyincidentalthereto.TheAgentsmayperformanyoftheirdutieshereunderbyorthroughitsrespectiveofficers,directors,agents,employeesoraffiliatesand,mayassignfromtimetotimeanyorallofitsrights,dutiesandobligationshereunderandundertheSecurityDocumentstoanyofitsbankingaffiliates.

(b)TheLendersherebyirrevocablydesignateandappointCACIBassecuritytrusteesolelyforthepurposeofholdinglegaltitletotheCollateralVesselMortgagesoneachoftheCollateralVesselsinanAcceptableFlagJurisdictiononbehalfoftheLenders,fromtimetotime,withregardtothe(i)security,powers,rights,titles,benefitsandinterests(bothpresentandfuture)constitutedbyandconferredontheLendersoranyofthemorforthebenefitthereofunderorpursuanttotheCollateralVesselMortgages(including,withoutlimitation,thebenefitofallcovenants,undertakings,representations,warrantiesandobligationsgiven,madeorundertakenbyanyLenderintheCollateralVesselMortgages),(ii)allmoney,propertyandotherassetspaidortransferredtoorvestedinanyLenderoranyagentofanyLenderorreceivedorrecoveredbyanyLenderoranyagentofanyLenderpursuantto,orinconnectionwiththeCollateralVesselMortgages,whetherfromtheBorroweroranySubsidiaryGuarantororanyotherPersonand(iii)allmoney,investments,propertyandotherassetsatanytimerepresentingorderivingfromanyoftheforegoing,includingallinterest,incomeandothersumsatanytimereceivedorreceivablebyanyLenderoranyagentofanyLenderinrespectofthesame(oranypartthereof).CACIBherebyacceptssuchappointmentassecuritytrustee.

10.02NatureofDuties.(a)TheAgentsshallhavenodutiesorresponsibilitiesexceptthoseexpresslysetforthinthisAgreementandtheSecurityDocuments.NoneoftheAgentsnoranyoftheirrespectiveofficers,directors,agents,employeesoraffiliatesshallbeliableforanyactiontakenoromittedbyitorthemhereunderorunderanyotherCreditDocumentorinconnectionherewithortherewith,unlesscausedbysuchPerson’sgrossnegligenceorwillfulmisconductasdeterminedbyacourtofcompetentjurisdictioninafinalandnon-appealabledecision(anysuchliabilitylimitedtotheapplicableAgenttowhomsuchPersonrelates).ThedutiesofeachoftheAgentsshallbemechanicalandadministrativeinnature;noneoftheAgentsshallhavebyreasonofthisAgreementoranyotherCreditDocumentanyfiduciaryrelationshipinrespectofanyLenderortheholderofanyNote;andnothinginthisAgreementoranyotherCreditDocument,expressedorimplied,isintendedtoorshallbesoconstruedastoimposeuponanyAgentsanyobligationsinrespectofthisAgreementoranyotherCreditDocumentexceptasexpresslysetforthhereinortherein.

(b)Itisunderstoodandagreedthattheuseoftheterm“agent”hereinorinanyotherCreditDocuments(oranyothersimilarterm)withreferencetotheAdministrativeAgentinsuchcapacityisnotintendedtoconnoteanyfiduciaryorotherimplied(orexpress)obligationsarisingunder

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agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrativerelationshipbetweencontractingparties.

(c)NoAgent,initscapacityassuch,shallhaveanyresponsibility,dutyorliabilityformonitoringorenforcingthelistofDisqualifiedLenderorforanyassignmentofanyLoansorCommitmentsorforthesaleofanyparticipation,ineithercase,toaDisqualifiedLender.

10.03LackofRelianceontheAgents.IndependentlyandwithoutrelianceupontheAgents,eachLenderandtheholderofeachNote,totheextentitdeemsappropriate,hasmadeandshallcontinuetomake(i)itsownindependentinvestigationofthefinancialconditionandaffairsoftheBorroweranditsSubsidiariesinconnectionwiththemakingandthecontinuanceoftheLoansandthetakingornottakingofanyactioninconnectionherewithand(ii)itsownappraisalofthecreditworthinessoftheBorroweranditsSubsidiariesand,exceptasexpresslyprovidedinthisAgreement,noneoftheAgentsshallhaveanydutyorresponsibility,eitherinitiallyoronacontinuingbasis,toprovideanyLenderortheholderofanyNotewithanycreditorotherinformationwithrespectthereto,whethercomingintoitspossessionbeforethemakingoftheLoansoratanytimeortimesthereafter.NoneoftheAgentsshallberesponsibletoanyLenderortheholderofanyNoteforanyrecitals,statements,information,representationsorwarrantieshereinorinanydocument,certificateorotherwritingdeliveredinconnectionherewithorfortheexecution,effectiveness,genuineness,validity,enforceability,perfection,collectability,priorityorsufficiencyofthisAgreementoranyotherCreditDocumentorthefinancialconditionoftheBorroweranditsSubsidiariesorberequiredtomakeanyinquiryconcerningeithertheperformanceorobservanceofanyoftheterms,provisionsorconditionsofthisAgreementoranyotherCreditDocument,orthefinancialconditionoftheBorroweranditsSubsidiariesortheexistenceorpossibleexistenceofanyDefaultorEventofDefault.

10.04CertainRightsoftheAgents.IfanyoftheAgentsshallrequestinstructionsfromtheRequiredLenderswithrespecttoanyactoraction(includingfailuretoact)inconnectionwiththisAgreementoranyotherCreditDocument,theAgentsshallbeentitledtorefrainfromsuchactortakingsuchactionunlessanduntiltheAgentsshallhavereceivedinstructionsfromtheRequiredLenders;andtheAgentsshallnotincurliabilitytoanyPersonbyreasonofsorefraining.Withoutlimitingtheforegoing,noLenderortheholderofanyNoteshallhaveanyrightofactionwhatsoeveragainsttheAgentsasaresultofanyoftheAgentsactingorrefrainingfromactinghereunderorunderanyotherCreditDocumentinaccordancewiththeinstructionsoftheRequiredLenders.

10.05Reliance.EachoftheAgentsshallbeentitledtorely,andshallbefullyprotectedinrelying,uponanynote,writing,resolution,notice,statement,certificate,email,ortelecopiermessage,orderorotherdocumentortelephonemessagesigned,sentormadebyanyPersonthattheapplicableAgentreasonablybelievedtobetheproperPerson,and,withrespecttoalllegalmatterspertainingtothisAgreementandanyotherCreditDocumentanditsdutieshereunderandthereunder,uponadviceofcounselselectedbytheAdministrativeAgent.

10.06Indemnification.TotheextentanyoftheAgentsisnotreimbursedandindemnifiedbytheBorrower,theLendersseverallyagreetoreimburseandindemnifytheapplicableAgents,proratatotheirrespectiveCommitmentsforandagainstanyandallliabilities,obligations,losses,damages,penalties,claims,actions,judgments,costs,expensesordisbursementsofwhatsoeverkindornaturewhichmaybeimposedon,assertedagainstorincurredbysuchAgentsinperformingtheirrespectivedutieshereunderorunderanyotherCreditDocument,inanywayrelatingtoorarisingoutofthisAgreementoranyotherCreditDocument(including,withoutlimitation,asaresultofabreachofanySanctionsLawsbyanyObligorortheirrespectivedirectors,officers,employees,agentsorrepresentatives);providedthatnoLendershallbeliableinrespecttoanAgentforanyportionofsuchliabilities,obligations,losses,damages,penalties,actions,judgments,suits,costs,expensesordisbursementsresultingfromsuchAgent’sgrossnegligenceorwillfulmisconduct(asdeterminedbya

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courtofcompetentjurisdictioninafinalandnon-appealabledecision).TheindemnitiescontainedinthisSection10.06shallcoveranycost,lossorliabilityincurredbyeachIndemnifiedPartyinanyjurisdictionarisingorassertedunderorinconnectionwithanylawrelatingtosafetyatsea,theISMCode,theISPSCodeoranyEnvironmentalLaw.

10.07TheAdministrativeAgentinitsIndividualCapacity.WithrespecttoitsobligationtomaketheLoansunderthisAgreement,eachoftheAgentsshallhavetherightsandpowersspecifiedhereinfora“Lender”andmayexercisethesamerightsandpowersasthoughitwerenotperformingthedutiesspecifiedherein;andtheterm“Lenders,”“SecuredCreditors”,“RequiredLenders”,“holdersofNotes”oranysimilartermsshall,unlessthecontextclearlyotherwiseindicates,includeeachoftheAgentsintheirrespectiveindividualcapacity.EachoftheAgentsmayacceptdepositsfrom,lendmoneyto,andgenerallyengageinanykindofbanking,trustorotherbusinesswithanyObligororanyAffiliateofanyObligorasifitwerenotperformingthedutiesspecifiedherein,andmayacceptfeesandotherconsiderationfromtheBorroweroranyotherObligorforservicesinconnectionwiththisAgreementandotherwisewithouthavingtoaccountforthesametotheLenders.

10.08Holders.TheAdministrativeAgentmaydeemandtreatthepayeeofanyNoteastheownerthereofforallpurposeshereofunlessanduntilawrittennoticeoftheassignment,transferorendorsementthereof,asthecasemaybe,shallhavebeenfiledwiththeAdministrativeAgent.Anyrequest,authorityorconsentofanyPersonwho,atthetimeofmakingsuchrequestorgivingsuchauthorityorconsent,istheholderofanyNoteshallbeconclusiveandbindingonanysubsequentholder,transferee,assigneeorendorsee,asthecasemaybe,ofsuchNoteorofanyNoteorNotesissuedinexchangetherefor.

10.09ResignationbytheAdministrativeAgent.

(a)TheAdministrativeAgentmayresignfromtheperformanceofallitsfunctionsanddutieshereunderand/orundertheotherCreditDocumentsatanytimebygivingthirty(30)BusinessDays’priorwrittennoticetotheBorrowerandtheLendersorappointoneofitsAffiliatesasasuccessorbygivingfive(5)BusinessDays’priorwrittennoticetotheBorrowerandtheLenders.AresignationbytheAdministrativeAgentwithouttheappointmentofanAffiliateassuccessorascontemplatedhereinshalltakeeffectupontheappointmentofasuccessorAdministrativeAgentpursuanttoclauses(b)and(c)beloworasotherwiseprovidedbelow.

(b)UponanoticeofresignationdeliveredbytheAdministrativeAgentpursuanttoSection10.09(a),theRequiredLendersshallappointasuccessorAdministrativeAgenthereunderorthereunderwhoshallbeacommercialbankortrustcompanythatis,unlessanEventofDefaulthasoccurredandiscontinuingatsuchtime,reasonablyacceptabletotheBorrower.

(c) If,followingtheAdministrativeAgentdeliveringanoticeofresignationpursuanttoSection10.09(a) ,asuccessorAdministrativeAgentshallnothavebeensoappointedwithinsuchthirty(30)BusinessDayperiod,theAdministrativeAgent,withtheconsentoftheBorrower(whichshallnotbeunreasonablywithheldordelayedandshall notberequiredifanEventofDefault iscontinuingatsuchtime),shall thenappointacommercial bankortrustcompany with capital and surplus of not less than $500,000,000 as successor Administrative Agent who shall serve as Administrative Agent hereunder orthereunderuntilsuchtime,ifany,astheRequiredLendersappointasuccessorAdministrativeAgentasprovidedabove.

(d)IfnosuccessorAdministrativeAgenthasbeenappointedpursuanttoclause(b)or(c)abovebythetwentyfifth(25th)BusinessDayafterthedatesuchnoticeofresignationwasgivenbytheAdministrativeAgent,theAdministrativeAgent’sresignationshallbecomeeffectiveandtheRequiredLendersshallthereafterperformallthedutiesoftheAdministrativeAgenthereunderand/or

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underanyotherCreditDocumentuntilsuchtime,ifany,astheRequiredLendersappointasuccessorAdministrativeAgentasprovidedabove.

10.10CollateralMatters.(a)EachLenderauthorizesanddirectstheSecurityAgenttoenterintotheSecurityDocumentsforthebenefitof(or,inrespectoftheSecurityDocumentsgovernedbyFrenchlaw,asitsagentinthenameandfortheaccountof)theLendersandtheotherSecuredCreditorsandconfirmsitsapprovaloftheSecurityDocuments.EachLenderherebyagrees,andeachholderofanyNotebytheacceptancethereofwillbedeemedtoagree,that,exceptasotherwisesetforthherein,anyactiontakenbytheRequiredLendersinaccordancewiththeprovisionsofthisAgreementortheSecurityDocuments,andtheexercisebytheRequiredLendersofthepowerssetforthhereinortherein,togetherwithsuchotherpowersasarereasonablyincidentalthereto,shallbeauthorizedandbindinguponalloftheLenders.TheSecurityAgentisherebyauthorizedonbehalfandinthenameofalloftheLenders,withoutthenecessityofanynoticetoorfurtherconsentfromanyLender,fromtimetotimepriorto,orduring,anEventofDefault,totakeanyactionwithrespecttoanyCollateralorSecurityDocumentswhichmaybenecessarytoperfectandmaintainperfectedthesecurityinterestinandLiensupontheCollateralgrantedpursuanttotheSecurityDocuments.EachSecuredCreditorexpresslyagreesthatarticle2488-6etseq.oftheFrenchCodecivilwillnotapply.

(b)TheLendersherebyauthorizetheSecurityAgent,atitsoptionandinitsdiscretion,toreleaseanyLienonanypropertygrantedtoorheldbytheSecurityAgentortotheSecuredCreditorsunderanyCreditDocument(i)uponpaymentandsatisfactioninfullincashoftheCreditDocumentObligations(otherthancontingentindemnificationobligations)atanytimearisingunderorinrespectofthisAgreementortheCreditDocumentsorthetransactionscontemplatedherebyorthereby,(ii)thatissoldorotherwisedisposedof(toPersonsotherthantheBorroweranditsSubsidiaries)uponthesaleorotherdispositionthereofincompliancewithSection8.02,(iii)inconnectionwithanyFlagJurisdictionTransfer;providedthattherequirementsthereofaresatisfiedbytherelevantObligor,and(iv)ifapproved,authorizedorratifiedinwritingbytheRequiredLenders(oralloftheLendershereunder,totheextentrequiredbySection11.13)or(v)asotherwisemaybeexpresslyprovidedintherelevantSecurityDocuments.UponrequestbytheAdministrativeAgentatanytime,theLenderswillconfirminwritingtheSecurityAgent’sauthoritytoreleaseitsinterestinparticulartypesoritemsofCollateralpursuanttothisSection10.10.

(c)TheLendersherebyagreeto,anddirecttheAdministrativeAgentandtheSecurityAgentto,automaticallyreleaseanySubsidiaryGuarantorfromtheGuaranty(i)uponpaymentandsatisfactionofalloftheCreditDocumentObligations(otherthaninchoateindemnificationobligations)atanytimearisingunderorinrespectofthisAgreementortheCreditDocumentsorthetransactionscontemplatedherebyorthereby,(ii)thatiswoundup,liquidated,dissolved,mergedconsolidatedoramalgamatedincompliancewithSection8.02,(iii)ifapproved,authorizedorratifiedinwritingbytheRequiredLenders(oralloftheLendershereunder,totheextentrequiredbySection11.13)or(iv)asotherwisemaybeexpresslyprovidedintheGuaranty.

(d)TheSecurityAgentshallhavenoobligationwhatsoevertotheLendersortoanyotherPersontoassurethattheCollateralexistsorisownedbyanyObligororiscaredfor,protectedorinsuredorthattheLiensgrantedtotheSecurityAgenthereinorpursuantheretohavebeenproperlyorsufficientlyorlawfullycreated,perfected,protectedorenforcedorareentitledtoanyparticularpriority,ortoexerciseortocontinueexercisingatallorinanymannerorunderanydutyofcare,disclosureorfidelityanyoftherights,authoritiesandpowersgrantedoravailabletotheSecurityAgentinthisSection10.10orinanyoftheSecurityDocuments,itbeingunderstoodandagreedthatinrespectoftheCollateral,oranyact,omissionoreventrelatedthereto,theSecurityAgentshallhavenodutyorliabilitywhatsoevertotheLenders,exceptforitsgrossnegligenceorwillfulmisconduct(asdeterminedbyacourtofcompetentjurisdictioninafinalandnon-appealabledecision).

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(e)(i)TheOtherCreditorsshallnothaveanyrightwhatsoevertodoanyofthefollowing:(A)exerciseanyrightsorremedieswithrespecttotheCollateralortodirectanyAgenttodothesame,including,withoutlimitation,therightto(1)enforceanyLiensorsellorotherwiseforecloseonanyportionoftheCollateral,(2)requestanyaction,instituteanyproceedings,exerciseanyvotingrights,giveanyinstructions,makeanyelectionormakecollectionswithrespecttoalloranyportionoftheCollateralor(3)releaseanyObligorunderanyCreditDocumentorreleaseanyCollateralfromtheLiensofanySecurityDocumentorconsenttoorotherwiseapproveanysuchrelease;(B)demand,acceptorobtainanyLienonanyCollateral(exceptforLiensarisingunder,andsubjecttothetermsof,theCreditDocuments);(C)voteinanycaseconcerninganyObligorundertheBankruptcyCodeoranyotherproceedingunderanyreorganization,arrangement,adjudicationofdebt,reliefofdebtors,dissolution,insolvency,liquidationorsimilarproceedinginrespectoftheObligorsoranyoftheirrespectiveSubsidiaries(anysuchproceeding,forpurposesofthisclause(e)(i),a“BankruptcyProceeding”)withrespectto,ortakeanyotheractionsconcerningtheCollateral;(D)receiveanyproceedsfromanysale,transferorotherdispositionofanyoftheCollateral(exceptinaccordancewiththisAgreement);(E)opposeanysale,transferorotherdispositionoftheCollateral;(F)objecttoanydebtor-in-possessionfinancinginanyBankruptcyProceedingwhichisprovidedbyoneormoreLendersamongothers(includingonaprimingbasisunderSection364(d)oftheBankruptcyCode);(G)objecttotheuseofcashcollateralinrespectoftheCollateralinanyBankruptcyProceeding;or(H)seek,orobjecttotheLendersoranyAgentseekingonanequalandratablebasis,anyadequateprotectionorrelieffromtheautomaticstaywithrespecttotheCollateralinanyBankruptcyProceeding.

(ii)EachOtherCreditor,byitsacceptanceofthebenefitsofthisAgreementandtheotherCreditDocuments,agreesthatinexercisingrights and remedies with respect to the Collateral, the Agents and the Lenders may enforce the provisions of the Credit Documents and exercise remediesthereunder (or refrainfromenforcingrights andexercisingremedies), all insuchorder andinsuchmanner astheymaydetermineintheexercise of their solebusinessjudgment.Suchexerciseandenforcementshallinclude,withoutlimitation,therightstocollect,sell,disposeoforotherwiserealizeuponalloranypartoftheCollateral,toincurexpensesinconnectionwithsuchcollection,sale,dispositionorotherrealizationandtoexercisealltherightsandremediesofasecuredlenderundertheUCC.TheOtherCreditorsbytheiracceptanceofthebenefitsofthisAgreementandtheotherCreditDocumentsherebyagreenottocontestorotherwisechallengeanysuchcollection,sale,dispositionorotherrealizationoforuponalloranyoftheCollateral.WhetherornotaBankruptcyProceedinghasbeencommenced,theOtherCreditorsshallbedeemedtohaveconsentedtoanysaleorotherdispositionofanyproperty,businessorassetsoftheObligorsandthereleaseofanyoralloftheCollateralfromtheLiensofanySecurityDocumentinconnectiontherewith.

(iii)Tothemaximumextentpermittedbylaw,eachOtherCreditorwaivesanyclaimitmighthaveagainsttheAgentsortheLenderswithrespectto,orarisingoutof,anyactionorfailuretoactoranyerrorofjudgment,negligence,ormistakeoroversightwhatsoeveronthepartofanyAgentortheLendersortheirrespectivedirectors,officers,employeesoragentswithrespecttoanyexerciseofrightsorremediesundertheCreditDocumentsoranytransactionrelating to the Collateral (including, without limitation, any such exercise described in Section 10.10(e)(ii) ), except for any such action or failure to act thatconstituteswillfulmisconductorgrossnegligenceofsuchPerson.Tothemaximumextentpermittedbyapplicablelaw,noneofeitherAgentoranyLenderoranyoftheirrespectivedirectors, officers, employeesoragentsshall beliableforfailuretodemand,collect orrealizeuponanyoftheCollateral orforanydelayindoingsoorshallbeunderanyobligationtosellorotherwisedisposeofanyCollateralupontherequestoftheBorrower,anySubsidiaryoftheBorrower,anyOtherCreditororanyotherPersonortotakeanyotheractionorforbearfromdoingsowhatsoeverwithregardtotheCollateraloranypartthereof,exceptforanysuchactionorfailuretoactthatconstituteswillfulmisconductorgrossnegligenceofsuchPerson.

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10.11CertainERISAMatters.EachLender(x)representsandwarrants,asofthedatesuchPersonbecameaLenderpartyheretoand(y)covenants,fromthedatesuchPersonbecameaLenderpartyhereto,tothedatesuchPersonceasesbeingaLenderpartyhereto,forthebenefitof,theAdministrativeAgent,theMandatedLeadArrangersandtheirrespectiveAffiliates,andnot,fortheavoidanceofdoubt,toorforthebenefitoftheBorroweroranySubsidiaryGuarantor,thatsuchLenderisnotusing“planassets”(withinthemeaningof29CFR§2510.3-101,asmodifiedbySection3(42)ofERISA)ofoneormoreBenefitPlansinconnectionwiththeLoansorCommitments.

10.12DeliveryofInformation.TheAgentsshallnotberequiredtodelivertoanyLenderoriginalsorcopiesofanydocuments,instruments,notices,communicationsorotherinformationreceivedbytheAgentsfromanyObligor,anySubsidiary,theRequiredLenders,anyLenderoranyotherPersonunderorinconnectionwiththisAgreementoranyotherCreditDocumentexcept(i)asspecificallyprovidedinthisAgreementoranyotherCreditDocumentand(ii)asspecificallyrequestedfromtimetotimeinwritingbyanyLenderwithrespecttoaspecificdocument,instrument,noticeorotherwrittencommunicationreceivedbyandinthepossessionofanyAgentatthetimeofreceiptofsuchrequestandthenonlyinaccordancewithsuchspecificrequest.

SECTION11Miscellaneous.

11.01PaymentofExpenses,etc.(a)TheBorrowershallpay(i)allreasonableanddocumentedout-of-pocketcostsandexpensesofeachoftheAgentsandtheirAffiliates(whichshallbelimited,inthecaseoflegalfees,tothereasonableanddocumentedfeesanddisbursementsofonelegalcounseltotheAdministrativeAgentandtheMandatedLeadArrangers,andlocalcounsel(asnecessary)totheAdministrativeAgent)inconnectionwiththesyndicationoftheCreditFacilities,thepreparation,negotiation,execution,deliveryandadministrationofthisAgreementandtheotherCreditDocumentsandthedocumentsandinstrumentsreferredtohereinandthereinandanyamendment,waiverorconsentrelatingheretoorthereto(whetherornotthetransactionshereincontemplatedareconsummated)and(ii)allreasonableanddocumentedout-of-pocketcostsandexpensesofeachoftheAgentsandtheLenders(including,withoutlimitation,thereasonablefees,chargesanddisbursementsofanycounsel(excludingin-housecounsel)foreachoftheAgentsandforeachoftheLenders)inconnectionwiththeenforcementorprotectionofitsrights(A)inconnectionthisAgreementandtheotherCreditDocumentsandthedocumentsandinstrumentsreferredtohereinandthereinand(B)inconnectionwiththeLoansmadehereunder,includingsuchexpensesincurredduringanyworkout,restructuringornegotiationsinrespectoftheLoans.

(b)Inaddition,theBorrowershallindemnifytheAgents,eachLenderandtheirrespectiveAffiliates,andeachoftheirrespectiveofficers,directors,trustees,employees,representativesandagents(collectively,the“IndemnifiedParties”)from,andholdeachofthemharmlessagainst,anyandallliabilities,obligations(includingremovalorremedialactions),losses,damages,penalties,claims,actions,judgments,suitsandout-of-pocketcosts,expensesanddisbursements(includingreasonableanddocumentedout-of-pocketattorneys’andconsultants’fees,chargesanddisbursements)incurredby,imposedonorassessedagainstanyofthembyanyPerson(includingtheBorroweroranyotherObligor)otherthansuchIndemnifiedPartyanditsAffiliates,officers,directors,trustees,employees,representativesandagentsasaresultof,orarisingoutof,orinanywayrelatedto,orbyreasonof:

(i) (w) to the execution, delivery or performance of this Agreement or any other Credit Document, or any agreement orinstrumentcontemplatedherebyorthereby,(x)theuseofproceedsoftheLoanshereunder,(y)theconsummationofanytransactionscontemplatedhereinorinanyotherCreditDocument,orinanyagreementorinstrumentcontemplatedherebyorthereby,or(z)theexerciseofanyoftheirrightsorremediesprovidedhereinorinanyotherCreditDocument,orinanyagreementorinstrumentcontemplatedherebyorthereby,

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(ii)theactualorallegedpresenceofHazardousMaterialsonorfromanyCollateralVesselorRealPropertyorfacilityatanytimeowned,operatedoroccupiedbytheBorroweroranySubsidiary,

(iii)thegeneration,storage,transportation,handling,disposalorReleaseofHazardousMaterialsatanylocation,whetherornot

ownedoroperatedbytheBorrower,

(iv)theactualorallegednon-complianceofanyCollateralVesseloranyRealPropertyorfacilityorvesselatanytimeowned,operatedoroccupiedbytheBorroweroranySubsidiarywithEnvironmentalLaw,ISMCode,ISPSCodeorapplicableforeign,federal,stateandlocallaws,regulations,andordinances(includingapplicablepermitsthereunder)andanylawrelatingtosafetyatsea,

(v)anyEnvironmentalClaimassertedanyAgent,anyLender,theBorrower,anySubsidiaryGuarantororanyCollateralVessel

oranyRealPropertyorfacilityatanytimeownedoroperatedbytheBorroweroranySubsidiary,

(vi)conductofanyObligororanyofitspartners,directors,officersoremployees,thatviolatesanySanctionsLaws,or

(vii)anyactualorprospectiveclaim,investigation,litigationorotherproceeding(whetherornotanyoftheAgents,theSecurityAgent,anyLenderoranyotherIndemnifiedPartyisapartythereto)relatedtoanyoftheforegoing,whetherbasedoncontract,tortoranyothertheory,

in each case excluding any losses, liabilities, claims, damages, penalties, actions, judgments, suits, costs, disbursements or expenses to the extent incurred, asdeterminedbyacourtofcompetentjurisdictionbyfinalandnon-appealablejudgment,byreasonofthegrossnegligenceof,thebreachinbadfaithoftheCreditDocumentsby,orwilfulmisconductof,anysuchIndemnifiedParty.Totheextentthattheundertakingtoindemnify,payorholdharmlesseachoftheAgentsorany Lender set forth in the preceding sentence may be unenforceable because it violates any law or public policy, the Borrower shall make the maximumcontributiontothepaymentandsatisfactionofeachoftheindemnifiedliabilitieswhichispermissibleunderapplicablelaw.Notwithstandingtheforegoing,nopartyheretoshallberesponsibletoanyPersonforanyconsequential,indirect,specialorpunitivedamageswhichmaybeallegedbysuchPersonarisingoutofthisAgreementortheotherCreditDocumentsoranyagreementorinstrumentcontemplatedhereby,thetransactionscontemplatedherebyorthereby,theLoansortheuseoftheproceedsthereof;providedthatthissentenceshallnotlimittheBorrower’sindemnificationobligationssetforthinthisclause(b).

11.02RightofSetoff.Inadditiontoanyrightsnoworhereaftergrantedunderapplicablelaworotherwise,andnotbywayoflimitationofanysuchrights,upontheoccurrenceandduringthecontinuanceofanEventofDefault,eachLenderandeachofitsAffiliatesisherebyauthorizedatanytimeorfromtimetotime,tothefullestextentpermittedbyapplicablelaw,withoutpresentment,demand,protestorothernoticeofanykindtoanySubsidiaryortheBorrowerortoanyotherPerson,anysuchnoticebeingherebyexpresslywaived,tosetoffandtoappropriateandapplyanyandalldeposits(generalorspecial,timeordemand,provisionalorfinal,inanycurrency)andanyotherFinancialIndebtednessatanytimeheldorowingbysuchLender(including,withoutlimitation,byAffiliates,branchesandagenciesofsuchLenderwhereverlocated)toorforthecreditortheaccountoftheBorroweroranySubsidiaryGuarantor,butinanyeventexcludingassetsheldintrustforanysuchPerson,againstandonaccountoftheCreditDocumentObligationsandliabilitiesoftheBorrowerorsuchSubsidiaryGuarantor,asapplicable,tosuchLenderunderthisAgreementorunderanyoftheotherCredit

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Documents,including,withoutlimitation,allinterestsinCreditDocumentObligationspurchasedbysuchLenderpursuanttoSection11.06(b),andallotherclaimsofanynatureordescriptionarisingoutoforconnectedwiththisAgreementoranyotherCreditDocument,irrespectiveofwhetherornotsuchLendershallhavemadeanydemandhereunderandalthoughsaidCreditDocumentObligations,liabilitiesorclaims,oranyofthem,shallbecontingentorunmatured.TherightsofeachLenderanditsrespectiveAffiliatesunderthisSection11.02areinadditiontootherrightsandremedies(includingotherrightsofsetoff)thatsuchLenderanditsAffiliatesmayhave.EachLenderagreestonotifytheBorrowerandtheAdministrativeAgentpromptlyafteranysuchsetoffandapplication;providedthatthefailuretogivesuchnoticeshallnotaffectthevalidityofsuchsetoffandapplication.

11.03Notices.Exceptasotherwiseexpresslyprovidedherein,allnoticesandothercommunicationsprovidedforhereundershallbeinwriting(includingtelegraphic,telecopierore-mailcommunication)andmailed,e-mailed,telecopiedordelivered:iftotheBorrower,attheBorrower’saddressspecifiedonScheduleVIIhereto;iftoanyLender,atitsaddressspecifiedoppositeitsnameonScheduleIIhereto;andiftotheAdministrativeAgent,atitsNoticeOffice;or,astoanyotherObligor,atsuchotheraddressasshallbedesignatedbysuchpartyinawrittennoticetotheotherpartiesheretoand,astoeachLender,atsuchotheraddressasshallbedesignatedbysuchLenderinawrittennoticetotheBorrowerandtheAdministrativeAgent.Allsuchnoticesandcommunicationsshall,(i)whenmailed,beeffectivethree(3)BusinessDaysafterbeingdepositedinthemails,prepaidandproperlyaddressedfordelivery,(ii)whensentbyovernightcourier,beeffectiveone(1)BusinessDayafterdeliverytotheovernightcourierprepaidandproperlyaddressedfordeliveryonsuchnextBusinessDayor(iii)whensentbytelecopierore-mail,beeffectivewhensentbytelecopierore-mail,exceptthatnoticesandcommunicationstotheAdministrativeAgentshallnotbeeffectiveuntilreceivedbytheAdministrativeAgent.Anypartyheretomaychangeitsaddressorfacsimilenumberfornoticesandothercommunicationshereunderbynoticetotheotherpartieshereto.

11.04BenefitofAgreement;Assignments;Participations.(a)ThisAgreementshallbebindinguponandinuretothebenefitofandbeenforceablebytherespectivesuccessorsandassignsofthepartieshereto;provided,however,that(i)noObligormayassignortransferanyofitsrights,obligationsorinteresthereunderorunderanyotherCreditDocumentwithoutthepriorwrittenconsentoftheLenders,(ii)althoughanyLendermaygrantparticipationsinitsrightshereundertoanyPerson(otherthananaturalPerson,oraholdingcompany,investmentvehicleortrustfor,orownedandoperatedfortheprimarybenefitof,anaturalPerson,ortheBorroweroranyoftheBorrower’sAffiliatesorSubsidiaries),suchLendershallremainaLenderforallpurposeshereunder(andmaynottransferorassignalloranyportionofitsCommitmentshereunderexceptasprovidedinSection11.04(b)),noparticipantshallconstituteaLenderhereunder,andsuchLendershallremainsolelyresponsibletotheotherpartiesheretofortheperformanceofsuchLender’sobligationsunderthisAgreementand(iii)noLendershalltransferorgrantanyparticipationunderwhichtheparticipantshallhaverightstoapproveanyamendmenttoorwaiverofthisAgreementoranyotherCreditDocumentexcepttotheextentsuchamendmentorwaiverwould(x)extendthefinalscheduledmaturityofanyLoanorNoteinwhichsuchparticipantisparticipating,orreducetherateorextendthetimeofpaymentofinterestorCommitmentCommissionthereon(except(I)inconnectionwithawaiverofapplicabilityofanypost-defaultincreaseinInterestRatesand(II)thatanyamendmentormodificationtothefinancialdefinitionsinthisAgreementshallnotconstituteareductionintherateofinterestforpurposesofthisclause(x))orreducetheprincipalamountthereof,orincreasetheamountoftheparticipant’sparticipationovertheamountthereofthenineffect(itbeingunderstoodthatawaiverofanyDefaultorEventofDefaultorofamandatoryreductionintheTotalCommitmentsshallnotconstituteachangeinthetermsofsuchparticipation,andthatanincreaseinanyCommitmentsorLoanshallbepermittedwithouttheconsentofanyparticipantiftheparticipant’sparticipationisnotincreasedasaresultthereof),(y)consenttotheassignmentortransferbytheBorrowerofanyofitsrightsandobligationsunderthisAgreementor(z)releaseallorsubstantiallyalloftheCollateralunderalloftheSecurityDocuments(exceptasexpressly

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providedintheCreditDocuments)securingtheLoanshereunderinwhichsuchparticipantisparticipating.Inthecaseofanysuchparticipation,theparticipantshallnothaveanyrightsunderthisAgreementoranyoftheotherCreditDocuments(theparticipant’srightsagainstsuchLenderinrespectofsuchparticipationtobethosesetforthintheagreementexecutedbysuchLenderinfavoroftheparticipantrelatingthereto)andallamountspayablebytheBorrowerhereundershallbedeterminedasifsuchLenderhadnotsoldsuchparticipation.EachLenderthatsellsaparticipationshall,actingsolelyforthispurposeasanon-fiduciaryagentoftheBorrower,maintainaregisteronwhichitentersthenameandaddressofeachparticipantandtheprincipalamounts(andstatedinterest)ofeachparticipant’sinterestintheLoansorotherobligationsundertheNote(the“ParticipantRegister”);providedthatnoLendershallhaveanyobligationtodisclosealloranyportionoftheParticipantRegister(includingtheidentityofanyparticipantoranyinformationrelatingtoaparticipant’sinterestinanycommitments,loansoritsotherobligationsunderanyNote)toanyPersonexcepttotheextentthatsuchdisclosureisnecessarytoestablishthatsuchcommitment,loan,letterofcreditorotherobligationisinregisteredformunderSection5f.103-1(c)oftheUnitedStatesTreasuryRegulations.TheentriesintheParticipantRegistershallbeconclusiveabsentmanifesterror,andsuchLendershalltreateachPersonwhosenameisrecordedintheParticipantRegisterastheownerofsuchparticipationforallpurposesofthisAgreementnotwithstandinganynoticetothecontrary.Fortheavoidanceofdoubt,theAdministrativeAgent(initscapacityasAdministrativeAgent)shallhavenoresponsibilityformaintainingaParticipantRegister.

(b)Notwithstandingtheforegoing,anyLender(oranyLendertogetherwithoneormoreotherLenders)may:

(x)assignalloraportionofitsCommitmentsand/oritsoutstandingshareoftheLoansto(i)itsparentcompanyand/oranyAffiliate,subsidiaryorbranchofsuchLenderoritsparentcompanyorcompanycontrolledbyorpartofthesamegroupas,suchLender,(ii)afundoratrustwhichismanagedoradministeredoradviseddirectlyorindirectlybyitsparentcompanyand/oranyAffiliate,subsidiaryorbranchofsuchLenderoritsparentcompanyorcompanycontrolledbyorpartofthesamegroupas,suchLenderor(iii)tooneormoreLenders,or

(y)assignall,oriflessthanall,aportionequaltoatleast$10,000,000(orsuchloweramountastheBorrowerandAdministrativeAgent

shall agree) in the aggregate for the assigning Lender or assigning Lenders, of such Commitments and outstanding principal amount of the LoanshereundertooneormoreEligibleTransferees(treatinganyfundthatinvestsinbankloansandanyotherfundthatinvestsinbankloansandismanagedoradvisedbythesameinvestmentadvisorofsuchfundorbyanAffiliateofsuchinvestmentadvisorasasingleEligibleTransferee),withpriorwrittennoticetotheBorrower;providedthatunlessanEventofDefaulthasoccurredandiscontinuing,noassignmenttoaDisqualifiedLendershallbepermittedtobemade;

providedthat(i)atsuchtimeScheduleIheretoshallbedeemedmodifiedtoreflecttheCommitments(and/oroutstandingamountoftheLoans,asthecasemaybe)ofsuchnewLenderandoftheexistingLenders,(ii)newNoteswillbeissued,attheBorrower’sexpense,tosuchnewLenderandtotheassigningLenderupontherequestofsuchnewLenderorassigningLender,suchnewNotestobeinconformitywiththerequirementsofSection2.04(withappropriatemodifications)totheextentneededtoreflecttherevisedCommitments(and/oroutstandingamountoftheLoans,asthecasemaybe),(iii)theconsentoftheAdministrativeAgentshallberequiredinconnectionwithanyassignmentpursuanttoprecedingclause(y)(whichconsentshallnotbeunreasonablywithheldordelayedandwhichshallbesubject only to the Administrative Agent’s receipt of satisfactory “know your customer” documentation on the transferee, (iv) each of which assignees shallbecomeapartytothisAgreementasaLenderbyexecutionofanAssignmentandAssumptionAgreementand(v)theAdministrativeAgentshallreceiveatthetimeofeachsuchassignment,fromtheassigningorassigneeLender,thepaymentofanon-refundable

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assignmentfeeof$5,000.TotheextentofanyassignmentpursuanttothisSection11.04(b),theassigningLendershallberelievedofitsobligationshereunderwithrespecttoitsassignedCommitments(itbeingunderstoodthattheindemnificationprovisionsunderthisAgreement(including,withoutlimitation,Sections2.08,2.09,4.04and11.01)shallsurviveastosuchassigningLenderwithrespecttomattersoccurringpriortothedatesuchassigningLenderceasestobeaLender). Tothe extent that an assignment of all or anyportion of a Lender’s Commitments andrelated outstanding Credit Document Obligations pursuant toSection2.11orthisSection11.04(b)would,atthetimeofsuchassignment,resultinincreasedcostsunderSection2.08,2.09or4.04fromthosebeingchargedbytherespectiveassigningLenderprior tosuchassignment, thentheBorrowershall notbeobligatedtopaysuchincreasedcosts (althoughtheBorrowershall beobligatedtopayanyotherincreasedcostsofthetypedescribedaboveresultingfromanyChangeinLawafterthedateoftherespectiveassignment).TotheextentaLenderassignsaportionofitsCommitmentsand/oritsoutstandingamountoftheLoanspursuanttothisSection11.04(b),suchpartialassignmentshallbemadeasanassignmentofaproportionatepartofallsuchLender’srightsandobligationsunderthisAgreementwithrespecttotheassignedshareoftheLoansand/ortheCommitment.

(c)NothinginthisAgreementshallpreventorprohibitanyLenderfrompledgingitsshareoftheLoansandNoteshereundertoaFederalReserveBankorothercentralbankinsupportofborrowingsmadebysuchLenderfromsuchFederalReserveBankorothercentralbankand,withtheconsentoftheAdministrativeAgent,anyLenderwhichisafundmaypledgealloranyportionofitsNotesorshareoftheLoanstoatrusteeforthebenefitofinvestorsandinsupportofitsobligationtosuchinvestors;provided,however,nosuchpledgeshallreleaseaLenderfromanyofitsobligationshereunderorsubstituteanysuchpledgeeforsuchLenderasapartyhereto.

(d)NotwithstandinganythingtothecontrarycontainedinthisSection11.04,noassignmentshallbemadeto(i)theBorroweroranyObligororanyoftheir respectiveAffiliatesorSubsidiaries, (ii) anyDefaultingLenderoranyofits Subsidiaries, oranyPersonwho,uponbecomingaLenderhereunder,wouldconstituteaDefaultingLenderoraSubsidiarythereofor(iii)anaturalPerson(oraholdingcompany,investmentvehicleortrustfor,orownedandoperatedfortheprimarybenefitof,anaturalPerson).

(e) The Agents shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce,compliancewiththeprovisionshereofrelatingtoDisqualifiedLenders.Withoutlimitingthegeneralityoftheforegoing,theAdministrativeAgent(anditssub-agents)shall not(x)beobligatedtoascertain, monitororinquireastowhetheranyLenderorParticipantorprospectiveLenderorParticipantisaDisqualifiedLender or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to anyDisqualifiedLender.

11.05NoWaiver;RemediesCumulative.NofailureordelayonthepartoftheAdministrativeAgentoranyLenderoranyholderofanyNoteinexercisinganyright,powerorprivilegehereunderorunderanyotherCreditDocumentandnocourseofdealingbetweentheBorroweroranyotherObligorandtheAdministrativeAgentoranyLenderortheholderofanyNoteshalloperateasawaiverthereof;norshallanysingleorpartialexerciseofanyright,powerorprivilegehereunderorunderanyotherCreditDocumentprecludeanyotherorfurtherexercisethereofortheexerciseofanyotherright,powerorprivilegehereunderorthereunder.Therights,powersandremedieshereinorinanyotherCreditDocumentexpresslyprovidedarecumulativeandnotexclusiveofanyrights,powersorremedieswhichtheAdministrativeAgentoranyLenderortheholderofanyNotewouldotherwisehave.NonoticetoordemandonanyObligorinanycaseshallentitleanyObligortoanyotherorfurthernoticeordemandinsimilarorothercircumstancesorconstituteawaiveroftherightsoftheAdministrativeAgent

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oranyLenderortheholderofanyNotetoanyotherorfurtheractioninanycircumstanceswithoutnoticeordemand.

11.06PaymentsProRata.(a)ExceptasotherwiseprovidedinthisAgreement,theAdministrativeAgentagreesthatpromptlyafteritsreceiptofeachpaymentfromoronbehalfoftheBorrowerinrespectofanyCreditDocumentObligationshereunder,itshalldistributesuchpaymenttotheLenders(otherthananyLenderthathasconsentedinwritingtowaiveitsproratashareofanysuchpayment)proratabasedupontheirrespectiveshares,ifany,oftheCreditDocumentObligationswithrespecttowhichsuchpaymentwasreceived.

(b)EachoftheLendersagreesthat,ifitshouldreceiveanyamounthereunder(whetherbyvoluntarypayment,byrealizationuponsecurity,bytheexerciseoftherightofsetofforbanker’slien,bycounterclaimorcrossaction,bytheenforcementofanyrightundertheCreditDocuments,orotherwise),whichisapplicabletothepaymentoftheprincipalof,orintereston,theLoansorCommitmentCommission,ofasumwhichwithrespecttotherelatedsumorsumsreceivedbyotherLendersisinagreaterproportionthanthetotalofsuchCreditDocumentObligationthenowedandduetosuchLenderbearstothetotalofsuchCreditDocumentObligationthenowedandduetoalloftheLendersimmediatelypriortosuchreceipt,thensuchLenderreceivingsuchexcessCreditDocumentpaymentshallpurchaseforcashwithoutrecourseorwarrantyfromtheotherLendersaninterestintheObligationsoftherespectiveObligortosuchLendersinsuchamountasshallresultinaproportionalparticipationbyalltheLendersinsuchamount;providedthatifalloranyportionofsuchexcessamountisthereafterrecoveredfromsuchLender,suchpurchaseshallberescindedandthepurchasepricerestoredtotheextentofsuchrecovery,butwithoutinterest;provided,further,thatthisclause(b)shallnotapplytoanypaymentobtainedbyaLenderasconsiderationfortheassignmentoforsaleofaparticipationinanyofLoans.

(c)Notwithstandinganythingtothecontrarycontainedherein,theprovisionsoftheprecedingSections11.06(a)and(b)shallbesubjecttotheexpressprovisionsofthisAgreementwhichrequire,orpermit,differingpaymentstobemadetoNon-DefaultingLendersasopposedtoDefaultingLenders.

11.07Calculations;Computations.(a)ThefinancialstatementstobefurnishedtotheLenderspursuantheretoshallbemadeandpreparedinaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStatesconsistentlyappliedthroughouttheperiodsinvolved(exceptassetforthinthenotestheretoorasotherwisedisclosedinwritingbytheBorrowertotheLenders).Inaddition,allcomputationsdeterminingcompliancewiththeFinancialCovenantsshallutilizeaccountingprinciplesandpoliciesinconformitywiththoseineffectontheClosingDate(withtheforegoinggenerallyacceptedaccountingprincipleshereincalled“GAAP”),subject,inthecaseoftheunauditedfinancialstatements,tonormalyear-endauditadjustmentsandtheabsenceoffootnotes.Unlessotherwisenoted,allreferencesinthisAgreementto“GAAP”shallmeangenerallyacceptedaccountingprinciplesasineffectintheUnitedStates.

(b)AllcomputationsofinterestfortheLoans,CommitmentCommissionandotherFeeshereundershallbemadeonthebasisofayearof360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, CommitmentCommissionorFeesarepayable.

11.08AgreementBinding.TheBorrowerandeachotherObligoragreethattheyshallbeboundbythetermsofthisAgreementandtheobligationsandcovenantsexpressedtobebindingoneachofthemunderthisAgreementeveniftheterms,covenantsorobligationscontainedhereunderareinconsistentwith,orlessfavorabletotheBorrowerorsuchObligor(asthecasemaybe)thantheBorrower’sorsuchObligor’srightsandobligationsunderanyotherdocumentthattheyarea

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partytoorareotherwiseboundby,includingwithoutlimitation,theTechnicalManagementAgreementandanyCommercialManagementAgreement(ifapplicable),notwithstandingthattheLenderCreditorsareawareoforhavebeenprovidedwithsuchotherdocumentpursuanttothisAgreementorotherwise.

11.09 GOVERNINGLAW;SUBMISSIONTOJURISDICTION;VENUE;WAIVEROFJURYTRIAL.(a)THIS AGREEMENTAND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDERSHALL, EXCEPT AS OTHERWISE PROVIDED IN CERTAIN OF THE COLLATERAL VESSEL MORTGAGES AND OTHER SECURITYDOCUMENTS, BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGALACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THECOURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY IN THE CITY OF NEW YORK OR OF THE UNITED STATESFOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIESTO THIS AGREEMENT HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY ANDUNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES TO THIS AGREEMENTFURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCHACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THEBORROWER AT ITS ADDRESS SET FORTH ON SCHEDULE VII HERETO, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCHMAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT UNDER THIS AGREEMENT, ANY LENDEROR THE HOLDER OF ANY NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGALPROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OBLIGOR IN ANY OTHER JURISDICTION. THE BORROWER HEREBYIRREVOCABLY DESIGNATES, APPOINTS, AUTHORIZES AND EMPOWERS KRAMER LEVIN NAFTALIS & FRANKEL LLP, WITH OFFICESCURRENTLY LOCATED AT 1177 AVENUE OF AMERICAS, NEW YORK, NEW YORK 10036, ATTENTION: DAVID J. FISHER, AS ITSDESIGNEE, APPOINTEE AND AGENT TO RECEIVE AND ACCEPT FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY,SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTIONOR PROCEEDING. IF FOR ANY REASON SUCH DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE TO ACT ASSUCH, THE BORROWER AGREES TO DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN NEW YORK, NEW YORK ON THETERMS AND FOR THE PURPOSES OF THIS PROVISION SATISFACTORY TO THE ADMINISTRATIVE AGENT; PROVIDED THAT ANYFAILURE ON THE PART OF THE BORROWER TO COMPLY WITH THE FOREGOING PROVISIONS OF THIS SENTENCE SHALL NOT INANY WAY PREJUDICE OR LIMIT THE SERVICE OF PROCESS OR SUMMONS IN ANY OTHER MANNER DESCRIBED ABOVE IN THISSECTION 11.09 OR OTHERWISE PERMITTED BY LAW.

(b) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH ITMAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUTOF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO INCLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURTTHAT ANY SUCH ACTION OR

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PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BYJURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHERCREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

11.10Counterparts.ThisAgreementmaybeexecutedinanynumberofcounterpartsandbythedifferentpartiesheretoonseparatecounterparts,eachofwhichwhensoexecutedanddeliveredshallbeanoriginal(includingifdeliveredbye-mailorfacsimiletransmission),butallofwhichshalltogetherconstituteoneandthesameinstrument.AsetofcounterpartsexecutedbyallthepartiesheretoshallbelodgedwiththeBorrowerandtheAdministrativeAgent.ThisAgreementandtheotherCreditDocumentsconstitutetheentirecontractamongthepartiesrelatingtothesubjectmatterhereofandsupersedeanyandallpreviousagreementsandunderstandings,oralorwritten,relatingtothesubjectmatterhereof.

11.11Effectiveness.ThisAgreementshallbecomeeffectiveonthedate(the“ClosingDate”)onwhichtheconditionssetforthinSection5.01shallhavebeensatisfiedorwaivedbytheLenders.

11.12HeadingsDescriptive.TheheadingsoftheseveralsectionsandsubsectionsofthisAgreementareinsertedforconvenienceonlyandshallnotinanywayaffectthemeaningorconstructionofanyprovisionofthisAgreement.

11.13AmendmentorWaiver;etc.(a)NeitherthisAgreementnoranyotherCreditDocumentnoranytermshereoforthereofmaybechanged,waived,dischargedorterminatedunlesssuchchange,waiver,dischargeorterminationisinwritingsignedbytherespectiveObligorspartytheretoandtheRequiredLenders;providedthatnosuchchange,waiver,dischargeorterminationshall,withouttheconsentofeachLender(otherthanaDefaultingLender)(orinthecaseofclauses(i)and(iii)below,eachLender(otherthanaDefaultingLender)directlyandnegativelyaffectedthereby),

(i)(A)Extendthetimingfororreduce(x)thefinalscheduledmaturityofanyLoanorNoteor(y)anyScheduledRepayment,(B)reducetheApplicableMarginortherateorreduceorextendthetimeofpaymentofinterestonanyLoanoranyNoteorCommitmentCommission(exceptinconnectionwiththewaiverofapplicabilityofanypost-defaultincreaseinInterestRates)or(C)reducetheprincipalamountofanyLoanoranyNote(excepttotheextentrepaidincash).

(ii)releaseanyoftheCollateral(exceptasexpresslyprovidedintheCreditDocuments),

(iii)anincreaseinorextensionofanyLender’sCommitment,

(iv) amend, modifyorwaiveanyprovisionofthisSection11.13orofanyotherSectionthat expresslyrequirestheconsentofall theLenderstodoso,

(v)reducethepercentagespecifiedinthedefinitionofRequiredLendersorotherwiseamendthedefinitionofRequiredLenders,

(vi)consenttotheassignmentortransferbytheBorroweroranySubsidiaryGuarantorofanyofitsrespectiverightsandobligationsunderthisAgreement,

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(vii)substituteorreplacetheBorroweroranySubsidiaryGuarantororreleaseanySubsidiaryGuarantorfromtheGuaranty,or

(viii)amend,modifyorwaiveSection2.05oramend,modifyorwaiveanyotherprovisioninthisAgreementtotheextentprovidingforpaymentsorprepaymentsoftheLoanstobeappliedprorataamongtheLendersentitledtosuchpaymentsorprepaymentsoftheLoans(itbeingunderstoodthatthewaiverofanymandatoryprepaymentoftheLoansbytheRequiredLendersshall notconstituteanamendment, modificationorwaiverforpurposesofthisclause(viii));

provided,further,thatnosuchchange,waiver,dischargeorterminationshall(A)increaseorextendtheCommitmentsofanyLenderovertheamountthereofthenineffectwithouttheconsentofsuchLender(itbeingunderstoodthatwaiversormodificationsofSection2.01(b),conditionsprecedent,covenants,Defaults or Events of Default or of a mandatory reduction in the Commitments shall not result in an increase of the Commitments of anyLender, andthat anincreaseintheavailableportionofanyCommitmentsofanyLendershallnotresultinanincreaseintheCommitmentsofsuchLender),(B)withouttheconsentofeachAgent,amend,modifyorwaiveanyprovisionofSection10assameappliestosuchAgentoranyotherprovisionassamerelatestotherightsorobligationsofsuchAgentor(C)withouttheconsentoftheSecurityAgent,amend,modifyorwaiveanyprovisionrelatingtotherightsorobligationsoftheSecurityAgent.

(b)If,inconnectionwithanyproposedchange,waiver,dischargeorterminationtoanyoftheprovisionsofthisAgreementascontemplatedbyclauses(i)through(vi),inclusive,ofthefirstprovisotoSection11.13(a),theconsentoftheRequiredLendersisobtainedbuttheconsentofoneormoreofsuchotherLenderswhoseconsentisrequired(anysuchLender,a“Non-ConsentingLender”)isnotobtained,thentheBorrowershallhavetheright,solongasallNon-ConsentingLenderswhoseindividualconsentisrequiredaretreatedasdescribedineitherclauses(i)or(ii)below,toeither(i)replaceeachsuchNon-ConsentingLender(or,attheoptionoftheBorroweriftherespectiveNon-ConsentingLender’sconsentisrequiredwithrespecttolessthantheshareoftheLoans(orrelatedCommitments)ofsuchNon-ConsentingLender,toreplaceonlytherespectiveCommitmentsand/ortheshareoftheLoansoftherespectiveNon-ConsentingLenderwhichgaverisetotheneedtoobtainsuchNon-ConsentingLender’sindividualconsent)withoneormoreReplacementLenderspursuanttoSection2.11solongasatthetimeofsuchreplacement,eachsuchReplacementLenderconsentstotheproposedchange,waiver,dischargeorterminationor(ii)terminatesuchNon-ConsentingLender’sCommitments(ifsuchNon-ConsentingLender’sconsentisrequiredasaresultofitsCommitment),and/orrepaytheoutstandingamountoftheLoansandterminateanyoutstandingCommitmentsofsuchNon-ConsentingLenderwhichgaverisetotheneedtoobtainsuchNon-ConsentingLender’sconsent,inaccordancewithSection4.01(a);providedthat,unlesstheCommitmentsthatareterminatedand/ortheportionoftheLoansthatarerepaidpursuanttoprecedingclause(ii)areimmediatelyreplacedinfullatsuchtimethroughtheadditionofnewLendersortheincreaseoftheCommitmentsand/ortheoutstandingamountoftheLoansofexistingLenders(whoineachcasemustspecificallyconsentthereto),theninthecaseofanyactionpursuanttoprecedingclause(ii)theRequiredLenders(determinedbeforegivingeffecttotheproposedaction)shallspecificallyconsentthereto;provided,further,thatinanyeventtheBorrowershallnothavetherighttoreplaceaLender,terminatesuchLender’sCommitmentsorrepaysuchLender’sshareoftheLoanssolelyasaresultoftheexerciseofsuchLender’srights(andthewithholdingofanyrequiredconsentbysuchLender)pursuanttothesecondprovisotoSection11.13(a);provided,furtherthatsuchReplacementLendershallbeabankorfinancialinstitution.

(c)TheAdministrativeAgentandtheBorrowermayamendanyCreditDocumenttocorrectadministrativeerrorsoromissions,ortoeffectadministrativechangesthatarenotadversetoanyLender.Notwithstandinganythingtothecontrarycontainedherein,suchamendmentshallbecomeeffectivewithoutanyfurtherconsentofanyotherpartytosuchCreditDocument.

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(d)NotwithstandinganyotherprovisioninthisSection11.13,anamendmentorwaiverwhichrelatestotherightsorobligationsoftheAdministrativeAgentmaynotbeeffectedwithouttheconsentoftheAdministrativeAgent.

11.14Survival.Allindemnitiessetforthhereinincluding,withoutlimitation,inSections2.08,2.09,4.04,11.01and11.06shallsurvivetheexecution,deliveryandterminationofthisAgreementandtheNotesandthemakingandrepaymentoftheLoans.

11.15DomicileoftheLoans.EachLendermaytransferandcarryitsprorataportionoftheLoansat,toorfortheaccountofanyoffice,SubsidiaryorAffiliateofsuchLender.Notwithstandinganythingtothecontrarycontainedherein,totheextentthatatransferofLoanspursuanttothisSection11.15would,atthetimeofsuchtransfer,resultinincreasedcostsunderSection2.08,2.09or4.04fromthosebeingchargedbytherespectiveLenderpriortosuchtransfer,thentheBorrowershallnotbeobligatedtopaysuchincreasedcosts(althoughtheBorrowershallbeobligatedtopayanyotherincreasedcostsofthetypedescribedaboveresultingfromchangesafterthedateoftherespectivetransfer).

11.16Confidentiality.(a)Subjecttotheprovisionsofclause(b)ofthisSection11.16,eachLenderagreesthatitwillnotdisclosewithoutthepriorconsentoftheBorrower(otherthantoitsofficers,directors,employees,auditors,advisorsorcounselortoanotherLenderiftheLenderorsuchLender’sholdingorparentcompanyorboardoftrusteesinitssolediscretiondeterminesthatanysuchpartyshouldhaveaccesstosuchinformation;providedsuchPersonsshallbesubjecttotheprovisionsofthisSection11.16tothesameextentassuchLender)anyinformationwithrespecttotheBorroweroranyofitsSubsidiarieswhichisnoworinthefuturefurnishedpursuanttothisAgreementoranyotherCreditDocument;providedthatanyLendermaydiscloseanysuchinformation(i)ashasbecomegenerallyavailabletothepublicotherthanbyvirtueofabreachofthisSection11.16(a)bytherespectiveLender,(ii)asmayberequiredorrequestedbyanymunicipal,stateorFederalregulatorybodyhavingorclaimingtohavejurisdictionoversuchLenderortotheFederalReserveBoardortheFederalDepositInsuranceCorporationorsimilarorganizations(whetherintheUnitedStatesorelsewhere)ortheirsuccessors,(iii)asmayberequiredorrequestedinrespecttoanysummonsorsubpoenaorinconnectionwithanylitigation,(iv)inordertocomplywithanylaw,order,regulationorrulingapplicabletosuchLender,(v)totheAdministrativeAgentortheSecurityAgent,(vi)toanyauditororprofessionalfinancialorlegaladvisorofsuchLenderemployedinthenormalcourseofitsbusiness,(vii)toanybranch,AffiliateorSubsidiaryofsuchLenderortotheparentcompany,headofficeorregionalofficeofsuchLenderinconnectionwiththetransactionscontemplatedherein,(viii)toanyprospectiveoractualtransfereeorparticipantinconnectionwithanycontemplatedtransferorparticipationofanyoftheNotesorCommitmentsoranyinterestthereinbysuchLenderandanydirect,indirect,actualorprospectivecounterparty(anditsadvisor)toanyswap,derivative,creditinsuranceorsecuritizationtransactionrelatedtotheBorroweranditsobligationsunderthisAgreement;providedthatsuchprospectivetransfereeorcounterpartyexpresslyagreestoexecuteanddoesexecute(includingbywayofcustomary“clickthrough”arrangements)aconfidentialityagreementandbeboundbytheconfidentialityprovisionscontainedinthisSection11.16,(ix)inconnectionwiththeexerciseofanyremedieshereunderorunderanyotherCreditDocumentoranyactionorproceedingrelatingtothisAgreementoranyotherCreditDocumentortheenforcementofrightshereunderorthereunderor(x)totheextentsuchinformation(a)becomespubliclyavailableotherthanasaresultofabreachofthisSection,or(b)becomesavailabletotheAdministrativeAgent,anyLenderoranyoftheirrespectiveAffiliatesonanonconfidentialbasisfromasourceotherthantheBorrower.Inaddition,theAdministrativeAgentandtheLendersmaydisclosetheexistenceofthisAgreementandinformationaboutthisAgreementtomarketdatacollectors,similarserviceproviderstothelendingindustryandserviceproviderstotheAgentsandtheLendersinconnectionwiththeadministrationofthisAgreement,theotherCreditDocuments,andtheCommitments.

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(b)TheBorrowerherebyacknowledgesandagreesthateachLendermaysharewithanyofitsaffiliatesanyinformationrelatedtotheBorroweroranyofitsSubsidiaries(including,withoutlimitation,anynonpubliccustomerinformationregardingthecreditworthinessoftheBorroweroritsSubsidiaries);providedsuchPersonsshallbesubjecttotheprovisionsofthisSection11.16tothesameextentassuchLender.

11.17Register.TheBorrowerherebydesignatestheAdministrativeAgenttoserveastheBorrower’sagent,solelyforpurposesofthisSection11.17,tomaintainaregister(the“Register”)onwhichitwillrecordtheCommitmentsfromtimetotimeofeachoftheLenders,theLoansmadebyeachoftheLendersandeachrepaymentandprepaymentinrespectoftheprincipalamountoftheLoansofeachLender.Failuretomakeanysuchrecordation,oranyerrorinsuchrecordationshallnotaffecttheBorrower’sobligationsinrespectofsuchLoans.WithrespecttoanyLender,thetransferoftheCommitmentsofsuchLenderandtherightstotheprincipalof,andintereston,anyLoanmadepursuanttosuchCommitmentsshallnotbeeffectiveuntilsuchtransferisrecordedontheRegistermaintainedbytheAdministrativeAgentwithrespecttoownershipofsuchCommitmentsandtheLoansandpriortosuchrecordationallamountsowingtothetransferorwithrespecttosuchCommitmentsandtheLoansshallremainowingtothetransferor.TheregistrationofassignmentortransferofallorpartofanyCommitmentsandLoansshallberecordedbytheAdministrativeAgentontheRegisteronlyupontheacceptancebytheAdministrativeAgentofaproperlyexecutedanddeliveredAssignmentandAssumptionAgreementpursuanttoSection11.04(b).CoincidentwiththedeliveryofsuchanAssignmentandAssumptionAgreementtotheAdministrativeAgentforacceptanceandregistrationofassignmentortransferofallorpartofaLoan,orassoonthereafteraspracticable,theassigningortransferorLendershallsurrendertheNoteevidencingsuchLoan,andthereupononeormorenewNotesinthesameaggregateprincipalamountshallbeissuedtotheassigningortransferorLenderand/orthenewLender.TheBorroweragreestoindemnifytheAdministrativeAgentfromandagainstanyandalllosses,claims,damagesandliabilitiesofwhatsoevernaturewhichmaybeimposedon,assertedagainstorincurredbytheAdministrativeAgentinperformingitsdutiesunderthisSection11.17,excepttotheextentcausedbytheAdministrativeAgent’sowngrossnegligence,willfulmisconductorunlawfulacts.

11.18JudgmentCurrency.IfforthepurposesofobtainingjudgmentinanycourtitisnecessarytoconvertasumduefromtheBorrowerhereunderorunderanyoftheNotesinthecurrencyexpressedtobepayablehereinorundertheNotes(the“SpecifiedCurrency”)intoanothercurrency,thepartiesheretoagree,tothefullestextentthattheymayeffectivelydoso,thattherateofexchangeusedshallbethatatwhichinaccordancewithnormalbankingprocedurestheAdministrativeAgentcouldpurchasetheSpecifiedCurrencywithsuchothercurrencyattheAdministrativeAgent’sNewYorkofficeontheBusinessDayprecedingthatonwhichfinaljudgmentisgiven.TheobligationsoftheBorrowerinrespectofanysumduetoanyLenderortheAdministrativeAgenthereunderorunderanyNoteshall,notwithstandinganyjudgmentinacurrencyotherthantheSpecifiedCurrency,bedischargedonlytotheextentthatontheBusinessDayfollowingreceiptbysuchLenderortheAdministrativeAgent(asthecasemaybe)ofanysumadjudgedtobesodueinsuchothercurrency,suchLenderortheAdministrativeAgent(asthecasemaybe)mayinaccordancewithnormalbankingprocedurespurchasetheSpecifiedCurrencywithsuchothercurrency;iftheamountoftheSpecifiedCurrencysopurchasedislessthanthesumoriginallyduetosuchLenderortheAdministrativeAgent,asthecasemaybe,intheSpecifiedCurrency,theBorroweragrees,tothefullestextentthatitmayeffectivelydoso,asaseparateobligationandnotwithstandinganysuchjudgment,toindemnifysuchLenderortheAdministrativeAgent,asthecasemaybe,againstsuchloss,andiftheamountoftheSpecifiedCurrencysopurchasedexceedsthesumoriginallyduetoanyLenderortheAdministrativeAgent,asthecasemaybe,intheSpecifiedCurrency,suchLenderortheAdministrativeAgent,asthecasemaybe,agreestoremitsuchexcesstotheBorrower.

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11.19Language.Allcorrespondence,including,withoutlimitation,allnotices,reportsand/orcertificates,deliveredbyanyObligortotheAdministrativeAgent,theSecurityAgentoranyLendershall,unlessotherwiseagreedbytherespectiverecipientsthereof,besubmittedintheEnglishlanguageor,totheextenttheoriginalofsuchdocumentisnotintheEnglishlanguage,suchdocumentshallbedeliveredwithacertifiedEnglishtranslationthereof.

11.20WaiverofImmunity.TheBorrower,inrespectofitself,eachotherObligor,itsandtheirprocessagents,anditsandtheirpropertiesandrevenues,herebyirrevocablyagreesthat,totheextentthattheBorrower,anyotherObligororanyofitsortheirpropertieshasormayhereafteracquireanyrightofimmunityfromanylegalproceedings,whetherintheUnitedStates,anyAcceptableFlagJurisdictionorelsewhere,toenforceorcollectupontheCreditDocumentObligationsoftheBorroweroranyotherObligorrelatedtoorarisingfromthetransactionscontemplatedbyanyoftheCreditDocuments,including,withoutlimitation,immunityfromserviceofprocess,immunityfromjurisdictionorjudgmentofanycourtortribunal,immunityfromexecutionofajudgment,andimmunityofanyofitspropertyfromattachmentpriortoanyentryofjudgment,orfromattachmentinaidofexecutionuponajudgment,theBorrower,foritselfandonbehalfoftheotherObligors,herebyexpresslywaives,tothefullestextentpermissibleunderapplicablelaw,anysuchimmunity,andagreesnottoassertanysuchrightorclaiminanysuchproceeding,whetherintheUnitedStates,anyAcceptableFlagJurisdictionorelsewhere.

11.21USAPATRIOTActNotice.EachLenderherebynotifieseachObligorthatpursuanttotherequirementsoftheUSAPATRIOTAct(TitleIIIofPub.:107-56(signedintolawOctober26,2001))(the“PATRIOTAct”),itisrequiredtoobtain,verify,andrecordinformationthatidentifieseachObligor,whichinformationincludesthenameofeachObligorandother“knowyourcustomer”informationthatwillallowsuchLendertoidentifyeachObligorinaccordancewiththePATRIOTActandanti-moneylaunderingrulesandregulations,andeachObligoragreestoprovidesuchinformationfromtimetotimetoanyLender.

11.22Severability.IfanyprovisionsofthisAgreementortheotherCreditDocumentsisheldtobeillegal,invalidorunenforceable:(a)thelegality,validityandenforceabilityoftheremainingprovisionsofthisAgreementandtheotherCreditDocumentsshallnotbeaffectedorimpairedtherebyand(b)thepartiesheretoshallendeavoringoodfaithnegotiationstoreplacetheillegal,invalidorunenforceableprovisionswithvalidprovisionstheeconomiceffectofwhichcomesascloseaspossibletothatoftheillegal,invalidorunenforceableprovisions;providedthattheLendersshallchargenofeeinconnectionwithanysuchamendment.Theinvalidityofaprovisioninaparticularjurisdictionshallnotinvalidorrenderunenforceablesuchprovisioninanyotherjurisdiction.

11.23FlagJurisdictionTransfer.IntheeventthattheBorrowerdesirestoimplementaFlagJurisdictionTransferwithrespecttoaCollateralVessel,uponreceiptofreasonableadvancenoticethereoffromtheBorrower,theSecurityAgentshallusecommerciallyreasonablyeffortstoprovide,or(asnecessary)procuretheprovisionof,allsuchreasonableassistanceasanyObligormayrequestfromtimetotimeinrelationto(i)theFlagJurisdictionTransfer,(ii)therelatedderegistrationoftherelevantCollateralVesselfromitspreviousflagjurisdictionand(iii)thereleaseanddischargeoftherelatedSecurityDocuments;providedthattherelevantObligorshallpayalldocumentedoutofpocketcostsandexpensesreasonablyincurredbytheSecurityAgentinconnectionwithprovisionofsuchassistance.EachLenderherebyconsentsinconnectionwithanyFlagJurisdictionTransferandsubjecttothesatisfactionoftherequirementsthereoftobesatisfiedbytherelevantObligor,to(x)deregistersuchCollateralVesselfromitspreviousFlagJurisdictionand(y)releaseandherebydirecttheSecurityAgenttoreleasetherelevantCollateralVesselMortgage.EachLenderherebydirectstheSecurityAgent,andtheSecurityAgentagreestoexecuteanddeliveror,attheBorrower’sexpense,filesuchdocumentsandperformotheractionsreasonablynecessarytoreleasetherelevantCollateralVesselMortgageswhenandasdirectedpursuanttothisSection11.23.

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11.24AcknowledgementandConsenttoBail-InofEEAFinancialInstitutions.NotwithstandinganythingtothecontraryinanyCreditDocumentorinanyotheragreement,arrangementorunderstandingamonganysuchparties,eachpartyheretoacknowledgesthatanyliabilityofanyEEAFinancialInstitutionarisingunderanyCreditDocument,totheextentsuchliabilityisunsecured,maybesubjecttotheWrite-DownandConversionPowersofanEEAResolutionAuthorityandagreesandconsentsto,andacknowledgesandagreestobeboundby:

(a)theapplicationofanyWrite-DownandConversionPowersbyanEEAResolutionAuthoritytoanysuchliabilitiesarisinghereunderwhichmaybepayabletoitbyanypartyheretothatisanEEAFinancialInstitution;and

(b)theeffectsofanyBail-InActiononanysuchliability,including,ifapplicable:

(i)areductioninfullorinpartorcancellationofanysuchliability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAFinancialInstitution,itsparentundertaking,orabridgeinstitutionthatmaybeissuedtoitorotherwiseconferredonit,andthatsuchsharesorotherinstrumentsofownershipwillbeacceptedbyitinlieuofanyrightswithrespecttoanysuchliabilityunderthisAgreementoranyotherCreditDocument;or

(iii)thevariationofthetermsofsuchliabilityinconnectionwiththeexerciseoftheWrite-DownandConversionPowersofany

EEAResolutionAuthority.

11.25GermanResidentSecuredCreditor.(a)TotheextentaLenderCreditorisresidentinGermany(“Inländer”)withinthemeaningofSection2Paragraph15oftheGermanforeigntradeandpaymentact(AWGAußenwirtschaftsgesetz)andthereforesubjecttoSection7oftheAWVorissubjecttoEURegulation2271/1996anditwouldnotbepermittedtoacceptarepresentationoranundertakingthatismadeoristobemadeorisgrantedoristobegrantedbyanObligorwithrespecttoSanctionsLawsunderthisAgreement,suchLenderCreditorshallnot,intheeventofabreachbyanObligorofanysuchrepresentationorundertakingbeentitledtoinvokeordeclareanEventofDefaultorvoteforacancellationoftheTotalCommitmentsandimmediaterepaymentoftheLoanspursuanttoSection9.

(b)TherepresentationsinSection6.26givenby,andtheundertakingsinSections7.05,7.15and7.19of,anyInländerwithinthemeaningofSection2Para.15oftheAWVaregrantedonlytotheextentthatsuchLenderCreditoritselfwouldbepermittedtoreceivesuchrepresentationsorundertakingspursuanttoSection7oftheAWVortoEURegulation2271/1996.

(c)Onanymatterreferredtoinparagraph(a)aboveinrespectofwhichtheLendersaretovotebutinrespectofwhichaGerman-residentLendertowhomparagraph(a)aboveappliesshallnotvoteinaccordancewithsuchparagraph:

(i)forthepurposesofdeterminingwhetherapprovaloftheRequiredLendersisobtainedthereferencesinthedefinitionof“RequiredLenders”to66⅔percent.oftheCommitmentsofNon-DefaultingLendersandto66⅔percent.oftheLoansofNon-DefaultingLendersshallforthispurposebeconstruedtoreferto66⅔percent.ofsuchCommitmentsor,asthecasemaybe,suchamountoftheLoansonlytakingaccountoftheotherCommitmentsof,orasthecasemaybe,theparticipationintheLoansof,theNon-DefaultingLendersandotherthantheCommitmentsofor,asthecasemaybe,theparticipationintheLoansof,theGerman-residentLender;andanactiontakenbytheRequiredLendersassuchdefinitionismodifiedbythisparagraph(c)shallbevalidintheapplicablecircumstancesandbindingallpartieshereto;and

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(ii)forthepurposesofdeterminingwhethertheapprovalofallLendersisobtained,allLendersshallbeconstruedtomeantheotherLendersotherthantheGerman-residentLenderandanactiontakenbyallLendersasmodifiedbythisparagraph(c)shallbevalidintheapplicablecircumstancesandbindingonallpartieshereto.

***

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INWITNESSWHEREOF,thepartiesheretohavecausedtheirdulyauthorizedofficerstoexecuteanddeliverthisAgreementasofthedatefirstabovewritten. GENCO SHIPPING & TRADING LIMITED , astheBorrower By: /s/ApostolosZafolias Name:ApostolosZafolias Title:ChiefFinancialOfficerandExecutiveVicePresident,Finance

[SignaturepagetoGencoCreditAgreement–2018]

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK ,asAdministrativeAgent,SecurityAgentandaLender

By: /s/JeromeDuval Name:JeromeDuval Title:ManagingDirector By: /s/YannickLeGourieres Name:YannickLeGourieres Title:Director


SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) ,asLender By: /s/SariKahelin Name:SariKahelin Title:LegalCounsel By: /s/JanPakkila Name:JanPakkila Title:HeadofLargeCorporateandFinancialInstitutions


SCHEDULEI

COMMITMENTS

Lender Commitments CréditAgricoleCorporateandInvestmentBank $ 73,000,000 SkandinaviskaEnskildaBankenAB(Publ) $ 35,000,000 Total $ 108,000,000

SCHEDULEII

LENDER ADDRESSES INSTITUTIONS ADDRESSES CRÉDIT AGRICOLE CORPORATE ANDINVESTMENT BANK

12PlacedesEtats-Unis92120Montrouge,FranceAttn:ClementineCostil/RomyRousselTelephone:+33141899047/+33141890612Email:[email protected],[email protected],[email protected]

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) Kungstradgardsgatan8

SE-10640Stockholm,SwedenAttn:ArneJuell-SkielseTelephone:+4687638638

SCHEDULEIII

SUBSIDIARIES # Entity Name Percentage

OwnershipDirect Owner

1. BalticBearLimited 100% BalticTradingLimited 2. BalticBreezeLimited 100% BalticTradingLimited 3. BalticCougarLimited 100% BalticTradingLimited 4. BalticCoveLimited 100% BalticTradingLimited 5. BalticFoxLimited 100% BalticTradingLimited 6. BalticHareLimited 100% BalticTradingLimited 7. BalticHornetLimited 100% BalticTradingLimited 8. BalticJaguarLimited 100% BalticTradingLimited 9. BalticLeopardLimited 100% BalticTradingLimited 10. BalticLionLimited 100% GencoShipping&TradingLimited 11. BalticMantisLimited 100% BalticTradingLimited 12. BalticPantherLimited 100% BalticTradingLimited 13. BalticScorpionLimited 100% BalticTradingLimited 14. BalticTigerLimited 100% GencoShipping&TradingLimited 15. BalticTradingLimited 100% GencoInvestmentsLLC 16. BalticWaspLimited 100% BalticTradingLimited 17. BalticWindLimited 100% BalticTradingLimited 18. BalticWolfLimited 100% BalticTradingLimited 19. GencoAcheronLimited 100% GencoShipping&TradingLimited 20. GencoAquitaineLimited 100% GencoShipping&TradingLimited 21. GencoArdennesLimited 100% GencoShipping&TradingLimited 22. GencoAugustusLimited 100% GencoHoldingsLimited 23. GencoAuvergneLimited 100% GencoShipping&TradingLimited 24. GencoAvraLimited 100% GencoShipping&TradingLimited 25. GencoBayLimited 100% GencoShipping&TradingLimited 26. GencoBeautyLimited 100% GencoHoldingsLimited 27. GencoBourgogneLimited 100% GencoShipping&TradingLimited 28. GencoBrittanyLimited 100% GencoShipping&TradingLimited 29. GencoCarrierLimited 100% GencoShipping&TradingLimited 30. GencoCavalierLLC 100% GencoHoldingsLimited 31. GencoChallengerLimited 100% GencoShipping&TradingLimited 32. GencoChampionLimited 100% GencoHoldingsLimited 33. GencoChargerLimited 100% GencoHoldingsLimited 34. GencoClaudiusLimited 100% GencoShipping&TradingLimited 35. GencoColumbiaLimited 100% GencoShipping&TradingLimited 36. GencoCommodusLimited 100% GencoShipping&TradingLimited 37. GencoConstantineLimited 100% GencoHoldingsLimited 38. GencoDefenderLimited 100% GencoShipping&TradingLimited 39. GencoEndeavourLimited 100% GencoShipping&TradingLimited 40. GencoExplorerLimited 100% GencoShipping&TradingLimited 41. GencoHadrianLimited 100% GencoHoldingsLimited 42. GencoHoldingsLimited 100% GencoShipping&TradingLimited

# Entity Name PercentageOwnership Direct Owner

43. GencoHunterLimited 100% GencoShipping&TradingLimited 44. GencoInvestmentsLLC 100% GencoShipping&TradingLimited 45. GencoKnightLimited 100% GencoHoldingsLimited 46. GencoLanguedocLimited 100% GencoShipping&TradingLimited 47. GencoLeaderLimited 100% GencoShipping&TradingLimited 48. GencoLibertyLimited 100% GencoShipping&TradingLimited 49. GencoLoireLimited 100% GencoShipping&TradingLimited 50. GencoLondonLimited 100% GencoHoldingsLimited 51. GencoLorraineLimited 100% GencoShipping&TradingLimited 52. GencoManagement(USA)LLC 100% GencoShipManagementLLC 53. GencoMareLimited 100% GencoShipping&TradingLimited 54. GencoMarineLimited 100% GencoShipping&TradingLimited 55. GencoMaximusLimited 100% GencoShipping&TradingLimited 56. GencoMuseLimited 100% GencoShipping&TradingLimited 57. GencoNormandyLimited 100% GencoShipping&TradingLimited 58. GencoOceanLimited 100% GencoShipping&TradingLimited 59. GencoPicardyLimited 100% GencoShipping&TradingLimited 60. GencoPioneerLimited 100% GencoShipping&TradingLimited 61. GencoPredatorLimited 100% GencoHoldingsLimited 62. GencoProgressLimited 100% GencoShipping&TradingLimited 63. GencoProsperityLimited 100% GencoShipping&TradingLimited 64. GencoProvenceLimited 100% GencoShipping&TradingLimited 65. GencoPyreneesLimited 100% GencoShipping&TradingLimited 66. GencoRaptorLLC 100% GencoShipping&TradingLimited 67. GencoREInvestmentsLLC 100% GencoShipping&TradingLimited 68. GencoRelianceLimited 100% GencoShipping&TradingLimited 69. GencoResoluteLimited 100% GencoShipping&TradingLimited 70. GencoRhoneLimited 100% GencoShipping&TradingLimited 71. GencoShipManagementLLC 100% GencoShipping&TradingLimited 72. GencoShippingA/S 100% GencoShippingPte.Limited 73. GencoShippingPte.Limited 100% GencoShipping&TradingLimited 74. GencoSpiritLimited 100% GencoShipping&TradingLimited 75. GencoSuccessLimited 100% GencoShipping&TradingLimited 76. GencoSugarLimited 100% GencoShipping&TradingLimited 77. GencoSurpriseLimited 100% GencoShipping&TradingLimited 78. GencoThunderLLC 100% GencoShipping&TradingLimited 79. GencoTiberiusLimited 100% GencoHoldingsLimited 80. GencoTitusLimited 100% GencoHoldingsLimited 81. GencoVigourLimited 100% GencoHoldingsLimited 82. GencoWarriorLimited 100% GencoShipping&TradingLimited 83. GencoWeatherlyLimited 100% GencoShipping&TradingLimited 84. GencoWisdomLimited 100% GencoShipping&TradingLimited

ScheduleIV-APage1

SCHEDULEIV-A

REQUIRED INSURANCE

InsurancetobemaintainedontheCollateralVessel:

(a)TheBorrowerandapplicableSubsidiaryGuarantorshallkeeptheCollateralVesselinsuredwithinsurersandprotectionandindemnityclubsorassociationsofinternationallyrecognizedreputation,andplacedinsuchmarkets,onsuchtermsandconditions,andthroughbrokers,reasonablysatisfactorytotheSecurity Agent and under forms of policies approved by the Security Agent against the risks indicated belowand such other risks as the Security Agent mayreasonablyspecifyfromtimetotime;however,innocaseshalltheSecurityAgentspecifyinsuranceinexcessofthecustomaryinsurancespurchasedbyfirst-classownersofcomparablevessels:

(i)Marineandwarrisk,includingterrorism,confiscation,LondonBlockingandTrappingAddendumandMissingCollateralVesselClause,hullandmachineryinsurance,hullinterestinsuranceandfreightinterestorequivalentinsurance,togetherinanamountinU.S.dollarsatalltimesequaltoorgreaterthan(x)itsAppraisedValueand(y)anamountwhich,whenaggregatedwiththeinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequalto120%oftheaggregateprincipalamountoftheLoansandtheCommitments.Theinsuredvalueforhullandmachineryrequiredunderthisclause(i)fortheCollateralVesselshallatalltimesbeinanamountequaltoorgreaterthan(x)eightypercent(80%)oftheAppraisedValueoftheCollateralVesseland(y)anamountwhich,whenaggregatedwiththehullandmachineryinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequaltotheaggregateprincipalamountoftheLoansandtheCommitmentoutstanding,andtheremainingmarineandwarriskinsurancerequiredbythisclause(i)maybetakenoutashullandfreightinterestorequivalentinsurance.

(ii)Marineandwarriskprotectionandindemnityinsuranceorequivalentinsurance(includingcoverageagainstliabilityforcrew,fines

andpenaltiesarisingoutoftheoperationoftheCollateralVessel,insuranceagainstliabilityarisingoutofpollution,spillageorleakage,andworkmen’scompensationorlongshoremen’sandharborworkers’insuranceasshallberequiredbyapplicablelaw)insuchamountsapprovedbytheSecurityAgent;provided,however, that insurance against liability under law or international convention arising out of pollution, spillage or leakage shall be in anamountnotlessthanthegreaterof:

(x)themaximumamountreasonablyavailablefromtheInternationalGroupofProtectionandIndemnityAssociations(the“

InternationalGroup”)oralternativelysuchsourcesofpollution,spillageorleakagecoverageasarecommerciallyavailableinanyabsenceofsuchcoveragebytheInternationalGroupasshallbecarriedbyprudentshipownersengagedinsimilartrades;and

(y)theamountsrequiredbythelawsorregulationsoftheUnitedStatesofAmericaoranyapplicablejurisdictioninwhichthe

CollateralVesselmaybetradingfromtimetotime.

(iii)WhiletheCollateralVesselisidleorlaidup,attheoptionoftheBorrowerandinlieuoftheabove-mentionedmarineandwarriskhullinsurance,portriskinsuranceinsuringtheCollateralVesselagainsttheusualrisksencounteredbylikevesselsundersimilarcircumstances.

(b)TheSecurityAgentwillobtainMortgagee’sInsurancesonsuchconditionsastheSecurityAgentmayreasonablyrequire,satisfactorytothe

SecurityAgentandforanamountinU.S.dollarsapprovedbytheSecurityAgentbutnotbeinglessthananamountwhich,whenaggregatedwith

ScheduleIV-APage2

theinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequalto110%ofthesumoftheaggregateprincipalamountoftheLoansandCommitmentsoutstandingpursuanttotheAgreement,theBorrowerandtheCollateralVesselOwnerhavingnointerestorentitlementinrespectofsuchpolicies; all such Mortgagee’s Insurances cover shall be obtained directly by the Security Agent; providedthat in no event shall the Borrower be required toreimbursetheSecurityAgentforanysuchcostsinexcessofthepremiumlevelthenavailabletotheSecurityAgentinthemarket.

(c)Themarineandcommercialwar-riskinsurancerequiredinthisScheduleIV-AfortheCollateralVesselshallhavedeductiblesandfranchisesinamountsreasonablysatisfactorytotheSecurityAgent.AllinsurancemaintainedhereundershallbeprimaryinsurancewithoutrightofcontributionagainstanyotherinsurancemaintainedbytheSecurityAgent.Thepolicy of marine andwar risk hull andmachinery insurance with respect to the Collateral Vessel shall, if so requested bythe Security Agent, provide that theSecurityAgentshallbeanamedinsuredinitscapacityasmortgageeandaslosspayee.TheentryinamarineandwarriskprotectionindemnityclubwithrespecttotheCollateralVesselshallnotetheinterestoftheSecurityAgent.TheAdministrativeAgent,theSecurityAgentandeachoftheirrespectivesuccessorsandassignsshallnotberesponsibleforanypremiums,clubcalls,assessmentsoranyotherobligationsorfortherepresentationsandwarrantiesmadethereinbytheBorrower,anyoftheBorrower’sSubsidiariesoranyotherPerson.Inaddition,theBorrowershallreimbursetheAdministrativeAgentforthecostofMortgagee’sInsuranceswhichtheAdministrativeAgentwilltakeoutontheCollateralVesseluponsuchtermsandinsuchamountsastheAdministrativeAgentshalldeemappropriate.

(d)TheSecurityAgentshallfromtimetotimeobtainadetailedreportsignedbyafirmofmarineinsurancebrokersacceptabletotheSecurityAgentwithrespecttoP&Ientry,thehullandmachineryandwarriskinsurancecarriedandmaintainedontheCollateralVessel,togetherwiththeiropinionastotheadequacythereofanditscompliancewiththeprovisionsofthisScheduleIV-A.AttheBorrower’sexpensetheBorrowerwilluseitsbesteffortstocauseitsinsurancebroker(which,fortheavoidanceofdoubtshallbeadifferentinsurancebrokerfromthefirmofmarineinsurancebrokersreferredtointheimmediatelyprecedingsentence)andtheP&IcluborassociationprovidingP&Iinsurancereferredtoinpart(a)(ii)ofthisScheduleIV-A,toagreetoadvisetheSecurityAgentbyelectronicmailofanyexpiration,termination,alterationorcancellationofanypolicy,anydefaultinthepaymentofanypremiumandofanyotheractoromissiononthepartoftheBorrowerofwhichtheBorrowerhasknowledgeandwhichmightinvalidateorrenderunenforceable,inwholeorinpart,anyinsuranceonthe Collateral Vessel, andto provide anopportunity of payinganysuchunpaid premiumor call, suchright being exercisable bythe Security Agent ontheCollateralVesselonanindividualandnotonafleetbasis.Inaddition,theBorrowershallpromptlyprovidetheSecurityAgentwithanyinformationwhichtheSecurityAgentreasonablyrequestsforthepurposeofobtainingorpreparinganyreportfromtheSecurityAgent’sindependentmarineinsuranceconsultantastotheadequacyoftheinsuranceseffectedorproposedtobeeffectedinaccordancewiththisScheduleIV-Aasofthedatehereoforinconnectionwithanyrenewalthereof,andtheBorrowershallupondemandindemnifytheSecurityAgentinrespectofallreasonablefeesandotherexpensesincurredbyorfortheaccountoftheSecurityAgentinconnectionwithanysuchreport;providedthattheSecurityAgentshallbeentitledtosuchindemnityonlyforonesuchreportduringaperiodof12months.TheunderwritersorbrokersshallfurnishtheSecurityAgentwithaletterorlettersofundertakingtotheeffectthat:

(i) they will hold the instruments of insurance, and the benefit of the insurances thereunder, to the order of the Security Agent inaccordancewiththetermsofthelosspayableclausereferredtointherelevantAssignmentofInsurancesfortheCollateralVessel;

ScheduleIV-APage3

(ii)theywillhaveendorsedoneachandeverypolicyasandwhenthesameisissuedthelosspayableclause,tobeintheexcessofU.S.

$1,500,000,andthenoticeofassignmentreferredtointherelevantAssignmentofInsurancesfortheCollateralVessel;and

(iii)theywillnotsetoffagainstanysumrecoverableinrespectofaclaimagainstanyCollateralVesselunderthesaidunderwritersorbrokersoranyotherPersoninrespectofanyothervesselnorcancelthesaidinsurancesbyreasonofnon-paymentofsuchpremiumsorotheramounts.Allpoliciesofinsurancerequiredherebyshallprovidefornotlessthan14days(7daysinrespectofwarriskinsurance)priorwrittennoticetobereceivedbytheSecurityAgentoftheterminationorcancellationoftheinsuranceevidencedthereby.AllpoliciesofinsurancemaintainedpursuanttothisScheduleIV-AforriskscoveredbyinsuranceotherthanthatprovidedbyaP&IClubshallcontainprovisionswaivingunderwriters’rightsofsubrogationthereunderagainstanyassurednamedinsuchpolicyandanyassigneeofsaidassured,onlytotheextentsuchunderwritersagreetosowaiverightsofsubrogation(providedthatitisunderstoodandagreedthattheBorrowershallusecommerciallyreasonableeffortstoobtainsuchwaivers).TheBorrowershallassigntotheSecurityAgentitsfullrightsunderanypoliciesofinsuranceinrespectoftheCollateralVesselinaccordancewiththetermscontainedherein(and,fortheavoidanceofdoubt,suchassignmentsshallincludeanyadditionalvalueofanyinsurancethatexceedsthevaluesexpresslyrequiredhereininrespectoftheCollateralVessel).TheBorroweragreesthatit shall deliver unless the insurances by their terms provide that they cannot cease (by reason of nonrenewal or otherwise) without the Security Agent beinginformedandhavingtherighttocontinuetheinsurancebypayinganypremiumsnotpaidbytheBorrower,receiptsshowingpaymentofpremiumsforRequiredInsuranceandalsoofdemandsfromtheCollateralVessel’sP&IunderwriterstotheSecurityAgentatleast2daysbeforetheriskinquestioncommences.

(e)UnlesstheSecurityAgentshallotherwiseagree,allamountsofwhatsoevernaturepayableunderanyinsurancemustbepayabletotheSecurityAgentfordistributionfirsttoitselfandthereaftertotheBorrowerorothersastheirinterestsmayappear;providedthat,notwithstandinganythingtothecontraryherein, until otherwiserequiredbytheSecurityAgentbynoticetotheunderwriters upontheoccurrenceandcontinuanceofanEvent of Default hereunder, (i)amountspayableunderanyinsuranceontheCollateralVesselwithrespecttoprotectionandindemnityrisksmaybepaiddirectlyto(x)theBorrowertoreimburseit for any loss, damage or expense incurred by it and covered by such insurance or (y) the Person to whomany liability covered by such insurance has beenincurred, and(ii) amounts payable under anyinsurance with respect to the Collateral Vessel involvinganydamagetothe Collateral Vessel not constituting anEventofLoss,maybepaidbyunderwritersdirectlyfortherepair,salvageorotherchargesinvolvedor,iftheBorrowershallhavefirstfullyrepairedthedamageor paid all of the salvage or other charges, may be paid to the Borrower as reimbursement therefor; provided,however, that if such amounts (including anyfranchiseordeductible)areinexcessofU.S.$1,500,000,theunderwritersshallnotmakesuchpaymentwithoutfirstobtainingthewrittenconsenttheretooftheSecurityAgentandthelosspayableclausespertainingtosuchinsurancesshallbeendorsedtothateffect.

(f)AllamountspaidtotheSecurityAgentinrespectofanyinsuranceontheCollateralVesselshallbedisposedofasfollows(afterdeductionoftheexpensesoftheSecurityAgentincollectingsuchamounts):

(i) anyamount whichmight havebeenpaid at the time, in accordance with the provisions of paragraph(d) above, directly to theBorrowerorothersshallbepaidbytheSecurityAgentto,orasdirectedby,theBorrower;

(ii)allamountspaidtotheSecurityAgentinrespectofanEventofLossoftheCollateralVesselshallbeappliedbytheSecurityAgent

tothepaymentoftheFinancialIndebtednessherebysecuredpursuanttoSection4.02(b)oftheAgreement;and

ScheduleIV-APage4

(iii)allotheramountspaidtotheSecurityAgentinrespectofanyinsuranceontheCollateralVesselmay,intheSecurityAgent’ssole

discretion, be heldandapplied to theprepayment of theCredit Document Obligations or to makingof neededrepairs or other workontheCollateralVessel,ortothepaymentofotherclaimsincurredbytheBorrowerrelatingtotheCollateralVessel,ormaybepaidtotheBorrowerorwhosoevermaybeentitledthereto.

The Borrower shall deliver to the Security Agent certified copies and, whenever so reasonably requested by the Security Agent, if available to the

Borrower,theoriginalsofallcertificatesofentry,covernotes,binders,evidencesofinsuranceandpoliciesandallendorsementsandridersamendatorythereofinrespectofinsurancemaintainedpursuanttoSection7.03oftheAgreementandthisScheduleIV-Aforthepurposeofinspectionorsafekeeping,or,alternatively,satisfactorylettersofundertakingfromthebrokerholdingthesame.TheSecurityAgentshallbeundernodutyorobligationtoverifytheadequacyorexistenceofanysuchinsuranceoranysuchpolicies,endorsementorriders.

TheBorrowerwillnotexecuteorpermitorwillinglyallowtobedoneanyactbywhichanyinsurancemaybesuspended,impairedorcancelled,andthatitwillnotpermitorallowtheCollateralVesseltoundertakeanyvoyageorrunanyriskortransportanycargowhichmaynotbepermittedbythepoliciesinforce,without having previously notified the insurers and the Security Agent in writing and insured the Collateral Vessel by additional coverage to extend to suchvoyages,risks,passengersorcargoes.

In case any underwriter proposes to pay less on any claimthan the amount thereof, the Borrower shall forthwith informthe Security Agent, and if aDefault, Event of Default or an Event of Loss has occurred and is continuing, the Security Agent shall have the exclusive right to negotiate and agree to anycompromise.

TheBorrowerwillcomplywithandsatisfyalloftheprovisionsofanyapplicablelaw,convention,regulation,proclamationororderconcerningfinancialresponsibilityforliabilitiesimposedontheBorrowerortheCollateralVesselwithrespecttopollutionbyanystateornationorpoliticalsubdivisionthereofandwillmaintainallcertificatesorotherevidenceoffinancialresponsibilityasmayberequiredbyanysuchlaw,convention,regulation,proclamationororderwithrespecttothetradeinwhichtheCollateralVesselarefromtimetotimeengagedandthecargocarriedbyit.

SCHEDULEV

ERISANone.

SCHEDULEVII

NOTICE ADDRESSESIftoanyObligor,to:GencoShipping&TradingLimited299ParkAvenue,12thFloorNewYork,NY10171Attention:JohnC.WobensmithTelephone:(646)443-8550Facsimile:(646)443-8551Email:[email protected]:KramerLevinNaftalis&FrankelLLP1177AvenueoftheAmericasNewYork,NY10036Attention:DavidFisher

Telephone:(212)715-9284Facsimile:(212)715-8059Email:[email protected]

SCHEDULEVIII

FINANCIAL INDEBTEDNESS$460,000,000seniorsecuredcreditagreement,datedasofMay31,2018,byandamong,GencoShipping&TradingLimited,asborrower,NordeaBankAB(publ),NewYorkBranch,asadministrativeagentandsecurityagentandthelendersfromtimetotimepartythereto.

LetterofCreditfor$300,000issuedbyNordeaBankAB(publ),NewYorkBranch,onbehalfofGencoShipping&TradingLimited.

SCHEDULE X

SCHEDULEDREPAYMENTS

Payment Date Scheduled RepaymentDecember31,2018 $1,580,000March31,2019 $1,580,000June30,2019 $1,580,000

September30,2019 $1,580,000December31,2019 $1,580,000March31,2020 $1,580,000June30,2020 $1,580,000



September30,2022 $1,580,000December31,2022 $1,580,000March31,2023 $1,580,000June30,2023 $1,580,000MaturityDate $76,400,000

EXHIBITA

FORMOFNOTICEOFBORROWING

[Date]CréditAgricoleCorporateandInvestmentBank,asAdministrativeAgentfortheLenderspartytotheCreditAgreementreferredtobelow12PlacedesEtats-Unis92120Montrouge,FranceAttention:[email protected]/[email protected]:

The undersigned, Genco Shipping & Trading Limited (the “ Borrower ”), refers to the credit agreement, dated as of August 14, 2018 (asamended,restated, modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”;thetermsdefinedthereinbeingusedhereinasthereindefined),amongtheBorrower,thelendersfromtimetotimepartythereto(the“Lenders”)andyou,asAdministrativeAgentandasSecurityAgentforsuchLenders,andhereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement, that the undersigned hereby requests a Borrowing under the CreditAgreement,andinconnectiontherewithsetforthbelowistheinformationrelatingtosuchBorrowing(the“ProposedBorrowing”)asrequiredbySection2.02oftheCreditAgreement:

(i)TheaggregateprincipalamountoftheProposedBorrowingis$____________.1

(ii)TheBusinessDayoftheProposedBorrowingis____________.2

(iii)TheinitialInterestPeriodfortheProposedBorrowingis_____months(s).3

(iv) The Name of the Relevant Vessel being (or which was) acquired in connection with the Proposed Borrowing is[___________________].

(v)AttachedheretoasExhibitAarethecalculationsestablishingandevidencingtheBorrower’scompliancewiththerequirementsofSection2.01(b)oftheCreditAgreementfortheProposedBorrowing.

(vi)TheproceedsoftheProposedBorrowingshallbedepositedinthefollowingaccount:AccountNo.[_____________],AccountName[_______________].

Theundersignedherebycertifies onbehalf of theBorrowerthat thefollowingstatements are trueonthedate hereof, andwill betrueontheBorrowingDate:

1Anamountnottoexceedthelesserof(i)theapplicableamountsetforthoppositetheRelevantVesselundertheheading“MaximumLoanAmount”inSchedule VI to the Credit Agreement and (ii) 45%of the Appraised Value of the Relevant Vessel, as determined in accordance with the Appraisals deliveredpursuanttoSection5.02(e)oftheCreditAgreementforsuchRelevantVessel.2ShallbeaBusinessDayatleastthreeBusinessDaysafterthedatehereof,providedthat(ineachcase)anysuchnoticeshallbedeemedtohavebeengivenonacertaindayonlyifgivenbefore10:00a.m.(NewYorktime)onsuchday.3TheinitialInterestPeriodforanyLoanshallcommenceontheBorrowingDateofsuchLoanandeachInterestPeriodoccurringthereafterinrespectofsuchLoanshallcommenceonthedayonwhichtheimmediatelyprecedingInterestPeriodapplicabletheretoexpires,andshallbeaone,threeorsixmonthperiodorsuchotherperiodasprovidedunderSection2.07oftheCreditAgreement.

EXHIBITApage2

(A)allrepresentationsandwarrantiescontainedintheCreditAgreementandinanyotherCreditDocumentshallbetrueandcorrectinall

material respects, on and as of the Borrowing Date, both before and after giving effect to the Proposed Borrowing, with the same effect as though suchrepresentationsandwarrantieshadbeenmadeontheBorrowingDate(it beingunderstoodandagreedthatanyrepresentationorwarrantywhichbyitstermsismadeasofaspecifieddateshallberequiredtobetrueandcorrectinallmaterialrespectsonlyasofsuchspecifieddate);

(B)alloftheapplicableconditionssetforthinSection5.02oftheCreditAgreementhavebeensatisfiedasofthedatehereoforwillbe

satisfiedontheBorrowingDate;and(C)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingontheBorrowingDateorwouldresultfromgivingeffecttothe

ProposedBorrowingmadeonsuchdate. Verytrulyyours, GENCOSHIPPING&TRADINGLIMITED By: Name: Title:

EXHIBITAPage3

ExhibitA

[InsertcalculationsevidencingcompliancewithSection2.01(b)oftheCreditAgreement]

EXHIBITB

FORMOFNOTEUS$[] NewYork,NewYork [Date]

FORVALUERECEIVED,GENCOSHIPPING&TRADINGLIMITED,acorporationorganizedunderthelawsoftheRepublicoftheMarshallIslands(the“Borrower”),herebypromisestopayto[]oritspermittedassignsregisteredinaccordancewithSection11.17oftheCreditAgreement(asdefinedbelow)(the“Lender”)inlawfulmoneyoftheUnitedStatesofAmericainimmediatelyavailablefunds,attheofficeofCréditAgricoleCorporateandInvestmentBank,locatedat12PlacedesEtats-Unis92120Montrouge,France,ontheMaturityDate(asdefinedintheCreditAgreementreferredtobelow)theprincipalsumof_____________Dollars($______)or,ifless,thethenaggregateunpaidprincipalamountoftheLoans(asdefinedintheCreditAgreement)madebytheLenderpursuanttotheCreditAgreement,payableatsuchtimesandinsuchamountsasarespecifiedintheCreditAgreement.

TheBorroweralsopromisestopayinterestontheunpaidprincipalamounthereofinlikemoneyatsaidofficefromthedatehereofuntilpaidattheratesandatthetimesprovidedinSection2.06oftheCreditAgreement.

ThisNoteisoneoftheNotesreferredtointhecreditagreement,datedasofAugust14,2018,amongtheBorrower,thelendersfromtimetotimepartythereto(including,withoutlimitation,theLender),CréditAgricoleCorporateandInvestmentBank,asAdministrativeAgentandasSecurityAgent(asamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”),andisentitledtothebenefitsthereofandoftheotherCreditDocuments(asdefined in the Credit Agreement). This Note is secured by the Security Documents (as defined in the Credit Agreement) and is entitled to the benefits of theGuaranty(asdefinedintheCreditAgreement).ThisNoteissubjecttovoluntaryprepaymentandmandatoryrepaymentpriortotheMaturityDate,inwholeorinpart,asprovidedintheCreditAgreement.

IfanEventofDefault(asdefinedintheCreditAgreement)shalloccurandbecontinuing,theprincipalofandaccruedinterestonthisNotemaybecomeorbedeclaredtobedueandpayableinthemannerandwiththeeffectprovidedintheCreditAgreement.

TheBorrowerherebywaivespresentment,demand,protestornoticeofanykindinconnectionwiththisNote.

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

EXHIBITBPage2

GENCO SHIPPING & TRADING LIMITED By: Name: Title:

EXHIBITCPage1

FORMOFGUARANTY

THISGUARANTY,datedasof[__],2018(asamended,modified,restatedand/orsupplementedfromtimetotime,this“Guaranty”),ismadebyeachof

the undersigned guarantors (each a “Guarantor” and, together with any other entity that becomes a guarantor hereunder pursuant to Section 25 hereof, the “Guarantors”).Exceptasotherwisedefinedherein,capitalizedtermsusedhereinanddefinedintheCreditAgreement(asdefinedbelow)shallbeusedhereinasthereindefined.

WITNESSETH:

WHEREAS,GencoShipping&TradingLimited(the“Borrower”),thelendersfromtimetotimepartythereto(the“Lenders”)andCréditAgricoleCorporateandInvestmentBank,asAdministrativeAgent(insuchcapacity,togetherwithanysuccessorAdministrativeAgent,the“AdministrativeAgent”),andasSecurityAgent(insuchcapacity,togetherwithanysuccessorSecurityAgent,the“SecurityAgent”)haveenteredintoacreditagreement,datedasofAugust14, 2018 (as amended, modified, restated and/or supplemented from time to time, the “ Credit Agreement ”), providing for the making of the Loans to theBorrowerascontemplatedtherein(theLenders,theSecurityAgentandtheAdministrativeAgentarehereincalledthe“LenderCreditors”):

WHEREAS,theBorrowermayatanytimeandfromtimetotimeenterinto,orguarantytheobligationsofoneormoreotherGuarantorsoranyoftheirrespectiveSubsidiariesunder,oneormoreSecuredHedgingAgreementswithrespecttotheBorrower’sobligationsundertheCreditAgreementwithrespecttotheoutstandingLoansand/orCommitmentsfromtimetotimewithoneormoreLendersoranyaffiliatethereof(eachsuchLenderoraffiliate,eveniftherespectiveLendersubsequentlyceasestobeaLenderundertheCreditAgreementforanyreason,togetherwithsuchLender’soraffiliate’ssuccessorsandassigns,ifany,collectively,the“OtherCreditors”and,togetherwiththeLenderCreditors,the“SecuredCreditors”):

WHEREAS,eachGuarantorisadirectorindirectWholly-OwnedSubsidiaryoftheBorrower;

WHEREAS,itisaconditiontothemakingoftheLoansundertheCreditAgreementthateachGuarantorshallhaveexecutedanddeliveredthisGuaranty;and

WHEREAS,eachGuarantorwillobtainbenefitsfromtheincurrenceoftheLoansbytheBorrowerundertheCreditAgreementandtheenteringintobytheGuarantors of SecuredHedgingAgreements and, accordingly, desires toexecute this Guarantyin order to satisfytheconditions describedintheprecedingparagraph.

NOW,THEREFORE,inconsiderationoftheforegoingandotherbenefitsaccruingtoeachGuarantor, thereceiptandsufficiencyofwhichareherebyacknowledged,eachGuarantor herebymakesthefollowingrepresentations andwarranties totheSecuredCreditors andherebycovenants andagreeswitheachSecuredCreditorasfollows:

1.EachGuarantor,jointlyandseverally,irrevocably,absolutelyandunconditionallyguarantees:(i)totheLenderCreditorsthefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)of(x)theprincipalof,premium,ifany,andinterestontheNotes,ifany,issuedby,andtheLoansmadeto,theBorrowerundertheCreditAgreement,and(y)allotherobligations(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCode,wouldbecomedue),liabilitiesandindebtednessowingbytheBorrowertotheLenderCreditors(inthecapacitiesreferredto in the definition of Lender Creditors) under the Credit Agreement and each other Credit Document to which the Borrower is a party (including, withoutlimitation,indemnities,feesandinterestthereon(includinganyinterestaccruingafterthecommencementofanybankruptcy,insolvency,receivershiporsimilarproceedingattherateprovidedforintheCredit

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Agreement, whether or not such interest is an allowed claim in any such proceeding)), whether now existing or hereafter incurred under, arising out of or inconnection with the Credit Agreement and any such other Credit Document and the due performance and compliance by the Borrower with all of the terms,conditions and agreements contained in all such Credit Documents (all such principal, premium, interest, liabilities, indebtedness and obligations being hereincollectivelycalledthe“CreditDocumentObligations”);and(ii)toeachOtherCreditorthefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)ofallobligations(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCode,wouldbecomedue),liabilitiesandindebtedness(includinganyinterestaccruingafterthecommencementofanybankruptcy,insolvency,receivershiporsimilarproceedingattherateprovidedforintherespectiveSecuredHedgingAgreements,whetherornotsuchinterestisanallowedclaiminanysuchproceeding)owingbytheBorrowerunderanySecuredHedgingAgreemententeredintoinrespectoftheBorrower’sobligationswithrespecttotheoutstandingLoansand/orCommitmentsfromtimetotime,whethernowinexistenceorhereafterarising,andthedueperformanceandcompliancebytheBorrowerwithalloftheterms,conditionsandagreementscontainedineachsuchSecuredHedgingAgreementtowhichitisaparty(allsuchobligations,liabilitiesandindebtednessbeinghereincollectivelycalledthe“OtherObligations”and, together withtheCredit DocumentObligations, the“GuaranteedObligations”). Notwithstandinganythingtothecontrarycontainedherein,innoeventwillGuaranteedObligationsincludeanyExcludedSwapObligations.Asusedherein,theterm“GuaranteedParty”shallmeantheBorrowerpartytoorasguarantorofanyGuarantororitsSubsidiariespartytoanySecuredHedgingAgreementwithanOtherCreditor.EachGuarantorunderstands,agreesandconfirmsthattheSecuredCreditorsmayenforcethisGuarantyuptothefullamountoftheGuaranteedObligationsagainstsuchGuarantorwithoutproceedingagainstanyotherGuarantor,theBorrower,anyotherGuaranteedParty,againstanysecurityfortheGuaranteedObligations,orunderanyotherguarantycoveringalloraportionoftheGuaranteedObligations.

2. Additionally, each Guarantor, jointly and severally, unconditionally, absolutely and irrevocably, guarantees the payment of any and allGuaranteedObligationswhetherornotdueorpayablebytheBorroweroranyotherGuaranteedPartyupontheoccurrenceinrespectoftheBorroweroranysuchotherGuaranteedPartyofanyoftheeventsspecifiedinSection9.05oftheCreditAgreement,andunconditionallyandirrevocably,jointlyandseverally,promisestopaysuchGuaranteedObligationstotheSecuredCreditors,ororder,ondemand.ThisGuarantyshallconstituteaguarantyofpayment,andnotofcollection.

3.TheliabilityofeachGuarantorhereunderisprimary,absolute,jointandseveral,andunconditionalandisexclusiveandindependentofanysecurityfororotherguarantyoftheindebtednessoftheBorroweroranyotherGuaranteedPartywhetherexecutedbysuchGuarantor,anyotherGuarantor,anyother guarantor or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by any circumstance or occurrencewhatsoever,including,withoutlimitation:(a)anydirectionastoapplicationofpaymentbytheBorroweroranyotherGuaranteedPartyorbyanyotherparty,(b)anyothercontinuingorotherguaranty,undertakingormaximumliabilityofaguarantororofanyotherpartyastotheGuaranteedObligations,(c)anypaymentonor in reduction of any such other guaranty or undertaking, (d) any dissolution, change in corporate structure, termination or increase, decrease or change inpersonnel, by the Borrower or any other Guaranteed Party, (e) to the extent permitted by applicable law, any payment made to any Secured Creditor on theindebtedness which any Secured Creditor repays the Borrower or any other Guaranteed Party pursuant to court order in any bankruptcy, reorganization,arrangement, moratoriumorother debtor relief proceeding, andeachGuarantor waivesanyright tothedeferral or modificationofits obligations hereunder byreason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 6 hereof or (g) any invalidity, irregularity orunenforceabilityofalloranypartoftheGuaranteedObligationsorof

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anysecuritytherefor,including,withoutlimitation,anysuchinvalidity,irregularityorunenforceabilitycausedbyachangeinlaw.

4.TheobligationsofeachGuarantorhereunderareindependentoftheobligationsofanyotherGuarantor,anyotherguarantor,theBorroweroranyotherGuaranteedParty,andaseparateactionoractionsmaybebroughtandprosecutedagainsteachGuarantorwhetherornotactionisbroughtagainstanyotherGuarantor,anyotherguarantor,theBorroweroranyotherGuaranteedPartyandwhetherornotanyotherGuarantor,anyotherguarantor,theBorroweroranyotherGuaranteedPartyisjoinedinanysuchactionoractions.EachGuarantorwaives,tothefullestextentpermittedbylaw,thebenefitsofanystatuteoflimitationsaffectingitsliabilityhereunderortheenforcementthereof.AnypaymentbytheBorroweroranyotherGuaranteedPartyorothercircumstancewhichoperatestotollanystatuteoflimitationsastotheBorroweroranyotherGuaranteedPartyshalloperatetotollthestatuteoflimitationsastoeachGuarantor.

5.AnySecuredCreditormay,inaccordancewiththetermsoftheCreditAgreement,theotherCreditDocumentsandapplicablelaw,atanytimeandfromtimetotimewithouttheconsentof,ornoticeto,anyGuarantor,withoutincurringresponsibilitytosuchGuarantor,andwithoutimpairingorreleasingtheobligationsofsuchGuarantorhereunder,uponorwithoutanytermsorconditionsandinwholeorinpart:

(a) change the manner, place or terms of payment of, and/or change, increase or extend the time of payment of, renewor alter, any of theGuaranteedObligations(includinganyincreaseordecreaseintherateofinterestthereonortheprincipalamountthereof),anysecuritytherefor,oranyliabilityincurred directly or indirectly in respect thereof, andthe guaranty herein madeshall apply to the Guaranteed Obligations as so changed, extended, renewedoraltered;

(b)takeandholdsecurityforthepaymentoftheGuaranteedObligationsandsell,exchange,release,surrender,impair,realizeuponorotherwisedeal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the GuaranteedObligationsoranyliabilities(includinganyofthosehereunder)incurreddirectlyorindirectlyinrespectthereoforhereof,and/oranyoffsetthereagainst;

(c)exerciseorrefrainfromexercisinganyrightsagainsttheBorrower,anyotherGuaranteedParty,anyotherCreditParty,anySubsidiarythereoforotherwiseactorrefrainfromacting;

(d)releaseorsubstituteanyoneormoreendorsers,Guarantors,otherguarantors,theBorrower,anyotherGuaranteedParty,orotherobligors;

(e) settleorcompromiseanyoftheGuaranteedObligations,anysecuritytherefororanyliability(includinganyofthosehereunder)incurreddirectlyorindirectlyinrespectthereoforhereof,andmaysubordinatethepaymentofalloranypartthereoftothepaymentofanyliability(whetherdueornot)oftheBorroweroranyotherGuaranteedPartytocreditorsoftheBorrowerorsuchotherGuaranteedPartyotherthantheSecuredCreditors;

(f)applyanysumsbywhomsoeverpaidorhowsoeverrealizedtoanyliabilityorliabilitiesoftheBorroweroranyotherGuaranteedPartytotheSecuredCreditorsregardlessofwhatliabilitiesoftheBorrowerorsuchotherGuaranteedPartyremainunpaid;

(g)consenttoorwaiveanybreachof,oranyact,omissionordefaultunder,anyoftheSecuredHedgingAgreements,theCreditDocumentsoranyoftheinstrumentsoragreementsreferredtotherein,orotherwiseamend,modifyorsupplement(inaccordancewiththeirterms)anyoftheSecuredHedgingAgreements,theCreditDocumentsoranyofsuchotherinstrumentsoragreements;

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(h)actorfailtoactinanymannerwhichmaydeprivesuchGuarantorofitsrighttosubrogationagainsttheBorroweroranyotherGuaranteedPartytorecoverfullindemnityforanypaymentsmadepursuanttothisGuaranty;and/or

(i)takeanyotheractionwhichwould,underotherwiseapplicableprinciplesofcommonlaw,giverisetoalegalorequitabledischargeofsuchGuarantorfromitsliabilitiesunderthisGuaranty.

6.ThisGuarantyisacontinuingoneandallliabilitiestowhichitappliesormayapplyunderthetermshereofshallbeconclusivelypresumedtohavebeencreatedinreliancehereon.NofailureordelayonthepartofanySecuredCreditorinexercisinganyright,powerorprivilegehereundershalloperateasawaiverthereof,norshallanysingleorpartialexerciseofanyright,powerorprivilegehereunderprecludeanyotherorfurtherexercisethereofortheexerciseofanyotherright,powerorprivilegehereunder.TherightsandremedieshereinexpresslyspecifiedarecumulativeandnotexclusiveofanyrightsorremedieswhichanySecuredCreditorwouldotherwisehavehereunder. NonoticetoordemandonanyGuarantorinanycaseshall entitle suchGuarantortoanyotherfurthernoticeordemandinsimilarorothercircumstancesorconstituteawaiveroftherightsofanySecuredCreditortoanyotherorfurtheractioninanycircumstanceswithoutnoticeordemand.ItisnotnecessaryforanySecuredCreditortoinquireintothecapacityorpowersoftheBorroweroranyotherGuaranteedPartyortheofficers,directors,partnersoragentsactingorpurportingtoactonitsortheirbehalf,andanyindebtednessmadeorcreatedinrelianceupontheprofessedexerciseofsuchpowersshallbeguaranteedhereunder.

7. AnyindebtednessoftheBorroweror anyotherGuaranteedPartynoworhereafter heldbyanyGuarantoris herebysubordinatedtotheindebtednessoftheBorrowerorsuchotherGuaranteedPartytotheSecuredCreditors,andsuchindebtednessoftheBorrowerorsuchotherGuaranteedPartytoanyGuarantor, if theAdministrativeAgentortheSecurityAgent,after theoccurrenceandduringthecontinuanceofanEventofDefault, sorequests, shall becollected,enforcedandreceivedbysuchGuarantorastrusteefortheSecuredCreditorsandbepaidovertotheSecuredCreditorsonaccountoftheindebtednessoftheBorrowerortheotherGuaranteedPartiestotheSecuredCreditors,butwithoutaffectingorimpairinginanymannertheliabilityofsuchGuarantorundertheother provisions of this Guaranty. Without limiting the generality of the foregoing, each Guarantor hereby agrees with the Secured Creditors that it will notexerciseanyrightofsubrogationwhichitmayatanytimeotherwisehaveasaresultofthisGuaranty(whethercontractual,underSection509oftheBankruptcyCodeorotherwise)untilallGuaranteedObligationshavebeenirrevocablypaidinfullincash.

8. (a)EachGuarantorwaivesanyright(exceptasshallberequiredbyapplicablelawandcannotbewaived)torequiretheSecuredCreditorsto:(i)proceedagainsttheBorrower,anyotherGuaranteedParty,anyotherGuarantor,anyotherguarantoroftheGuaranteedObligationsoranyotherparty;(ii)proceedagainstorexhaustanysecurityheldfromtheBorrower,anyotherGuaranteedParty,anyotherGuarantor,anyotherguarantoroftheGuaranteedObligations or anyother party; or (iii) pursueanyother remedyintheSecuredCreditors’ powerwhatsoever. EachGuarantor waives anydefensebasedonorarisingoutofanydefenseoftheBorrower,anyotherGuaranteedParty,anyotherGuarantor,anyotherguarantoroftheGuaranteedObligationsoranyotherpartyotherthanpaymentinfulloftheGuaranteedObligations,including,withoutlimitation,anydefensebasedonorarisingoutofthedisabilityoftheBorrower,anyother Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party, or the unenforceability of the GuaranteedObligationsoranypartthereoffromanycause,orthecessationfromanycauseoftheliabilityoftheBorroweroranyotherGuaranteedPartyotherthanpaymentinfulloftheGuaranteedObligations.TheSecuredCreditorsmay,attheirelection,forecloseonanysecurityheldbytheAdministrativeAgent,theSecurityAgentortheotherSecuredCreditorsbyoneormorejudicialornonjudicialsales,whetherornoteveryaspectofanysuchsaleiscommerciallyreasonable,orexerciseanyotherrightorremedytheSecuredCreditorsmayhaveagainsttheBorrower,anyotherGuaranteedPartyoranyotherparty,oranysecurity,without

EXHIBITCaffectingorimpairinginanywaytheliabilityofanyGuarantorhereunderexcepttotheextenttheGuaranteedObligationshavebeenpaidinfullincash.EachGuarantorwaivesanydefensearisingoutofanysuchelectionbytheSecuredCreditors,eventhoughsuchelectionoperatestoimpairorextinguishanyrightofreimbursementorsubrogationorotherrightorremedyofsuchGuarantoragainsttheBorrower,anyotherGuaranteedPartyoranyotherpartyoranysecurity.

(b)EachGuarantorwaivesallpresentments,promptness,diligence,demandsforperformance,protestsandnotices,including,withoutlimitation,noticesofnonperformance,noticesofprotest,noticesofdishonor,noticesofacceptanceofthisGuaranty,andnoticesoftheexistence,creationorincurringofneworadditionalindebtedness.EachGuarantorassumesallresponsibilityforbeingandkeepingitselfinformedoftheBorrower’sandeachotherGuaranteedParty’sfinancialconditionandassets,andofallothercircumstancesbearingupontheriskofnonpaymentoftheGuaranteedObligationsandthenature,scopeandextentoftheriskswhichsuchGuarantorassumesandincurshereunder,andagreesthattheSecuredCreditorsshallhavenodutytoadviseanyGuarantorofinformationknowntothemregardingsuchcircumstancesorrisks.

Each Guarantor warrants and agrees that each of the waivers set forth above in this Section 8 is made with full knowledge of its significance andconsequences andthat if anyof suchwaivers are determined to be contrary to anyapplicable lawor public policy, suchwaivers shall be effective only to themaximumextentpermittedbylaw.

9.(a)TheSecuredCreditorsagreethatthisGuarantymaybeenforcedonlybytheactionoftheAdministrativeAgentortheSecurityAgent, in each case acting upon the instructions of the Lenders in accordance with the Credit Agreement (or, after the date on which all Credit DocumentObligationshavebeenpaidinfull,theholdersofatleastamajorityoftheoutstandingOtherObligations),andthatnootherSecuredCreditorsshallhaveanyrightindividuallytoseektoenforceortoenforcethisGuaranty,itbeingunderstoodandagreedthatsuchrightsandremediesmaybeexercisedbytheAdministrativeAgentortheSecurityAgentor, after all theCredit DocumentObligationshavebeenpaidinfull, bytheholdersofat least amajorityoftheoutstandingOtherObligations,asthecasemaybe,forthebenefitoftheSecuredCreditorsuponthetermsofthisGuaranty.TheSecuredCreditorsfurtheragreethatthisGuarantymay not be enforced against any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member orstockholderisalsoaGuarantorhereunder).

(b) The Administrative Agent and Security Agent will hold in accordance with this Guaranty all collateral at any time received under thisGuaranty. It is expressly understood and agreed by each Secured Creditor that by accepting the benefits of this Guaranty each such Secured Creditoracknowledges and agrees that the obligations of the Administrative Agent and Security Agent as enforcer of this Guaranty and interests herein are only thoseexpresslysetforthinthisGuarantyandinSection10oftheCreditAgreement.TheAdministrativeAgentandtheSecurityAgentshallacthereunderonthetermsandconditionssetforthhereinandinSection10oftheCreditAgreement.

10.InordertoinducetheLenderstomakeLoanstotheBorrowerpursuanttotheCreditAgreement,andinordertoinducetheOtherCreditorstoexecute,deliverandperformtheSecuredHedgingAgreements,eachGuarantorrepresents,warrantsandcovenantsthat:

(a)SuchGuarantor(i)isadulyorganizedandvalidlyexistingcorporationorlimitedliabilitycompanyingoodstanding(ortheequivalent)underthelawsofthejurisdictionofitsincorporation,(ii)hasthecorporateorotherapplicablepowerandauthority,asthecasemaybe,toownitspropertyandassetsandtotransactthebusinessinwhichitiscurrentlyengagedandpresentlyproposestoengageand(iii)isdulyqualifiedandisauthorizedtodobusinessandisingoodstandingineachjurisdictionwheretheconductofitsbusinessascurrentlyconductedrequiressuchqualification,exceptforfailurestobeso

EXHIBITCqualifiedwhich,individuallyorintheaggregate,couldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

(b)SuchGuarantorhasthecorporatepowerandauthoritytoexecute,deliverandperformthetermsandprovisionsofthisGuarantyandeachotherCreditDocumenttowhichitisapartyandhastakenallnecessarycorporateactiontoauthorizetheexecution,deliveryandperformancebyitofthisGuarantyandeachsuchotherCreditDocument.SuchGuarantorhasdulyexecutedanddeliveredthisGuarantyandeachotherCreditDocumenttowhichitisaparty,andthisGuaranty and each such other Credit Document constitutes the legal, valid and binding obligation of such Guarantor enforceable against such Guarantor inaccordance with its terms, except to the extent that the enforceability hereof or thereof may be limited by applicable bankruptcy, insolvency, fraudulentconveyance,reorganization,moratoriumorothersimilarlawsgenerallyaffectingcreditors’rightsandbyequitableprinciples(regardlessofwhetherenforcementissoughtinequityoratlaw).

(c)Neithertheexecution,deliveryorperformancebysuchGuarantorofthisGuarantyoranyotherCreditDocumenttowhichitisaparty,norcompliance by it with the terms and provisions hereof and thereof, will (i) contravene any provision of any applicable law, statute, rule or regulation or anyapplicableorder,writ,injunctionordecreeofanycourtorgovernmentalinstrumentality,(ii)conflictwithorresultinanybreachofanyoftheterms,covenants,conditionsorprovisionsof,orconstituteadefaultunder,orresultinthecreationorimpositionof(ortheobligationtocreateorimpose)anyLien(exceptpursuantto the Security Documents) upon any of the material properties or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of any indenture,mortgage, deed of trust, loan agreement or credit agreement, or any other material agreement, contract or instrument, to which such Guarantor or any of itsSubsidiaries is a party or by which it or any of its material property or assets is bound or to which it may be subject or (iii) violate any provision of theOrganizationalDocumentsofsuchGuarantororanyofitsSubsidiaries.

(d)Noorder,consent,approval,license,authorizationorvalidationof,orfiling,recordingorregistrationwith(exceptashavebeenobtainedormade or, in the case of any filings or recordings of the Security Documents (other than the Collateral Vessel Mortgages) executed on or before the relevantBorrowingDate,willbemadewithin10daysofsuchBorrowingDate),orexemptionby,anygovernmentalorpublicbodyorauthority,oranysubdivisionthereof,is required to authorize, or is required in connection with, (i) the execution, delivery and performance of this Guaranty by such Guarantor or any other CreditDocumenttowhichsuchGuarantorisapartyor(ii)thelegality,validity,bindingeffectorenforceabilityofthisGuarantyoranyotherCreditDocumenttowhichsuchGuarantorisaparty.

(e) There are no actions, suits, investigations or proceedings pending or, to such Guarantor’s knowledge, threatened (i) with respect to thisGuarantyoranyotherCreditDocumenttowhichsuchGuarantorisapartyor(ii)withrespecttosuchGuarantororanyofitsSubsidiariesthat,eitherindividuallyorintheaggregate,couldreasonablybeexpectedtohaveaMaterialAdverseEffect.

11. EachGuarantor covenants andagrees that onandafter the ClosingDate anduntil the termination of the Commitments andall SecuredHedgingAgreementsenteredintowithrespecttotheLoansanduntilsuchtimeasnoNotesremainoutstandingandallGuaranteedObligationshavebeenpaidinfull,suchGuarantorwillcomply,andwillcauseeachofitsSubsidiariestocomply,withalloftheapplicableprovisions,covenantsandagreementscontainedinSections7and8oftheCreditAgreement,andwilltake,orwillrefrainfromtaking,asthecasemaybe,allactionsthatarenecessarytobetakenornottakensothatitisnotinviolationofanyprovision,covenantoragreementcontainedinSection7or8oftheCreditAgreement,andsothatnoDefaultorEventofDefaultiscausedbytheactionsofsuchGuarantororanyofitsSubsidiaries.

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12. TheGuarantorsherebyjointlyandseverallyagreetopayall reasonableout‑of‑pocketcostsandexpensesof(i) eachSecuredCreditorinconnection with the enforcement of this Guaranty (including, without limitation, the reasonable fees and disbursements of counsel employed by each SecuredCreditor)and(ii)theAdministrativeAgentinconnectionwithanyamendment,waiverorconsentrelatinghereto(including,withoutlimitation,thereasonablefeesanddisbursementsofcounselemployedbytheAdministrativeAgent).

13.ThisGuarantyshallbebindinguponeachGuarantoranditssuccessorsandassignsandshallinuretothebenefitoftheSecuredCreditorsandtheirsuccessorsandassigns.

14.NeitherthisGuarantynoranyprovisionhereofmaybechanged,waived,dischargedorterminatedexceptwiththewrittenconsentofeachGuarantor directly affected thereby and with the written consent of (x) the Administrative Agent (or, to the extent required by Section 11.13 of the CreditAgreement, with the written consent of the Required Lenders or, as the case maybe, all Lenders) at all times prior to the timeonwhichall Credit DocumentObligations have been paid in full or (y) the holders of at least a majority of the outstanding Other Obligations at all times after the time on which all CreditDocumentObligationshavebeenpaidinfull;providedthat anychange, waiver, modificationorvarianceaffectingtherightsandbenefits ofasingleClass(asdefinedbelow)ofSecuredCreditors(andnotallSecuredCreditorsinalikeorsimilarmanner)shallalsorequirethewrittenconsentoftheRequisiteCreditors(asdefined below) of such Class of Secured Creditors (it being understood that the addition or release of any Guarantor hereunder shall not constitute a change,waiver,dischargeorterminationaffectinganyGuarantorotherthantheGuarantorsoaddedorreleased).ForthepurposeofthisGuaranty,theterm“Class”shallmean each class of Secured Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as theholders of the Other Obligations. For the purpose of this Guaranty, the term “Requisite Creditors ” of any Class shall mean (x) with respect to the CreditDocumentObligations,theRequiredLenders(or,totheextentrequiredbySection11.13oftheCreditAgreement,eachLender)and(y)withrespecttotheOtherObligations,theholdersofatleastamajorityoftheOtherObligations).

15.EachGuarantoracknowledgesthatanexecuted(orconformed)copyofeachoftheCreditDocumentsandeachexistingSecuredHedgingAgreementhasbeenmadeavailabletoaseniorofficerofsuchGuarantorandsuchofficerisfamiliarwiththecontentsthereof.

16.Inadditiontoanyrightsnoworhereaftergrantedunderapplicablelaw(including,withoutlimitation,Section151oftheNewYorkDebtorandSecuredCreditorLaw)andnotbywayoflimitationofanysuchrights,upontheoccurrenceandduringthecontinuanceofanEventofDefault(suchtermtomeanandincludeany“EventofDefault”asdefinedintheCredit Agreementandanypaymentdefault underanySecuredHedgingAgreementcontinuingafteranyapplicablegraceperiod),eachSecuredCreditorisherebyauthorized,atanytimeorfromtimetotime,withoutnoticetoanyGuarantorortoanyotherPerson,anysuchnoticebeingexpresslywaived,tosetoffandtoappropriateandapplyanyandalldeposits(generalorspecial)andanyotherindebtednessatanytimeheldorowingbysuchSecuredCreditortoorforthecreditortheaccountofsuchGuarantor,againstandonaccountoftheobligationsandliabilitiesofsuchGuarantortosuch Secured Creditor under this Guaranty, irrespective of whether or not such Secured Creditor shall have made any demand hereunder and although saidobligations,liabilities,depositsorclaims,oranyofthem,shallbecontingentorunmatured.

17.Exceptasotherwiseexpresslyprovidedherein,allnoticesandothercommunicationsprovidedforhereundershallbeinwriting(includingemail or facsimile communication) and mailed, faxed or delivered: if to any Guarantor, at the Borrower’s address specified in Section 11.03 of the CreditAgreement;iftoanySecuredCreditor,atitsaddressspecifiedoppositeitsnameonScheduleIItotheCreditAgreement;andiftotheAdministrativeAgent,atitsNoticeOffice;or,astoanyotherCreditParty,atsuchotheraddressasshallbedesignatedbysuchpartyinawrittennoticetotheotherparties

EXHIBITChereto and, as to each Secured Creditor, at such other address as shall be designated by such Secured Creditor in a written notice to the Borrower and theAdministrativeAgent.Allsuchnoticesandcommunicationsshall,(i)whenmailed,beeffectivethreeBusinessDaysafterbeingdepositedinthemails,prepaidandproperlyaddressedfordelivery,(ii)whensentbyovernightcourier,beeffectiveoneBusinessDayafterdeliverytotheovernightcourierprepaidandproperlyaddressedfordeliveryonsuchnextBusinessDay,or(iii)whensentbyemailorfacsimile,beeffectivewhensentbyemailorfacsimile,exceptthatnoticesandcommunicationstotheAdministrativeAgentoranyGuarantorshallnotbeeffectiveuntilreceivedbytheAdministrativeAgentorsuchGuarantor,asthecasemaybe.

18.IfclaimisevermadeuponanySecuredCreditorforrepaymentorrecoveryofanyamountoramountsreceivedinpaymentoronaccountofanyoftheGuaranteedObligationsandanyoftheaforesaidpayeesrepaysallorpartofsaidamountbyreasonof(i)anyjudgment,decreeororderofanycourtoradministrativebodyhavingjurisdictionoversuchpayeeoranyofitspropertyor(ii)anysettlementorcompromiseofanysuchclaimeffectedbysuchpayeewithanysuchclaimant(includingtheBorroweroranyotherGuaranteedParty)thenandinsucheventeachGuarantoragreesthatanysuchjudgment,decree,order,settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or other instrument evidencing any liability of theBorroweroranyotherGuaranteedParty,andsuchGuarantorshallbeandremainliabletotheaforesaidpayeeshereunderfortheamountsorepaidorrecoveredtothesameextentasifsuchamounthadneveroriginallybeenreceivedbyanysuchpayee.

19. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BECONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK .AnylegalactionorproceedingwithrespecttothisGuarantymaybebroughtinthecourtsoftheStateofNewYorklocatedinNewYorkCountyintheCityofNewYorkoroftheUnitedStatesofAmerica for the Southern District of NewYork, and, by execution and delivery of this Guaranty, each Guarantor hereby irrevocably accepts for itself and inrespect of its property, generally andunconditionally, the jurisdiction of the aforesaid courts. EachGuarantor herebyfurther irrevocably waives (to the fullestextentpermittedbyapplicablelaw)anyclaimthatanysuchcourtlackspersonaljurisdictionoversuchGuarantor,andagreesnottopleadorclaiminanylegalactionorproceedingwithrespecttothisGuarantybroughtinanyoftheaforesaidcourtsthatanysuchcourtlackspersonaljurisdictionoversuchGuarantor.EachGuarantorfurtherirrevocablyconsentstotheserviceofprocessoutofanyoftheaforementionedcourtsinanysuchactionorproceedingbythemailingofcopiesthereofbyregisteredorcertifiedmail,postageprepaid,tosuchGuarantoratitsaddresssetforthinSection17hereof,suchservicetobecomeeffective30daysafter suchmailing. EachGuarantor herebyirrevocably waives (to the fullest extent permitted byapplicable law) anyobjection to suchservice of process andfurtherirrevocablywaivesandagreesnottopleadorclaiminanyactionorproceedingcommencedhereunderorunderanyotherCreditDocumenttowhichsuchGuarantorisapartythatsuchserviceofprocesswasinanywayinvalidorineffective.NothinghereinshallaffecttherightofanyoftheSecuredCreditorstoserveprocessinanyothermannerpermittedbylawortocommencelegalproceedingsorotherwiseproceedagainsteachGuarantorinanyotherjurisdiction.

(b)EachGuarantorherebyirrevocablywaives(tothefullestextentpermittedbyapplicablelaw)anyobjectionwhichitmaynoworhereafterhavetothelayingofvenueofanyoftheaforesaidactionsorproceedingsarisingoutoforinconnectionwiththisGuarantyoranyotherCreditDocumenttowhichsuchGuarantorisapartybroughtinthecourtsreferredtoinclause(a)aboveandherebyfurtherirrevocablywaives(tothefullestextentpermittedbyapplicablelaw)andagreesnottopleadorclaiminanysuchcourtthatsuchactionorproceedingbroughtinanysuchcourthasbeenbroughtinaninconvenientforum.

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(c) EACHGUARANTORANDEACHSECUREDCREDITOR(BYITS ACCEPTANCEOF THEBENEFITS OF THIS GUARANTY)HEREBYIRREVOCABLYWAIVESALLRIGHTSTOATRIALBYJURYINANYACTION,PROCEEDINGORCOUNTERCLAIMARISINGOUTOFORRELATINGTOTHISGUARANTY,THEOTHERCREDITDOCUMENTSTOWHICHSUCHGUARANTORISAPARTYORTHETRANSACTIONSCONTEMPLATEDHEREBYORTHEREBY.

20.IntheeventthatallofthecapitalstockorotherequityinterestsofoneormoreGuarantorsissoldorotherwisedisposedoforliquidatedincompliancewiththerequirementsofSection8.02oftheCreditAgreement(orsuchsaleorotherdispositionhasbeenapprovedinwritingbytheRequiredLenders(oralltheLendersifrequiredbySection11.13oftheCreditAgreement))andtheproceedsofsuchsale,dispositionorliquidationareappliedinaccordancewiththeprovisionsoftheCreditAgreement,totheextentapplicable,suchGuarantorshalluponconsummationofsuchsaleorotherdisposition(excepttotheextentthat suchsale or dispositionis to theBorroweror another Subsidiarythereof) bereleasedfromthis Guarantyautomatically andwithout further actionandthisGuarantyshall,astoeachsuchGuarantororGuarantors,terminate,andhavenofurtherforceoreffect(itbeingunderstoodandagreedthatthesaleofoneormorePersonsthatown,directlyorindirectly,allofthecapitalstockorotherequityinterestsofanyGuarantorshallbedeemedtobeasaleofsuchGuarantorforthepurposesofthisSection20).

21. AtanytimeapaymentinrespectoftheGuaranteedObligationsismadeunderthisGuaranty,therightofcontributionofeachGuarantoragainsteachotherGuarantorshallbedeterminedasprovidedintheimmediatelyfollowingsentence,withtherightofcontributionofeachGuarantortoberevisedandrestatedasofeachdateonwhichapayment(a“RelevantPayment”)ismadeontheGuaranteedObligationsunderthisGuaranty.AtanytimethataRelevantPaymentismadebyaGuarantorthatresultsintheaggregatepaymentsmadebysuchGuarantorinrespectoftheGuaranteedObligationstoandincludingthedateoftheRelevantPaymentexceedingsuchGuarantor’sContributionPercentage(asdefinedbelow)oftheaggregatepaymentsmadebyallGuarantorsinrespectoftheGuaranteedObligationstoandincludingthedateoftheRelevantPayment(suchexcess,the“AggregateExcessAmount”),eachsuchGuarantorshallhavearight of contribution against each other Guarantor whohas made payments in respect of the Guaranteed Obligations to and including the date of the RelevantPayment in an aggregate amount less than such other Guarantor’s Contribution Percentage of the aggregate payments made to and including the date of theRelevant Payment by all Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in anamountequalto(x)afractionthenumeratorofwhichistheAggregateExcessAmountofsuchGuarantorandthedenominatorofwhichistheAggregateExcessAmountofallGuarantorsmultipliedby(y)theAggregateDeficitAmountofsuchotherGuarantor.AGuarantor’srightofcontributionpursuanttotheprecedingsentencesshallariseatthetimeofeachcomputation,subjecttoadjustmenttothetimeofeachcomputation;providedthatnoGuarantormaytakeanyactiontoenforce such right until the Guaranteed Obligations have been paid in full in cash, it being expressly recognized and agreed by all parties hereto that anyGuarantor’srightofcontributionarisingpursuanttothisSection21againstanyotherGuarantorshallbeexpresslyjuniorandsubordinatetosuchotherGuarantor’sobligations andliabilities in respect of the Guaranteed Obligations andanyother obligations owingunder this Guaranty. Asusedin this Section 21: (i) eachGuarantor’s“ContributionPercentage”shallmeanthepercentageobtainedbydividing(x)theAdjustedNetWorth(asdefinedbelow)ofsuchGuarantorby(y)theaggregateAdjustedNetWorthofallGuarantors;(ii)the“AdjustedNetWorth”ofeachGuarantorshallmeanthegreaterof(x)theNetWorth(asdefinedbelow)ofsuchGuarantorand(y)zero;and(iii)the“NetWorth”ofeachGuarantorshallmeantheamountbywhichthefairsaleablevalueofsuchGuarantor’sassets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to anyGuaranteedObligationsarisingunderthisGuaranty)onsuchdate.Allpartiesheretorecognizeandagreethat,exceptforanyrightof

EXHIBITCcontribution arising pursuant to this Section 21, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right ofcontributionorsubrogationagainstanyotherGuarantorinrespectofsuchpaymentuntilalloftheGuaranteedObligationshavebeenirrevocablypaidinfullincash.EachoftheGuarantorsrecognizesandacknowledgesthattherightstocontributionarisinghereundershallconstituteanassetinfavorofthepartyentitledtosuchcontribution.Inthisconnection,eachGuarantorhastherighttowaiveitscontributionrightagainstanyGuarantortotheextentthataftergivingeffecttosuchwaiversuchGuarantorwouldremainsolvent,inthedeterminationoftheRequiredLenders.

22.EachGuarantorandeachSecuredCreditor(byitsacceptanceofthebenefitsofthisGuaranty)herebyconfirmsthatitisitsintentionthatthisGuaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the UniformFraudulent Transfer Act or any similar Federal, state or other law. To effectuate the foregoing intention, each Guarantor and each Secured Creditor (by itsacceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Guaranteed Obligations guaranteed by such Guarantor shall be limited to suchamountaswill,aftergivingeffecttosuchmaximumamountandallother(contingentorotherwise)liabilitiesofsuchGuarantorthatarerelevantundersuchlawsand after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the otherGuarantors,resultintheGuaranteedObligationsofsuchGuarantorinrespectofsuchmaximumamountnotconstitutingafraudulenttransferorconveyance.

23.ThisGuarantymaybeexecutedinanynumberofcounterpartsandbythedifferentpartiesheretoonseparatecounterparts,eachofwhichwhenso executed and delivered shall be an original (including if delivered by facsimile transmission), but all of which shall together constitute one and the sameinstrument.AsetofcounterpartsexecutedbyallthepartiesheretoshallbelodgedwiththeAdministrativeAgent.

24.(a)AllpaymentsmadebyanyGuarantorhereunderwillbemadewithoutsetoff,counterclaimorotherdefense,willbemadeinthecurrencyorcurrenciesinwhichtherespectiveGuaranteedObligationsarethendueandpayableandwillbemadeonthesamebasisaspaymentsaremadebytheBorrowerunderSections4.03and4.04oftheCreditAgreement.

(b) The Guarantors’ obligations hereunder to make payments in the respective currency or currencies in which the respective GuaranteedObligationsarerequiredtobepaid(suchcurrencybeinghereincalledthe“ObligationCurrency”)shallnotbedischargedorsatisfiedbyanytenderorrecoverypursuanttoanyjudgmentexpressedinorconvertedintoanycurrencyotherthantheObligationCurrency,excepttotheextentthatsuchtenderorrecoveryresultsintheeffectivereceipt bytheAdministrativeAgent, theSecurityAgentortherespectiveotherSecuredCreditor ofthefull amountoftheObligationCurrencyexpressedtobepayabletotheAdministrativeAgent,theSecurityAgentorsuchotherSecuredCreditorunderthisGuarantyortheotherCreditDocumentsoranySecuredHedgingAgreement, as applicable. If for thepurposeofobtainingor enforcingjudgmentagainst anyGuarantor inanycourt or in anyjurisdiction, itbecomesnecessarytoconvertintoorfromanycurrencyotherthantheObligationCurrency(suchothercurrencybeinghereinafterreferredtoasthe“JudgmentCurrency”)anamountdueintheObligationCurrency,theconversionshallbemade,attherateofexchange(quotedbytheAdministrativeAgent,determined,ineach case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “ JudgmentCurrencyConversionDate”)).

(c)IfthereisachangeintherateofexchangeprevailingbetweentheJudgmentCurrencyConversionDateandthedateofactualpaymentoftheamountdue,theGuarantorsjointlyandseverallycovenant andagreetopay, orcausetobepaid, suchadditional amounts, if any(butinanyevent notalesseramount),asmaybenecessarytoensurethattheamountpaidintheJudgmentCurrency,whenconvertedattherateofexchangeprevailingonthedateofpayment,willproducetheamountofthe

EXHIBITCObligationCurrencywhichcouldhavebeenpurchasedwiththeamountofJudgmentCurrencystipulatedinthejudgmentorjudicialawardattherateorexchangeprevailingontheJudgmentCurrencyConversionDate.

(d)ForpurposesofdetermininganyrateofexchangeforthisSection24,suchamountsshallincludeanypremiumandcostspayableinconnectionwiththepurchaseoftheObligationCurrency.

25.ItisunderstoodandagreedthatanySubsidiaryoftheBorrowerthatisrequiredtoexecuteacounterpartofthisGuarantyafterthedatehereofpursuanttotheCreditAgreementshall,withoutanyfurtheraction,becomeaGuarantorhereunderbyexecutingacounterparthereofand/oraJoinderAgreement,ineachcaseinformandsubstancesatisfactorytotheAdministrativeAgent,anddeliveringthesametotheAdministrativeAgent.

26.NotwithstandinganythingtothecontraryinanyCreditDocumentorinanyotheragreement,arrangementorunderstandingamonganysuchparties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability isunsecured,maybesubjecttotheWrite-DownandConversionPowersofanEEAResolutionAuthorityandagreesandconsentsto,andacknowledgesandagreestobeboundby:

(a)theapplicationofanyWrite-DownandConversionPowersbyanEEAResolutionAuthoritytoanysuchliabilitiesarisinghereunderwhichmaybepayabletoitbyanypartyheretothatisanEEAFinancialInstitution;and

(b)theeffectsofanyBail-InActiononanysuchliability,including,ifapplicable:(i)areductioninfullorinpartorcancellationofanysuchliability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAFinancial

Institution,itsparentundertaking,orabridgeinstitutionthatmaybeissuedtoitorotherwiseconferredonit,andthatsuchsharesorotherinstrumentsofownershipwillbeacceptedbyitinlieuofanyrightswithrespecttoanysuchliabilityunderthisGuarantyoranyotherCreditDocument;or

(iii)thevariationofthetermsofsuchliabilityinconnectionwiththeexerciseoftheWrite-DownandConversionPowersofany

EEAResolutionAuthority.

[SignaturePageFollows]

EXHIBITC

INWITNESSWHEREOF,eachGuarantorandtheAdministrativeAgenthascausedthisGuarantytobeexecutedanddeliveredasofthedatefirstabovewritten. [GUARANTORS], eachasaGuarantor By: Name: Title: AcceptedandAgreedto: CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK , asAdministrativeAgentforandonbehalfoftheSecuredCreditors By:

Name: Title: By:

Name: Title:

EXHIBITSD-1andD-2

FORMOFFIRSTPREFERREDSHIPMORTGAGE

ONTHEREPUBLICOF[THEMARSHALLISLANDS][LIBERIAN]FLAGVESSEL

[VESSELNAME]

OFFICIALNO.[OFFICIALNUMBER]

executedby

[SHIPOWNER],asShipowner

infavorof

CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,

asSecurityAgent,actinginitscapacityassecuritytrusteeandasMortgagee

[DATE]

TABLEOFCONTENTS Page ARTICLEIRepresentationsandWarrantiesoftheShipowner 3Section1. Existence:Authorization 3Section2. TitletoVessel 3Section3. ISM,ISPSandMARPOLCompliance 3Section4. IHM 3 ARTICLEIICovenantsoftheShipowner 3Section1. PaymentofIndebtedness 3Section2. MortgageRecording 3Section3. LawfulOperation 3Section4. PaymentofTaxes 4Section5. ProhibitionofLiens 4Section6. NoticeofMortgage 4Section7. RemovalofLiens 4Section8. ReleasefromArrest 4Section9. Maintenance 5Section10. Inspection;Reports 8Section11. Flag;HomePort 8Section12. NoSales,TransfersorCharters 8Section13. Insurance 9Section14. ReimbursementforExpenses 12Section15. PerformanceofCharters 12Section16. ChangeinOwnership 12Section17. PrepaymentifEventofLoss 12Section18. CreditAgreement 13 ARTICLEIIIEventsofDefaultandRemedies 13Section1. EventsofDefault;Remedies 13Section2. PowerofSale 15Section3. PowerofAttorney-Sale 15Section4. PowerofAttorney-Collection 15Section5. DeliveryofVessel 16Section6. MortgageetoDischargeLiens 16Section7. PaymentofExpenses 16Section8. RemediesCumulative 16Section9. CureofDefaults 17Section10. DiscontinuanceofProceedings 17Section11. ApplicationofProceeds 17Section12. PossessionUntilDefault 17Section13. SeverabilityofProvisions,etc 17 ARTICLEIVSundryProvisions 18Section1. SuccessorsandAssigns 18Section2. PowerofSubstitution 18Section3. Counterparts 18Section4. Notices 18Section5. RecordingClause 19Section6. FurtherAssurances 19Section7. GoverningLaw 20Section8. Jurisdiction 20Section9. AdditionalRightsoftheMortgagee 20

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FIRSTPREFERREDSHIPMORTGAGE

[VESSELNAME]

This First Preferred Ship Mortgage is made [DATE] (this “Mortgage” or “First Preferred Ship Mortgage”), by [SHIPOWNER], a [corporation][company]organizedandexistingpursuanttothelawsoftheRepublicoftheMarshallIslands[andregisteredasaforeignmaritimeentityunderthelawsoftheRepublicofLiberia](the“Shipowner”),infavorofCRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,withofficesat12PlacedesEtats-Unis92120Montrouge,France,asSecurityAgent,actinginitscapacityassecuritytrustee,forthebenefitoftheSecuredCreditors(togetherwithitssuccessorsintrustandassigns,the“Mortgagee”),pursuanttotheCreditAgreementreferredtobelow.

WITNESSETH

WHEREAS:A.TheShipowneristhesoleownerofthewholeoftheRepublicof[theMarshallIslands][Liberian]flagvessel[VESSELNAME],Official

Number[OFFICIALNUMBER]of[GROSSTONS]grosstonsand[NETTONS]nettons(the“Vessel”),B.GencoShipping&TradingLimited,acompanyincorporatedintheRepublicoftheMarshallIslands(the“Borrower”),theLendersparty

theretofromtimetotime,andtheMortgagee,asadministrativeagent(insuchcapacity,the“AdministrativeAgent”)andassecurityagent(insuchcapacity,the“SecurityAgent”),haveenteredintoaCreditAgreementdatedasofAugust14,2018(asthesamemaybeamended,supplementedorotherwisemodifiedfromtimetotime,the“CreditAgreement”),providingaseniorsecuredcreditfacilitytotheBorrowerintheprincipalamountofuptoOneHundredEightMillionUnitedStatesDollars(U.S.$108,000,000.00)(the“CreditFacility”)(theLenders,theAdministrativeAgentandtheSecurityAgent,collectively,the“LenderCreditors”).AcopyoftheformoftheCreditAgreement(withoutattachments)isattachedheretoasExhibitAandmadeaparthereof.Exceptasotherwisedefinedherein,capitalizedtermsusedhereinanddefinedintheCreditAgreementshallbeusedhereinassodefined.

C.TheBorrowermayatanytimeandfromtimetotimeenterintooneormoreSecuredHedgingAgreementswithrespecttotheCreditFacility

(and/ortheCommitments)withoneormoreLendersoranyAffiliatethereof(eachsuchLenderorAffiliate,eveniftherespectiveLendersubsequentlyceasestobeaLenderundertheCreditAgreementforanyreason,togetherwithsuchLender’sorAffiliate’ssuccessorsandassigns,ifany,collectively,the“OtherCreditors”and,togetherwiththeLenderCreditors,the“SecuredCreditors”).TheestimatedaggregatenotionalamountoftheliabilitiesoftheBorrowerundertheSecuredHedgingAgreementsenteredintowithrespecttotheFacility(and/ortheCommitments)isTwentyFiveMillionUnitedStatesDollars(U.S.$25,000,000)(the“SecuredHedgingLiabilities”).[AcopyoftheformofSecuredHedgingAgreementandrelatedscheduleandconfirmationisattachedheretoasExhibit[B]andmadeaparthereof.]

D.TheShipownerisawholly-ownedsubsidiaryoftheBorrower.E.TheShipownerenteredintotheGuarantyasofAugust14,2018(the“Guaranty”)infavoroftheSecuredCreditors,pursuanttowhichthe

Shipownerhasguaranteed(i)totheLenderCreditorsallobligationsoftheBorrowerundertheCreditAgreementandeachotherCreditDocumenttowhichtheBorrowerisaparty,and(ii)toeachoftheOtherCreditors,allobligationsoftheBorrowerundereachSecuredHedgingAgreemententeredintowithrespecttotheCreditFacility(and/ortheCommitments).AcopyoftheformoftheGuarantyisattachedheretoasExhibit[B][C]andmadeaparthereof.TheLendershavemadetheCreditFacilityavailabletotheBorrowerpursuanttotheCredit

Agreement;theShipowneracknowledgesthatitisjustlyindebtedtotheSecuredCreditorsundertheGuaranty.

F.ItisaconditiontotheobligationoftheLenderCreditorstoadvancefundstotheBorrowerundertheCreditAgreementandaconditiontotheobligationoftheOtherCreditorstoenterintoTransactions(asdefinedintheSecuredHedgingAgreement)thattheShipowner(i)executesinfavoroftheMortgageethisMortgageovertheVesseland(ii)recordstheexecutedMortgageintherelevantmortgageregistryofficeinordertosecureitsobligationsundertheGuarantyaccordingtothetermsthereof,andthepaymentofallothersuchsumsthatmayhereinafterbesecuredbythisMortgageinaccordancewiththetermshereof,andtosecuretheperformanceandobservanceofandcompliancewithalltheagreements,covenantsandconditionscontainedhereinandintheGuaranty.

G.TheShipownerhasdulyauthorizedtheexecutionanddeliveryofthisFirstPreferredShipMortgageunder[Chapter3oftheMarshallIslands

MaritimeAct1990][Chapter3ofTitle21oftheLiberianCodeofLawsRevised],asamended.H.PursuanttotheCreditAgreement,theMortgageehasagreedtoactasSecurityAgentandsecuritytrusteefortheSecuredCreditors.NOW,THEREFORE,in consideration of the premises andother goodandvaluable consideration, andin order to secure the Shipowner’s obligations

undertheGuarantyaccordingtothetermsthereof,andthepaymentofallothersumsthatmayhereafterbesecuredbythisMortgageinaccordancewiththetermshereof (all such obligations and other sums hereinafter called the “ Indebtedness hereby secured ”) and to secure the performance and observance of andcompliancewithalloftheagreements,covenantsandconditionscontainedinthisMortgageandtheGuaranty,theShipownerhasgranted,conveyed,mortgaged,pledged,confirmed,assigned,transferredandsetoverandbythesepresentsdoesgrant,convey,mortgage,pledge,confirm,assign,transferandsetover,untotheMortgagee,anditssuccessorsandassigns,thewholeofthesaidVessel,including,withoutbeinglimitedto,alloftheboilers,engines,machinery,masts,spars,boats,anchors,cables,chains,fuelandconsumablesandotherstores(totheextentownedbytheShipowner),rigging,tackle,capstans,outfit, tools,pumpsandpumping equipment, apparel, furniture, drilling equipment, fittings, equipment, spare parts, and all other appurtenances thereunto appertaining or belonging,whethernowownedorhereafteracquired,andalsoanyandalladditions,improvements,renewalsandreplacementshereaftermadeinortosuchvesseloranypartthereof,includingallitemsandappurtenancesaforesaid.

TOHAVEANDTOHOLDallandsingulartheabovemortgagedanddescribedpropertyuntotheMortgageeanditssuccessorsandassigns,toitsandto

itssuccessors’andassigns’ownuse,benefitandbehoofforever.PROVIDED,andthesepresentsareuponthecondition,that,iftheShipowneroritssuccessorsorassignsshallpayorcausetobepaidtheIndebtedness

herebysecuredasandwhenthesameshallbecomedueandpayableinaccordancewiththetermsoftheGuarantyandthisMortgage,andallothersuchsumsasmayhereafterbecomesecuredbythisMortgageinaccordancewiththetermshereof,andtheShipownershalldulyperform,observeandcomplywithorcausetobeperformed,observed,orcompliedwithallthecovenants,termsandconditionsofthisMortgageandtheGuarantyexpressedorimplied,tobeperformed,thenthisMortgageandtheestateandrightshereundershallcease,determineandbevoid,otherwisetoremaininfullforceandeffect.

TheShipowner,foritself, itssuccessorsandassigns,herebycovenants,declaresandagreeswiththeMortgageeanditssuccessorsandassignsthatthe

Vesselistobeheldsubjecttothefurthercovenants,conditions,termsanduseshereinaftersetforth.

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TheShipownercovenantsandagreeswiththeMortgageeasfollows:

ARTICLEI

RepresentationsandWarrantiesoftheShipowner

Section1.Existence:Authorization.TheShipownerisa[corporation][company]dulyorganized,validlyexistingandingoodstandingunderthelawsoftheRepublicoftheMarshallIslands[andregisteredasaforeignmaritimeentityunderthelawsoftheRepublicofLiberia]andshallsoremainduringthelifeofthisMortgage.TheShipownerhasfullpowerandauthoritytoownandmortgagetheVessel;hasfullrightandentitlementtoregistertheVesselinitsnameundertheflagoftheRepublicof[theMarshallIslands][Liberia]andhasdulyandeffectivelytakenallactionnecessaryandrequiredbylawfortheexecutionanddeliveryofthisMortgage.EachoftheIndebtednessherebysecuredandthisMortgageisandwillbethelegal,validandbindingobligationoftheShipownerenforceableinaccordancewithitsterms.

Section2.TitletoVessel.TheShipownerlawfullyownsandislawfullypossessedoftheVesselfreefromanylienorencumbrancewhatsoeverotherthanthisMortgage,liensforcurrentcrew’swagesandliensnotyetrequiredtoberemovedunderSection7ofArticleIIhereofandwillwarrantanddefendthetitleandpossessiontheretoandtoeverypartthereofforthebenefitoftheMortgageeagainsttheclaimsanddemandsofallpersonswhomsoever.

Section3.ISM,ISPSandMARPOLCompliance.TheShipownerhasobtainedallnecessaryISMDocumentationinconnectionwiththeVesselandisinfullcompliancewiththeISMCode,theISPSCodeandAnnexVI(RegulationsforthePreventionofAirPollutionfromShips)toMARPOL(assuchtermsaredefinedinSection9ofArticleII).

ARTICLEII

CovenantsoftheShipowner

Section1.PaymentofIndebtedness.TheShipownerwillpayorcausetobepaidtheIndebtednessherebysecuredandwillobserve,performandcomplywiththecovenants,termsandconditionscontainedhereinandintheGuaranty,expressorimplied,onitsparttobeobserved,performedorcompliedwith.IntheeventofinconsistencybetweenthisMortgageandtheGuaranty,theprovisionsofthisMortgageshallprevailbutonlytotheextentrequiredby[MarshallIslands][Liberian]law.

TheobligationoftheIndebtedness herebysecuredis anobligationinUnitedStatesDollars andtheterm“U.S.$”whenusedhereinshall meansuch

UnitedStatesDollars.AllpaymentshereunderorotherwiseinrespectoftheIndebtednessherebysecuredshallbepayableintermsofUnitedStatesDollarswhendue,inUnitedStatesDollarswhenpaid,whethersuchpaymentismadebeforeoraftertheduedate.

Section2.MortgageRecording.TheShipownerwillcausethisMortgagetobedulyrecordedorfiledintheOfficeoftheDeputyCommissionerofMaritimeAffairsoftheRepublicofthe[MarshallIslands][Liberia],inaccordancewiththeprovisionsof[Chapter3oftheRepublicoftheMarshallIslandsMaritimeActof1990][Chapter3ofTitle21oftheLiberianCodeofLawsRevised],asamended,andwillotherwisecomplywithandsatisfyalloftheprovisionsofapplicablelawsof[theRepublicoftheMarshallIslands][Liberia]inordertoestablishandmaintainthisMortgageasafirstpreferredshipmortgagethereunderupontheVesselanduponallrenewals,replacementsandimprovementsmadeinortothesamefortheamountoftheIndebtednessherebysecured.

Section3.LawfulOperation.TheShipownerwillnot(a)causeorpermittheVesseltobeoperatedinanymannercontrarytolaw,(b)engageinanyunlawfultradeorviolateanylaworcarryany

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cargo that will expose the Vessel to penalty, forfeiture or capture, or (c) do, or suffer or permit to be done, anything which can or may injuriously affect theregistrationoftheVesselunderthelawsandregulationsoftheRepublicof[theMarshallIslands][Liberia]andwillatalltimeskeeptheVesseldulydocumentedthereunder.

Section4.PaymentofTaxes.TheShipownerwillpayanddischargewhendueandpayable,fromtimetotime,alltaxes,assessments,governmentalchargesorlevies,finesandpenaltieslawfullyimposedontheVesseloranyincometherefrom.

Section5.ProhibitionofLiens.NeithertheShipowner,anycharterer,theMasteroftheVesselnoranyotherpersonhasorshallhaveanyright,

powerorauthoritytocreate,incur,assumeorpermittobeplacedorimposedorcontinuedupontheVessel,itsfreights,profitsorhireanylienwhatsoeverotherthanthisMortgage,otherliensinfavoroftheMortgageeandforcrew’swages,forgeneralaverageandsalvage.

Section6.NoticeofMortgage.TheShipownerwillplace,andatalltimesandplaceswillretainaproperlycertifiedcopyofthisMortgageon

boardtheVesselwithherpapersandwillcausesuchcertifiedcopyandtheVessel’smarinedocumenttobeexhibitedtoanyandallpersonshavingbusinesstherewithwhichmightgiverisetoanylienthereonotherthanliensforcrew’swages,forgeneralaverageandsalvage,andtoanyrepresentativeoftheMortgagee.

TheShipownerwillplaceandkeepprominentlydisplayedinthechartroomandintheMaster’scabinontheVesselaframedprintednoticeinplaintype

readingasfollows:

NOTICEOFMORTGAGE

THIS VESSELIS OWNEDBY[SHIPOWNER], ANDIS SUBJECTTOAFIRST PREFERREDSHIP MORTGAGEINFAVOROFCRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,ASSECURITYTRUSTEE/MORTGAGEEUNDER AUTHORITY OF [CHAPTER 3 OF THE MARSHALL ISLANDS MARITIME ACT 1990][CHAPTER 3 OFTITLE 21 OF THE LIBERIAN CODE OF LAWS REVISED], AS AMENDED. UNDER THE TERMS OF SAIDMORTGAGE,NEITHERTHESHIPOWNER,ANYCHARTERER,THEMASTEROFTHEVESSEL,NORANYOTHERPERSONHASANYRIGHT,POWERORAUTHORITYTOCREATE,INCUR,ASSUMEORPERMITTOBEPLACEDORIMPOSEDUPONTHEVESSEL,ANYENCUMBRANCESWHATSOEVERORANYOTHERLIENWHATSOEVEROTHERTHANFORCREW’SWAGES,FORGENERALAVERAGEANDSALVAGE.

Section7.RemovalofLiens.ExceptforthelienofthisMortgageandPermittedLiens,theShipownerwillnotsuffertobecontinuedanylien,encumbranceorchargeontheVessel,andinduecourseandinanyeventwithinthirty(30)daysafterthesamebecomesdueandpayableorwithinfourteen(14)daysafterbeingrequestedtodosobytheMortgagee,theShipownerwillpayorcausetobedischargedormakeadequateprovisionforthesatisfactionordischargeofallclaimsordemands,andwillcausetheVesseltobereleasedordischargedfromanysuchlien,encumbranceorchargetherefor.

Section8.ReleasefromArrest.Ifalibel,complaintorsimilarprocessbefiledagainsttheVesselortheVesselbeotherwiseattached,leviedupon

ortakenintocustodybyvirtueofanylegalproceedinginanycourt,theShipownerwillpromptlynotifytheMortgageethereofbyfacsimileconfirmedbyletter,attheaddress,asspecifiedinthisMortgage,andwithinfourteen(14)dayswillcausetheVesseltobereleasedandallliensthereonotherthanthisMortgageandasotherwisepermittedhereundertobedischarged,willcauseacertificateofdischargetoberecordedinthecaseofany

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recordingofanoticeofclaimoflien,andwillpromptlynotifytheMortgageethereofinthemanneraforesaid.TheShipownerwillnotifytheMortgageewithinforty-eight(48)hoursofanyaverageorsalvageincurredbytheVessel.

Section9.Maintenance.(a)TheShipownerwillatalltimesandwithoutcostorexpensetotheMortgageemaintainandpreserve,orcausetobemaintainedandpreserved,theVesselandallitsequipment,outfitandappurtenances,tight,staunch,strong,ingoodcondition,workingorderandrepairandinallrespectsseaworthyandfitforitsintendedservice,andwillkeeptheVessel,orcausehertobekept,insuchconditionaswillentitlehertothehighestclassificationandratingforvesselsofthesameageandtypeinanAcceptableClassificationSociety.TheShipownercovenantstodelivertotheMortgagee,attheMortgagee’srequest,acertificatefromsuchAcceptableClassificationSocietyshowingsuchclassificationtobemaintained.TheShipownerwillwithoutcostorexpensetotheMortgageepromptly,irrevocablyandunconditionallyinstructandauthorizetherelevantAcceptableClassificationSocietyoftheVessel,andshallrequestsuchAcceptableClassificationSocietytogiveanundertakingtotheMortgageeasfollows:

(i)tosendtotheMortgagee,followingreceiptofawrittenrequestfromtheMortgagee,certifiedtruecopiesofalloriginalclassrecordsheldbytherelevantAcceptableClassificationSocietyrelatingtotheVessel;

(ii) to allow the Mortgagee (or its agents), at any time and from time to time, to inspect the original class and related records of the

ShipownerandtheVesselattheofficesoftherelevantAcceptableClassificationSocietyandtotakecopiesofthem;

(iii)followingreceiptofawrittenrequestfromtheMortgagee:

(A) to advise of anyfacts or matters whichmayresult in or haveresultedin a change, suspension, discontinuance, withdrawal orexpiryoftheVessel’sclassundertherulesortermsandconditionsoftheShipowner’sortheVessel’smembershipoftherelevantAcceptableClassificationSociety;and

(B)toconfirmthattheShipownerisnotindefaultofanyofitscontractualobligationsorliabilitiestotheclassificationsocietyand,

withoutlimitingtheforegoing,thatithaspaidinfullallfeesorotherchargesdueandpayabletotherelevantAcceptableClassificationSociety;and

(C) if the Shipowner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the

Mortgageeinreasonabledetailthefactsandcircumstancesofsuchdefault,theconsequencesthereof,andanyremedyperiodagreedorallowedbytherelevantAcceptableClassificationSociety;and

(D)tonotifytheMortgageeimmediatelyinwritingiftheclassificationsocietyreceivesnotificationfromtheShipowneroranyother

personthattheVessel’srelevantAcceptableClassificationSocietyistobechanged.Notwithstanding the above instructions andundertaking givenfor the benefit of the Mortgagee, the Shipowner shall continue to be responsible to the

relevantAcceptableClassificationSocietyfortheperformanceanddischargeofallitsobligationsandliabilitiesrelatingtoorarisingoutoforinconnectionwiththe contract it has with such Acceptable Classification Society, and nothing herein or therein shall be construed as imposing any obligation or liability of theMortgageetotheclassificationsocietyinrespectthereof.

(b)TheShipownershallfurthernotifytherelevantAcceptableClassificationSocietythatalltheforegoinginstructionsandauthorizationsshall

remaininfullforceandeffectuntilrevokedor

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modified by written notice to such Acceptable Classification Society received from the Mortgagee, and that the Shipowner shall reimburse such AcceptableClassificationSocietyforallitscostsandexpensesincurredincomplyingwiththeforegoinginstructions.

(c)TheVesselshall,andtheShipownercovenantsthatshewill,atalltimescomplywithallapplicablelaws,treatiesandconventionstowhichthe

Republicofthe[MarshallIslands][Liberia]isaparty,andrulesandregulationsissuedthereunder,andshallhaveonboardasandwhenrequiredtherebyvalidcertificatesshowingcompliancetherewith.TheShipownerwillnotmake,orpermittobemade,anysubstantialchangeinthestructure,typeorspeedoftheVesselorchangeinherrig,withoutfirstreceivingthewrittenapprovalthereofbytheMortgagee.

(d)TheShipowneragreestogivetheMortgageeuponMortgagee’srequest,thedrydockingschedulefortheVessel,inorderthattheMortgagee

mayhaverepresentativespresentifdesired.TheShipowneragreesthatattheMortgagee’srequestitwillsatisfytheMortgageethattheexpenseofsuchsurveyordrydockingorworktobedonethereatiswithinShipowner’sfinancialcapabilityandwillnotresultinaclaimorlienagainsttheVesselinviolationoftheprovisionsofthisMortgage,theCreditAgreement,theGuarantyoranyotherCreditDocument.

(e)TheShipownershallpromptlynotifytheMortgageeofandfurnishtheMortgageewithfullinformation,includingcopiesofreportsand

surveys,regardinganymaterialaccidentoraccidentinvolvingrepairswheretheaggregatecostislikelytoexceedOneMillionFiveHundredThousandUnitedStatesDollars(U.S.$1,500,000.00)(oritsequivalentinanothercurrency),anymajordamagetotheVessel,anyeventaffectingtheVessel’sclass,anyoccurrenceinconsequencewhereoftheVesselhasbecomeorislikelytosufferanEventofLoss.

(f)TheMortgageeshallhavetherightatanytime,onreasonablenotice,tohaveitssurveyorconductinspectionsandsurveysoftheVesselto

ascertaintheconditionoftheVesselandtosatisfyitselfthattheVesselisbeingproperlyrepairedandmaintained.SuchinspectionsandsurveysshallbeconductedatsuchtimesandinsuchmanneraswillnotinterferewiththeShipowner’snormalbusinessoperationsandschedule.

(g)TheShipownershallensurethatatthetimeofrecyclingoftheVessel,theVesselshallberecycledincompliancewitheither(i)theHong

KongInternationalConventionfortheSafeandEnvironmentallySoundRecyclingofShips,2009(the“Convention”)andtheapplicableguidelinesandrequirementsissuedbytheInternationalMaritimeOrganizationinconnectionwiththeConventionoranyGovernmentalAuthorityorunderanyEnvironmentalLawrelatingtheretoor(ii)Regulation(EU)No1257/2013oftheEuropeanParliamentandoftheCouncilof20November2013onshiprecyclingandamendingRegulation(EC)No1013/2006andDirective2009/16/EC(TextwithEEArelevance).

(h)Subjecttoclause(viii)(e)ofthedefinitionof“CollateralandGuarantyRequirements”intheCreditAgreement,theShipownershallprocure

thattheVesselhasobtainedanIHM,orequivalentdocumentacceptabletotheAdministrativeAgent,inrespectofsuchVessel,whichshallbekeptuptodateandmaintaineduntiltheMaturityDateincompliancewithallapplicablerequirements(e.g.,EuropeanUnionregulations).

(i)TheShipownerwillfurnishtotheMortgageeondemandtrueandcompletecopiesoftheDOC,theSMC(eachasdefinedinthedefinitionof

ISMDocumentationbelow)andsuchotherISMDocumentationastheMortgageemayreasonablyrequestinwriting.

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(j)TheShipownerwillcomplyorprocurecompliancewiththeISMCode,theISPSCodeandAnnexVI(RegulationsforthePreventionofAirPollutionfromShips)toMARPOL(assuchtermsaredefinedbelow)andnotifytheMortgageeforthwithupon:

(i)anyclaimforbreachoftheISMCodeortheISPSCodebeingmadeagainsttheShipowner,anISMDesignatedPerson(assuchtermisdefinedbelow)orthemanageroftheVesselinconnectionwiththeVessel;or

(ii)anyothermatter,eventorincident,actualorwhichwillorcouldleadtotheISMCodeortheISPSCodeorAnnexVI(Regulations

forthePreventionofAirPollutionfromShips)toMARPOLnotbeingcompliedwith;andkeeptheMortgageeadvisedinwritingonaregularbasisandinsuchdetailastheMortgageeshallrequire,oftheShipowner’sandVesselmanager’sresponsetotheitemsreferredtoinsubclauses(i)and(ii)above.

ForthepurposesofthisMortgage:

“ IHM ” means, in relation to the Vessel, an inventory of hazardous materials (also known as a green passport) issued by an Acceptable

ClassificationSociety,whichincludesalistofanyandallmaterialsknowntobepotentiallyhazardousandlistedintheconstructionof,oronboard,theVessel,theirlocationandapproximatequantities.

“ISMCode”meansinrelationtoitsapplication,theShipowner,theVesselanditsoperation:

(a)‘TheInternationalManagementCodefortheSafeOperationofShipsandforPollutionPrevention’,currentlyknownorreferredtoas the ‘ISMCode’, adopted by the Assembly of the International Maritime Organization by Resolution A.741(18) on 4 November 1993andincorporatedon19May1994intoChapterIXoftheInternationalConventionfortheSafetyofLifeatSea1974(SOLAS1974);and

(b)allfurtherresolutions,circulars,codes,guidelines,regulationsandrecommendationswhicharenoworinthefutureissuedbyor

onbehalfoftheInternationalMaritimeOrganizationoranyotherentitywithresponsibilityforimplementingtheISMCode,includingwithoutlimitation, the ‘Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations’producedbytheInternationalMaritimeOrganizationpursuanttoResolutionA.788(19)adoptedon25November1995,

asthesamemaybeamended,supplementedorreplacedfromtimetotime;

“ISMDocumentation”includes:

(a)thedocumentofcompliance(“DOC”)andsafetymanagementcertificate(“SMC”)issuedpursuanttotheISMCodeinrelationtotheVesselwithintheperiodsspecifiedbytheISMCode;

(b)theinterimsafetymanagementcertificate(“InterimSMC”)issuedpursuanttotheISMCodeinrelationtotheVesselpriortoor

onthedeliverydatethereof;

(c)allotherdocumentsanddatawhicharerelevanttotheISMSMSanditsimplementationandverificationwhichtheMortgageemayrequest;and

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(d)anyotherdocumentswhicharepreparedorwhichareotherwiserelevanttoestablishandmaintaintheVessel’sortheShipowner’scompliancewiththeISMCodewhichtheMortgageemayrequest.“ISMDesignatedPerson”meansthepersonfromtimetotimesodesignatedbytheShipownerforthepurposesoftheISMCode.“ISMSMS”meansthesafetymanagementsystemwhichisrequiredtobedeveloped,implementedandmaintainedundertheISMCode.“ISPSCode”meanstheInternational ShipandPort Facility Security Codeconstitutedpursuant toresolutionA.924(22)of theInternational

MaritimeOrganisation(“IMO”)adoptedbyaDiplomaticconferenceoftheIMOonMaritimeSecurityon13December2002andnowsetoutinChapterXI-2oftheSafetyofLifeatSeaConvention(SOLAS)1974(asamended)adoptedonJuly1,2004.

“MARPOL”meanstheInternationalConventionforthePreventionofPollutionfromShips1973(asmodifiedin1978and1997)andincludes

anyamendmentsorextensionsofitandanyregulationissuedpursuanttoit.

Section10.Inspection;Reports.(a)TheShipownerwillatallreasonabletimesaffordtheMortgageeoritsauthorizedrepresentativesfullandcompleteaccesstotheVesselforthepurposeofinspectingtheVesselandhercargoandpapers,includingwithoutlimitationallrecordspertainingtotheVessel’smaintenanceandrepair,and,attherequestoftheMortgagee,theShipownerwilldeliverforinspectioncopiesofanyandallcontractsanddocumentsrelatingtotheVessel,whetheronboardornot.

(b)TheShipownerherebyagreestofurnishpromptlytotheMortgagee,ondemand,anyreportsorinformationwhichtheShipownermaysubmit

toshareholdersorregulatoryagenciesandanyadditionalinformationwhichtheMortgageemayrequestinrespectofthefinancialconditionoftheShipowner.

Section11.Flag;HomePort.(a)TheShipownerwillnotchangetheflagorhomeportoftheVesselwithoutthewrittenconsentoftheMortgageeoreachLenderandanysuchwrittenconsenttoanyonechangeofflagorhomeportshallnotbeconstruedtobeawaiverofthisprovisionwithrespecttoanysubsequentproposedchangeofflagorhomeport.

(b)NotwithstandingtheforegoingprovisionsofthisSection11,uponnotlessthan30dayspriorwrittennoticetotheMortgagee,providedno

EventofDefaultundertheCreditAgreementshallhaveoccurredandbecontinuing,theShipownermaychangetheflagorhomeportoftheVesseltoanotherAcceptableFlagJurisdiction;providedthateachoftherequirementssetforthinthedefinitionofFlagJurisdictionTransfer(asdefinedintheCreditAgreement)aresatisfied.

Section12.NoSales,TransfersorCharters.TheShipownerwillnotsell,mortgage,transfer,orchangethemanagementof,orchartertheVesselexceptaspermittedundertheCreditAgreement.Anysuchsale,mortgage,charter,transfer,orchangeofmanagementoftheVesselshallbesubjecttotheprovisionsofthisMortgageandthelienhereof.

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Section13.Insurance.(a)TheShipownershallkeeptheVesselinsuredwithinsurersandprotectionandindemnityclubsorassociationsofinternationallyrecognizedreputation,andplacedinsuchmarkets,onsuchtermsandconditions,andthroughbrokers,reasonablysatisfactorytotheMortgageeandunderformsofpoliciesapprovedbytheMortgageeagainsttherisksindicatedbelowandsuchotherrisksastheMortgageemayreasonablyspecifyfromtimetotime;however,innocaseshalltheMortgageespecifyinsuranceinexcessofthecustomaryinsurancespurchasedbyfirst-classownersofcomparablevessels:

(i) Marine and war risk, including terrorism, confiscation, London Blocking and Trapping Addendum and Missing Collateral Vessel

Clause,hullandmachineryinsurance,hullinterestinsuranceandfreightinterestorequivalentinsurance,togetherinanamountinU.S.dollarsatalltimesequaltoorgreaterthan(x)itsAppraisedValueand(y)anamountwhich,whenaggregatedwiththeinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequalto120%oftheaggregateprincipalamountoftheLoanandtheCommitmentsoutstandingpursuanttotheCreditAgreement.Theinsuredvalueforhullandmachineryrequiredunderthisclause(i)fortheVesselshallatalltimesbeinanamountequaltoorgreater than (x) eighty per cent (80%) of the Appraised Value of the Vessel and (y) an amount which, whenaggregated with the hull and machineryinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequaltotheaggregateprincipalamountoftheLoanandtheCommitment outstanding, andtheremainingmarineandwarriskinsurancerequiredbythis clause(i) maybetakenout ashull andfreight interest orequivalentinsurance.

(ii)Marineandwarriskprotectionandindemnityinsuranceorequivalentinsurance(includingcoverageagainstliabilityforcrew,finesand

penaltiesarisingoutoftheoperationoftheVessel,insuranceagainstliabilityarisingoutofpollution,spillageorleakage,andworkmen’scompensationorlongshoremen’sandharborworkers’insuranceasshallberequiredbyapplicablelaw)insuchamountsapprovedbytheMortgagee;provided,however,thatinsuranceagainstliabilityunderlaworinternationalconventionarisingoutofpollution,spillageorleakageshallbeinanamountnotlessthanthegreaterof:

(x) the maximum amount reasonably available from the International Group of Protection and Indemnity Associations (the “

InternationalGroup”)oralternativelysuchsourcesofpollution,spillageorleakagecoverageasarecommerciallyavailableinanyabsenceofsuchcoveragebytheInternationalGroupasshallbecarriedbyprudentshipownersengagedinsimilartrades;and

(y) theamounts requiredbythelawsor regulations of theUnitedStates of America or anyapplicable jurisdictioninwhichthe

Vesselmaybetradingfromtimetotime.

(iii)WhiletheVesselisidleorlaidup,attheoptionoftheShipownerandinlieuoftheabove-mentionedmarineandwarriskhullinsurance,portriskinsuranceinsuringtheVesselagainsttheusualrisksencounteredbylikevesselsundersimilarcircumstances.(b)TheMortgageewillobtainMortgagee’sInsurancesonsuchconditionsastheMortgageemayreasonablyrequire,satisfactorytotheMortgagee

andforanamountinU.S.dollarsapprovedbyMortgageebutnotbeinglessthananamountwhich,whenaggregatedwiththeinsuredvalueoftheotherCollateralVesselsthensubjecttoaCollateralVesselMortgage,isequalto110%ofthesumoftheaggregateprincipalamountofLoanandCommitmentsoutstandingpursuanttotheCreditAgreement,theBorrowerandtheShipownerhavingnointerestorentitlementinrespectofsuchpolicies;allsuchMortgagee’sInsurancescovershallbeobtaineddirectlybytheMortgagee;providedthatinnoeventshall

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theBorrowerberequiredtoreimbursetheMortgageeforanysuchcostsinexcessofthepremiumlevelthenavailabletotheMortgageeinthemarket.

(c)Themarineandcommercialwar-riskinsurancerequiredinthisSection13fortheVesselshallhavedeductiblesandfranchisesinamountsreasonablysatisfactorytotheMortgagee.

AllinsurancemaintainedhereundershallbeprimaryinsurancewithoutrightofcontributionagainstanyotherinsurancemaintainedbytheMortgagee.Thepolicyof marine andwar riskhull andmachinery insurancewith respect to theVessel shall, if sorequested bythe Mortgagee, providethat the Mortgageeshall beanamedinsuredinitscapacityasmortgageeandaslosspayee.TheentryinamarineandwarriskprotectionindemnityclubwithrespecttotheVesselshallnotethe interest of the Mortgagee. The Mortgagee and its successors and assigns shall not be responsible for any premiums, club calls, assessments or any otherobligationsorfortherepresentationsandwarrantiesmadethereinbytheShipowner,anyoftheShipowner’sSubsidiariesoranyotherPerson. Inaddition,theShipownershallreimbursetheMortgageeforthecostofMortgagee’sInsuranceswhichtheMortgageewilltakeoutontheVesseluponsuchtermsandinsuchamountsastheMortgageeshalldeemappropriate.

(d)TheMortgageeshallfromtimetotimeobtainadetailedreportsignedbyafirmofmarineinsurancebrokersacceptabletoitwithrespecttoP

&Ientry,thehullandmachineryandwarriskinsurancecarriedandmaintainedontheVessel,togetherwiththeiropinionastotheadequacythereofanditscompliancewiththeprovisionsofthisSection13.AttheShipowner’sexpensetheShipownerwilluseitsbesteffortstocauseitsinsurancebroker(which,fortheavoidanceofdoubtshallbeadifferentinsurancebrokerfromthefirmofmarineinsurancebrokersreferredtointheimmediatelyprecedingsentence)andtheP&IcluborassociationprovidingP&Iinsurancereferredtoinpart(a)(ii)ofthisSection13,toagreetoadvisetheMortgageebyelectronicmailofanyexpiration,termination,alterationorcancellationofanypolicy,anydefaultinthepaymentofanypremiumandofanyotheractoromissiononthepartoftheShipownerofwhichtheShipownerhasknowledgeandwhichmightinvalidateorrenderunenforceable,inwholeorinpart,anyinsuranceontheVessel,andtoprovideanopportunityofpayinganysuchunpaidpremiumorcall,suchrightbeingexercisablebytheMortgageeontheVesselonanindividualandnotonafleetbasis.Inaddition,theShipownershallpromptlyprovidetheMortgageewithanyinformationwhichtheMortgageereasonablyrequestsforthepurposeofobtainingorpreparinganyreportfromtheMortgagee’sindependentmarineinsuranceconsultantastotheadequacyoftheinsuranceseffectedorproposedtobeeffectedinaccordancewiththisSection13asofthedatehereoforinconnectionwithanyrenewalthereof,andtheShipownershallupondemandindemnifytheMortgageeinrespectofallreasonablefeesandotherexpensesincurredbyorfortheaccountoftheMortgageeinconnectionwithanysuchreport;providedthattheMortgageeshallbeentitledtosuchindemnityonlyforonesuchreportduringaperiodof12months.

TheunderwritersorbrokersshallfurnishtheMortgageewithaletterorlettersofundertakingtotheeffectthat:

(i)theywillholdtheinstrumentsofinsurance,andthebenefitoftheinsurancesthereunder,totheorderoftheMortgageeinaccordancewiththetermsofthelosspayableclausereferredtointherelevantAssignmentofInsurancesfortheVessel;

(ii) theywillhaveendorsedoneachandeverypolicyasandwhenthesameisissuedthelosspayableclause,tobeintheexcessofOne

Million Five Hundred Thousand United States Dollars (U.S.$1,500,000.00), and the notice of assignment referred to in the relevant Assignment ofInsurancesfortheVessel;and

(iii)theywillnotsetoffagainstanysumrecoverableinrespectofaclaimagainsttheVesselunderthesaidunderwritersorbrokersorany

otherPersoninrespectofanyothervesselnorcancelthesaidinsurancesbyreasonofnon-paymentofsuchpremiumsorotheramounts.

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Allpoliciesofinsurancerequiredherebyshallprovidefornotlessthan14days(or7daysinrespectofwarriskinsurance)priorwrittennoticetobereceivedbytheMortgageeoftheterminationorcancellationoftheinsuranceevidencedthereby. All policies of insurancemaintainedpursuant tothis Section13for riskscoveredbyinsuranceotherthanthatprovidedbyaP&IClubshallcontainprovisionswaivingunderwriters’rightsofsubrogationthereunderagainstanyassurednamedinsuchpolicyandanyassigneeofsaidassured,onlytotheextentsuchunderwritersagreetosowaiverightsofsubrogation(providedthatitisunderstoodandagreedthattheShipownershallusecommerciallyreasonableeffortstoobtainsuchwaivers).TheShipownershallassigntotheMortgageeitsfullrightsunderanypoliciesofinsuranceinrespectoftheVesselinaccordancewiththetermscontainedherein(and,fortheavoidanceofdoubt,suchassignmentsshallincludeanyadditionalvalueofanyinsurancethatexceedsthevaluesexpresslyrequiredhereininrespectoftheVessel).TheShipowneragreesthatitshalldeliverunlesstheinsurancesbytheirtermsprovidethattheycannotcease(byreasonofnonrenewalorotherwise)withouttheMortgageebeinginformedandhavingtherighttocontinuetheinsurancebypayinganypremiumsnotpaidbytheShipowner,receiptsshowingpaymentofpremiumsforRequiredInsuranceandalsoofdemandsfromtheVessel’sP&IunderwriterstotheMortgageeatleast2daysbeforetheriskinquestioncommences.

(e)UnlesstheMortgageeshallotherwiseagree,allamountsofwhatsoevernaturepayableunderanyinsurancemustbepayabletotheMortgagee

fordistributionfirsttoitselfandthereaftertotheShipownerorothersastheirinterestsmayappear;providedthat,notwithstandinganythingtothecontraryherein,untilotherwiserequiredbytheMortgageebynoticetotheunderwritersupontheoccurrenceandcontinuanceofanEventofDefaulthereunder,(i)amountspayableunderanyinsuranceontheVesselwithrespecttoprotectionandindemnityrisksmaybepaiddirectlyto(x)theShipownertoreimburseitforanyloss,damageorexpenseincurredbyitandcoveredbysuchinsuranceor(y)thePersontowhomanyliabilitycoveredbysuchinsurancehasbeenincurred,and(ii)amountspayableunderanyinsurancewithrespecttotheVesselinvolvinganydamagetotheVesselnotconstitutinganEventofLoss,maybepaidbyunderwritersdirectlyfortherepair,salvageorotherchargesinvolvedor,iftheShipownershallhavefirstfullyrepairedthedamageorpaidallofthesalvageorothercharges,maybepaidtotheShipownerasreimbursementtherefor;provided,however,thatifsuchamounts(includinganyfranchiseordeductible)areinexcessofOneMillionFiveHundredThousandUnitedStatesDollars(U.S.$1,500,000.00),theunderwritersshallnotmakesuchpaymentwithoutfirstobtainingthewrittenconsenttheretooftheMortgageeandthelosspayableclausespertainingtosuchinsurancesshallbeendorsedtothateffect.

(f)AllamountspaidtotheMortgageeinrespectofanyinsuranceontheVesselshallbedisposedofasfollows(afterdeductionoftheexpensesof

theMortgageeincollectingsuchamounts):

(i)anyamountwhichmighthavebeenpaidatthetime,inaccordancewiththeprovisionsofparagraph(d)above,directlytotheShipownerorothersshallbepaidbytheMortgageeto,orasdirectedby,theShipowner;

(ii)allamountspaidtotheMortgageeinrespectofanEventofLossoftheVesselshallbeappliedbytheMortgageetothepaymentofthe

IndebtednessherebysecuredpursuanttoSection4.02(b)oftheCreditAgreement;and

(iii)allotheramountspaidtotheMortgageeinrespectofanyinsuranceontheVesselmay,intheMortgagee’ssolediscretion,beheldandappliedtotheprepaymentoftheCreditDocumentObligationsortomakingofneededrepairsorotherworkontheVessel,ortothepaymentofotherclaimsincurredbytheShipownerrelatingtotheVessel,ormaybepaidtotheShipownerorwhosoevermaybeentitledthereto.(g)TheShipownershalldelivertotheMortgageecertifiedcopiesand,wheneversoreasonablyrequestedbytheMortgagee,ifavailabletothe

Shipowner,theoriginalsofallcertificatesof

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entry,covernotes,binders,evidencesofinsuranceandpoliciesandallendorsementsandridersamendatorythereofinrespectofinsurancemaintainedpursuanttoSection7.03oftheCreditAgreementandthisSection13forthepurposeofinspectionorsafekeeping,or,alternatively,satisfactorylettersofundertakingfromthebroker holdingthe same. TheMortgagee shall be under noduty or obligationto verify the adequacyor existence of anysuchinsurance or anysuchpolicies,endorsementorriders.

(h)TheShipownerwillnotexecuteorpermitorwillinglyallowtobedoneanyactbywhichanyinsurancemaybesuspended,impairedor

cancelled,andthatitwillnotpermitorallowtheVesseltoundertakeanyvoyageorrunanyriskortransportanycargowhichmaynotbepermittedbythepoliciesinforce,withouthavingpreviouslynotifiedtheinsurersandtheMortgageeinwritingandinsuredtheVesselbyadditionalcoveragetoextendtosuchvoyages,risks,passengersorcargoes.

(i)Incaseanyunderwriterproposestopaylessonanyclaimthantheamountthereof,theShipownershallforthwithinformtheMortgagee,andif

aDefault,EventofDefaultoranEventofLosshasoccurredandiscontinuing,theMortgageeshallhavetheexclusiverighttonegotiateandagreetoanycompromise.

(j)TheShipownerwillcomplywithandsatisfyalloftheprovisionsofanyapplicablelaw,convention,regulation,proclamationororder

concerningfinancialresponsibilityforliabilitiesimposedontheShipownerortheVesselwithrespecttopollutionbyanystateornationorpoliticalsubdivisionthereofandwillmaintainallcertificatesorotherevidenceoffinancialresponsibilityasmayberequiredbyanysuchlaw,convention,regulation,proclamationororderwithrespecttothetradeinwhichtheVesselarefromtimetotimeengagedandthecargocarriedbyit.

Section14.ReimbursementforExpenses.TheShipownerwillreimbursetheMortgageepromptlyforanyandallreasonableexpenditureswhichtheMortgageemayfromtimetotimemake,layoutorexpendinprovidingsuchprotectioninrespectofinsurance,dischargeorpurchaseofliens,taxes,dues,tolls,assessments,inspections,governmentalcharges,levies,finesandpenaltieslawfullyimposed,repairs,attorney’sfees,andothermattersastheShipownerisobligatedhereintoprovide,butfailstoprovideorwhich,inthesolejudgmentoftheMortgageearenecessaryorappropriatefortheprotectionoftheVesselorthesecuritygrantedbythisMortgage.SuchobligationoftheShipownertoreimbursetheMortgageeshallbeanadditionalindebtednessduefromtheShipowner,shallbearinterestattheinterestrateassetforthinSection2.06oftheCreditAgreementfromthedateofpaymentbytheMortgageetoandincludingthedateofreimbursementbytheShipowner,shallbesecuredbythisMortgage,andshallbepayablebytheShipownerondemand.TheMortgagee,thoughprivilegedtodoso,shallbeundernoobligationtotheShipownertomakeanysuchexpenditure,norshallthemakingthereofrelievetheShipownerofanydefaultinthatrespect.

Section15.PerformanceofCharters.TheShipownerwillfullyperformanyandallcharterpartieswhichmaybeenteredintowithrespecttotheVesselandwillpromptlynotifytheMortgageeofanymaterialclaimbyanychartererofnon-performancethereunderbytheShipowner.

Section16.ChangeinOwnership.TheShipownerfurthercovenantsandagreeswiththeMortgageethat,solongasanypartoftheIndebtednessherebysecuredremainsunpaid,thereshallbenochangeintheownershipoftheVesseloranyofthesharesoftheShipownerexceptaspermittedundertheCreditAgreement.

Section17.PrepaymentifEventofLoss.IntheeventthattheVesselsuffersanEventofLoss,thenandineachsuchcasetheShipownershall,totheextentrequiredundertheCreditAgreement,forthwithrepaytheIndebtednessherebysecuredatthetimeandintheamountsetforthinSection4.02(b)oftheCreditAgreementexcepttotheextentsuchamountshaveotherwisebeenpaidasthereinprovided.

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Section18.CreditAgreement.WithoutduplicationofanyotherprovisioninthisMortgage,therepresentations,warranties,covenants,undertakingsandliabilitiesoftheBorrowersetforthintheCreditAgreementrelatingtotheVessel(thereinreferredtoasa“CollateralVessel”)shallapplytothisMortgageasifsetoutinfullinthisMortgagewithreferencesthereintotheBorrowerandaCollateralVesselchangedtoreferencestotheShipownerandtheVesselrespectivelyandwithanyothernecessarymodificationsandtheShipownershallcomplywiththeprovisionsofthoseclausesassomodified.

ARTICLEIII

EventsofDefaultandRemedies

Section1.EventsofDefault;Remedies.Incaseanyoneormoreofthefollowingevents,hereintermed“EventsofDefault”,shallhappen:

(a)theShipowner(i)defaultsinthepaymentwhendueofanyprincipalorinterestpayableinconnectionwiththeLoanoranyNoteor

(ii)defaultinthepaymentwhendueofanyothersumspayableunderaCreditDocumentorunderanydocumentrelatingtoaCreditDocumentor,inthecaseofsumspayableondemand,withinfive(5)BusinessDaysafterthedatewhenfirstdemanded;providedthatifsuchfailuretopayasumwhendueissolelytheresultofanadministrativeortechnicalerror,itshallnotconstituteanEventofDefaultunlesssuchfailurecontinuesunremediedformorethanthree(3)BusinessDays;or

(b)thestatementsinArticleIshallprovetohavebeenuntrueinamaterialwaywhenmade;or

(c)adefaultinthedueandpunctualobservanceandperformanceofanyoftheprovisionsofSections2,3,7,8,9(b),11,12,13(a),

(b),(c),(d),(e),(h)and(j),16or17ofArticleIIhereofshallhaveoccurredandbecontinuing;or

(d)abreachoromissioninthedueandpunctualobservanceofanyoftheothercovenantsandconditionshereinrequiredtobekeptandperformedbytheShipownerandsuchbreachoromissionshallcontinuefor30daysafterthedaytheShipownerfirstkneworshouldhaveknownofsuchbreachoromission;or

(e)anEventofDefaultshallhaveoccurredandbecontinuingundertheCreditAgreement;or

(f)apaymentdefaultbytheBorrowerunderanySecuredHedgingAgreementshallhaveoccurredandbecontinuing;or

(g)anynoticeshallhavebeenissuedbythegovernmentoranybureau,department,officer,boardoragencythereofofthecountryof

registryoftheVesseltotheeffectthattheVesselissubjecttocancellationfromsuchregistryorthecertificateofregistryoftheVesselissubjectto revocation or cancellation for any reason whatsoever, and such notice shall not have been cancelled or annulled on or before seven (7)BusinessDayspriortothedatesetforthinsuchnoticeforsuchcancellationorrevocation;or

(h)theVesselshallbecancelledfromthecountryofregistryoftheVesselorthecertificateofregistryoftheVesselisrevokedor

cancelledforanyreasonwhatsoever;

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then:

thesecurityconstitutedbythisMortgageshallbecomeimmediatelyenforceableandthatwithoutlimitation,theenforcementremediesspecifiedcanbeexercisedirrespectiveofwhetherornottheMortgageehasexercisedtherightofaccelerationundertheCreditAgreementoranyoftheotherCreditDocumentsandtheMortgageeshallhavetherightto:

(i) Declare all or any part of the then unpaid Indebtedness hereby secured to be due and payable immediately, and upon such

declaration,thesameshallbecomeandbeimmediatelydueandpayable;provided,however,thatnodeclarationshallberequiredifanEventofDefaultshall have occurred byreasonof a Default under Section 9.05of the Credit Agreement, then andin suchcase, the Indebtedness herebysecured shallbecomeimmediatelydueandpayableontheoccurrenceofsuchEventofDefaultwithoutanynoticeordemand;or

(ii)Exercisealloftherightsandremediesinforeclosureandotherwisegiventoamortgageebytheprovisionsofthelawsofthe

countryofregistryoftheVesselorofanyotherjurisdictionwheretheVesselmaybefound;or

(iii)Bringsuitatlaw,inequityorinadmiralty,asitmaybeadvised,torecoverjudgmentfortheIndebtednessherebysecured,andcollectthesameoutofanyandallpropertyoftheShipownerwhethercoveredbythisMortgageorotherwise;or

(iv) TakeandenterintopossessionoftheVessel, atanytime,whereverthesamemaybe,withoutlegalprocessandwithoutbeing

responsibleforlossordamageandtheShipownerorotherpersoninpossessionforthwithupondemandoftheMortgageeshallsurrendertotheMortgageepossessionoftheVessel;or

(v) Without being responsible for loss or damage, the Mortgagee mayhold, lay up, lease, charter, operate or otherwise use such

Vesselforsuchtimeanduponsuchtermsasitmaydeemtobeforitsbestadvantage,anddemand,collectandretainallhire,freights,earnings,issues,revenues, income, profits, return premiums, salvage awards or recoveries, recoveries in general average, and all other sums due or to become due inrespectofsuchVesselorinrespectofanyinsurancethereonfromanypersonwhomsoever,accountingonlyforthenetprofits,ifany,arisingfromsuchuseoftheVesselandcharginguponallreceiptsfromtheuseoftheVesselorfromthesalethereofbycourtproceedingsorpursuanttosubsection(vi)nextfollowing,allcosts,expenses,charges,damagesorlossesbyreasonofsuchuse;andifatanytimetheMortgageeshallavailitselfoftherighthereingiventhemtotaketheVessel, theMortgageeshall havetheright todocktheVessel, for areasonabletimeat anydock, pier orother premisesof theShipownerwithoutcharge,ortodockheratanyotherplaceatthecostandexpenseoftheShipowner;or

(vi) Without being responsible for loss or damage, the Mortgagee may sell the Vessel upon such terms and conditions as to the

Mortgagee shall seembest, free fromany claim of or by the Shipowner, at public or private sale, by sealed bids or otherwise, by mailing, by air orotherwise, notice of suchsale, whether public or private, addressedto theShipownerat its last knownaddress andtoanyother registeredmortgagee,twenty(20)calendardayspriortothedatefixedforenteringintothecontractofsaleandbyfirstpublishingnoticeofanysuchpublicsaleforten(10)consecutivedays,indailynewspapersofgeneralcirculationpublishedintheCityofNewYork,StateofNewYork;intheeventthattheVesselshallbeofferedforsalebyprivatesale,nonewspaperpublicationofnoticeshallberequired,nornoticeofadjournmentofsale;salemaybeheldatsuchplaceandatsuchtimeastheMortgageebynoticemayhavespecified,ormaybeadjournedbytheMortgageefromtimetotimebyannouncementatthetimeandplaceappointedforsuchsaleorforsuchadjournedsale,andwithoutfurthernoticeorpublicationthe

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Mortgageemaymakeanysuchsaleatthetimeandplacetowhichthesameshallbesoadjourned;andanysalemaybeconductedwithoutbringingtheVesseltotheplacedesignatedforsuchsaleandinsuchmannerastheMortgageemaydeemtobeforitsbestadvantage,andtheMortgageemaybecomethe purchaser at any sale. The Shipowner agrees that any sale made in accordance with the terms of this paragraph shall be deemed made in acommerciallyreasonablemannerinsofarasitisconcerned;or

(vii) Require that all policies, contracts, certificates of entry and other records relating to the insurance with respect to the Vessel,including, but not limitedto, thosedescribedinArticle II, Section13hereof (the“ Insurances”)(includingdetails ofandcorrespondenceconcerningoutstandingclaims)beforthwithdeliveredtoortotheorderoftheMortgagee;or

(viii) Collect, recover, compromise and give a good discharge for any and all monies and claims for monies then outstanding orthereafterarisingundertheInsurancesorinrespectoftheearningsoranyrequisitioncompensationandtopermitanybrokersthroughwhomcollectionorrecoveryiseffectedtochargetheusualbrokeragetherefor.

Section2.PowerofSale.AnysaleoftheVesselmadeinpursuanceofthisMortgage,whetherunderthepowerofsaleherebygrantedorany

judicialproceedings,shalloperatetodivestallright,titleandinterestofanynaturewhatsoeveroftheShipownerthereinandthereto,andshallbartheShipowner,itssuccessorsandassigns,andallpersonsclaimingby,throughorunderthem.Nopurchasershallbeboundtoinquirewhethernoticehasbeengiven,orwhetheranydefaulthasoccurred,orastotheproprietyofthesale,orastotheapplicationoftheproceedsthereof.Incaseofanysuchsale,theMortgagee,ifitisthepurchaser,shallbeentitled,forthepurposeofmakingsettlementorpaymentforthepropertypurchased,touseandapplytheIndebtednessherebysecuredinorderthattheremaybecreditedagainsttheamountremainingdueandunpaidthereonthesumspayableoutofthenetproceedsofsuchsaletotheMortgageeafterallowingforthecostsandexpenseofsaleandothercharges;andthereuponsuchpurchasershallbecredited,onaccountofsuchpurchaseprice,withthenetproceedsthatshallhavebeensocreditedupontheIndebtednessherebysecured.Atanysuchsale,theMortgageemaybidforandpurchasesuchpropertyanduponcompliancewiththetermsofsalemayhold,retainanddisposeofsuchpropertywithoutfurtheraccountabilitytherefor.

Section3.PowerofAttorney-Sale.TheMortgageeisherebyirrevocablyappointedattorney-in-factoftheShipownertoexecuteanddelivertoanypurchaseraforesaid,andisherebyvestedwithfullpowerandauthoritytomake,inthenameandonbehalfoftheShipowner,agoodconveyanceofthetitletotheVesselsosold.AnypersondealingwiththeMortgageeorattorney-in-factshallnotbeputonenquiryastowhetherthepowerofattorneycontainedhereinhasbecomeexercisable.IntheeventofanysaleoftheVessel,underanypowerhereincontained,theShipownerwill,ifandwhenrequiredbytheMortgagee,executesuchformofconveyanceoftheVesselastheMortgageemaydirectorapprove.

Section4.PowerofAttorney-Collection.TheMortgageeisherebyirrevocablyappointedattorney-in-factoftheShipowneruponthehappeningofanyEventofDefault,inthenameoftheShipownertodemand,collect,receive,compromiseandsuefor,sofarasmaybepermittedbylaw,allfreight,hire,earnings,issues,revenues,incomeandprofitsoftheVesselandallamountsduefromunderwritersunderanyinsurancethereonaspaymentoflossesorasreturnpremiumsorotherwise,salvageawardsandrecoveries,recoveriesingeneralaverageorotherwise,andallothersumsdueortobecomedueatthetimeofthehappeningofanyEventofDefaultasdefinedinSection1ofArticleIIIhereofinrespectoftheVessel,orinrespectofanyinsurancethereon,fromanypersonwhomsoever,andtomake,giveandexecuteinthenameoftheShipowneracquittances,receipts,releasesorotherdischargesforthesame,whetherundersealorotherwise,andtoendorseandacceptinthenameoftheShipownerallchecks,notes,drafts,warrants,agreementsandotherinstrumentsinwritingwithrespectto

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theforegoing.AnypersondealingwiththeMortgageeorattorney-in-factshallnotbeputonenquiryastowhetherthePowerofAttorneycontainedhereinhasbecomeexercisable.

Section5.DeliveryofVessel.UponthesecurityconstitutedbythisMortgagebecomingenforceablepursuanttoSection1ofArticleIII,theMortgageeshall(inadditiontothepowersdescribedinSection1ofArticleIII)becomeforthwithentitled(butnotbound)toappoint,byaninstrumentinwritingunderitssealorunderthehandofanydirectororofficerorauthorizedsignatory,areceiverand/ormanageroftheVesseluponsuchtermsastoremunerationandotherwiseastheMortgageeshalldeemfitwithpowerfromtimetotimetoremoveanyreceiverandappointanotherinhissteadandanyreceivershallbetheagentoftheShipowner(whoshallbesolelyresponsibleforhisactsanddefaultsandremuneration)andshallhaveallthepowersconferredbylawbywayofadditionto,butwithoutlimiting,thosepowersanyreceivershallhaveallthepowersandentitlementsconferredontheMortgageebythisMortgageandgenerallyshallbeentitledtothesameprotectionandtoexercisethesamepowersanddiscretionsasaregrantedtotheMortgageeunderthisMortgage.

Section6.MortgageetoDischargeLiens.TheShipownerauthorizesandempowerstheMortgageeoritsappointeesoranyofthemtoappearinthenameoftheShipowner,itssuccessorsandassigns,inanycourtofanycountryornationoftheworldwhereasuitispendingagainsttheVesselbecauseoforonaccountofanyallegedlienagainsttheVesselfromwhichtheVesselhasnotbeenreleasedandtotakesuchproceedingsastothemoranyofthemmayseempropertowardsthedefenseofsuchsuitandthepurchaseordischargeofsuchlien,andallexpendituresmadeorincurredbythemoranyofthemforthepurposeofsuchdefenseorpurchaseordischargeshallbeadebtduefromtheShipowner,itssuccessorsandassigns,totheMortgagee,andshallbesecuredbythelienofthisMortgageinlikemannerandextentasiftheamountanddescriptionthereofwerewrittenherein.NeithertheMortgageenoranyreceivershallbeliableasMortgageeinpossessioninrespectoftheVesseltoaccountorbeliableforanylossuponrealizationorforanyneglectordefaultofanynature,unlesscausedbysuchPerson’sgrossnegligenceorwillfulmisconductasdeterminedbyacourtofcompetentjurisdictioninafinalandnon-appealabledecision,whatsoeverinconnectiontherewithforwhichaMortgageeinpossessionmaybeliableassuch.

Section7.PaymentofExpenses.TheShipownercovenantsthatuponthehappeningofanyoneormoreoftheeventsofdefault,then,uponwrittendemandofthe‘Mortgagee,theShipownerwillpaytotheMortgageethewholeamountdueandpayableinrespectoftheIndebtednessherebysecuredpursuanttothetermsoftheGuaranty;andincasetheShipownershallfailtopaythesameforthwithuponsuchdemand,theMortgageeshallbeentitledtorecoverjudgmentforthewholeamountsodueandunpaid,togetherwithsuchfurtheramountsasshallbesufficienttocoverthereasonablecompensationoftheMortgageeoritsagents,attorneysandcounselandanynecessaryadvances,expensesandliabilitiesmadeorincurredbyitorthemortheMortgageehereunder.AllmoneyscollectedbytheMortgageeunderthisSection7shallbeappliedbytheMortgageeinaccordancewiththeprovisionsofSection11ofthisArticleIII.

Section8.RemediesCumulative.EachandeverypowerandremedyhereingiventotheMortgageeshallbecumulativeandshallbeinadditiontoeveryotherpowerandremedyhereingivenornoworhereafterexistingatlaw,inequity,inadmiraltyorbystatute,andeachandeverypowerandremedywhetherhereingivenorotherwiseexistingmaybeexercisedfromtimetotimeandasoftenandinsuchorderasmaybedeemedexpedientbytheMortgagee,andtheexerciseorthebeginningoftheexerciseofanypowerorremedyshallnotbeconstruedtobeawaiveroftherighttoexerciseatthesametimeorthereafteranyotherpowerorremedy.TheMortgageeshallnotberequiredorboundtoenforceanyofitsrightsunderanyoftheotherCreditDocuments,priortoenforcingitsrightsunderthisMortgage.NodelayoromissionbytheMortgageeintheexerciseofanyrightorpowerorinthepursuanceofanyremedyaccruinguponanydefaultasabovedefinedshallimpairanysuchright,powerorremedyorbeconstruedtobeawaiverofanysuchEventofDefaultortobeanacquiescencetherein;

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norshall theacceptancebytheMortgageeofanysecurityor of anypayment of or onaccount of theIndebtednessherebysecuredmaturingafter anyEvent ofDefaultorofanypaymentonaccountofanypastdefaultbeconstruedtobeawaiverofanyrighttoexerciseitsremediesduetoanyfutureEventofDefaultorofanypastEventofDefaultnotcompletelycuredthereby.Noconsent,waiverorapprovaloftheMortgageeshallbedeemedtobeeffectiveunlessinwritingandduly signed by authorized signatories of the Mortgagee; any waiver by the Mortgagee of any of the terms of this Mortgage or any consent given under thisMortgageshallonlybeeffectiveforthepurposeandonthetermswhichitisgivenandshallbewithoutprejudicetotherighttogiveorwithholdconsentinrelationtofuturematters(whichareeitherthesameordifferent).

Section9.CureofDefaults.IfatanytimeafteranEventofDefaultandpriortotheactualsaleoftheVesselbytheMortgageeorpriortoanyenforcementorforeclosureproceedingstheShipownerofferscompletelytocurealleventsofdefaultandtopayallexpenses,advancesanddamagestotheMortgageeconsequentonsucheventsofdefault,withinterestattheinterestratesetforthinSection2.06oftheCreditAgreement,thentheMortgageemay,butshallnotbeobligatedto,acceptsuchofferandpaymentandrestoretheShipownertoitsformerposition,butsuchaction,iftaken,shallnotaffectanysubsequentEventofDefaultorimpairanyrightsconsequentthereon.

Section10.DiscontinuanceofProceedings.IncasetheMortgageeshallhaveproceededtoenforceanyright,powerorremedyunderthisMortgagebyforeclosure,entryorotherwise,andsuchproceedingsshallhavebeendiscontinuedorabandonedforanyreasonorshallhavebeendeterminedadverselytotheMortgagee,thenandineverysuchcasetheShipownerandtheMortgageeshallberestoredtoitsformerpositionandrighthereunderwithrespecttothepropertysubjectorintendedtobesubjecttothisMortgage,andallrights,remediesandpowersoftheMortgageeshallcontinueasifnosuchproceedingshadbeentaken.

Section11.ApplicationofProceeds.AfteranEventofDefaulthereundershallhaveoccurredandbecontinuing,theproceedsofanysaleoftheVesselandanyandallothermoneysreceivedbytheMortgageepursuanttoorunderthetermsofthisMortgageorinanyproceedingshereunder,theapplicationofwhichhasnotelsewherehereinbeenspecificallyprovidedfor,shallbeappliedassetforthinSection4.05oftheCreditAgreement.

Section12.PossessionUntilDefault.Untiloneormoreoftheeventsofdefaulthereinafterdescribedshallhappen,theShipowner(a)shallbesufferedandpermittedtoretainactualpossessionanduseoftheVesseland(b)shallhavetheright,fromtimetotime,initsdiscretion,andwithoutapplicationornoticetotheMortgagee,andwithoutobtainingareleasethereofbytheMortgagee,todisposeof,freefromthelienhereof,anyboilers,engines,machinery,masts,spars,sails,rigging,boats,anchors,chains,tackle,apparel,furniture,fittingsorequipmentoranyotherappurtenancesoftheVesselthatarenolongeruseful,necessary,profitableoradvantageousintheoperationoftheVessel,firstorsimultaneouslyreplacingthesamebynewboilers,engines,machinery,masts,spars,sails,rigging,boats,anchors,chains,tackle,apparel,furniture,fittings,equipment,orotherappurtenancesofsubstantiallyequalvaluetotheShipowner,whichshallforthwithbecomesubjecttothelienofthisMortgageasafirstprioritymortgagethereon.

Section13.SeverabilityofProvisions,etc.(a)IfanyprovisionofthisMortgageshouldbedeemedinvalidorshallbedeemedtoaffectadverselythepreferredstatusofthisMortgageunderanyapplicablelaw,suchprovisionshallbevoidandofnoeffectandshallceasetobeapartofthisMortgagewithoutaffectingtheremainingprovisions,whichshallremaininfullforceandeffect.

(b)IntheeventthattheGuaranty,thisMortgage,anyoftheotherCreditDocumentsoranyofthedocumentsorinstrumentswhichmayfromtime

totimebedeliveredthereunderorhereunderoranyprovisionthereoforhereofshallbedeemedinvalidatedbypresentorfuturelawofanynationorby

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decision of any court, this shall not affect the validity and/or enforceability of all or any other parts of the Guaranty, this Mortgage, any of the other CreditDocumentsorsuchdocumentsorinstrumentsand,inanysuchcase,theShipownercovenantsandagreesthat,ondemand,itwillexecuteanddeliversuchotherandfurtheragreementsand/ordocumentsand/orinstrumentsanddosuchthingsastheMortgageeinitssolediscretionmayreasonablydeemtobenecessarytocarryoutthetrueintentofthisMortgage,theGuarantyandtheotherCreditDocuments.

(c)Intheeventthatthetitle,orownershipoftheVesselshallberequisitioned,purchasedortakenbyanygovernmentofanycountryorany

department,agencyorrepresentativethereof,pursuanttoanypresentorfuturelaw,proclamation,decreeorderorotherwise,thelienofthisMortgageshallbedeemedtoattachtotheclaimforcompensationthereforandanypaymentsduepursuanttheretoandanypaymentsactuallyreceivedinrespectthereof,andthecompensation,purchaseorothertakingofsuchtitleorownershipisherebyagreedtobepayabletotheMortgageewhoshallbeentitledtoreceivethesameandshallapplyitasprovidedinSection11ofthisArticleIII.Intheeventofanysuchrequisition,purchaseortaking,andthefailureoftheMortgageetoreceiveproceedsashereinprovided,theShipownershallpromptlyexecuteanddelivertotheMortgageesuchdocuments,ifany,asintheopinionoftheMortgageemaybenecessaryorusefultofacilitateorexpeditethecollectionbytheMortgageeofsuchpartofthecompensation,purchaseprice,reimbursementorawardasispayabletoithereunder.TheShipownershallgivepromptwrittennoticetotheMortgageeoftheoccurrenceofallsuchevents.

(d)Anythinghereintothecontrarynotwithstanding,itisintendedthatnothinghereinshallwaivetheprioritystatusofthisMortgage,andifany

provisionofthisMortgageorportionthereofshallbeconstruedtowaivetheprioritystatusofthisMortgage,thensuchprovisiontosuchextentshallbevoidandofnoeffect.

ARTICLEIV

SundryProvisions

Section1.SuccessorsandAssigns.Allofthecovenants,promises,stipulationsandagreementsoftheShipownerinthisMortgagecontainedshall

bindtheShipowneranditssuccessorsandshallinuretothebenefitoftheMortgageeanditssuccessorsandassigns.IntheeventofanyassignmentortransferofthisMortgage,theterm“Mortgagee”,asusedinthisMortgage,shallbedeemedtomeananysuchassigneeortransferee.

Section2.PowerofSubstitution.Whereverandwheneverhereinanyright,powerorauthorityisgrantedorgiventotheMortgagee,suchright,powerorauthoritymaybeexercisedinallcasesbytheMortgageeorsuchagentoragentsasitmayappoint,andtheactoractsofsuchagentoragentswhentakenshallconstitutetheactoftheMortgageehereunder.

Section3.Counterparts.ThisMortgagemaybeexecutedinanynumberofcounterparts,eachofwhichshallbeanoriginal,butsuchcounterpartsshalltogetherconstitutebutoneandthesameinstrument.

Section4.Notices.Exceptasotherwiseexpresslyprovidedherein,allnoticesandothercommunicationsprovidedforhereundershallbeinwriting(includingemailorfacsimilecommunication)andmailed,emailed,faxedordelivered,iftotheShipownerortotheMortgagee,atitsaddressasspecifiedbelow,oratsuchotheraddressasshallbedesignatedbysuchpartyinawrittennoticetotheotherparty:

IftotheShipowner,addressedtoitincareof:

c/oGencoShipping&TradingLimited

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299ParkAvenue,12thFloorNewYork,NY10171Telephone:(646)443-8555Facsimile:(646)443-8550Email:[email protected]

IftotheMortgagee,addressedtoit:

CréditAgricoleCorporateAndInvestmentBank12PlacedesEtats-Unis92120Montrouge,FranceAttention:AgencyandMiddle-OfficeforShippingTelephone:+33141892079/+33141898696Email:[email protected]/[email protected]

withacopyto:

CréditAgricoleCorporateAndInvestmentBank1301AvenueoftheAmericasNewYork,NewYork10019Attention:JeromeDuval/YannickLeGouriérès/AlexanderFoleyTelephone:+1(212)261-4039/+1(212)261-7363Email:[email protected]/[email protected]/[email protected]/[email protected]

Allsuchnoticesandcommunicationsshall,(i)whenmailed,beeffectivethreeBusinessDaysafterbeingdepositedinthemails,prepaidandproperlyaddressedfordelivery,(ii)whensentbyovernightcourier,beeffectiveoneBusinessDayafterdeliverytotheovernightcourierprepaidandproperlyaddressedfordeliveryonsuchnext Business Day, or (iii) whensent byfacsimile or email, be effective whensent byfacsimile or email, except that notices andcommunications to theMortgageeshallnotbeeffectiveuntilreceivedbytheMortgagee.

Section5.RecordingClause.ForpurposesofrecordingthisFirstPreferredShipMortgageasrequiredby[Chapter3oftheRepublicoftheMarshallIslandsMaritimeActof1990][Chapter3ofTitle21oftheLiberianCodeofLawsRevised],asamended,thetotalamountofthedirectandcontingentobligationssecuredbythisMortgageisOneHundredThirtyThreeMillionUnitedStatesDollars(U.S.$133,000,000),comprisingofOneHundredEightMillionUnitedStatesDollars(U.S.$108,000,000.00)fortheFacility,TwentyFiveMillionUnitedStatesDollars(U.S.$25,000,000)fortheSecuredHedgingLiabilities,andinterest,fees,commissionsandperformanceofmortgagecovenants.Thematuritydateisondemand.Thereisnoseparatedischargeamount.

Section6.FurtherAssurances.TheShipownershallexecuteanddoallsuchassurances,actsandthingsastheMortgagee,oranyreceiverinitsabsolutediscretionmayrequirefor:

(a)perfectingorprotectingthesecuritycreated(orintendedtobecreated)bythisMortgage;or

(b)preservingorprotectinganyoftherightsoftheMortgageeunderthisMortgage(oranyofthem);or

(c)ensuringthatthesecurityconstitutedbythisMortgageandthecovenantsandobligationsoftheShipownerunderthisMortgageshallenuretothebenefitofassigneesoftheMortgagee(oranyofthem);or

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(d) facilitating the appropriation or realization of the Vessel or any part thereof and enforcing the security constituted by thisMortgageonoratanytimeafterthesameshallhavebecomeenforceable;or

(e)theexerciseofanypower,authorityordiscretionvestedintheMortgageeunderthisMortgage,

in any such case, forthwith upon demand by the Mortgagee and at the expense of the Shipowner. Without limitation of the foregoing, in connection with anySecuredHedgingAgreementsenteredintofromtimetotime,theShipownershall,atitsexpenseenterinto,deliverandcausetoberecordedsuchamendmentsandsupplementstothisMortgage,andsuchotherinstrumentsandlegalopinions,astheMortgageemayreasonablyrequest.

Section7.GoverningLaw.TheprovisionsofthisMortgageshallbegovernedbyandconstruedinaccordancewiththeapplicablelawsoftheRepublicof[theMarshallIslands][Liberia],

Section8.Jurisdiction.Themortgageereservestherights,(a)tocommenceproceedingsinrelationtoanymatterwhicharisesoutorinconnectionwiththisMortgageinthecourtsofanycountry

whichhaveorclaimjurisdictiontothatmatter;and(b)tocommencesuchproceedingsinthecourtsofanysuchcountryorcountriesconcurrentlywithorinadditiontoproceedingsinthe

Republicof[theMarshallIslands][Liberia]orwithoutcommencingproceedingsintheRepublicof[theMarshallIslands][Liberia].

Section9.AdditionalRightsoftheMortgagee.IntheeventtheMortgageeshallbeentitledtoexerciseanyofitsremediesunderArticleIIIhereof,theMortgageeshallhavetherighttoarrestandtakeactionagainsttheVesselatwhateverplacetheVesselshallbefoundlyingandforthepurposeofanyactionwhichtheMortgageemaybringbeforethecourtsofsuchjurisdictionorotherjudicialauthorityandforthepurposeofanyactionwhichtheMortgageemaybringagainsttheVessel,anywrit,notice,judgmentorotherlegalprocessordocumentsmay(withoutprejudicetoanyothermethodofserviceunderapplicablelaw)beservedupontheMasteroftheVessel(oruponanyoneactingastheMaster)andsuchserviceshallbedeemedgoodserviceontheShipownerforallpurposes.

Section10.ConflictwithCreditAgreement.IntheeventofanyconflictbetweentheprovisionsofthisMortgageandtheprovisionsoftheCredit

Agreement,theprovisionsoftheCreditAgreementshallgoverntotheextentpermittedby[MarshallIslands][Liberian]law.

[THEREMAINDEROFTHISPAGEISINTENTIONALLYLEFTBLANK]

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INWITNESSWHEREOF,theShipownerhascausedthisFirstPreferredShipMortgageoverthe[VESSELNAME]tobedulyexecutedbyitsauthorizedrepresentativethedayandyearfirstabovewritten.

[NAMEOFSHIPOWNER] By:

Name: Title:

ACKNOWLEDGMENT1STATEOFNEWYORK :SS:COUNTYOFNEWYORK) Onthis[]dayof[DATE],beforemepersonallyappeared[NAME],knowntometobethepersonwhoexecutedtheforegoinginstrument,who,beingbymedulysworndiddeposeandsaythatheresidesat_________________,NewYork,NY;thatheis[TITLE]of[SHIPOWNER],[theMarshallIslandscorporation]describedinandwhichexecutedtheforegoinginstrument;thathesignedhisnamepursuanttoauthoritygrantedtohimby[SHIPOWNER];andthathefurtheracknowledgedthatsaidinstrumentistheactanddeedof[SHIPOWNER],

NotaryPublic

1 TobeamendedtolocalformofnotarizationifnotexecutedinNewYork.

2

Exhibit A

CreditAgreement

Exhibit [B]

[SecuredHedgingAgreement,ScheduleandConfirmation]

Exhibit [B][C]

Guaranty

EXHIBITE

FORMOFPLEDGEANDSECURITYAGREEMENT

THISPLEDGEANDSECURITYAGREEMENT(asamended,modified,restatedand/orsupplementedfromtimetotime,this“Agreement”),datedas of [__], 2018, madebyeachof theundersignedas pledgors (eacha“Pledgor”and, togetherwithanyotherentitythat becomesapledgorhereunderpursuanttoSection25hereof,the“Pledgors”)infavorofCRÉDITAGRICOLECORPORATEANDINVESTMENTBANK(“CACIB”),asSecurityAgent(insuchcapacity,togetherwithanysuccessorSecurityAgent,the“Pledgee”),forthebenefitoftheSecuredCreditors(asdefinedbelow).

WITNESSETH:

WHEREAS,GencoShipping&TradingLimited(the“Borrower”),thevariouslendersfromtimetotimepartythereto(the“Lenders”)andCACIB, as administrative agent (in such capacity, together with any successor administrative agent, the “AdministrativeAgent”) and security agent (in suchcapacity, together with any successor security agent, the “SecurityAgent”), haveentered into a creditagreement, dated as of August 14, 2018(as amended,modified, restatedand/or supplementedfromtimetotime, the“CreditAgreement”), providingfor the makingof the Loansto the Borrower as contemplatedtherein (the Lenders, the Administrative Agent, the Security Agent and the Pledgee, in each of the aforementioned capacities, are herein called the “ LenderCreditors”);

WHEREAS,theBorrowermayatanytimeandfromtimetotimeafterthedatehereofenterinto, orguarantytheobligationsofoneormoreotherPledgorsoranyoftheirrespectiveSubsidiariesunder,oneormoreSecuredHedgingAgreementswithrespecttotheBorrower’sobligationsundertheCreditAgreementwithrespecttotheoutstandingLoansand/orCommitmentsfromtimetotimewithoneormoreLendersoranyaffiliatethereof(eachsuchLenderoraffiliate,eveniftherespectiveLendersubsequentlyceasestobeaLenderundertheCreditAgreementforanyreason,togetherwithsuchLender’soraffiliate’ssuccessors and assigns, if any, collectively, the “ Other Creditors ” and, together with the Lenders holding from time to time outstanding Loans (and/orCommitments),arehereincalledthe“SecuredCreditors”);

WHEREAS,it is aconditionprecedenttothemakingoftheLoanstotheBorrowerundertheCredit AgreementthateachPledgorshall haveexecutedanddeliveredtothePledgeethisAgreement;and

WHEREAS,eachPledgordesirestoenterintothisAgreementinordertosatisfytheconditiondescribedintheprecedingparagraph.

NOW,THEREFORE,in considerationof the foregoingandother benefits accruingto eachPledgor, the receipt andsufficiencyof whichareherebyacknowledged,eachPledgorherebymakesthefollowingrepresentationsandwarrantiestothePledgeeforthebenefitoftheSecuredCreditorsandherebycovenantsandagreeswiththePledgeeforthebenefitoftheSecuredCreditorsasfollows:

1.SECURITYFOROBLIGATIONS.ThisAgreementismadebyeachPledgorforthebenefitoftheSecuredCreditorstosecure:

(i)thefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)of(x)theprincipalof,premium,if any, and interest on the Notes, if any, issued by, and the Loans made to, the Borrower under the Credit Agreement, and (y) all other obligations(includingobligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCode,wouldbecomedue),liabilitiesandindebtednessowingbythePledgorstotheLenderCreditors(inthecapacitiesreferredtointhedefinitionofLenderCreditors)undertheCreditAgreementandeachotherCreditDocumenttowhichthePledgorsareaparty(including,

without limitation, indemnities, fees and interest thereon (including any interest accruing after the commencement of any bankruptcy, insolvency,receivership or similar proceeding at the rate provided for in the Credit Agreement, whether or not such interest is an allowed claim in any suchproceeding)), whether nowexisting or hereafter incurred under, arising out of or in connection with the Credit Agreement and any such other CreditDocument and the due performance and compliance by the Pledgors with all of the terms, conditions and agreements contained in all such CreditDocuments (all such principal, premium, interest, liabilities, indebtedness and obligations being herein collectively called the “ Credit DocumentObligations”);

(ii)thefullandpromptpaymentwhendue(whetheratthestatedmaturity,byaccelerationorotherwise)ofallobligations(including

obligationswhich,butfortheautomaticstayunderSection362(a)oftheBankruptcyCode,wouldbecomedue),liabilitiesandindebtedness(includinganyinterestaccruingafterthecommencementofanybankruptcy,insolvency,receivershiporsimilarproceedingattherateprovidedforintherespectiveSecured Hedging Agreements, whether or not such interest is an allowed claim in any such proceeding) owing by the Pledgors under any SecuredHedging Agreement entered into with any Other Creditors in respect of the Pledgors’ obligations with respect to the outstanding Loans and/orCommitmentsfromtimetotime,whethernowinexistenceorhereafterarising,andthedueperformanceandcompliancebysuchPledgorwithalloftheterms, conditions and agreements contained in each such Secured Hedging Agreement to which it is a party (all such obligations, liabilities andindebtednessbeinghereincollectivelycalledthe“OtherObligations”);

(iii)anyandallsumsadvancedbythePledgeeinordertopreservetheCollateral(ashereinafterdefined)orpreserveitssecurityinterest

intheCollateral;

(iv)intheeventofanyproceedingforthecollectionorenforcementofanyindebtedness,obligationsorliabilitiesofsuchPledgorreferredtoinclauses(i)and(ii)above,afteranEventofDefaultshallhaveoccurredandbecontinuing,thereasonableexpensesofretaking,holding,preparingforsale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together withreasonableattorneys’feesandcourtcosts;and

(v)allamountspaidbyanySecuredCreditorastowhichsuchSecuredCreditorhastherighttoreimbursementunderSection11ofthis

Agreement;allsuchobligations,liabilities,sumsandexpensessetforthinclauses(i)through(v)ofthisSection1beinghereincollectivelycalledthe“Obligations,”itbeingacknowledged and agreed that the “ Obligations ” shall include extensions of credit of the types described above, whether outstanding on the date of thisAgreementorextendedfromtimetotimeafterthedateofthisAgreement.

2.DEFINITIONS.(a)Unlessotherwisedefinedherein,allcapitalizedtermsusedhereinanddefinedintheCreditAgreementshallbeusedhereinasthereindefined.Referencetosingulartermsshallincludethepluralandviceversa.

(b)Thefollowingcapitalizedtermsusedhereinshallhavethedefinitionsspecifiedbelow:

“AdministrativeAgent”shallhavethemeaningsetforthintheRecitalshereto.

“AdverseClaim”shallhavethemeaninggivensuchterminSection8-102(a)(1)oftheUCC.

“Agreement”shallhavethemeaningsetforthinthefirstparagraphhereof.

“Borrower”shallhavethemeaningsetforthintheRecitalshereto.

“CertificatedSecurity”shallhavethemeaninggivensuchterminSection8-102(a)(4)oftheUCC.

“Class”shallhavethemeaningsetforthinSection22.

“ClearingCorporation”shallhavethemeaninggivensuchterminSection8-102(a)(5)oftheUCC.

“Collateral”shallhavethemeaningsetforthinSection3.1hereof.

“CreditAgreement”shallhavethemeaningsetforthintheRecitalshereto.

“CreditDocumentObligations”shallhavethemeaningsetforthinSection1(i)hereof.

“EventofDefault”shallmeananyEventofDefaultunder,andasdefinedin,theCreditAgreementandanypaymentdefaultunderanySecuredHedgingAgreemententeredintowithanyOtherCreditorsinrespect oftheBorrower’sobligationswithrespecttotheoutstandingLoansand/orCommitmentsfromtimetotime,afteranyapplicablegraceperiod.

“Indemnitees”shallhavethemeaningsetforthinSection11hereof.

“LenderCreditors”shallhavethemeaningsetforthintheRecitalshereto.

“Lenders”shallhavethemeaningsetforthintheRecitalshereto.

“Limited Liability Company Assets ” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including,withoutlimitation,alllimitedliabilitycompanycapitalandinterestinotherlimitedliabilitycompanies),atanytimeownedorrepresentedbyanyLimitedLiabilityCompanyInterest.

“LimitedLiabilityCompanyInterests”shallmeantheentirelimitedliabilitycompanymembershipinterestatanytimeownedbyanyPledgorinanylimitedliabilitycompany.

“Obligations”shallhavethemeaningsetforthinSection1hereof.

“OtherCreditors”shallhavethemeaningsetforthintheRecitalshereto.

“OtherObligations”shallhavethemeaningsetforthinSection1(ii)hereof.

“PartnershipAssets”shallmeanallassets,whethertangibleorintangibleandwhetherreal,personalormixed(including,withoutlimitation,allpartnershipcapitalandinterestinotherpartnerships),atanytimeownedorrepresentedbyanyPartnershipInterest.

“PartnershipInterest”shallmeantheentiregeneralpartnershipinterestorlimitedpartnershipinterestatanytimeownedbyanyPledgorinanygeneralpartnershiporlimitedpartnership.

“Person”shallmeananyindividual,partnership,jointventure,firm,corporation,association,limitedliabilitycompany,trustorotherenterpriseoranygovernmentorpoliticalsubdivisionoranyagency,departmentorinstrumentalitythereof.

“Pledgee”shallhavethemeaningsetforthinthefirstparagraphhereof.

“Pledgor”shallhavethemeaningsetforthinthefirstparagraphhereof.

“Proceeds”shallhavethemeaninggivensuchterminSection9-102(64)oftheUCC.

“RequiredSecuredCreditors”shallmean(i)atanytimewhenanyCreditDocumentObligationsareoutstandingoranyCommitmentsundertheCreditAgreementexist,theRequiredLenders(or,totheextentprovidedinSection13.12oftheCreditAgreement,eachoftheLenders),and(ii)atanytimeafter all of theCredit DocumentObligationshavebeenpaidinfull incashandall Commitments undertheCredit Agreement havebeenterminatedandif anyOtherObligationsareoutstanding,theholdersofamajorityoftheOtherObligations.

“SecuredCreditors”shallhavethemeaningsetforthintheRecitalshereto.

“SecuredDebtAgreements”shallmeanandincludethisAgreement,theotherCreditDocumentsandtheSecuredHedgingAgreemententeredintowithanyOtherCreditorsinrespectoftheBorrower’sobligationswithrespecttotheoutstandingLoansand/orCommitmentsfromtimetotime.

“SecuredObligations”shallmeanallObligationsandall“SecuredObligations”,asdefinedintheCreditAgreement.

“SecuritiesAct”shallmeantheSecuritiesActof1933,asamended,asineffectfromtimetotime.

“Security”and“Securities”shallhavethemeaninggivensuchterminSection8-102(a)(15)oftheUCCandshallinanyeventalsoincludeallStock.

“SecurityEntitlement”shallhavethemeaninggivensuchterminSection8-102(a)(17)oftheUCC.

“Stock”shallmeanalloftheissuedandoutstandingsharesofcapitalstockofanycorporationatanytimeownedbyanyPledgor.

“Subsidiary” shall mean, as to any Person, (i) any corporation more than 50%of whose stock of any class or classes having by the termsthereofordinaryvotingpowertoelectamajorityofthedirectorsofsuchcorporation(irrespectiveofwhetherornotatthetimestockofanyclassorclassesofsuchcorporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or moreSubsidiariesofsuchPersonand(ii)anypartnership,limitedliabilitycompany,association,jointventureorotherentityinwhichsuchPersonand/oroneormoreSubsidiariesofsuchPersonhasmorethana50%equityinterestatthetime.

“TerminationDate”shallhavethemeaningsetforthinSection20hereof.

“UCC”shallmeantheUniformCommercialCodeasineffectintheStateofNewYorkfromtimetotime;providedthat,allreferenceshereintospecificsectionsorsubsectionsoftheUCCarereferencestosuchsectionsorsubsections,asthecasemaybe,oftheUniformCommercialCodeasineffectintheStateofNewYorkonthedatehereof.

“UncertificatedSecurity”shallhavethemeaninggivensuchterminSection8-102(a)(18)oftheUCC.

3.PLEDGEOFSTOCK,ETC.

3.1Pledge.TosecuretheSecuredObligationsnoworhereafterowedortobeperformedbysuchPledgor,eachPledgordoesherebygrantandpledgetothePledgeeforthebenefitoftheSecuredCreditors,anddoesherebycreateacontinuingfirstprioritysecurityinterestinfavorofthePledgeeforthebenefitoftheSecuredCreditorsin,allofitsright,titleandinterestinandtothefollowing,whethernowexistingorhereafterfromtimetotimeacquired(collectively,the“Collateral”):

(a)allStockofeachSubsidiaryGuarantorownedbysuchPledgorfromtimetotimeandalloptionsandwarrantsownedbysuchPledgorfromtimetotimetopurchaseStockofanysuchSubsidiaryGuarantor;

(b)allLimitedLiabilityCompanyInterestsinanySubsidiaryGuarantorownedbysuchPledgorfromtimetotimeandallofitsright,titleandinterestineachlimitedliabilitycompanytowhicheachsuchinterestrelates,whethernowexistingorhereafteracquired,including,withoutlimitation,tothefullestextentpermittedunderthetermsandprovisionsofthedocumentsandagreementsgoverningsuchLimitedLiabilityCompanyInterestsandapplicablelaw:

(i)allthecapitalthereofanditsinterestinallprofits,losses,LimitedLiabilityCompanyAssetsandotherdistributionstowhichsuchPledgorshallatanytimebeentitledinrespectofsuchLimitedLiabilityCompanyInterests;

(ii) all otherpaymentsdueortobecomeduetosuchPledgorinrespectofLimitedLiabilityCompanyInterests, whetherunderany

limitedliabilitycompanyagreementorotherwise,whetherascontractualobligations,damages,insuranceproceedsorotherwise;

(iii)allofsuchPledgor’sclaims,rights,powers,privileges,authority,options,securityinterests,liensandremedies,ifany,underanylimitedliabilitycompanyagreementoroperatingagreement,oratlaworotherwiseinrespectofsuchLimitedLiabilityCompanyInterests;

(iv)allpresentandfutureclaims,ifany,ofsuchPledgoragainstanysuchlimitedliabilitycompanyformoneysloanedoradvanced,for

servicesrenderedorotherwise;

(v)allofsuchPledgor’srightsunderanylimitedliabilitycompanyagreementoroperatingagreementoratlawtoexerciseandenforceeveryright,power,remedy,authority,optionandprivilegeofsuchPledgorrelatingtosuchLimitedLiabilityCompanyInterests,includinganypowertoterminate, cancel ormodifyanylimitedliability companyagreementoroperatingagreement, toexecuteanyinstruments andtotakeanyandall otheractiononbehalfofandinthenameofsuchPledgorinrespectofsuchLimitedLiabilityCompanyInterestsandanysuchlimitedliabilitycompany,tomake determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive anynotice, consent,amendment,waiverorapproval,togetherwithfullpowerandauthoritytodemand,receive,enforce,collectorreceiptforanyoftheforegoingorforanyLimitedLiabilityCompanyAsset,toenforceorexecuteanychecks,orotherinstrumentsororders,tofileanyclaimsandtotakeanyactioninconnectionwithanyoftheforegoing;and

(vi) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments

representingorevidencingsuchotherpropertyandall cash, securities, interest, dividends, rightsandotherpropertyat anytimeandfromtimetotimereceived,receivableorotherwisedistributedinrespectoforinexchangeforanyorallthereof;

(c)allPartnershipInterestsinanySubsidiaryGuarantorownedbysuchPledgorfromtimetotimeandallofitsright,titleandinterestin

eachpartnershiptowhicheachsuchinterestrelates,whethernowexistingorhereafteracquired,including,withoutlimitation,tothefullestextentpermittedunderthetermsandprovisionsofthedocumentsandagreementsgoverningsuchPartnershipInterestsandapplicablelaw:

(i)allthecapitalthereofanditsinterestinallprofits,losses,PartnershipAssetsandotherdistributionstowhichsuchPledgorshallatanytimebeentitledinrespectofsuchPartnershipInterests;

(ii) all other payments due or to becomedue to such Pledgor in respect of such Partnership Interests, whether under anypartnershipagreementorotherwise,whetherascontractualobligations,damages,insuranceproceedsorotherwise;

(iii) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any

partnershipagreementoroperatingagreement,oratlaworotherwiseinrespectofsuchPartnershipInterests;

(iv) all present andfuture claims, if any, of suchPledgoragainst anysuchpartnership for moneysloanedor advanced, forservicesrenderedorotherwise;

(v)allofsuchPledgor’srightsunderanypartnershipagreementoroperatingagreementoratlawtoexerciseandenforceevery

right, power, remedy,authority, optionandprivilegeofsuchPledgorrelatingtosuchPartnershipInterests, includinganypowertoterminate,cancelormodifyanypartnershipagreementoroperatingagreement,toexecuteanyinstrumentsandtotakeanyandallotheractiononbehalfofandinthenameofanyofsuchPledgorinrespectofsuchPartnershipInterestsandanysuchpartnership,tomakedeterminations,toexerciseanyelection(including,butnotlimitedto,electionofremedies)oroptionortogiveorreceiveanynotice,consent,amendment,waiverorapproval,togetherwithfullpowerandauthoritytodemand,receive,enforce,collectorreceiptforanyoftheforegoingorforanyPartnershipAsset,toenforceorexecuteanychecks,orotherinstrumentsororders,tofileanyclaimsandtotakeanyactioninconnectionwithanyoftheforegoing;and

(vi)allotherpropertyhereafterdeliveredinsubstitutionfororinadditiontoanyoftheforegoing,allcertificatesandinstruments

representingorevidencingsuchotherpropertyandallcash,securities,interest,dividends,rightsandotherpropertyatanytimeandfromtimetotimereceived,receivableorotherwisedistributedinrespectoforinexchangeforanyorallthereof;and

(d)allProceedsofanyandalloftheforegoing.

3.2.Procedures.(a)TotheextentthatanyPledgoratanytimeorfromtimetotimeowns,acquiresorobtainsanyright,titleorinterestin

anyCollateral,suchCollateralshallautomatically(andwithoutthetakingofanyactionbysuchPledgor)bepledgedpursuanttoSection3.1ofthisAgreementand,inadditionthereto,suchPledgorshall(totheextentprovidedbelow)take,or,inthecaseofSection3.2(a)(v),authorizethePledgeetotake,thefollowingactionsasset forth below(as promptly as practicable and, in anyevent, within30daysafter it obtains suchCollateral) for thebenefit of the PledgeeandtheSecuredCreditors:

(i) withrespecttoaCertificatedSecurity(otherthanaCertificatedSecuritycreditedonthebooksofaClearingCorporation), suchPledgorshalldeliversuchCertificatedSecuritytothePledgeewithtransferpowersexecutedinblank;

(ii)withrespecttoanUncertificatedSecurity(otherthananUncertificatedSecuritycreditedonthebooksofaClearingCorporation),

suchPledgorshallcausetheissuerofsuchUncertificatedSecurity(or,inthecaseofanissuerthatisnotaSubsidiaryofsuchPledgor,willusereasonableeffortstocausesuchissuer)todulyauthorizeandexecute,anddelivertothePledgee,anagreementforthebenefitofthePledgeeandtheotherSecuredCreditorssubstantiallyintheformofAnnexFhereto(appropriatelycompletedtothereasonablesatisfactionofthePledgeeandwithsuchmodifications,ifany,asshallbereasonablysatisfactorytothePledgee)pursuanttowhichsuchissueragreestocomplywithanyandallinstructionsoriginatedbythePledgeewithoutfurtherconsentbytheregisteredownerandnottocomplywithinstructions

regardingsuchUncertificatedSecurityoriginatedbyanyotherPersonotherthanacourtofcompetentjurisdiction;

(iii)withrespecttoaCertificatedSecurity,UncertificatedSecurity,PartnershipInterestorLimitedLiabilityCompanyInterestcreditedonthebooksofaClearingCorporation(includingaFederalReserveBank,ParticipantsTrustCompanyorTheDepositoryTrustCompany),suchPledgorshallpromptlynotifythePledgeethereofandshallpromptlytakeall actionsrequired(i)tocomplyinallmaterialrespectswiththeapplicablerulesofsuchClearingCorporationand(ii)toperfectthesecurityinterestofthePledgeeunderapplicablelaw(including,inanyevent,underSections9-314(a),(b)and(c),9-106and8-106(d)oftheUCC).SuchPledgorfurtheragreestotakesuchactionsasthePledgeedeemsreasonablynecessarytoeffecttheforegoing;

(iv)withrespecttoaPartnershipInterestoraLimitedLiabilityCompanyInterest(otherthanaPartnershipInterestorLimitedLiability

Interest credited on the books of a Clearing Corporation), (1) if such Partnership Interest or Limited Liability Company Interest is represented by acertificateandisaSecurityforpurposesoftheUCC,theproceduresetforthinSection3.2(a)(i)hereof,and(2)ifsuchPartnershipInterestorLimitedLiabilityCompanyInterestisnotrepresentedbyacertificateorisnotaSecurityforpurposesoftheUCC,theproceduresetforthinSection3.2(a)(ii)hereof;and

(v)withrespecttocashproceedsfromanyoftheCollateraldescribedinSection3.1hereofwhicharenotreleasedtosuchPledgorin

accordancewithSection6hereof, (i) establishment bythe Pledgee of a cash account in the nameof suchPledgor over whichthe Pledgee shall haveexclusiveandabsolutecontrolanddominion(andnowithdrawalsortransfersmaybemadetherefrombyanyPersonexceptwiththepriorwrittenconsentofthePledgee)and(ii)depositofsuchcashinsuchcashaccount.

(b) InadditiontotheactionsrequiredtobetakenpursuanttoSection3.2(a)hereof,eachPledgorshalltakethefollowingadditional

actionswithrespecttotheCollateral:

(i)withrespecttoallCollateralofsuchPledgorwherebyorwithrespecttowhichthePledgeemayobtain“control”thereofwithinthemeaningofSection8-106oftheUCC(orunderanyprovisionoftheUCCassamemaybeamendedorsupplementedfromtimetotime,orunderthelawsof anyrelevant State other thantheState of NewYork), suchPledgor shall takeall actions as maybereasonablyrequested fromtimetotimebythePledgeesothat“control”ofsuchCollateralisobtainedandatalltimesheldbythePledgee;and

(ii)eachPledgorshallfromtimetotimecauseappropriatefinancingstatements(onFormUCC-1orotherappropriateform)underthe

UniformCommercialCodeasineffectinthevariousrelevantstates,coveringallCollateralhereunder(withtheformofsuchfinancingstatementstobesatisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgee has a security interest in all Collateral which isperfected by the filing of such financing statements (in each case to the maximumextent perfection by filing may be obtained under the laws of therelevantstates,including,withoutlimitation,Section9-312(a)oftheUCC).

3.3.SubsequentlyAcquiredCollateral.IfanyPledgorshallacquire(bypurchase,stockdividendorsimilardistributionorotherwise)any

additionalCollateralatanytimeorfromtimetotimeafterthedatehereof,suchCollateralshallautomatically(andwithoutanyfurtheractionbeingrequiredtobetaken)besubjecttothepledgeandsecurityinterestscreatedpursuanttoSection3.1hereofand,furthermore,suchPledgorwillpromptlythereaftertake(orcausetobetaken)allactionwithrespecttosuchCollateralinaccordancewiththeproceduressetforthinSection3.2hereof,andwillpromptlythereafterdelivertothePledgee(i)acertificateexecutedbyaprincipalexecutiveofficerofsuchPledgor

describingsuchCollateralandcertifyingthatthesamehasbeendulypledgedinfavorofthePledgee(forthebenefitoftheSecuredCreditors)hereunderand(ii)supplementstoAnnexesAthroughEheretoasarereasonablynecessarytocausesuchannexestobecompleteandaccurateatsuchtime.

3.4.TransferTaxes.EachpledgeofCollateralunderSection3.1orSection3.3hereofshallbeaccompaniedbyanytransfertaxstampsrequired,ifany,inconnectionwiththepledgeofsuchCollateral.

3.5.CertainRepresentationsandWarrantiesRegardingtheCollateral.EachPledgorrepresentsandwarrantsthatonthedatehereof:(i)thejurisdictionoforganizationofsuchPledgor,andsuchPledgor’sorganizationalidentificationnumber,islistedonAnnexAhereto;(ii)eachSubsidiaryofsuchPledgorthatisaSubsidiaryGuarantorislistedinAnnexBhereto;(iii)theStock(andanywarrantsoroptionstopurchaseStock)ofanySubsidiaryGuarantorheldbysuchPledgorconsistsofthenumberandtypeofsharesofthestock(orwarrantsoroptionstopurchaseanystock)ofthecorporationsasdescribedinAnnexChereto;(iv)suchStockconstitutesthatpercentageoftheissuedandoutstandingcapitalstockoftherespectiveSubsidiaryGuarantorsasissetforthinAnnexChereto;(v)theLimitedLiabilityCompanyInterestsinanyandallSubsidiaryGuarantorsheldbysuchPledgorconsistofthenumberandtypeofinterestsoftherespective SubsidiaryGuarantors describedinAnnexDhereto; (vi) eachsuchLimitedLiability CompanyInterest constitutes that percentageof theissuedandoutstandingequityinterestoftherespectiveSubsidiaryGuarantorsassetforthinAnnexDhereto;(vii)thePartnershipInterestsheldbysuchPledgorinanyandallSubsidiaryGuarantorsconsistofthenumberandtypeofinterestsoftherespectiveSubsidiaryGuarantorsdescribedinAnnexEhereto;(viii)eachsuchPartnershipInterestconstitutesthatpercentageorportionoftheentirepartnershipinterestofthePartnershipassetforthinAnnexEhereto;(ix)suchPledgorhascompliedwiththerespectiveproceduresetforthinSection3.2(a)hereofwithrespecttoeachitemofCollateraldescribedinAnnexesBthroughEhereto;and(xi)onthedatehereof,suchPledgorownsnootherStock,LimitedLiabilityCompanyInterestsorPartnershipInterestsof,ineachcase,anySubsidiaryGuarantor.

4.APPOINTMENTOFSUB-AGENTS;ENDORSEMENTS,ETC.IfandtotheextentnecessarytoenablethePledgeetoperfectitssecurityinterestinanyoftheCollateralortoexerciseanyofitsremedieshereunder,thePledgeeshallhavetherighttoappointoneormoresub-agentsforthepurposeofretainingphysicalpossessionoftheCollateral,whichmaybeheld(inthediscretionofthePledgee)inthenameoftherelevantPledgor,endorsedorassignedinblankorinfavorofthePledgeeoranynomineeornomineesofthePledgeeorasub-agentappointedbythePledgee.

5.VOTING,ETC.,WHILENOEVENTOFDEFAULT.UnlessanduntilthereshallhaveoccurredandbecontinuinganEventofDefault, eachPledgorshall beentitledtoexerciseanyandall votingandotherconsensualrightspertainingtotheCollateral ownedbyit, andtogiveconsents,waivers or ratifications in respect thereof;providedthat, in each case, novote shall be cast or anyconsent, waiver or ratification givenor anyaction takenoromittedtobetakenwhichwouldviolateorbeinconsistentwithanyofthetermsofanySecuredDebtAgreement,orwhichcouldreasonablybeexpectedtohavetheeffectofimpairingthevalueoftheCollateraloranypartthereoforthepositionorinterestsofthePledgeeoranyotherSecuredCreditorintheCollateralunlessexpresslypermittedbythetermsoftheSecuredDebtAgreements. AllsuchrightsofeachPledgortovoteandtogiveconsents, waiversandratificationsshallceaseincaseanEventofDefaulthasoccurredandiscontinuing,andSection7hereofshallbecomeapplicable.

6.DIVIDENDSANDOTHERDISTRIBUTIONS.UnlessanduntilthereshallhaveoccurredandbecontinuinganEventofDefault,andsubjectalwaystoSection8.03oftheCreditAgreement,allcashdividends,cashdistributions,cashProceedsandothercashamountspayableinrespectoftheCollateralshallbepaidtothePledgors.ThePledgeeshallbeentitledtoreceivedirectly,andtoretainaspartoftheCollateral:

(i)allotheroradditionalstock,notes,limitedliabilitycompanyinterests,partnershipinterests,instrumentsorothersecuritiesorproperty(including,butnotlimitedto,cashdividendsotherthanassetforthaboveinthefirstsentenceofthisSection6)paidordistributedbywayofdividendorotherwiseinrespectoftheCollateral;

(ii) all other or additional stock, notes, limited liability company interests, partnership interests, instruments or other securities or

property (including, but not limited to, cash) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification,combinationofsharesorsimilarrearrangement;and

(iii) all other or additional stock, notes, limited liability company interests, partnership interests, instruments or other securities or

property(including,butnotlimitedto,cash)whichmaybepaidinrespectoftheCollateralbyreasonofanyconsolidation,merger,exchangeofstock,conveyanceofassets,liquidationorsimilarcorporateorotherreorganization.

Alldividends,distributionsorotherpaymentswhicharereceivedbyanyPledgorcontrarytotheprovisionsofthisSection6andSection7hereofshallbereceivedintrustforthebenefit ofthePledgee,shallbesegregatedfromotherpropertyorfundsofsuchPledgorandshallbeforthwithpaidoverand/ordeliveredtothePledgeeasCollateralinthesameformassoreceived(withanynecessaryendorsement).

7.REMEDIESINCASEOFANEVENTOFDEFAULT.IfthereshallhaveoccurredandbecontinuinganEventofDefault,thenandineverysuchcase,thePledgeeshallbeentitledtoexercisealloftherights,powersandremedies(whethervestedinitbythisAgreement,anyotherSecuredDebtAgreementorbylaw)fortheprotectionandenforcementofitsrightsinrespectoftheCollateral,andthePledgeeshallbeentitledtoexercisealltherightsandremediesofasecuredpartyundertheUniformCommercialCodeasineffectinanyrelevantjurisdictionandalsoshallbeentitled,withoutlimitation,toexercisethefollowingrights,whicheachPledgorherebyagreestobecommerciallyreasonable:

(i)toreceiveallamountspayableinrespectoftheCollateralotherwisepayableunderSection6hereoftothePledgors;

(ii)totransferalloranypartoftheCollateralintothePledgee’snameorthenameofitsnomineeornominees;

(iii)tovotealloranypartoftheCollateral(whetherornottransferredintothenameofthePledgee)andgiveallconsents,waiversandratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor herebyirrevocablyconstitutingandappointingthePledgeetheproxyandattorney‑in‑factofsuchPledgor,withfullpowerofsubstitutiontodoso);

(iv)atanytimeandfromtimetotimetosell,assignanddeliver,orgrantoptionstopurchase,alloranypartoftheCollateral,orany

interesttherein,atanypublicorprivatesale,withoutdemandofperformance,advertisementornoticeofintentiontosellorofthetimeorplaceofsaleoradjournmentthereofortoredeemorotherwise(allofwhichareherebywaivedbyeachPledgor),forcash,oncreditorforotherproperty,forimmediateor future delivery without any assumption of credit risk, andfor such price or prices andonsuch termsas the Pledgee in its absolute discretion maydetermine,providedthatatleast10days’writtennoticeofthetimeandplaceofanysuchsaleshallbegiventothePledgors.ThePledgeeshallnotbeobligatedtomakeanysuchsaleofCollateralregardlessofwhetheranysuchnoticeofsalehastheretoforebeengiven.EachPledgorherebywaivesandreleasestothefullestextentpermittedbylawanyrightorequityofredemptionwithrespecttotheCollateral,whetherbeforeoraftersalehereunder,andallrights,ifany,ofmarshallingtheCollateralandanyothersecurityfortheSecuredObligations

orotherwise.Atanysuchsale,unlessprohibitedbyapplicablelaw,thePledgeeonbehalfoftheSecuredCreditorsmaybidforandpurchasealloranypart oftheCollateral sosoldfreefromanysuchrightorequityofredemption. NeitherthePledgeenoranyotherSecuredCreditorshall beliableforfailuretocollectorrealizeuponanyoralloftheCollateralorforanydelayinsodoingnorshallanyofthembeunderanyobligationtotakeanyactionwhatsoeverwithregardthereto;and

(v)toset-offanyandallCollateralagainstanyandallSecuredObligations.

8.REMEDIES,ETC.,CUMULATIVE.Eachandeveryright,powerandremedyofthePledgeeprovidedforinthisAgreementorin

anyotherSecuredDebtAgreement,ornoworhereafterexistingatlaworinequityorbystatuteshallbecumulativeandconcurrentandshallbeinadditiontoeveryothersuchright,powerorremedy.TheexerciseorbeginningoftheexercisebythePledgeeoranyotherSecuredCreditorofanyoneormoreoftherights,powersorremediesprovidedforinthisAgreementoranyotherSecuredDebtAgreementornoworhereafterexistingatlaworinequityorbystatuteorotherwiseshallnotprecludethesimultaneousorlaterexercisebythePledgeeoranyotherSecuredCreditorofallsuchotherrights,powersorremedies,andnofailureordelayonthe part of the Pledgeeor anyother SecuredCreditor to exercise anysuchright, poweror remedyshall operate as a waiver thereof. Nonotice to ordemandonanyPledgorinanycaseshallentitleittoanyotherorfurthernoticeordemandinsimilarorothercircumstancesorconstituteawaiverofanyoftherightsofthePledgeeoranyotherSecuredCreditortoanyotherorfurtheractioninanycircumstanceswithoutnoticeordemand.TheSecuredCreditorsagreethatthisAgreementmaybeenforcedonlybytheactionofthePledgee,ineachcaseactingupontheinstructionsoftheRequiredSecuredCreditorsandthatnootherSecuredCreditorshall haveanyrightindividuallytoseektoenforceortoenforcethisAgreementortorealizeuponthesecuritytobegrantedhereby,it beingunderstoodandagreedthatsuchrightsandremediesmaybeexercisedbythePledgeeforthebenefitoftheSecuredCreditorsuponthetermsofthisAgreement.

9. APPLICATIONOFPROCEEDS.(a)AllmoniescollectedbythePledgeeuponanysaleorotherdispositionoftheCollateralofeach Pledgor and any other collateral under any other Security Document (including, without limitation, the Collateral Vessel Mortgages, Assignments ofEarnings, Assignments of Insurance, Assignments of Charter, Account Security Agreements and Assignments of Hedging Agreements, together with all othermoniesreceivedbythePledgeehereunderandunderanyotherSecurityDocument(excepttotheextentreleasedinaccordancewiththeapplicableprovisionsofthisAgreementoranyotherCreditDocument)),shallbeappliedtothepaymentoftheSecuredObligationsinthemannersetforthinSection4.05oftheCreditAgreement.

10.PURCHASERSOFCOLLATERAL.UponanysaleoftheCollateralbythePledgeehereunder(whetherbyvirtueofthepowerofsale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making the sale shall be a sufficient discharge to thepurchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchasemoneypaidovertothePledgeeorsuchofficerorbeanswerableinanywayforthemisapplicationornonapplicationthereof.

11. INDEMNITY. EachPledgorjointlyandseverallyagrees(i)toindemnifyandholdharmlessthePledgeeandeachotherSecuredCreditorandtheirrespectivesuccessors,assigns,officers,directors,trustees,employees,representatives,agentsandaffiliates(individuallyan“Indemnitee,”andcollectivelythe“Indemnitees”)fromandagainstanyandallliabilities,obligations(includingremovalorremedialactions),losses,damages,penalties,claims,actions, judgments, suits and out-of-pocket costs, expenses and disbursements of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for allreasonable costs and expenses, including reasonable and documented out-of-pocket attorneys’ and consultants’ fees, charges and disbursements, in each casegrowingoutoforresultingfromthis

AgreementortheexercisebyanyIndemniteeofanyrightorremedygrantedtoithereunderorunderanyotherSecuredDebtAgreement(excludinganylosses,liabilities, claims, damages, penalties, actions, judgments, suits, costs, disbursements or expensestotheextent incurred, as determinedbyacourt of competentjurisdictionbyfinalandnon-appealablejudgment,byreasonofthegrossnegligenceof,thebreachinbadfaithoftheCreditDocumentsby,orwilfulmisconductof,anysuchIndemnitee).InnoeventshallthePledgeebeliable,intheabsenceofgrossnegligenceorwillfulmisconductonitspart,foranymatterorthinginconnection with this Agreement other than to account for monies actually received by it in accordance with the terms hereof. If and to the extent that theobligationsofanyPledgorunderthisSection11areunenforceableforanyreason,suchPledgorherebyagreestomakethemax-imumcontributiontothepaymentandsatisfactionofsuchobligationswhichispermissibleunderapplicablelaw.Notwithstandingtheforegoing,nopartyheretoshallberesponsibletoanyPersonforanyconsequential,indirect,specialorpunitivedamageswhichmaybeallegedbysuchPersonarisingoutofthisAgreementortheotherCreditDocumentsoranyagreementorinstrumentcontemplatedhereby,theretransactionscontemplatedherebyorthereby,theLoansortheuseoftheproceedsthereof.

12.PLEDGEENOTAPARTNERORLIMITEDLIABILITYCOMPANYMEMBER.(a)NothinghereinshallbeconstruedtomakethePledgeeoranyotherSecuredCreditorliableasamemberofanylimitedliabilitycompanyorasapartnerofanypartnershipandneitherthePledgeenoranyother Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations orliabilitiesofamemberofanylimitedliabilitycompanyorpartnership.Thepartiesheretoexpresslyagreethat,unlessthePledgeeshallbecometheabsoluteownerof Collateral consisting of a Limited Liability Company Interest or Partnership Interest pursuant hereto, this Agreement shall not be construed as creating apartnershiporjointventureamongthePledgee,anyotherSecuredCreditor,anyPledgorand/oranyotherPerson.

(b)Exceptasprovidedinthelastsentenceofparagraph(a)ofthisSection12,thePledgee,byacceptingthisAgreement,didnotintendtobecomeamemberofanylimitedliabilitycompanyorapartnerofanypartnershiporotherwisebedeemedtobeaco-venturerwithrespecttoanyPledgor,anylimitedliabilitycompany,partnershipand/oranyotherPersoneitherbeforeorafteranEventofDefaultshallhaveoccurred.ThePledgeeshallhaveonlythosepowerssetforthhereinandtheSecuredCreditorsshallassumenoneoftheduties,obligationsorliabilitiesofamemberofanylimitedliabilitycompanyorasapartnerofanypartnershiporanyPledgorexceptasprovidedinthelastsentenceofparagraph(a)ofthisSection12.

(c)ThePledgeeandtheotherSecuredCreditorsshallnotbeobligatedtoperformordischargeanyobligationofanyPledgorasaresultofthepledgeherebyeffected.

(d)TheacceptancebythePledgeeofthisAgreement,withalltherights,powers,privilegesandauthoritysocreated,shallnotatanytimeorinanyeventobligatethePledgeeoranyotherSecuredCreditortoappearinordefendanyactionorproceedingrelatingtotheCollateraltowhichitisnotaparty,ortotakeanyactionhereunderorthereunder,ortoexpendanymoneyorincuranyexpensesorperformordischargeanyobligation,dutyorliabilityundertheCollateral.

13.FURTHERASSURANCES;POWER-OF-ATTORNEY.(a)EachPledgoragreesthatitwilljoinwiththePledgeeinexecutingand,atsuchPledgor’sownexpense,fileandrefileundertheUniformCommercialCodeorotherapplicablelawsuchfinancingstatements,continuationstatementsandother documents in such offices as the Pledgee may deem reasonably necessary and wherever required by law in order to perfect and preserve the Pledgee’ssecurityinterestintheCollateralandherebyauthorizesthePledgeetofilefinancingstatementsandamendmentstheretorelativetoalloranypartoftheCollateralwithout the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee suchadditionalconveyances,assignments,agreementsandinstrumentsasthePledgeemayreasonablyrequireordeemnecessaryto

carryintoeffectthepurposesofthisAgreementortofurtherassureandconfirmuntothePledgeeitsrights,powersandremedieshereunder.

(b)EachPledgorherebyappointsthePledgeesuchPledgor’sattorney-in-fact,withfullauthorityintheplaceandsteadofsuchPledgorand in the name of such Pledgor or otherwise, to act from time to time solely after the occurrence and during the continuance of an Event of Default in thePledgee’sreasonablediscretiontotakeanyactionandtoexecuteanyinstrumentwhichthePledgeemaydeemreasonablynecessaryoradvisabletoaccomplishthepurposesofthisAgreement.

14.THEPLEDGEEASAGENT.ThePledgeewillholdinaccordancewiththisAgreementandtheotherSecurityDocumentsallitemsoftheCollateralatanytimereceivedunderthisAgreementortheotherSecurityDocuments.ItisexpresslyunderstoodandagreedbyeachSecuredCreditorthatbyacceptingthebenefits of this Agreement andtheother SecurityDocumentseachsuchSecuredCreditor acknowledgesandagreesthat theobligationsof thePledgeeas holder of theCollateral andinterests therein andwithrespect to thedispositionthereof, andotherwiseunder this Agreement andtheother SecurityDocuments,areonlythoseexpresslysetforthinthisAgreement,theotherSecurityDocumentsandinSections4.05and10oftheCreditAgreement.ThePledgeeshallacthereunderonthetermsandconditionssetforthhereinandinSections4.05and10oftheCreditAgreement.

15.TRANSFERBYTHEPLEDGORS.NoPledgorwillsellorotherwisedisposeof,grantanyoptionwithrespectto,ormortgage,pledge or otherwise encumber any of the Collateral or any interest therein (except as may be permitted in accordance with the terms of the Secured DebtAgreements).

16.REPRESENTATIONS,WARRANTIESANDCOVENANTSOFTHEPLEDGORS.(a)EachPledgorrepresentsandwarrantsthat:

(i)itisthelegal,beneficialandrecordownerof,andhasgoodandmarketabletitleto,allCollateralpledgedbysuchPledgorhereunderandthatithassufficientinterestinallCollateralpledgedbysuchPledgorhereunderinwhichasecurityinterestispurportedtobecreatedhereunderforsuchsecurityinteresttoattach(subject,ineachcase,tonopledge,lien,mortgage,hypothecation,securityinterest,charge,option,AdverseClaimorotherencumbrancewhatsoever,excepttheliensandsecurityinterestscreatedbythisAgreementandPermittedLiens);

(ii)ithasthecompany,corporate,limitedpartnershiporlimitedliabilitycompanypowerandauthority,asthecasemaybe,topledgeall

theCollateralpledgedbyitpursuanttothisAgreement;

(iii) this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid and bindingobligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability hereof may belimited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitableprinciples(regardlessofwhetherenforcementissoughtinequityoratlaw);

(iv)excepttotheextentalreadyobtainedormade,or,inthecaseofanyfilingsorrecordingsoftheSecurityDocuments(otherthanthe

CollateralVesselMortgages)executedonorbeforetheBorrowingDate,noconsentofanyotherparty(including,withoutlimitation,anystockholder,partner,memberorcreditorofsuchPledgororanyofitsSubsidiaries)andnoconsent,license,permit,approvalorauthorizationof,exemptionby,noticeorreportto,orregistration,filingordeclarationwith,anygovernmentalauthorityisrequiredtobeobtainedbysuchPledgorinconnectionwith(a)theexecution,deliveryorperformancebysuchPledgorof

thisAgreement,(b)thelegality,validity,bindingeffectorenforceabilityofthisAgreement,(c)theperfectionorenforceabilityofthePledgee’ssecurityinterestintheCollateralpledgedbysuchPledgorhereunderor(d)exceptforcompliancewithorasmayberequiredbyapplicablesecuritieslaws,theexercisebythePledgeeofanyofitsrightsorremediesprovidedherein;

(v)theexecution,deliveryandperformanceofthisAgreementwillnotviolateanyprovisionofanyapplicablelaworregulationorofany

order,judgment,writ,awardordecreeofanycourt,arbitratororgovernmentalauthority,U.S.ornon-U.S.,applicabletosuchPledgor,orofthecertificateor articles of incorporation (or such other equivalent), certificate of formation, operating agreement, limited liability company agreement, partnershipagreementorby-laws(orsuchotherequivalent)ofsuchPledgor,asapplicable,orofanysecuritiesissuedbysuchPledgororanyofitsSubsidiaries,orofany mortgage, deed of trust, indenture, lease, loan agreement, credit agreement or other material contract, agreement or instrument or undertaking towhichsuchPledgororanyofitsSubsidiariesisapartyorwhichpurportstobebindinguponsuchPledgororanyofitsSubsidiariesoruponanyoftheirrespectiveassetsandwillnotresultinthecreationorimpositionof(ortheobligationtocreateorimpose)anylienorencumbranceonanyoftheassetsofsuchPledgororanyofitsSubsidiarieswhichareCreditParties,exceptascontemplatedbythisAgreementortheCreditAgreement;

(vi)alloftheCollateralhasbeendulyandvalidlyissuedandacquired,isfullypaidandnon-assessableandissubjecttonooptionsto

purchaseorsimilarrights;

(vii) the pledge and collateral assignment to, and possession by, the Pledgee of the Collateral pledged by such Pledgor hereunderconsistingofCertificatedSecuritiespursuanttothisAgreementcreatesavalidandperfectedfirstprioritysecurityinterestinsuchCertificatedSecurities,and the proceeds thereof, subject to no prior Lien or to any agreement purporting to grant to anythird party a Lien onthe property or assets of suchPledgorwhichwouldincludetheCertificatedSecurities, exceptforPermittedLiens,andthePledgeeisentitledtoalltherights,prioritiesandbenefitsaffordedbytheUCCorotherrelevantlawasenactedinanyrelevantjurisdictiontoperfectsecurityinterestsinrespectofsuchCollateral;and;

(viii)“control”(asdefinedinSection8-106oftheUCC)hasbeenobtainedbythePledgeeoverallCollateralpledgedbysuchPledgor

hereunderconsistingofCollateralwithrespecttowhichsuch“control”maybeobtainedpursuanttoSection8-106oftheUCC.

(b)EachPledgorcovenantsandagreesthatitwilldefendthePledgee’sright,titleandsecurityinterestinandtotheCollateralandtheproceeds thereof against the claims and demands of all persons whomsoever; and each Pledgor covenants and agrees that it will have like title to and right topledge any other property at any time hereafter pledged to the Pledgee as Collateral hereunder and will likewise defend the right thereto and security interestthereinofthePledgeeandtheSecuredCreditors.

17. JURISDICTIONOFORGANIZATION;CHIEFEXECUTIVEOFFICE; RECORDS. The jurisdiction of organization of eachPledgorisspecifiedinAnnexAhereto.ThechiefexecutiveofficeofeachPledgorislocatedattheaddressspecifiedinAnnexAhereto.EachPledgorwillnotchange the jurisdiction of its organization or move its chief executive office. The originals of all documents in the possession of such Pledgor evidencing allCollateral(otherthancertificatesevidencingStock,LimitedLiabilityCompanyInterestsandPartnershipInterestspledgedbysuchPledgorhereunder)andtheonlyoriginal booksofaccountandrecordsofsuchPledgorrelatingtheretoare, andwill continuetobe, keptat suchchiefexecutiveofficeasspecifiedinAnnexAhereto.AllLimitedLiabilityCompanyInterestsandPartnershipInterests(totheextentnotcertificated)are,andwillcontinuetobe,maintainedat,andcontrolledanddirected(including,withoutlimitation,forgeneralaccountingpurposes)from,suchchiefexecutiveofficeasspecifiedinAnnexAhereto.

18. PLEDGORS’OBLIGATIONSABSOLUTE,ETC.TheobligationsofeachPledgorunderthisAgreementshallbeabsoluteandunconditionalandshallremaininfullforceandeffectwithoutregardto,andshallnotbereleased,suspended,discharged,terminatedorotherwiseaffectedby,anycircumstanceoroccurrencewhatsoever,including,withoutlimitation:(i)anyrenewal,extension,amendmentormodificationoforadditionorsupplementtoordeletionfromanySecuredDebtAgreementoranyotherinstrumentoragreementreferredtotherein,oranyassignmentortransferofanythereof;(ii)anywaiver,consent,extension,indulgenceorotheractionorinactionunderorinrespectofanysuchagreementorinstrumentincluding,withoutlimitation,thisAgreement;(iii)anyfurnishingofanyadditionalsecuritytothePledgeeoritsassigneeoranyacceptancethereoforanyreleaseofanysecuritybythePledgeeoritsassignee;(iv)anylimitationonanyparty’sliabilityorobligationsunderanysuchinstrumentoragreementoranyinvalidityorunenforceability,inwholeorinpart,ofanysuchinstrumentoragreementoranytermthereof;or(v)anybankruptcy,insolvency,reorganization,composition,adjustment,dissolution,liquidationorotherlikeproceedingrelatingtoanyPledgororanySubsidiaryofanyPledgor,oranyactiontakenwithrespecttothisAgreementbyanytrusteeorreceiver,orbyanycourt,inanysuchproceeding,whetherornotsuchPledgorshallhavenoticeorknowledgeofanyoftheforegoing(itbeingunderstoodandagreedthattheenforcementhereofmaybelimitedbyapplicablebankruptcy,insolvency,restructuring,moratoriumorothersimilarlawsgenerallyaffectingcreditors’rightsandbyequitableprinciples).

19.REGISTRATION,ETC.IfatanytimewhenthePledgeeshalldeterminetoexerciseitsrighttosellalloranypartoftheCollateralconsistingofStock,LimitedLiabilityCompanyInterestsorPartnershipInterestspursuanttoSection7hereof,andtheCollateralorthepartthereoftobesoldshallnot,foranyreasonwhatsoever,beeffectivelyregisteredundertheSecuritiesAct,asthenineffect,thePledgeemay,initssoleandabsolutediscretion,sellsuchCollateral, asthecasemaybe,orpartthereofbyprivatesaleinsuchmannerandundersuchcircumstancesasthePledgeemaydeemnecessaryoradvisableinorderthatsuchsalemaylegallybeeffectedwithoutsuchregistration.Withoutlimitingthegeneralityoftheforegoing,inanysucheventthePledgee,initssoleandabsolutediscretion,(i)mayproceedtomakesuchprivatesalenotwithstandingthataregistrationstatementforthepurposeofregisteringsuchCollateralorpartthereofshallhavebeenfiledundersuchSecuritiesAct,(ii)mayapproachandnegotiatewithasinglepossiblepurchasertoeffectsuchsale,and(iii)mayrestrictsuchsaletoapurchaserwhowillrepresentandagreethatsuchpurchaserispurchasingforitsownaccount,forinvestment,andnotwithaviewtothedistributionor sale of such Collateral or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of theCollateralatapricewhichthePledgee,initssoleandabsolutediscretion,ingoodfaithdeemsreasonableunderthecircumstances,notwithstandingthepossibilitythatasubstantiallyhigherpricemightberealizedifthesaleweredeferreduntilafterregistrationasaforesaid.

20. TERMINATION; RELEASE, (a) After the Termination Date, this Agreement and the security interest created hereby shallautomaticallyterminate(providedthatallindemnitiessetforthhereinincluding,withoutlimitation,inSection11hereofshallsurviveanysuchtermination),andthePledgee,attherequestandexpenseofanyPledgor,willaspromptlyaspracticable(i)executeanddelivertosuchPledgoraproperinstrumentorinstrumentsacknowledgingthesatisfactionandterminationofthisAgreementand(ii)willdulyassign,transferanddelivertosuchPledgor(withoutrecourseandwithoutanyrepresentationorwarranty)suchoftheCollateralashasnottheretoforebeensoldorotherwiseappliedorreleasedpursuanttothisAgreementoranyotherCreditDocument,togetherwithanymoniesatthetimeheldbythePledgeeoranyofitssub-agentshereunder.AsusedinthisAgreement,“TerminationDate”shallmean the date upon which the Total Commitment under the Credit Agreement has been terminated and all Secured Hedging Agreements applicable to Loans(and/or the Commitments) entered into with any Other Creditors have been terminated, no Note under the Credit Agreement is outstanding and all Loansthereunder have been repaid in full and all Secured Obligations then due and payable (other than indemnities described inSection 11hereof anddescribed inSection11.01ofthe

CreditAgreement,andanyotherindemnitiessetforthinanyotherSecuredDebtAgreements,ineachcasewhicharenotthendueandpayable)havebeenpaidinfull.

(b)IntheeventthatanypartoftheCollateralissoldinconnectionwithasalepermittedbytheCreditAgreement(otherthanasaletoanyPledgororanySubsidiarythereof)orisotherwisereleasedwiththeconsentoftheRequiredLendersandtheproceedsofsuchsaleorsalesorfromsuchreleaseare applied in accordance with the provisions of the Credit Agreement, to the extent required to be so applied, the Pledgee, at the request and expense of therespectivePledgor,willdulyassign,transferanddelivertosuchPledgor(withoutrecourseandwithoutanyrepresentationorwarranty)suchoftheCollateral(andreleasestherefor)asisthenbeing(orhasbeen)sosoldorreleasedandhasnottheretoforebeenreleasedpursuanttothisAgreement.

(c)AtanytimethataPledgordesiresthatthePledgeeassign,transferanddeliverCollateral(andreleasestherefor)asprovidedinSection20(a)or(b)hereof, it shall deliver to the Pledgee a certificate signedbya principal executive officer of suchPledgor stating that the release of the respectiveCollateralispermittedpursuanttosuchSection20(a)or(b).

(d) The Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of any release of Collateral by it inaccordancewiththisSection20.

21.NOTICES,ETC.Exceptasotherwiseexpresslyprovidedherein,anynotice,demandorothercommunicationtogivenunderorforthepurposesofthisAgreementshallbemadeasprovidedinSection11.03oftheCreditAgreement.

22.WAIVER;AMENDMENT.NoneofthetermsandconditionsofthisAgreementandtheotherSecurityDocumentsmaybechanged,waived,modifiedorvariedinanymannerwhatsoeverexceptinwritingdulysignedbyeachPledgordirectlyaffectedtherebyandthePledgee(withthewrittenconsentoftheRequiredSecuredCreditors);provided, that anychange, waiver, modification or varianceaffecting therights andbenefits of a single Class (asdefined below) of Secured Creditors (and not all Secured Creditors in a like or similar manner) shall also require the written consent of the Required SecuredCreditors of such affected Class. For the purpose of this Agreement, the term“Class” shall mean each class of Secured Creditors, i.e., whether (i) the LenderCreditorsasholdersoftheCreditDocumentObligationsor(ii)theOtherCreditorsastheholdersoftheOtherObligations.

23.MISCELLANEOUS.ThisAgreementshallbebindinguponthepartiesheretoandtheirrespectivesuccessorsandassignsandshallinuretothebenefit ofandbeenforceablebyeachofthepartiesheretoandits successorsandassigns,providedthat noPledgormayassignanyofits rights orobligations under this Agreement except in accordance with the terms of the Secured Debt Agreements. THIS AGREEMENT AND THE RIGHTS ANDOBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OFTHE STATE OF NEW YORK. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIALBY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THETRANSACTIONS CONTEMPLATED HEREBY. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BEBROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY IN THE CITY OF NEW YORK OR OF THEUNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACHPLEDGOR HEREBY FURTHER IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY ANDUNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY IRREVOCABLYWAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE

TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITHTHIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT TO WHICH SUCH PLEDGOR IS A PARTY BROUGHT IN THE COURTSREFERRED TO IN THIS SECTION 23 AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANYSUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN ANINCONVENIENT FORUM. TheheadingsinthisAgreementareforpurposesofreferenceonlyandshallnotlimitordefinethemeaninghereof.ThisAgreementmaybeexecutedinanynumberofcounterparts,eachofwhichshallbeanoriginal,butallofwhichshallconstituteoneinstrument.IntheeventthatanyprovisionofthisAgreementshallprovetobeinvalidorunenforceable,suchprovisionshallbedeemedtobeseverablefromtheotherprovisionsofthisAgreementwhichshallremainbindingonallpartieshereto.

24. RECOURSE. This Agreement is made with full recourse to the Pledgors and pursuant to and upon all the representations,warranties, covenants and agreements on the part of the Pledgors contained herein and in the other Credit Documents and otherwise in writing in connectionherewithortherewith.

25.ADDITIONALPLEDGORS.ItisunderstoodandagreedthatanySubsidiaryoftheBorrowerthatisrequiredtobecomeapartytothisAgreementafterthedatehereofpursuanttotherequirementsoftheCreditAgreementshall,withoutanyfurtheraction,becomeaPledgorhereunderby(x)executingacounterparthereofand/oraJoinderAgreement,ineachcaseinformandsubstancesatisfactorytothePledgee,(y)deliveringsupplementstoAnnexesAthroughEheretoasarenecessarytocausesuchAnnexestobecompleteandaccuratewithrespecttosuchadditionalPledgoronsuchdateand(z)takingallactionsasspecifiedinSection3ofthisAgreementaswouldhavebeentakenbysuchPledgorhaditbeenanoriginalpartytothisAgreement,ineachcasewithalldocumentsrequiredabovetobedeliveredtothePledgeeandwithallactionsrequiredtobetakenabovetobetakentothereasonablesatisfactionofthePledgee.

26.RELEASEOFGUARANTORS.IntheeventanyPledgorwhichisaSubsidiaryoftheBorrowerisreleasedfromitsobligationspursuanttotheGuaranty,suchPledgor(solongasnottheBorrower)shallbereleasedfromthisAgreementandthisAgreementshall,astosuchPledgoronly,havenofurtherforceoreffect.

[SignaturePagesAttached]

EXHIBITE

IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by their duly elected officers dulyauthorizedasofthedatefirstabovewritten. GENCOSHIPPING&TRADINGLIMITED,asPledgor By: Name: Title:

SignaturepagetoGencoShipping&TradingLimitedPledgeAgreement

EXHIBITE [GUARANTORS] eachasaPledgor By: Name: Title:


AcceptedandAgreedto:CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asPledgee By: Name: Title: By: Name: Title:


ANNEXAto

PledgeandSecurityAgreement

EXACT LEGAL NAME OF EACH PLEDGOR; JURISDICTION OFORGANIZATION; ORGANIZATIONAL ID NUMBER; CHIEF EXECUTIVE OFFICE

Name of Pledgor Jurisdiction of Organization Organizational ID

NumberChief Executive Office

ANNEXBto


LIST OF SUBSIDIARIES

PledgorDirect Subsidiaries that are Subsidiary

Guarantors

ANNEXCto


LIST OF STOCK

Name of Pledgor

Percentage Ownershipof Issued and

Outstanding Stock Name of Issuer

Share CertificateNumber/Number of

Shares

ANNEXDto


LIST OF LIMITED LIABILITY COMPANY INTERESTS

Nameof

Pledgor Name of Issuer

Type of Interest(certificated or

uncertificated)/CertificateNumber

PercentageOwnership of issued

and OutstandingEquity Interests

ANNEXEto


LIST OF PARTNERSHIP INTERESTS

Nameof

Pledgor Name of Partnership

Type of Interest(certificated or

uncertificated)/CertificateNumber

PercentageOwnership of issued

and OutstandingEquity Interests

ANNEXFto


FormofAgreementRegardingUncertificatedSecurities,LimitedLiabilityCompanyInterestsandPartnershipInterests

AGREEMENT(asamended,modifiedorsupplementedfromtimetotime,this“Agreement”),datedasof_______,_________,amongthe

undersignedpledgor(the“Pledgor”),CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,notinitsindividualcapacitybutsolelyassecurityagent(the“Pledgee”), and________, as theissuer of theUncertificated Securities, LimitedLiability CompanyInterests and/or Partnership Interests (eachasdefinedbelow)(the“Issuer”).

WITNESSETH:

WHEREAS,thePledgor,certainofitsaffiliatesandthePledgeehaveenteredintoapledgeandsecurityagreement,datedasof_________________,2018(asamended, amendedandrestated, modifiedorsupplementedfromtimetotime, the“PledgeAgreement”), under which, amongother things, inordertosecurethepaymentoftheSecuredObligations(asdefinedinthePledgeAgreement),thePledgorwillpledgetothePledgeeforthebenefitoftheSecuredCreditors(asdefinedinthePledgeAgreement),andgrantafirstprioritysecurityinterestinfavorofthePledgeeforthebenefitoftheSecuredCreditorsin,alloftheright,titleandinterestofthePledgorinandtoanyandall(1)“uncertificatedsecurities”(asdefinedinSection8-102(a)(18)oftheUniformCommercialCode,asadoptedintheState of NewYork) (“UncertificatedSecurities”), (2) PartnershipInterests (asdefinedinthePledgeAgreement) and(3) LimitedLiabilityCompanyInterests(asdefinedinthePledgeAgreement),ineachcaseissuedfromtimetotimebytheIssuer,whethernowexistingorhereafterfromtimetotimeacquiredbythePledgor(withallofsuchUncertificatedSecurities,PartnershipInterestsandLimitedLiabilityCompanyInterestsbeinghereincollectivelycalledthe“IssuerPledgedInterests”);and

WHEREAS,thePledgordesirestheIssuertoenterintothisAgreementinordertoprotectthesecurityinterestofthePledgeeunderthePledgeAgreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledge Interests and to provide for the rights of the parties under thisAgreement.

NOW THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,thepartiesheretoherebyagreeasfollows:

1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and allinstructionsandordersoriginatedbythePledgee(anditssuccessorsandassigns)regardinganyandalloftheIssuerPledgedInterestswithoutthefurtherconsentbytheregisteredowner(includingthePledgor),and,afterreceivinganoticefromthePledgeestatingthatan“EventofDefault”hasoccurredandiscontinuing,nottocomplywithanyinstructionsorordersregardinganyoralloftheIssuerPledgedInterestsoriginatedbyanypersonorentityotherthanthePledgee(anditssuccessorsandassigns)oracourtofcompetentjurisdiction.

2.TheIssuerherebycertifiesthat(i)nonoticeofanysecurityinterest,lienorotherencumbranceorclaimaffectingtheIssuerPledgedInterests(otherthanthesecurityinterestofthePledgee)hasbeenreceivedbyit,and(ii)thesecurityinterestofthePledgeeintheIssuerPledgedInterestshasbeenregisteredinthebooksandrecordsoftheIssuer.

AnnexFto


3.TheIssuerherebyrepresentsandwarrantsthat(i)thepledgebythePledgorof,andthegrantingbythePledgorofasecurityinterestin,theIssuerPledgedIntereststothePledgee,forthebenefitoftheSecuredCreditors,doesnotviolatethecharter,by-laws,partner-shipagreement,membershipagreementoranyotheragreementgoverningtheIssuerortheIssuerPledgedInterests,and(ii)theIssuerPledgedInterestsarefullypaidandnonassessable.

4.Allnotices,statementsofaccounts,reports,prospectuses,financialstatementsandothercommunicationstobesenttothePledgorbytheIssuerinrespectoftheIssuerwillalsobesenttothePledgeeatthefollowingaddress:


withacopyto:


5.UntilthePledgeeshallhavedeliveredwrittennoticetotheIssuerthatalloftheSecuredObligationshavebeenpaidinfullandthis

Agreementisterminated,theIssuerwill,uponreceivingnoticefromthePledgeestatingthatan“EventofDefault”hasoccurredandiscontinuing,sendanyandall redemptions, distributions, interest or other payments in respect of the Issuer PledgedInterests fromthe Issuer for the account of the Pledgor only by wiretransferstosuchaccountasthePledgeeshallinstruct.

6. Exceptasotherwiseexpresslyprovidedherein,allnoticesandothercommunicationsprovidedforhereundershallbeinwriting(including email or facsimile communication) and mailed, faxed or delivered. All such notices and communications shall, (i) when mailed, be effective threeBusinessDaysafterbeingdepositedinthemails,prepaidandproperlyaddressedfordelivery,(ii)whensentbyovernightcourier,beeffectiveoneBusinessDayafterdeliverytotheovernightcourierprepaidandproperlyaddressedfordeliveryonsuchnextBusinessDay,or(iii)whensentbyemailorfacsimile,beeffectivewhensentbyemailorfacsimile,exceptthatnoticesandcommunicationstothePledgororPledgeeshallnotbeeffectiveuntilreceivedbyPledgororPledgee.Allnoticesandothercommunicationsshallbeinwritingandaddressedasfollows:

(a)iftoanyPledgor,at:

c/oGencoShipping&TradingLimited,299ParkAvenue,12thFloorNewYork,NY10171Attention:JohnWobensmith

AnnexFto


TelephoneNo.:646-443-8555FacsimileNo.:646-552-4052

(b)iftothePledgee,at:


withacopyto:


(c)iftotheIssuer,at:

c/oGencoShipping&TradingLimited,299ParkAvenue,12thFloorNewYork,NY10171Attention:JohnWobensmithTelephoneNo.:646-443-8555FacsimileNo.:646-552-4052

oratsuchotheraddressasshallhavebeenfurnishedinwritingbyanyPersondescribedabovetothepartyrequiredtogivenoticehereunder.

7.ThisAgreementshallbebindinguponthesuccessorsandassignsofthePledgorandtheIssuerandshallinuretothebenefitofandbe

enforceablebythePledgeeanditssuccessorsandassigns.ThisAgreementmaybeexecutedinanynumberofcounterparts,eachofwhichshallbeanoriginal,butallofwhichshallconstituteoneinstrument.IntheeventthatanyprovisionofthisAgreementshallprovetobeinvalidorunenforceable,suchprovisionshallbedeemedtobeseverablefromtheotherprovisionsofthisAgreementwhichshallremainbindingonallpartieshereto.NoneofthetermsandconditionsofthisAgreementmaybechanged,waived,modifiedorvariedinthemannerwhatsoeverexceptinwritingsignedbythePledgee,theIssuerandthePledgor.

8.THISAGREEMENTSHALLBECONSTRUEDINACCORDANCEWITHANDBEGOVERNEDBYTHELAWSOFTHESTATEOFNEWYORK. EACHPARTYTOTHISAGREEMENTHEREBYIRREVOCABLYWAIVESALLRIGHTSTOATRIALBYJURYINANYACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONSCONTEMPLATEDHEREBY.ANYLEGALACTIONORPROCEEDINGWITHRESPECTTOTHISAGREEMENTMAYBEBROUGHTINTHECOURTSOF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY IN THE CITY OF NEW YORK OR OF THE UNITED STATES FOR THESOUTHERNDISTRICTOFNEWYORK,AND,BYEXECUTIONANDDELIVERYOFTHISAGREEMENT,EACHPLEDGORHEREBYFURTHER

AnnexFto

PledgeandSecurityAgreementIRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVEJURISDICTIONOFTHEAFORESAIDCOURTS.EACHPLEDGORHEREBYIRREVOCABLYWAIVESANYOBJECTIONWHICHITMAYNOWORHEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR INCONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT TO WHICH SUCH PLEDGOR IS A PARTY BROUGHT IN THECOURTSREFERREDTOINTHISSECTION8ANDHEREBYFURTHERIRREVOCABLYWAIVESANDAGREESNOTTOPLEADORCLAIMINANYSUCHCOURT THAT ANY SUCHACTION OR PROCEEDING BROUGHT IN ANYSUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENTFORUM.

AnnexFto


IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to be executed by their duly elected officers dulyauthorizedasofthedatefirstabovewritten. [______________________], asPledgor By

Name: Title: CRÉDIT AGRICOLE CORPORATE AND INVESTMENT

BANK,notinitsindividualcapacitybutsolelyasPledgee

By Name:

Title: By

Name: Title: [______________________], asIssuer By

Name: Title:

EXHIBITF

[DATE]

FORMOFASSIGNMENTOFINSURANCES

[VESSELNAME]OfficialNumber:[OFFICIALNUMBER]

Genco Shipping & Trading Limited, a corporation organized and existing under the laws of the Republic of the Marshall Islands, with its registeredaddressatTrustCompanyComplex,AjeltakeRoad,AjeltakeIsland,Majuro,MarshallIslandsMH96960(the“Borrower”)and[SHIPOWNER],a[corporation][company]organizedandexistingunderthelawsoftheRepublicoftheMarshallIslandswithitsregisteredaddressatTrustCompanyComplex,AjeltakeRoad,Ajeltake Island, Majuro, Marshall Islands MH96960 (the “ Shipowner ” and, together with the Borrower, the “ Assignors ” and each, an “ Assignor ”), inconsiderationoftheSecuredCreditors(asdefinedbelow)enteringintothetransactionsdescribedintheCreditAgreement(asdefinedbelow),andforOneDollar($1)lawfulmoneyoftheUnitedStatesofAmerica,andothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,assole owner of the [Marshall Islands][Liberian] flag vessel [VESSEL NAME], Official Number [OFFICIAL NUMBER] (the “ Vessel ”), has sold, assigned,transferredandsetover,andbythisinstrumentasbeneficialownerdoessell,assign,transferandsetover,untoCréditAgricoleCorporateandInvestmentBank,withofficesat12PlacedesEtats-Unis92120Montrouge,France,asSecurityAgent(hereinaftercalledthe“Assignee”),anduntotheAssignee’ssuccessorsandassigns,assuchtoitanditssuccessors’andassigns’ownproperuseandbenefit,anddoesherebygranttotheAssigneeasecurityinterestin,allright,titleandinterestofsuchAssignorunder,inandto(i)allinsurancesrequiredpursuanttoScheduleIV-BoftheCreditAgreementinrespectoftheVessel,whethernoworhereaftertobeeffected,andallrenewalsoforreplacementsforthesame,(ii)allclaims,returnsofpremiumandothermoneysandclaimsformoneysdueandtobecomedueundersaidinsuranceorinrespectofsaidinsurance,and(iii)allotherrightsofsuchAssignorunderorinrespectofsaidinsurance,includingproceeds(theaboveclauses(i),(ii)and(iii)collectivelycalledthe“InsuranceCollateral”).

Terms used herein and not otherwise defined herein are used as defined in the credit agreement dated as of August 14, 2018 (as the same may beamended,restated, modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”)among(i) theBorrower, (ii) variousLendersfromtimetotimepartytheretoand(iii)theAssignee,asadministrativeagent(insuchcapacity,the“AdministrativeAgent”)andasSecurityAgent,pursuanttowhichtheLendershaveagreedtomakeavailableaseniorsecuredcreditfacilitytotheBorrowerintheprincipalamountofuptoOneHundredEightMillionUnitedStatesDollars(U.S.$108,000,000)(theLenders,theAdministrativeAgentandSecurityAgent,collectively,the“LenderCreditors”).

The Shipowner is a wholly-owned subsidiary of the Borrower. The Borrower may at any time and from time to time enter into, or guaranty theobligationsofoneormoreSubsidiaryGuarantorsoranyoftheirrespectiveSubsidiariesunder,oneormoreSecuredHedgingAgreementwithrespecttotheLoans(and/ortheCommitments)withoneormoreLendersoranyAffiliatethereof(eachsuchLenderorAffiliate,eveniftherespectiveLendersubsequentlyceasestobeaLenderundertheCreditAgreementforanyreason,togetherwithsuchLender’sorAffiliate’ssuccessorsandassigns,ifany,collectively,the“OtherCreditors”and,togetherwiththeLenderCreditors,the“SecuredCreditors”).

The Shipowner has entered into the Guaranty in favor of the Secured Creditors pursuant to which the Shipowner has guaranteed (i) to the LenderCreditors,allobligationsoftheBorrowerundertheCreditAgreementandeachotherCreditDocumenttowhichtheBorrowerisaparty,and(ii)toeachoftheOtherCreditors,allobligationsoftheBorrowerundereachSecuredHedgingAgreemententeredintowithrespecttotheLoans(and/ortheCommitments),andtheShipownerhasgrantedtheAssigneeafirst

EXHIBITFPage2

preferredmortgage(the“Mortgage”)ontheVesseltosecure,amongotherthings,itsobligationsundertheGuaranty.

ThisAssignmentisgivenassecurityforallamountsdueandtobecomeduetotheSecuredCreditorsundertheGuaranty.

Itisexpresslyagreedthatanythinghereincontainedtothecontrarynotwithstanding,theAssignorsshallremainliableundersaidinsurancestoperformallof the obligations assumed by it thereunder, and the Assignee shall have no obligation or liability under said insurances by reason of or arising out of thisinstrumentofassignmentnorshalltheAssigneeberequiredorobligatedinanymannertoperformorfulfillanyobligationsofanyAssignorunderorpursuanttosaidinsurancesortomakeanypaymentortomakeanyinquiryastothenatureorsufficiencyofanypaymentreceivedbyitortopresentorfileanyclaim,ortotakeanyotheractiontocollectorenforcethepaymentofanyamountswhichmayhavebeenassignedtoitortowhichitmaybeentitledhereunderatanytimeortimes.

EachAssignordoesherebyconstitutetheAssignee,forthebenefitoftheSecuredCreditors,itssuccessorsandassigns,suchAssignor’strueandlawfulattorney-in-fact,irrevocably,withfullpower(inthenameofsuchAssignororotherwise),upontheoccurrenceandcontinuanceofanEventofDefaultoranEventofLosstoask,require,demand,receive,compoundandgiveacquittanceforanyandallmoneysandclaimsformoneysdueandtobecomedueunderorarisingoutof said insurances, to endorse any checks or other instruments or orders in connection therewith and to file any claims or to take any action or institute anyproceedingswhichtheAssigneemaydeemtobenecessaryorappropriateinthepremises.

EachAssignorherebycovenantsandagreestoprocurethat noticeofthisAssignmentshall bedulygiventoall underwriters, substantiallyintheformheretoattachedasExhibitA,andthatwheretheconsentofanyunderwriterisrequiredpursuanttoanyoftheinsurancesassignedherebythatitshallbeobtainedandevidencethereofshallbegiventotheAssignee,or,inthealternative,thattheAssigneeshallobtainaletterofundertakingbytheunderwriters,andthatthereshall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in connection with the insurancesassignedherebysuchclausesastolosspayeesastheAssigneemayrequireorapprove.Inallcases,unlessotherwiseagreedinwritingbytheAssignee,suchslips,covernotes,notices,certificatesofentryorotherinstrumentsshallprovidethattherewillbenorecourseagainsttheAssigneeforpaymentofpremiums,callsorassessments.

EachAssignoragreesthatatanytimeandfromtimetotime,uponthewrittenrequestoftheAssignee,suchAssignorwillpromptlyanddulyexecuteanddeliveranyandallsuchfurtherinstrumentsanddocumentsastheAssigneemaydeemdesirableinobtainingthefullbenefitsofthisAssignmentandoftherightsandpowershereingranted.

EachAssignordoesherebywarrantandrepresentthatithasnotassignedorpledged,andherebycovenantsthat,withoutthepriorwrittenconsenttheretooftheAssignee,solongasthisinstrumentofassignmentshallremainineffect,itwillnotassignorpledge,thewholeoranypartoftheright,titleandinterestherebyassignedtoanyoneotherthantheAssignee,itssuccessorsandassigns,anditwillnottakeoromittotakeanyaction,thetakingoromissionofwhichmightresultinanalterationorimpairmentofsaidinsurances,ofthisAssignmentorofanyoftherightscreatedbysaidinsurancesorthisAssignment.

AllnoticesorothercommunicationswhicharerequiredtobemadetotheAssigneehereundershallbemadebypostageprepaidletteroremailortelecopyconfirmedbypostageprepaidletterto:

CréditAgricoleCorporateAndInvestmentBank12PlacedesEtats-Unis92120Montrouge,FranceAttention:AgencyandMiddle-OfficeforShipping

EXHIBITFPage3

Telephone:+33141892079/+33141898696Email:[email protected]/[email protected]

withacopyto:


oratsuchotheraddressasmayhavebeenfurnishedinwritingbytheAssignee.AllnoticesorothercommunicationswhicharerequiredtobemadetoanAssignorshallbemadeasprovidedinSection11.03oftheCreditAgreementorSection17oftheGuaranty,asapplicable.

Anypayments made pursuant to the terms hereof shall be made to such account as may, fromtime to time, be designated by the Assignee or as theAssigneemayotherwiseinstruct.

EachAssignoragrees(i)toindemnifyandholdharmlesstheAssigneeandeachotherSecuredCreditorandtheirrespectiveofficers,directors,trustees,employees, representatives and agents (individually an “ Indemnitee,” and collectively the “ Indemnitees”) from and against any and liabilities, obligations(includingremovalorremedialactivity),losses,damages,penalties,claims,actions,judgments,civilpenalties,fines,settlementsandsuitsofwhatsoeverkindornature,and(ii)toreimburseeachIndemniteeforallreasonablecostsandexpenses,includingreasonableanddocumentedattorneys’andconsultants’fees,chargesanddisbursements,ineachcasegrowingoutoforresultingfromthisAssignmentortheexercisebyanyIndemniteeofanyrightorremedygrantedtoithereunderor under the Credit Documents or the Secured Hedging Agreements entered into with any Other Creditors (but excluding all liabilities, obligations, losses,damages, penalties, claims, actions, judgements, civil penalties, fines, settlements, suits, costs andexpenses to the extent incurred, as determined bya court ofcompetent jurisdictionbyafinal andnon-appealable judgment, byreasonofthegrossnegligenceof, thebreachinbadfaith of this Assignment by, or willfulmisconduct of such Indemnitee). If and to the extent that the obligations of any Assignor hereunder are unenforceable because they violate any law or publicpolicy,suchAssignorherebyagreestomakethemaximumcontributiontothepaymentandsatisfactionofsuchobligationswhichispermissibleunderapplicablelaw.TheindemnityobligationsofeachAssignorcontainedhereinshallcontinueinfullforceandeffectnotwithstandingthefullpaymentofalloftheNotesissuedunder the Credit Agreement, all Secured Hedging Agreements applicable to Loans (and/or the Commitments) entered into with any Other Creditors, and thepaymentofallotherObligationsnotwithstandingthedischargethereof.Notwithstandingtheforegoing,nopartyheretoshallberesponsibletoanyPersonforanyconsequential,indirect,specialorpunitivedamageswhichmaybeallegedbysuchPersonarisingoutofthisAssignmentortheotherCreditDocuments,oranyagreementorinstrumentcontemplatedhereby,thetransactionscontemplatedherebyorthereby,theLoansortheuseoftheproceedsthereof;providedthatthissentenceshallnotlimittheBorrower’sindemnificationobligationssetforthinthisparagraph.

THISASSIGNMENTANDTHERIGHTSANDOBLIGATIONSOFTHEPARTIESHEREUNDERSHALLBECONSTRUEDINACCORDANCEWITH ANDBE GOVERNEDBYTHE LAWOF THE STATE OF NEWYORK. ANYLEGAL ACTION OR PROCEEDING WITH RESPECT TO THISASSIGNMENTMAYBEBROUGHTINTHECOURTSOFTHESTATEOFNEWYORKLOCATEDINNEWYORKCOUNTYINTHECITYOFNEWYORKOROFTHEUNITEDSTATESOFAMERICAFORTHESOUTHERNDISTRICTOFNEWYORKAND,BYEXECUTIONAND

EXHIBITFPage4

DELIVERY OF THIS ASSIGNMENT, EACH ASSIGNOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,GENERALLYANDUNCONDITIONALLY,THEEXCLUSIVEJURISDICTIONOFTHEAFORESAIDCOURTS.EACHASSIGNORHEREBYFURTHERIRREVOCABLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) ANY CLAIM THAT ANY SUCH COURT LACKSPERSONALJURISDICTIONOVERSUCHASSIGNOR,ANDAGREESNOTTOPLEADORCLAIMINANYLEGALACTIONORPROCEEDINGWITHRESPECTTOTHISASSIGNMENTBROUGHTINANYOFTHEAFORESAIDCOURTSTHATANYSUCHCOURTLACKSPERSONALJURISDICTIONOVERSUCHASSIGNOR.EACHASSIGNORHEREBYIRREVOCABLYWAIVES(TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW)ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS ORPROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS ASSIGNMENT OR ANY OTHER CREDIT DOCUMENT TO WHICH SUCHASSIGNORISAPARTYBROUGHTINTHECOURTSREFERREDTOABOVEANDHEREBYFURTHERIRREVOCABLYWAIVES(TOTHEFULLESTEXTENT PERMITTED BY APPLICABLE LAW) AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT SUCH ACTION ORPROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETOHEREBY FURTHER IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM ORCOUNTERCLAIMARISINGOUTOFORRELATINGTOTHISASSIGNMENTORTHETRANSACTIONSCONTEMPLATEDHEREBY.ThisAssignmentshallnotbeamendedand/orvariedexceptbyagreementinwritingsignedbythepartieshereto.

[SignaturePageFollows]

EXHIBITFPage5

INWITNESSWHEREOF,theAssignorandAssigneehavecausedthisInsuranceAssignmenttobedulyexecutedthedayandyearfirstabovewritten.

[SHIPOWNER],asAssignorBy: Name: Title: GENCOSHIPPING&TRADINGLIMITED,asAssignor By: Name: Title: CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asAssignee By: Name: Title: By: Name: Title:

EXHIBITFPage6

ExhibitAtoInsuranceAssignment

FORMOFNOTICEOFASSIGMENT

Theundersigned,GencoShipping&TradingLimitedand[SHIPOWNER],theOwnerofthe[MarshallIslands][Liberian]flagVessel[VESSELNAME],herebygivesyounoticethatbyanAssignmentofInsurancesdated[__],2018enteredintobyuswithCréditAgricoleCorporateandInvestmentBank,asSecurityAgent(hereinaftercalledthe“Assignee”),forandonbehalfoftheSecuredCreditors,therehasbeenassignedbyustotheAssigneeallinsuranceseffectedandtobeeffectedinrespectthereofincludingtheinsurancesconstitutedbythepolicywhereonthisNoticeisendorsed.ThisNoticeofAssignmentandtheapplicablelosspayableclausesintheformheretoattachedasAnnexIaretobeendorsedonallpoliciesandcertificatesofentryevidencingsuchinsurance.

Dated:____________,20___ [SHIPOWNER],asOwner

By: Name: Title: GENCOSHIPPING&TRADINGLIMITED,asAssignor By: Name: Title:

EXHIBITFPage7

ANNEXI

NoticeofInsuranceAssignment

FORMOFLOSSPAYABLECLAUSES

HullandWarRisks

Loss,ifany,payabletoCRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asSecurityAgent(the“Mortgagee”),forandonbehalfoftheSecuredCreditors,fordistributionbytheMortgageetoitselfasSecurityAgentandtoGencoShipping&TradingLimitedand[SHIPOWNER],asowner(the“Owner ”), as their respective interests may appear, or order, except that, unless underwriters have been otherwise instructed by notice in writing from theMortgagee,inthecaseofanylossinvolvinganydamagetotheVesselorliabilityoftheVessel,theunderwritersmaypaydirectlyfortherepair,salvage,liabilityorotherchargesinvolvedor,iftheOwnershallhavefirstfullyrepairedthedamageandpaidthecostthereof,ordischargedtheliabilityorpaidallofthesalvageorother charges, then the underwriters may pay the Owner as reimbursements therefore; provided,however, that if such damage involves a loss in excess ofU.S.$1,500,000oritsequivalenttheunderwritersshallnotmakesuchpaymentwithoutfirstobtainingthewrittenconsenttheretooftheMortgagee.

Intheeventofanactualorconstructivetotallossoracompromiseorarrangedtotallossorrequisitionoftitle,allinsurancepaymentsthereforshallbepaidtotheMortgagee,fordistributionbyitinaccordancewiththetermsofthemortgagegrantedbytheOwnerinfavoroftheMortgagee.

ProtectionandIndemnity

Loss,ifany,payabletoCRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asSecurityAgent(the“Mortgagee”),forandonbehalfoftheSecuredCreditors,fordistributionbytheMortgageetoitself,asSecurityAgent,GencoShipping&TradingLimitedand[SHIPOWNER],asowner(“Owner”), astheirrespectiveinterestsmayappear, ororder, exceptthat, unlessanduntil theunderwritershavebeenotherwiseinstructedbynoticeinwritingfromtheMortgagee,anylossmaybepaiddirectlytothepersontowhomtheliabilitycoveredbythisinsurancehasbeenincurred,ortotheOwnertoreimburseitforanyloss,damageorexpensesincurredbyitandcoveredbythisinsurance;providedtheunderwritersshallhavefirstreceivedevidencethattheliabilityinsuredagainsthasbeendischarged.

EXHIBITG

FORMOFASSIGNMENTOFEARNINGS

[VESSELNAME]OfficialNumber:[OFFICIALNUMBER]

This ASSIGNMENT OF EARNINGS, dated [DATE] (this “ Assignment ”), is given by [SHIPOWNER], a [corporation][company] organized andexistingunderthelawsoftheRepublicoftheMarshallIslandswithitsregisteredaddressatTrustCompanyComplex,AjeltakeRoad,AjeltakeIsland,Majuro,Marshall Islands MH96960 (the “ Assignor ”), in favor of Crédit Agricole Corporate and Investment Bank, with offices at 12 Place des Etats-Unis 92120Montrouge,France,asSecurityAgent(insuchcapacity,the“SecurityAgent”),forthebenefitoftheSecuredCreditors,undertheCreditAgreement(asdefinedbelow)(the“Assignee”).Exceptasotherwisedefinedherein,capitalizedtermsusedhereinanddefinedintheCreditAgreement(asdefinedbelow)shallbeusedhereinassodefined.

RECITALS

A.TheAssignoristhesoleownerofthe[MarshallIslands][Liberian]flagvessel[VESSELNAME],OfficialNumber[OFFICIALNUMBER](the“Vessel”).

B.GencoShipping&TradingLimited,aMarshallIslandscorporation(the“Borrower”)hasenteredintoacreditagreementdatedasofAugust14,2018(asthesamemaybeamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”)among(i)theBorrower,(ii)variousLenders from time to time party thereto, and (iii) the Assignee, as administrative agent (in such capacity, the “Administrative Agent ”) and Security Agent,providingaseniorsecuredcreditfacilitytotheBorrowerintheprincipalamountofuptoOneHundredEightMillionUnitedStatesDollars(U.S.$108,000,000)(theLenders,theAdministrativeAgentandSecurityAgent,collectively,the“LenderCreditors”).

C.TheAssignorisawholly-ownedsubsidiaryoftheBorrower.

D.TheBorrowermayatanytimeandfromtimetotimeenterinto,orguarantytheobligationsofoneormoreSubsidiaryGuarantorsoranyoftheirrespectiveSubsidiariesunder,oneormoreSecuredHedgingAgreementswithrespecttotheLoans(and/ortheCommitments)withoneormoreLendersoranyAffiliatethereof(eachsuchLenderorAffiliate,eveniftherespectiveLendersubsequentlyceasestobeaLenderundertheCreditAgreementforanyreason,togetherwithsuchLender’sorAffiliate’ssuccessorsandassigns,ifany,collectively,the“OtherCreditors”and,togetherwiththeLenderCreditors,the“SecuredCreditors”).

E.TheAssignorhasenteredintotheGuarantyinfavoroftheSecuredCreditorspursuanttowhichtheAssignorhasguaranteed(i)totheLenderCreditors,allobligationsoftheBorrowerundertheCreditAgreementandeachotherCreditDocumenttowhichtheBorrowerisaparty,and(ii)toeachoftheOtherCreditors,allobligationsoftheBorrowerundereachSecuredHedgingAgreemententeredintowithrespecttotheLoans(and/ortheCommitments),andtheAssignorhasgrantedtheAssigneeapreferredmortgage(the“Mortgage”)ontheVesseltosecure,amongotherthings,itsobligationsundertheGuaranty.

F.ItisaconditionundertheCreditAgreementthattheAssignorentersintothisAssignmentassecurityforitsobligationsundertheGuaranty.

NOW,THEREFORE,thepartiesheretoagreeasfollows:

Section1.AssecurityforallamountsdueandtobecomeduetotheSecuredCreditorsundertheGuaranty,theAssignor,asbeneficialowner,herebygrants,sells,conveys,assigns,transfers,mortgagesandpledgestotheAssignee,anduntotheAssignee’ssuccessorsandassigns,allitsright,title,

EXHIBITGPage2

interest,claimanddemandinandto,andherebyalsograntsuntotheAssigneeasecurityinterestinandto(thefollowingclauses(i)through(vii),collectively,the“EarningsCollateral”)(i)theearningsoftheVessel,including,butnotlimitedto,allfreight,hireandpassagemoneys,proceedsofoff-hireinsurance,anyothermoneysearnedandtobeearned,dueortobecomedue,orpaidorpayableto,orfortheaccountof,theAssignor,ofwhatsoevernature,arisingoutoforasaresultoftheownership,use,operationormanagementbytheAssignororitsagentsoftheVessel,(ii)allmoneysandclaimsformoneysdueandtobecomeduetotheAssignorunderandallclaimsfordamagesarisingoutofthebreach(orpaymentsforvariationortermination)ofanycharter,orcontractrelatingtoorunderwhichisemployedtheVessel,anyandallotherpresentandfuturecharterparties,contractsofaffreightment,andoperationsofeverykindwhatsoeveroftheVessel,andinandtoanyandallclaimsandcausesofactionformoney,lossordamagesthatmaynowandhereafteraccrueorbelongtotheAssignor,itssuccessorsorassigns,arisingoutoforinanywayconnectedwiththepresentorfutureownership,use,operationormanagementoftheVesselorarisingoutoforinanywayconnectedwiththeVessel,(iii)iftheVesselisemployedontermswherebyanymoneyfallingwithinclauses(i)or(ii)abovearepooledorsharedwithanyotherPerson,thatproportionofthenetreceiptsofthepoolingorsharingarrangementswhichisattributabletotheVessel,(iv)allmoneysandclaimsformoneysdueandtobecomeduetotheAssignor,andallclaimsfordamages,inrespectoftheactualorconstructivetotallossoforrequisitionofuseofortitletotheVessel,(v)allmoneysandclaimsformoneysdueinrespectofdemurrageordetention,(vi)allremunerationforsalvageandtowingservicesand(vii)anyproceedsofanyoftheforegoing.

Section2. TheAssignorcovenantsthat(i)it willhaveall theearningsandothermoneysherebyassignedpaidoverpromptlytoanEarningsAccountinaccordancewithSection7.12oftheCreditAgreement;(ii)itwillpromptlynotifyinawritingsubstantiallyintheformofExhibitAhereto,anddeliveraduplicatecopyofsuchnoticetotheAssignee,eachoftheAssignor’sagentsandrepresentativesintowhosepossessionorcontrolmaycomeanyearningsandmoneysherebyassigned,informingeachsuchPersonofthisAssignmentandinstructingsuchaddresseetoremitpromptlytosuchEarningsAccountallearningsandmoneysherebyassignedwhichmaycomeintosuchPerson’shandsorcontrolandtocontinuetomakesuchremittancesuntilsuchtimeassuchPersonmayreceivewrittennoticeorinstructionstothecontrarydirectlyfromtheAssignee;and(iii)itwillinstructeachsuchPersontoacknowledgedirectlytotheAssigneereceiptoftheAssignor’swrittennotificationandtheinstructions.

Section 3 . Anything herein contained to the contrary notwithstanding, the Assignee,or its respective successors and assigns, shall have noobligation or liability under any agreement, including any charter or contract of affreightment by reason of or arising out of this Assignment, or out of anyAssignmentofCharter(asdefinedbelow)madepursuanttoSection6hereof,andtheAssignee,anditsrespectivesuccessorsandassigns,shallnotberequiredorobligated in any manner to perform or fulfill any obligations of the Assignor under or pursuant to any agreement, including any charter or contract ofaffreightment,ortomakeanypaymentortomakeanyinquiryastothenatureorsufficiencyofanypaymentreceivedbytheAssigneeortopresentorfileanyclaim,ortotakeanyotheractiontocollectorenforcethepaymentofanyamountswhichmayhavebeenassignedtoitortowhichitmaybeentitledhereunderatanytimeortimes.

Section4.TheAssignorherebyconstitutestheAssignee,itssuccessorsandassigns,itstrueandlawfulattorney-in-fact, irrevocably,withfullpower,inthenameoftheAssignororotherwise,upontheoccurrenceandcontinuanceofanEventofDefault,toask,require,demand,receive,compoundandgiveacquittanceforanyandallmoneysandclaimsformoneysdueandtobecomedue,propertyandrightsherebyassigned,toendorseanychecksorotherinstrumentsorordersinconnectiontherewithandtofileanydocumentortotakeanyactionorinstituteanyproceedingswhichtheAssigneeanditssuccessorsandassignsmayreasonablydeemnecessaryorappropriateinthepremises.

Section5.ThepowersandauthoritiesgrantedtotheAssigneeanditssuccessorsorassignshereinhavebeengivenforvaluableconsiderationandareherebydeclaredtobeirrevocable.

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Section6.TheAssignorherebyagreesthatatanytimeandfromtimetotime,uponenteringintoanycharterorcontractofaffreightmentorother

agreementforemploymentoftheVesselofwhatsoevernatureforastatedperiodoftwenty-four(24)monthsorlonger(or,withrespecttoanycharterorsimilarcontractofemploymentexistingontheBorrowerDate,aremainingtermoftwenty-four(24)monthsorlonger),itwillpromptlyanddulyexecuteanddelivertoandinfavoroftheAssigneeatthecostandexpenseoftheAssignoranAssignmentofChartersinrespectofsuchchartertotheAssigneesubstantiallyintheformattachedasExhibitHtotheCreditAgreement(the“AssignmentofCharters”)anditwillpromptlyexecuteanddeliveranyandallsuchfurtherinstrumentsanddocumentsastheAssignee,anditssuccessorsorassigns,mayreasonablyrequireinordertoobtainthefullbenefitsofthisAssignment,theAssignmentofChartersandoftherightsandpowershereinandthereingranted.TheAssignorcovenantstouseitscommerciallyreasonableeffortstoobtaintheconsentofthechartererundersaidchartertotheAssignmentofCharterspursuanttothetermsoftheAssignmentofChartersorinotherformandsubstancereasonablysatisfactorytotheAssignee.

Section7.TheAssignorwarrantsandrepresentsthatithasnotassignedorpledgedorotherwisegrantedasecurityinterestorliensonintherights,title and interest assigned hereunder to anyone other than the Assignee. The Assignor hereby covenants that, without the prior written consent thereto of theAssignee,solongasthisAssignmentshallremainineffect,itwillnotassignorpledgeorotherwisegrantasecurityinterestinorlienonthewholeoranypartoftherights,titleandinterestherebyassignedtoanyoneotherthantheAssignee,anditwillnottakeoromittotakeanyaction,thetakingoromissionofwhichmightresultinanalterationorimpairmentofthisAssignment,orofanyoftherightscreatedbythisAssignment.

Section8.TheAssignoragreesthatatanytimeandfromtimetotime,uponthewrittenrequestoftheAssignee,theAssignorwillpromptlyanddulyexecuteanddeliveranyandallfurtherinstrumentsanddocumentsastheAssigneemaydeemdesirableinobtainingthefullbenefitsofthisAssignment.

Section9.THISASSIGNMENTANDTHERIGHTSANDOBLIGATIONSOFTHEPARTIESHEREUNDERSHALLBECONSTRUEDINACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITHRESPECTTOTHISASSIGNMENTMAYBEBROUGHTINTHECOURTSOFTHESTATEOFNEWYORKLOCATEDINNEWYORKCOUNTYINTHECITYOFNEWYORKOROFTHEUNITEDSTATESOFAMERICAFORTHESOUTHERNDISTRICTOFNEWYORKAND,BYEXECUTIONAND DELIVERY OF THIS ASSIGNMENT, EACH ASSIGNOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITSPROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH ASSIGNORHEREBYFURTHERIRREVOCABLYWAIVES(TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW)ANYCLAIMTHATANYSUCHCOURTLACKSPERSONALJURISDICTIONOVEREACHSUCHASSIGNOR,ANDAGREESNOTTOPLEADORCLAIMINANYLEGALACTIONORPROCEEDING WITH RESPECT TO THIS ASSIGNMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKSPERSONAL JURISDICTION OVER EACHSUCHASSIGNOR. EACH ASSIGNORHEREBY IRREVOCABLY WAIVES (TO THE FULLEST EXTENTPERMITTEDBYAPPLICABLELAW)ANYOBJECTIONWHICHITMAYNOWORHEREAFTERHAVETOTHELAYINGOFVENUEOFANYOFTHE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS ASSIGNMENT OR ANY OTHER CREDITDOCUMENTTO WHICHEACHSUCHASSIGNORIS A PARTYBROUGHTIN THE COURTS REFERREDTOIN THIS SECTION9 ANDHEREBYFURTHERIRREVOCABLYWAIVES(TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW)ANDAGREESNOTTOPLEADORCLAIMINANYSUCHCOURTTHATSUCHACTIONORPROCEEDINGBROUGHTINANYSUCHCOURTHASBEENBROUGHTINANINCONVENIENTFORUM.EACHOFTHEPARTIESHERETOHEREBY

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FURTHER IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM OR COUNTERCLAIMARISING OUT OF OR RELATING TO THIS ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. This Assignment shall not beamendedand/orvariedexceptbyagreementinwritingsignedbythepartieshereto.

Section10.Anynotice,demandorothercommunicationtobegivenunderorforthepurposesofthisAssignmentshallbemadeasprovidedinSection11.03oftheCreditAgreementorSection4ofArticleIVoftheMortgage.

Section11.ThisAssignmentmaybeexecutedinanynumberofcounterpartseachofwhichshallbeanoriginal(includingifdeliveredbye-mailorfacsimiletransmission),butallsuchcounterpartsshalltogetherconstituteoneandthesameinstrument.

Section12.(a)AftertheTerminationDate,thisAssignmentandthesecurityinterestcreatedherebyshallautomaticallyterminate(providedthatallindemnitiessetforthhereinincluding,withoutlimitation,inSection13hereofshallsurviveanysuchtermination),andtheAssignee,attherequestandexpenseofany Assignor, will, as promptly as practicable, execute and deliver to such Assignor a proper instrument or instruments acknowledging the satisfaction andterminationofthisAssignment,andwilldulyassign,transferanddelivertosuchAssignor(withoutrecourseandwithoutanyrepresentationorwarranty)suchofthe Collateral as has not theretofore been sold or otherwise applied or released pursuant to this Assignment or any other Credit Document, together with anymoniesatthetimeheldbytheAssigneeoranyofitssub-agentshereunder.AsusedinthisAssignment,“TerminationDate”shallmeanthedateuponwhichtheTotal Commitments under the Credit Agreement has been terminated and all Secured Hedging Agreements applicable to the Loans (and/or the Commitments)enteredintowithanyOtherCreditorshavebeenterminated,noNoteundertheCreditAgreementisoutstandingandtheLoansthereunderhasbeenrepaidinfullandallObligationsthendueandpayable(otherthanindemnitiesdescribedinSection13hereofanddescribedinSection11.01oftheCreditAgreement,andanyotherindemnitiessetforthinanyothersecuredCreditDocuments,ineachcasewhicharenotthendueandpayable)havebeenpaidinfull.

(b)IntheeventthatanypartoftheCollateralissoldinconnectionwithasalepermittedbytheCreditAgreement(otherthanasaletoanyAssignororanySubsidiarythereof) oris otherwisereleasedwiththeconsent oftheRequiredLenders(orall of theLenders, totheextent requiredbySection11.13oftheCreditAgreement)andtheproceedsofsuchsaleorsalesorfromsuchreleaseareappliedinaccordancewiththeprovisionsoftheCreditAgreement,totheextentrequired to be soapplied, the Assignee, at the request andexpenseof the respective Assignor, will dulyassign, transfer anddeliver to suchAssignor (withoutrecourseandwithoutanyrepresentationorwarranty)suchoftheCollateral(andreleasestherefor)asisthenbeing(orhasbeen)sosoldorreleasedandhasnottheretoforebeenreleasedpursuanttothisAssignment.

(c)AtanytimethatanAssignordesiresthattheAssigneeassign,transferanddeliverCollateral(andreleasestherefor)asprovidedinSection12(a)or(b)hereof,itshalldelivertotheAssigneeacertificatesignedbyanofficerofsuchAssignorstatingthatthereleaseoftherespectiveCollateralispermittedpursuanttosuchSection12(a)or(b),asapplicable.

(d)TheAssigneeshall havenoliabilitywhatsoevertoanyotherSecuredCreditorasaresult ofanyreleaseofCollateral byit inaccordancewiththisSection12.

Section13.EachAssignoragrees(i)toindemnifyandholdharmlesstheAssigneeandeachotherSecuredCreditorandtheirofficers,directors,trustees, employees, representatives and agents (individually an “ Indemnitee ,” and collectively the “ Indemnitees ”) from and against any and liabilities,obligations(includingremovalorremedialactions),losses,damages,penalties,claims,actions,

EXHIBITGPage5

judgments,civilpenalties,fines,settlementsandsuitsofwhatsoeverkindornature,and(ii)toreimburseeachIndemniteeforallreasonablecostsandexpenses,includingreasonableanddocumentedattorneys’andconsultants’fees,chargesanddisbursements,ineachcasegrowingoutoforresultingfromthisAssignmentortheexercisebyanyIndemniteeofanyrightorremedygrantedtoithereunderorundertheCreditDocumentsortheSecuredHedgingAgreementsenteredintowithanyOtherCreditors(butexcludingallliabilities,obligations,losses,damages,penalties,claims,actions,judgements,civilpenalties,fines,settlements,suits,costs and expenses to the extent incurred, as determined by a court of competent jurisdiction by a final and non-appealable judgment, by reason of the grossnegligenceof,thebreachinbadfaithofthisAssignmentby,orwillfulmisconductofsuchIndemnitee).InnoeventshalltheAssigneebeliable,intheabsenceofgrossnegligenceorwillfulmisconductonitspart,foranymatterorthinginconnectionwiththisAssignmentotherthantoaccountformoniesactuallyreceivedbyitinaccordancewiththetermshereof.IfandtotheextentthattheobligationsofanyAssignorunderthisSection13areunenforceablebecausetheyviolateanylaworpublic policy, suchAssignorherebyagreestomakethemaximumcontributiontothepaymentandsatisfactionofsuchobligationswhichis permissibleunder applicable law. The indemnity obligations of the Assignors contained in this Section 13 shall continue in full force and effect notwithstanding the fullpaymentofalloftheNotesissuedundertheCreditAgreement,allSecuredHedgingAgreementsapplicabletotheLoans(and/ortheCommitments)enteredintowithanyOtherCreditors,andthepaymentofallotherObligationsnotwithstandingthedischargethereof.Notwithstandingtheforegoing,nopartyheretoshallberesponsibletoanyPersonforanyconsequential,indirect,specialorpunitivedamageswhichmaybeallegedbysuchPersonarisingoutofthisAssignmentortheother Credit Documents, or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, the Loans or the use of theproceedsthereof;providedthatthissentenceshallnotlimittheBorrower’sindemnificationobligationssetforthinthisparagraph.

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INWITNESSWHEREOF,theAssignorandAssigneehavedulyexecutedthisinstrumentonthedayandyearfirstabovewritten.[SHIPOWNER],asAssignor By: Name: Title: CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asAssigneeBy: Name: Title: By: Name: Title:

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ExhibitAtoAssignmentofEarnings

FORMOFNOTICEOFASSIGNMENT

The undersigned, [SHIPOWNER], the owner (the “Owner”) of the [Marshall Islands][Liberian] flag vessel “[VESSEL NAME]”, hereby gives younoticethatbyanAssignmentofEarnings,dated[DATE],2018,enteredintobyuswithCréditAgricoleCorporateandInvestmentBank,initscapacityasSecurityAgent for certain Lenders (hereinafter calledthe“Assignee”), a copyof whichis attached hereto, there has beenassignedbyus to the Assigneeall earningseffectedandtobeeffectedinrespectofthesaidvessel.

AsfromthedatehereofandsolongastheAssignmentisineffect,youareherebyirrevocablyauthorizedandinstructedtopayallearningsfromtimetotimedueandpayableto,orreceivableby,theundersignedtotheaccountoftheOwner,asfollows:

Bank: CréditAgricoleCorporateandInvestmentBankSwiftCode: [__]AccountNo.: [__]AccountName: [_______________]

ortosuchotheraccountsastheAssigneemaydirectbynoticeinwriting(includingemailorfacsimilecommunication)fromtimetotime,allsuchpaymentstobemadeinimmediatelyavailablefundsbywiretransferonthedaywhensuchpaymentisdue.

PleaseacknowledgereceiptofthisnoticedirectlytotheAssigneeat:


withacopyto:


EXHIBITGPage8

[SHIPOWNER],asOwner By: Name: Title: Dated:

EXHIBITH

FORMOFASSIGNMENTOFCHARTERS

No.____[VESSELNAME]

OfficialNumber:[OFFICIALNUMBER]

[SHIPOWNER],a[corporation][company]organizedandexistingunderthelawsoftheRepublicoftheMarshall IslandswithitsregisteredaddressatTrust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Assignor”), refers to an assignment of earnings, dated[DATE],2018(the“AssignmentofEarnings”)givenbytheAssignorinfavorofCréditAgricoleCorporateandInvestmentBank,withofficesat12PlacedesEtats-Unis92120Montrouge,France,asSecurityAgent(the“Assignee”),forthebenefitoftheSecuredCreditors,undertheCreditAgreementreferredtointheAssignmentofEarnings,whereintheAssignoragreedtoenterintoanassignmentofcharters(the“AssignmentofCharters”)intheeventtheAssignorenteredorintendedtoenterintoanycharterorcontractofaffreightmentorotheragreementforemploymentofthe[VESSELNAME](the“Vessel”),OfficialNo.[______],forastatedperiodoftwenty-four(24)monthsorlonger.

TheAssignorrepresentsthatithasenteredorintendstoenterintoacharterforastatedperiodoftwenty-four(24)monthsorlonger(the“Charter”)withachartereracceptabletotheAssignee(the“Charterer”),andagreesthatassecurityforallamountsdueandtobecomeduetotheSecuredCreditorsundertheGuaranty, the Assignor as beneficial owner hereby grants, sells, conveys, assigns, transfers, mortgages and pledges to the Assignee, and unto the Assignee’ssuccessors andassigns, all its right, title, interest, claimanddemandinandto, andherebyalsogrants untotheAssigneeasecurity interest in andtoall of theAssignor’sright,titleandinterestinandto,theCharter,allearningsandfreightsthereunder,andallamountsduetheAssignorthereunder,andtheAssignordoesherebygrant,sell,convey,assign,transfer,mortgageandpledgetotheAssignee,anduntotheAssignee’ssuccessorsandassigns,allitsright,title,interest,claimanddemandinandto,andherebydoesalsograntuntotheAssignee,asecurityinterestinandto,theCharterandallclaimsfordamagesarisingoutofthebreachofandrightstoterminatetheCharter,andanyproceedsofanyoftheforegoing.

TheAssignorherebywarrantsthatuponexecutionofanyCharter,theAssignorwillpromptlygivenoticetotheChartereroftheAssignmentofEarnings(in the form of Exhibit A to the Assignment of Earnings) as provided by Section 6 of the Assignment of Earnings and the Assignor will use commerciallyreasonableefforts toobtaintheconsent of theCharterer asevidencedbytheexecutionbytheCharterer oftheCharterer’s ConsentandAgreementintheformattachedheretoasAnnexI.

TheAssignorreconfirmsthattheAssignmentofEarningsincludingalloftherightsandliabilities,covenantsandobligationsthereinremainsinfullforceandeffect.

Termsusedhereinandnototherwisedefinedhereinareusedasdefinedin,orbyreferencein,theAssignmentofEarnings.

TheAssignorherebyagreesthatsolongasthisAssignmentofChartersisineffectitwillnotterminatesaidCharter,oramend,modify,supplement,orwaiveanymaterialtermofsaidCharterinamanneradversetotheAssignee,ineachcasewithoutfirstobtainingthewrittenconsentoftheAssigneetherefor.TheAssignorherebyagreestonotifytheAssigneeinwritingofanyarbitrationwithrespecttotheCharter.

NoamendmentormodificationoftheCharter,andnoconsent,waiverorapprovalwithrespecttheretoshallbevalidunlessjoinedin,inwriting,bytheAssignee.Nonotice,requestordemandundertheChartershallbevalidasagainsttheAssigneeunlessanduntilacopythereofisfurnishedtotheAssignee.

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THISASSIGNMENTANDTHERIGHTSANDOBLIGATIONSOFTHEPARTIESHEREUNDERSHALLBECONSTRUEDINACCORDANCEWITHANDBEGOVERNEDBYTHELAWSOFTHESTATEOFNEWYORK.ThisAssignmentshallnotbeamendedand/orvariedexceptbyagreementinwritingsignedbythepartieshereto.

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INWITNESSWHEREOF,theAssignorhascausedthisAssignmentofChartersNo.____tobedulyexecutedthis______dayof______________.

[SHIPOWNER],asAssignor By: Name: Title:

EXHIBITHPage4

ExhibitAto

AssignmentofCharters

FORMOFNOTICEOFASSIGNMENTOFCHARTER

Theundersigned,[SHIPOWNER],theowner(the“Owner”)ofthe[MarshallIslands][Liberian]flagvessel“[VESSELNAME]”,herebygivesyounoticethatbyanAssignmentofEarningsdated[__], 2018andanAssignmentofCharterdated[DATE](the“Assignments”)enteredintoby,interalios , uswithCRÉDITAGRICOLECORPORATEANDINVESTMENTBANKin its capacity as Security Agent for certain Lenders (hereinafter called the “Assignee”), a copyofwhichisattachedhereto,therehasbeenassignedbyustotheAssigneeacontinuing,firstprioritysecurityinterestinalloftheundersigned’sright,titleandinterestin,toandunderacharterdated[__](asthesamemaybeamended,restated,modifiedand/orsupplementedfromtimetotime,the“CharterAgreement”)betweentheOwnerandyou(the“Charterer”).

AsfromthedatehereofandsolongastheAssignmentsareineffect,youareherebyirrevocablyauthorizedandinstructedtopayallearningsfromtimetotimedueandpayableto,orreceivableby,theundersignedundertheChartertoouraccount,asfollows:

Bank: CréditAgricoleCorporateandInvestmentBankSwiftCode: [__]AccountNo.: [__]AccountName: [___________]

ortosuchotheraccountsastheAssigneemaydirectbynoticeinwriting(includingemailorfacsimilecommunication)fromtimetotime,allsuchpaymentstobemadeinimmediatelyavailablefundsbywiretransferonthedaywhensuchpaymentisdueinaccordancewiththetermsoftheCharter.

PleaseconfirmyourconsenttotheAssignmentsbyexecutingandreturningtheConsentandAgreementattachedbelow.

Dated:[__] [SHIPOWNER ],

asOwner By: Name: Title:

EXHIBITHPage5

AnnexI

FORMOFCHARTERER’SCONSENTANDAGREEMENT

No.____

[VESSELNAME]

OfficialNumber:[OFFICIALNUMBER]

Theundersigned, charterer of the [Marshall Islands][Liberian] flag vessel [VESSELNAME]pursuant to a timecharter-party dated[DATEOFTIMECHARTERPARTY](the “Charter”), does herebyacknowledge notice of the assignment (the “Notice”) by the Owner (as defined in the Notice) of all theOwner’sright,titleandinterestinandtotheChartertoCréditAgricoleCorporateandInvestmentBank,asSecurityAgent(the“Assignee”),forthebenefitoftheSecuredCreditors,pursuanttoanassignmentofchartersdated______________,20_andanassignmentofearningsdated____________,20__(asanyofthemmaybeamended, restated, modified and/or supplemented fromtime to time , the “Assignment”), consents to such assignment, and agrees that it will makepaymentofallmoneysdueandtobecomedueundertheCharter,withoutsetoffordeductionforanyclaimnotarisingundertheCharter,andnotwithstandingtheexistenceofadefaultoreventofdefaultofdefaultbytheAssignorundertheCharter,directtotheaccountmaintainedwiththeAssigneelocatedat12PlacedesEtats-Unis92120Montrouge,France(AccountNo.[__])orsuchaccountspecifiedbytheAssigneeatsuchaddressastheAssigneeshallrequesttheundersignedinwritinguntilreceiptofwrittennoticefromtheAssigneethatallobligationsoftheOwnertoithavebeenpaidinfull.

TheundersignedagreesthatitshalllooksolelytotheOwnerforperformanceoftheCharterandthattheAssigneeshallhavenoobligationorliabilityunderorpursuanttotheCharterarisingoutoftheAssignment,norshalltheAssigneeberequiredorobligatedinanymannertoperformorfulfillanyobligationsoftheOwnerunderorpursuanttotheCharter.

The undersigned agrees that it shall not seek from the Assignee the recovery of any payment actually made by it to the Assignee pursuant to thisCharterer’sConsentandAgreementoncesuchpaymenthasbeenmade.ThisprovisionshallnotbeconstruedtorelievetheOwnerofanyliabilitytotheCharterer.Notwithstanding the foregoing, if, in the sole opinion of the Assignee, an Event of Default under the Credit Agreement (as defined in or by reference in theAssignment) shall have occurred andbe continuing, the undersigned agrees that the Assignee shall have the right, but not the obligation, to performall of theOwner’sobligationsundertheCharterasthoughnamedthereinasowner.

TheundersignedherebywaivestherighttoassertagainsttheAssignee,asassigneeoftheOwner,anyclaim,defense,counterclaimorsetoffthatitcouldassertagainsttheOwnerundertheCharter.

Theundersignedagreestoexecuteanddeliver,orcausetobeexecutedanddelivered,uponthewrittenrequestoftheAssigneeanyandallsuchfurtherinstrumentsanddocumentsastheAssigneemaydeemdesirableforthepurposeofobtainingthefullbenefitsoftheAssignmentandoftherightsandpowerhereingranted.

Theundersignedagreesthatnoamendment,modificationoralterationofanymaterialtermsorprovisionsoftheChartershallbemadeunlessthesameshallbeconsentedtoinwritingbytheAssignee.

TheundersignedherebyconfirmsthattheCharterisalegal,validandbindingobligation,enforceableagainstitinaccordancewithitsterms.

EXHIBITHPage6

Dated:

[CHARTERER],asCharterer By: Name: Title:

EXHIBITI-1Page1

FORMOFCOMPLIANCECERTIFICATE

ThisComplianceCertificate(this“Certificate”)isdeliveredtoyouonbehalfoftheCompany(ashereinafterdefined)pursuanttoSection7.01(e)ofthecreditagreement,datedasofAugust14,2018(asamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”),amongGencoShipping&TradingLimited,acorporationorganizedunderthelawsoftheRepublicofMarshallIslands,asborrower(the“Company”),theLendersfromtimetotimepartythereto,andCréditAgricoleCorporateandInvestmentBank,asAdministrativeAgentandSecurityAgent.TermsdefinedintheCreditAgreementandnototherwisedefinedhereinareusedhereinasthereindefined.

1.Iamadulyelected,qualifiedandactingAuthorizedOfficeroftheCompany.

2.IhavereviewedandamfamiliarwiththecontentsofthisCertificate.IamprovidingthisCertificatesolelyinmycapacityasanofficeroftheCompany.

3.IhavereviewedthetermsoftheCreditAgreementandtheotherCreditDocumentsandhavemadeorcausedtobemadeundermysupervision,areviewinreasonabledetailofthetransactionsandfinancialconditionoftheCompanyduringtheaccountingperiodcoveredbythefinancialstatementsattachedheretoasANNEX1(the“FinancialStatements”).TheFinancialStatementsfairlypresent,inallmaterialrespects,thefinancialpositionandresultsofoperationsoftheBorroweranditsSubsidiariesonaconsolidatedbasisinaccordancewithGAAPandhavebeenpreparedinaccordancewiththerequirementsoftheCreditAgreement.

4.AttachedheretoasANNEX2arethecomputationsshowing(inreasonabledetail)compliancewiththeFinancialCovenantsspecifiedtherein.Allsuchcomputationsaretrueandcorrect.

5.Onthedatehereof,therehavebeennochangestoanyoftherepresentationsorwarrantiessetforthineachoftheSecurityDocuments[sincetheClosingDate][sincethedateofthemostrecentCertificatedeliveredpursuanttoSection7.01(e)oftheCreditAgreement].12

6.[Onthedatehereof,noDefaultorEventofDefaulthasoccurredandiscontinuing.]3

7.AttachedheretoareupdatestoAnnexesAthroughEofthePledgeAgreement.]

1Selectasapplicable.2Ifanyrepresentationandwarrantyisnottrueandcorrectasofthedatehereof,includealistofsuchchangesandwhethertheBorrowerandtheotherObligorshavetakenallactionsrequiredtobetakenbythempursuanttotheSecurityDocuments.3IfanyDefaultorEventofDefaultexists,includeadescriptionthereof,specifyingthenatureandextentthereof(inreasonabledetail).

EXHIBITI-1Page2

INWITNESSWHEREOF,IhaveexecutedthisCertificateonbehalfoftheCompanythis____dayof[DATE],20__.

GENCOSHIPPING&TRADINGLIMITED By: Name: Title:

EXHIBITI-1Page3

ANNEX1to

ComplianceCertificate4

CONSOLIDATEDFINANCIALSTATEMENTS

4TobedeliveredwithannualandquarterlyfinancialstatementsprovidedforinSections7.01(a)and(b).

EXHIBITI-1Page4

ANNEX2toComplianceCertificate5

COMPLIANCEWORKSHEET

The calculations described herein are as of ___________ __, ___ (the “ Computation Date ”) and pertain to the period from ___________ ___, ____ to_____________,___(the“TestPeriod”).

PartA.MinimumLiquidity

1. UnrestrictedCashandCashEquivalentsheldbytheBorroweranditsSubsidiaries $_______________ 2. IsItem1equaltoorgreaterthanthegreaterof(x)$30,000,000and(y)7.5%ofTotalIndebtedness? YES/NO

PartB.MinimumWorkingCapital

1. Consolidated current assets (excluding Restricted Cash and Cash Equivalents) of the Borrower and itsSubsidiaries $_______________

2. Consolidatedcurrentliabilities(otherthanthecurrentportionoflong-termFinancialIndebtedness)ofthe

BorroweranditsSubsidiaries $_______________ 3 Item1minusItem2 $_______________ 4. IsItem3equaltoorgreaterthan$0? YES/NO

PartC.DebttoCapitalizationRatio

1. TotalIndebtedness $_______________ 2. TotalCapitalization $_______________ 3. RatioofItem1toItem2 [____]:[____] 4. Istheratioinitem3equaltoorlessthan0.70to1:00? YES/NO

PartD.TotalNetLeverageRatio6

1. TotalIndebtednesslesscashandCashEquivalents $_______________ 2. ConsolidatedEBITDA $_______________ 3. RatioofItem1toItem2 [____]:[____]

5TobedeliveredwithannualandquarterlyfinancialstatementsprovidedforinSections7.01(a)and(b).6TobedeliveredwithquarterlyfinancialstatementsprovidedforinSection7.01(a)andnotlaterthan90daysaftertheendofeachFiscalYear.

EXHIBITI-2Page1

FORMOFCOLLATERALMAINTENANCERATIOCERTIFICATE7

This Collateral Maintenance Ratio Certificate (this “Certificate”) is delivered to you on behalf of the Company (as hereinafter defined) pursuant toSection 7.01(e)(ii) of the credit agreement, datedas ofAugust 14, 2018 (asamended, restated, modified and/or supplementedfromtimeto time , the “CreditAgreement ”), among Genco Shipping & Trading Limited, a corporation organized under the laws of the Republic of Marshall Islands, as borrower (the “Company”), theLendersfromtimetotimepartythereto, andCrédit AgricoleCorporateandInvestment Bank, asAdministrativeAgentandSecurityAgent.TermsdefinedintheCreditAgreementandnototherwisedefinedhereinareusedhereinasthereindefined.

1.Iamadulyelected,qualifiedandactingAuthorizedOfficeroftheCompany.

2.IhavereviewedandamfamiliarwiththecontentsofthisCertificate.IamprovidingthisCertificatesolelyinmycapacityasanofficeroftheCompany.

3.AttachedheretoasANNEX1areAppraisalsdatednomorethan30dayspriortothedatehereoffromtwoApprovedAppraisersstatingthethencurrentAppraisedValueofeachCollateralVessel.

4.AttachedheretoasANNEX2arethecomputationsshowing(inreasonabledetail)compliancewiththeFinancialCovenantsetforthinSection8.07(d).Allsuchcomputationsaretrueandcorrect.

5.[Onthedatehereof,noDefaultorEventofDefaulthasoccurredandiscontinuing.]8

7TobedeliveredatthetimeofthedeliveryoftheComplianceCertificateprovidedforinSection7.01(e)(i).8IfanyDefaultorEventofDefaultexists,includeadescriptionthereof,specifyingthenatureandextentthereof(inreasonabledetail).

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INWITNESSWHEREOF,IhaveexecutedthisCertificateonbehalfoftheCompanythis____dayof[DATE],20__.

GENCOSHIPPING&TRADINGLIMITED By: Name: Title:

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ANNEX1to

CollateralMaintenanceRatioCertificate

APPRAISALS

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ANNEX2to

CollateralMaintenanceRatioCertificate

COLLATERALMAINTENANCERATIOWORKSHEET

Thecalculationsdescribedhereinareasof_____________,___(the“ComputationDate”).

1. AggregateprincipalamountofoutstandingLoansontheComputationDate $_______________ 2. AggregateAppraisedValueoftheCollateralVessels(which,fortheavoidanceofdoubt,shallincludeany

Additional Vessels) on the Computation Date plus any Additional Collateral (other than AdditionalVessels) $_______________

3. Item1multipliedby135% $_______________ 4. IsItem2greaterthanitem3? YES/NO

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FORMOFSUBORDINATIONPROVISIONS

Section1.01.SubordinationofLiabilities.[NameofPayor](the“Payor”),foritself,itssuccessorsandassigns,covenantsandagrees,andeachholderof thenotetowhichthis Annex__is attached(the“Note”)byits acceptancethereoflikewisecovenantsandagrees, that thepaymentoftheprincipalof,intereston,andallotheramountsowinginrespectof,theNote(the“SubordinatedIndebtedness”)isherebyexpresslysubordinated,totheextentandinthemannersetforthbelow,tothepriorpaymentinfullincashofallSeniorIndebtedness(asdefinedinSection1.07ofthisAnnex__).TheprovisionsofthisAnnex__shallconstituteacontinuingoffertoallpersonsorotherentitieswho,inrelianceuponsuchprovisions,becomeholdersof,orcontinuetohold,SeniorIndebtedness,andsuchholdersaremadeobligeeshereunderthesameasiftheirnameswerewrittenhereinassuch,andtheyand/oreachofthemmayproceedtoenforcesuchprovisions.

Section1.02.PayorNottoMakePaymentswithRespecttoSubordinatedIndebtednessinCertainCircumstances,(a)Uponthematurityof any Senior Indebtedness (including interest thereon or fees or any other amounts owing in respect thereof), whether at stated maturity, by acceleration orotherwise,allObligations(asdefinedinSection1.07ofthisAnnex___)owinginrespectoftheSeniorIndebtednessshallfirstbepaidinfullincashinaccordancewiththetermsthereof,beforeanypaymentofanykindorcharacter, whetherincash,property,securitiesorotherwise,ismadeonaccountoftheSubordinatedIndebtedness.

(b) The Payor may not, directly or indirectly (and no person or other entity on behalf of the Payor may), make any payment of anySubordinatedIndebtednessandmaynotacquireanySubordinatedIndebtednessforcashorpropertyuntilallSeniorIndebtednesshasbeenpaidinfullincashifanyDefault(asdefinedintheCreditAgreementidentifiedinSection1.07ofthisAnnex__)orEventofDefault(asdefinedintheCreditAgreementidentifiedinSection 1.07 of this Annex ___) under the Credit Agreement (as defined in Section 1.07 of this Annex ___) has occurred and is continuing or would resulttherefrom.EachholderoftheNoteherebyagreesthat,solongasanysuchDefaultorEventofDefaultinrespectofanyissueofSeniorIndebtednesshasoccurredandiscontinuing,itwillnotsuefor,orotherwisetakeanyactiontoenforcethePayor’sobligationstopay,amountsowinginrespectoftheNote.EachholderoftheNoteunderstandsandagreesthattotheextentthatclause(a)ofthisSection1.02orthisclause(b)prohibitsthepaymentofanySubordinatedIndebtedness,such unpaid amount shall not constitute a payment default under the Note andthe holder of the Note maynot sue for, or otherwise take action to enforce thePayor’sobligationtopaysuchamount,providedthatsuchunpaidamountshallremainanobligationofthePayortotheholderoftheNotepursuanttothetermsoftheNoteandmaybepaidwhentheeventotherwiseprohibitingsuchpaymentceasestoexist. Notwithstandingtheforegoing,solongasaDefaultorEventofDefaulthasnotoccurred,Payorwillbeentitledtomake(andanypersonorotherentityonbehalfofthePayorshallbeentitledtomake)andaholderofanyNotewillbeentitledtoreceivescheduledpaymentsofprincipalandinterestundertheSubordinatedIndebtedness.

(c)Intheeventthat,notwithstandingtheprovisionsoftheprecedingsubsections(a)and(b)ofthisSection1.02,thePayor(oranyPersononbehalfofthePayor)shallmake(ortheholderoftheNoteshallreceive)anypaymentonaccountoftheSubordinatedIndebtednessatatimewhenpaymentisnotpermitted by said subsection (a) or (b), such payment shall be held by the holder of the Note, in trust for the benefit of, and shall be paid forthwith over anddeliveredto, theholdersofSeniorIndebtednessortheir representativeorthetrusteeundertheindentureorotheragreement pursuanttowhichanyinstrumentsevidencinganySeniorIndebtednessmayhavebeenissued,astheirrespectiveinterestsmayappear(includingbygivingeffecttoanyintercreditororsubordinationarrangementsamongsuchholders),forapplicationproratatothepaymentofallSeniorIndebtednessremainingunpaidtotheextentnecessarytopayallSeniorIndebtednessinfullincashinaccordancewiththetermsofsuchSenior

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Indebtedness,aftergivingeffecttoanyconcurrentpaymentordistributiontoorfortheholdersofSeniorIndebtedness.

Section1.03.SubordinationtoPriorPaymentofAllSeniorIndebtednessonDissolution,LiquidationorReorganizationofPayor.UponanydistributionofassetsofthePayorupondissolution,windingup,liquidationorreorganizationofthePayor(whetherinbankruptcy,insolvencyorreceivershipproceedingsoruponanassignmentforthebenefitofcreditorsorotherwise):

(a)theholdersofallSeniorIndebtednessshallfirstbeentitledtoreceivepaymentinfullincashofallSeniorIndebtednessinaccordancewith the terms thereof (including, without limitation, post-petition interest at the rate provided in the documentation with respect to the SeniorIndebtedness,whetherornotsuchpost-petitioninterestisanallowedclaimagainstthedebtorinanybankruptcyorsimilarproceeding)beforetheholderoftheNoteisentitledtoreceiveanypaymentofanykindorcharacteronaccountoftheSubordinatedIndebtedness;

(b)anypaymentordistributionsofassetsofthePayorofanykindorcharacter,whetherincash,propertyorsecuritiestowhichtheholderofthe Note wouldbe entitled except for the provisions of this Annex___, shall be paid bythe liquidating trustee or agent or other personmakingsuchpayment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or other trustee or agent, directly to the holders of SeniorIndebtednessortheirrepresentativeorrepresentatives,ortothetrusteeortrusteesunderanyindentureunderwhichanyinstrumentsevidencinganysuchSenior Indebtedness may have been issued as their respective interests may appear (including by giving effect to any intercreditor or subordinationarrangements amongsuchholders), to the extent necessary to makepayment in full in cash of all Senior Indebtedness remaining unpaid, after givingeffecttoanyconcurrentpaymentordistributiontotheholdersofsuchSeniorIndebtedness;and

(c)intheeventthat,notwithstandingtheforegoingprovisionsofthisSection1.03,anypaymentordistributionofassetsofthePayorofanykindorcharacter,whetherincash,propertyorsecurities,shallbereceivedbytheholderoftheNoteonaccountofSubordinatedIndebtednessbeforeallSeniorIndebtednessispaidinfullincashinaccordancewiththetermsthereof,suchpaymentordistributionshallbereceivedandheldintrustforandshallbepaidovertotheholdersoftheSeniorIndebtednessremainingunpaidortheirrepresentativeorrepresentatives,ortothetrusteeortrusteesunderanyindentureunderwhichanyinstrumentsevidencinganyofsuchSeniorIndebtednessmayhavebeenissued,astheirrespectiveinterestsmayappear(including by giving effect to any intercreditor or subordination arrangements among such holders) for application to the payment of such SeniorIndebtedness until all such Senior Indebtedness shall have been paid in full in cash in accordance with the terms thereof, after giving effect to anyconcurrentpaymentordistributiontotheholdersofsuchSeniorIndebtedness.

Section1.04.Subrogation.SubjecttothepriorpaymentinfullincashofallSeniorIndebtednessinaccordancewiththetermsthereof,theholderoftheNoteshallbesubrogatedtotherightsoftheholdersofSeniorIndebtednesstoreceivepaymentsordistributionsofassetsofthePayorapplicabletotheSeniorIndebtednessuntilallamountsowingontheNoteshallbepaidinfull,andforthepurposeofsuchsubrogationnopaymentsordistributionstotheholdersoftheSeniorIndebtednessbyoronbehalfofthePayororbyoronbehalfoftheholderoftheNotebyvirtueofthisAnnex___whichotherwisewouldhavebeenmadetotheholderoftheNoteshall,asbetweenthePayor,itscreditorsotherthantheholdersofSeniorIndebtedness,andtheholderoftheNote,bedeemedtobepaymentbythePayortooronaccountoftheSeniorIndebtedness,itbeingunderstoodthattheprovisionsofthisAnnex___areandareintendedsolelyforthepurposeofdefiningtherelativerightsoftheholderoftheNote,ontheonehand,andtheholdersoftheSeniorIndebtedness,ontheotherhand.

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Section1.05.ObligationofthePayorUnconditional.NothingcontainedinthisAnnex___orintheNoteisintendedtoorshallimpair,

asbetweenthePayorandtheholderoftheNote,theobligationofthePayor,whichisabsoluteandunconditional,topaytotheholderoftheNotetheprincipalofandinterestontheNoteasandwhenthesameshallbecomedueandpayableinaccordancewiththeirterms,orisintendedtoorshallaffecttherelativerightsoftheholderoftheNoteandcreditorsofthePayorotherthantheholdersoftheSeniorIndebtedness,norshallanythinghereinorthereinpreventtheholderoftheNotefromexercisingallremediesotherwisepermittedbyapplicablelawuponaneventofdefaultundertheNote,subjecttotheprovisionsofthisAnnex___andtherights,ifany,underthisAnnex___oftheholdersofSeniorIndebtednessinrespectofcash,property,orsecuritiesofthePayorreceivedupontheexerciseofanysuchremedy.UponanydistributionofassetsofthePayorreferredtointhisAnnex____,theholderoftheNoteshallbeentitledtorelyuponanyorderordecreemadebyanycourtofcompetentjurisdictioninwhichsuchdissolution,windingup,liquidationorreorganizationproceedingsarepending,oracertificateoftheliquidatingtrusteeoragentorotherpersonmakinganydistributiontotheholderoftheNote,forthepurposeofascertainingthepersonsentitledtoparticipateinsuchdistribution,theholdersoftheSeniorIndebtednessandotherindebtednessofthePayor,theamountthereoforpayablethereon,theamountoramountspaidordistributedthereonandallotherfactspertinenttheretoortothisAnnex.

Section1.06.SubordinationRightsNotImpairedbyActsorOmissionsofPayororHoldersofSeniorIndebtedness.NorightofanypresentorfutureholdersofanySeniorIndebtednesstoenforcesubordinationashereinprovidedshallatanytimeinanywaybeprejudicedorimpairedbyanyactorfailuretoactonthepartofthePayororbyanyactorfailuretoactingoodfaithbyanysuchholder,orbyanynoncompliancebythePayorwiththetermsandprovisions of the Note, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. The holders of the SeniorIndebtednessmay,withoutinanywayaffectingtheobligationsoftheholderoftheNotewithrespecthereto,atanytimeorfromtimetotimeandintheirabsolutediscretion, change the manner, place or terms of payment of, change or extend the time of payment of, or renew, increase or otherwise alter, any SeniorIndebtednessoramend,modifyorsupplementanyagreementorinstrumentgoverningorevidencingsuchSeniorIndebtednessoranyotherdocumentreferredtotherein,orexerciseorrefrainfromexercisinganyotheroftheirrightsundertheSeniorIndebtednessincluding,withoutlimitation,thewaiverofdefaultthereunderandthereleaseofanycollateralsecuringsuchSeniorIndebtedness,allwithoutnoticetoorassentfromtheholderoftheNote.

Section1.07.SeniorIndebtedness.Theterm“SeniorIndebtedness”shallmeanallObligations(asdefinedintheCreditAgreement(asdefinedbelow))(i)ofthePayorunder,orinrespectof,(x)theU.S.$108,000,000creditagreement(asamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”),datedasofAugust14,2018,byandamongGencoShipping&TradingLimited,thelendersfromtimetotimepartythereto,andCréditAgricoleCorporateandInvestmentBank,asadministrativeagent,andanyrenewal,extension,restatement,refinancingorrefundingthereof,and(y)eachotherCreditDocument(asdefinedintheCreditAgreement)towhichthePayorisaparty,(ii)ofthePayorunder,orinrespectof(includingbyreasonofanyGuaranty(asdefinedintheCreditAgreement)towhichthePayorisaparty),anySecuredHedgingAgreement(eachasdefinedintheCreditAgreement),and(iii)ofthePayorunder,orinrespectof(includingbyreasonofanyguarantyof)theNotes(asdefinedintheCreditAgreement).

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FORMOFASSIGNMENTANDASSUMPTIONAGREEMENT

DATE:___________,___

ReferenceismadetothecreditagreementdescribedinItem2ofAnnexIannexedhereto(assuchCreditAgreementmayhereafterbeamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”).UnlessdefinedinAnnexIannexedhereto,capitalizedtermsdefinedintheCreditAgreementareusedhereinasthereindefined.__________(the“Assignor”)and______________(the“Assignee”)herebyagreeasfollows:

1.ForanagreedconsiderationtheAssignorherebyirrevocablysellsandassignstotheAssigneewithoutrecourseandwithoutrepresentationorwarranty(otherthanasexpresslyprovidedherein),andtheAssigneeherebyirrevocablypurchasesandassumesfromtheAssignor,asoftheSettlementDate(asdefinedbelow),(i) that interest inandtoall oftheAssignor’srightsandobligationsundertheCredit AgreementandanyotherCredit Documentsoranyotherinstrument or document furnished pursuant thereto, to the extent related to the Assigned Share (as defined below) as of the date hereof which represents thepercentage interest specified in Item 4 of Annex I attached hereto (the “Assigned Share ”) of all of the outstanding rights and obligations under the CreditAgreementandanyotherdocumentsorinstrumentsdeliveredpursuantthereto,including,withoutlimitation,(x)inthecaseofanyassignmentofalloranyportionoftheAssignor’soutstandingLoans,allrightsandobligationswithrespecttotheAssignedShareofsuchoutstandingLoansand(y)inthecaseofanyassignmentofalloranyportionoftheAssignor’sCommitment,allrightsandobligationswithrespecttotheAssignedShareoftheTotalCommitmentsand(ii)totheextentpermitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor against any Person, whether known orunknown, arising under or in connection with the Credit Agreement and any of the other Credit Documents or any other instrument or document furnishedpursuanttheretoorinanywaybasedonorrelatedtoanyoftheforegoing,including,butnotlimitedto,contractclaims,tortclaims,malpracticeclaims,statutoryclaimsandallotherclaimsatlaworinequityrelatedtotherightsandobligationssoldandassignedpursuanttoclause(i)above(therightsandobligationssoldandassignedbytheAssignortotheAssigneepursuanttoclauses(i)and(ii)abovebeingreferredtohereincollectivelyasthe“AssignedInterest”).

2.Exceptasprovidedinclauses3and4(asapplicable)ofthisAssignmentandAssumptionAgreement,eachsaleandassignmentmadepursuanttothisAssignmentandAssumptionAgreementiswithoutrecourse,representationorwarrantybytheAssignorandtheAssignee.

3.TheAssignor:

(a)representsandwarrantsthat(i)itisthelegalandbeneficialowneroftheAssignedInterest,(ii)theAssignedInterestisfreeandclearofanylien,encumbranceorotheradverseclaim,(iii)ithasfullpowerandauthority,andhastakenallactionnecessary,toexecuteanddeliverthisAssignmentandAssumptionAgreementandtoconsummatethetransactionscontemplatedherebyand(iv)itisnotaDefaultingLender,and

(b)makesnorepresentationorwarrantyandassumesnoresponsibilitywithrespectto(i)anystatements,warrantiesorrepresentationsmadeinorinconnectionwiththeCreditAgreementortheotherCreditDocumentsortheexecution,legality,validity,enforceability,genuineness,sufficiencyorvalueofthe Credit Agreement or the other Credit Documents or any other instrument or document furnished pursuant thereto; and (ii) the financial condition of theBorroweroranyofitsSubsidiariesortheperformanceorobservancebytheBorroweroranyofitsSubsidiariesofanyoftheirrespectiveobligationsundertheCreditAgreementortheotherCreditDocumentsoranyotherinstrumentordocumentfurnishedpursuantthereto.

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4.TheAssignee:

(a)representsandwarrantsthat(i)ithasfullpowerandauthority,andhastakenallactionnecessary,toexecuteanddeliverthisAssignmentandAssumptionAgreementandtoconsummatethetransactionscontemplatedherebyandtobecomeaLenderundertheCreditAgreement,(ii)itisanEligibleTransferee,(iii)itisnotaDisqualifiedLender,(iv)fromandaftertheSettlementDate,itshallbeboundbytheprovisionsoftheCreditAgreementasaLenderthereunderand,totheextentoftheAssignedInterest,shallhavetheobligationsofaLenderthereunder,(v)itissophisticatedwithrespecttodecisionstoacquireassetsofthetyperepresentedbytheAssignedInterestandeitherit,orthePersonexercisingdiscretioninmakingitsdecisiontoacquiretheAssignedInterest,isexperiencedinacquiringassetsofsuchtype,(vi)ithasreceivedacopyoftheCreditAgreementandhasreceivedorhasbeenaccordedtheopportunitytoreceivetheotherCreditDocumentsandcopiesofthemostrecentfinancialstatementsdeliveredpursuanttoSection7.01oftheCreditAgreement,asapplicableandsuchother documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and AssumptionAgreement and to purchase the Assigned Interest, and (vii) it has, independently and without reliance upon the Administrative Agent, the Security Agent, theAssignororanyotherLenderandbasedonsuchdocumentsandinformationasithasdeemedappropriate,madeitsowncreditanalysisanddecisiontoenterintothisAssignmentandAssumptionAgreementandtopurchasetheAssignedInterest;

(b)agrees that it will (i) independently and without reliance on the Administrative Agent, the Security Agent, the Assignor or any otherLenderandbasedonsuchdocumentsandinformationasitshalldeemappropriateatthetime,continuetomakeitsowncreditdecisionsintakingornottakingactionundertheCreditAgreementandtheotherCreditDocumentsand(ii)performinaccordancewiththeirtermsalloftheobligationswhichbythetermsoftheCreditAgreementandtheotherCreditDocumentsarerequiredtobeperformedbyitasaLender;and

(c)appointsandauthorizestheAdministrativeAgentandtheSecurityAgenttotakesuchactionasagentonitsbehalfandtoexercisesuchpowersundertheCreditAgreementandtheotherCreditDocumentsasaredelegatedtotheAdministrativeAgentandtheSecurityAgent,asthecasemaybe,bythetermsthereof,togetherwithsuchpowersasarereasonablyincidentalthereto.

5. Following the execution of this Assignment and Assumption Agreement by the Assignor and the Assignee, an executed original hereof(togetherwithallattachments)willbedeliveredtotheAdministrativeAgent.TheeffectivedateofthisAssignmentandAssumptionAgreementshallbethedateof execution hereof by the Assignor and the Assignee, the receipt of the consent of the Administrative Agent to the extent required by the Credit Agreement,receiptbytheAdministrativeAgentoftheassignmentfeereferredtoinSection11.04(b)oftheCreditAgreement,andtherecordationbytheAdministrativeAgentoftheassignmenteffectedherebyintheRegister,unlessotherwisespecifiedinItem5ofAnnexIattachedhereto(the“SettlementDate”).

6.UponthedeliveryofafullyexecutedoriginalhereoftotheAdministrativeAgent,asoftheSettlementDate,(i)theAssigneeshallbeapartytotheCreditAgreementand,totheextentprovidedinthisAssignmentandAssumptionAgreement,havetherightsandobligationsofaLenderthereunderandundertheotherCreditDocumentsand(ii)theAssignorshall,totheextentprovidedinthisAssignmentandAssumptionAgreement,relinquishitsrights(otherthananyindemnitiescontainedintheCreditAgreementortheotherCreditDocumentswhichexpresslysurvive)andbereleasedfromitsobligationsundertheCreditAgreementandtheotherCreditDocuments.

7.ItisagreedthatfromandaftertheSettlementDate,theAssigneeshallbeentitledto(x)allinterestontheAssignedInterest,providedthatanyinterestrelatingtotheAssignedShareofthe

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LoansshallbeattheratesspecifiedinItem6ofAnnexIattachedheretoand(y)allCommitmentCommission(ifapplicable)ontheAssignedShareoftheTotalCommitment,asthecasemaybe,attheratespecifiedinItem7ofAnnexIattachedhereto,which,ineachcase,accruesonandaftertheSettlementDate,suchinterest and,if applicable, CommitmentCommission,tobepaidbytheAdministrativeAgentdirectlytotheAssignee. It isfurtheragreedthatall paymentsofprincipalmadeontheAssignedInterestwhichoccuronandaftertheSettlementDatewillbepaiddirectlybytheAdministrativeAgenttotheAssignee.UpontheSettlement Date, the Assignee shall pay to the Assignor an amount specified by the Assignor in writing which represents the Assigned Share of the principalamountoftherespectiveLoansmadebytheAssignorpursuanttotheCreditAgreementwhichareoutstandingontheSettlementDate,netofanyclos-ingcosts,andwhichare beingassignedhereunder. TheAssignor andthe Assigneeshall makeall appro-priate adjustments in payments under the Credit Agreement forperiodspriortotheSettlementDatedirectlybetweenthemselves.

8. This Assignment and Assumption Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respectivesuccessors and assigns. This Assignment and Assumption Agreement may be executed in any number of counterparts, which together shall constitute oneinstrument.DeliveryofanexecutedcounterpartofasignaturepageofthisAssignmentandAssumptionAgreementbytelecopyshallbeeffectiveasdeliveryofamanuallyexecutedcounterpartofthisAssignmentandAssumptionAgreement.

9.THISASSIGNMENTANDASSUMPTIONAGREEMENTSHALLBEGOVERNEDBY,ANDCONSTRUEDINACCORDANCEWITH,THELAWOFTHESTATEOFNEWYORK.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respectiveofficersthereuntodulyauthorized,asofthedatefirstabovewritten,suchexecutionalsobeingmadeonAnnexIattachedhereto.

[NAMEOFASSIGNOR],asAssignor

By: Name: Title: [NAMEOFASSIGNEE],

asAssignee By: Name: Title:

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[AcknowledgedandAgreed:

CRÉDITAGRICOLECORPORATEANDINVESTMENTBANK,asAdministrativeAgent By: Name: Title: By: Name: Title:]1

1InsertonlyifassignmentisbeingmadepursuanttoSection11.04(b)(y)oftheCreditAgreement.

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ANNEXFORASSIGNMENTANDASSUMPTIONAGREEMENT

ANNEXI

1. TheBorrower:GencoShipping&TradingLimited(the“Borrower”). 2. NameandDateofCreditAgreement: CreditAgreement,datedasofAugust14,2018,amongtheBorrower,thelendersfromtimetotimepartythereto,andCréditAgricoleCorporateand

InvestmentBank,asAdministrativeAgentandasSecurityAgent(asamended,restated,modifiedand/orsupplementedfromtimetotime,the“CreditAgreement”).

3. DateofAssignmentAgreement: 4. Amounts(asofdateofitem#3above):

OutstandingPrincipaloftheLoan

Commitments

a.AggregateAmountforallLenders $_______________ $_______________ b.AssignedShare _______________% _______________% c.AmountofAssignedShare $_______________ $_______________

5. SettlementDate: 6. RateofInteresttotheAssignee: AssetforthinSection2.06oftheCreditAgreement 7. CommitmentCommission: AssetforthinSection3.01(a)oftheCreditAgreement 8. Notice: ASSIGNEE: Attention: Reference: PaymentInstructions: ASSIGNEE: Attention: Reference:

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AcceptedandAgreed:[NAMEOFASSIGNEE] [NAMEOFASSIGNOR] By: By: Name: Name: Title: Title:

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FORMOFSOLVENCYCERTIFICATE

I,theundersigned,thechieffinancialofficerofGencoShipping&TradingLimited(the“Company”),doherebycertifyinsuchcapacityandonbehalfoftheCompanythat:

1.ThisCertificateisfurnishedtotheAdministrativeAgentandeachoftheLenderspursuanttoSection5.02(g)oftheU.S.$108,000,000creditagreement,datedasofAugust14,2018,amongGencoShipping&TradingLimited,theLenderspartytheretofromtimetotime,CréditAgricoleCorporateand Investment Bank, as Administrative Agent and as Security Agent under the Security Documents (such Credit Agreement, as in effect on the date of thisCertificate,beinghereincalledthe“CreditAgreement”).Unlessotherwisedefinedherein,capitalizedtermsusedinthisCertificateshallhavethemeaningssetforthintheCreditAgreement.

2.ForpurposesofthisCertificate,thetermsbelowshallhavethefollowingdefinitions:

(a) “FairValue”

Theamountatwhichtheassets,intheirentirety,ofeachoftheCompanyonastand-alonebasis,andtheCompanyanditsSubsidiariestakenasawhole,wouldchangehandsbetweenawillingbuyerandawillingseller,withinacommerciallyreasonableperiodoftime,eachhavingreasonableknowledgeoftherelevantfacts,withneitherbeingunderanycompulsiontoact.

(b) “PresentFairSalableValue”

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of each of theCompany on a stand-alone basis, and the Company and its Subsidiaries taken as a whole, are sold with reasonable promptness undernormalsellingconditionsinacurrentmarket.

(c) “NewFinancing”

TheIndebtednessincurredortobeincurredbytheCompanyanditsSubsidiariesundertheCreditDocuments.

(d) “StatedLiabilities”

Therecordedliabilitiesthatwouldberecordedinaccordancewithgenerallyacceptedaccountingprinciples(“GAAP”)oftheCompanyon a stand-alone basis and of the Company and its Subsidiaries taken as a whole as of the date hereof after giving effect to theTransaction,determinedinaccordancewithGAAPconsistentlyapplied,togetherwiththeamountofallNewFinancing.

(e) “IdentifiedContingentLiabilities”

The maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments,guaranties, uninsured risks and other contingent liabilities of each of the Company on a stand-alone basis, and the Company and itsSubsidiariestakenasawhole,aftergivingeffecttoalltheVesselAcquisitions,asidentifiedandexplainedintermsoftheirnatureandestimatedmagnitudebyresponsibleofficersoftheCompanyanditsSubsidiariesorthathavebeenidentifiedassuchbyanofficeroftheCompanyoranyofitsSubsidiaries.

EXHIBITL

(f) “WillbeabletopayitsStatedLiabilitiesandIdentifiedContingentLiabilities,astheymature”

FortheperiodfromthedatehereofthroughthestatedmaturityofalltheNewFinancing,eachoftheCompanyonastand-alonebasis,andtheCompanyanditsSubsidiariestakenasawhole,willhavesufficientassetsandcashflowtopayitsStatedLiabilitiesandIdentifiedContingentLiabilitiesasthoseliabilitiesmatureorotherwisebecomepayable.

(g) “DoesnothaveUnreasonablySmallCapital”

FortheperiodfromthedatehereofthroughthestatedmaturityofalltheNewFinancing,eachoftheCompanyonastand-alonebasis,andthe Company and its Subsidiaries taken as a whole, after consummation of the Transaction and all Indebtedness being incurred orassumedandLienscreatedbytheCompanyanditsSubsidiariesinconnectiontherewith,isagoingconcernandhassufficientcapitaltoensurethatitwillcontinuetobeagoingconcernforsuchperiodandtoremainagoingconcern.

3. For purposes of this Certificate, I, or other officers of the Companyandits Subsidiaries under mydirection andsupervision, haveperformedthefollowingproceduresasofandfortheperiodssetforthbelow.

(a) IhavereviewedthebalancesheetsreferredtoinSection6.07oftheCreditAgreement.

(b) I have made inquiries of certain officials of the Company and its Subsidiaries who have responsibility for financial and accountingmatters regarding the existence and amount of Identified Contingent Liabilities associated with the business of the Company and itsSubsidiaries.

(c) IhaveknowledgeofandhavereviewedtomysatisfactiontheCreditDocumentsandtherespectiveSchedulesandExhibitsthereto.

(d) WithrespecttoIdentifiedContingentLiabilities,I:

(i) inquired of certain officials of the Company and its Subsidiaries who have responsibility for legal, financial and accountingmattersastotheexistenceandestimatedliabilitywithrespecttoallcontingentliabilitiesknowntothem;and

(ii) confirmedwithofficersoftheCompanyanditsSubsidiariesthat,tothebestofsuchofficers’knowledge,allappropriateitemswere included in Identified Contingent Liabilities and the amounts relating thereto were the maximum estimated amount ofliabilitiesreasonablylikelytoresulttherefromasofthedatehereof.

(e) I have made inquiries of certain officers of the Company and its Subsidiaries who have responsibility for financial reporting andaccounting matters regarding whether they were aware of any events or conditions that, as of the date hereof, would cause either theCompanyonastand-alonebasis,ortheCompanyanditsSubsidiariestakenasawhole,ineithercaseaftergivingeffecttotheincurrenceof the Loans to (i) have assets with a Fair Value or Present Fair Salable Value that are less than the sum of Stated Liabilities andIdentifiedContingent

EXHIBITL

Liabilities;(ii)haveUnreasonablySmallCapital;or(iii)notbeabletopayitsStatedLiabilitiesandIdentifiedContingentLiabilitiesastheymatureorotherwisebecomepayable.

4. Basedonandsubjecttotheforegoing,I, inmycapacityastheAuthorizedOfficeroftheCompany,herebycertifyonbehalfoftheCompanythat, after giving effect to the Transaction and the related financing transactions (including the incurrence of the NewFinancing), it is myinformedopinionthat(i)theFairValueoftheassetsofeachoftheCompanyonastand-alonebasis,andtheCompanyanditsSubsidiariestakenasawhole,isgreaterthanitsStatedLiabilitiesandIdentifiedContingentLiabilities;(ii)thePresentFairSalableValueoftheassetsofeachoftheCompanyonastand-alonebasis,andtheCompanyanditsSubsidiariestakenasawhole,isgreaterthanitsStatedLiabilitiesandIdentifiedContingentLiabilities; (iii) eachoftheCompanyonastand-alonebasis,andtheCompanyanditsSubsidiariestakenasawhole,willbeabletopayitsStatedLiabilitiesandIdentifiedContingentLiabilities,astheymatureorotherwisebecomepayable;and(iv)neithertheCompanyonastand-alonebasis,northeCompanyanditsSubsidiariestakenasawhole,hasUnreasonablySmallCapital.

EXHIBITL

INWITNESSWHEREOF,IhaveheretoonbehalfoftheCompanysetmyhandthis___dayof__________,20__. GENCOSHIPPING&TRADINGLIMITED By: Name: Title:ChiefFinancialOfficer

EXHIBITM

FORMOFASSIGNMENTOFHEDGINGAGREEMENT

Date[●]

GENCO SHIPPING & TRADING LIMITEDasAssignor

‑and‑

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

asSecurityAgent

HEDGING AGREEMENT ASSIGNMENT

relatingtoanISDAMasterAgreementdated[●]

INDEX

Clause Page 1. DEFINITIONSANDINTERPRETATION 1 2. COVENANTTOPAYANDPERFORM 2 3. CREATIONOFSECURITYINTEREST 3 4. SWAPPAYMENTS 4 5. REPRESENTATIONSANDWARRANTIES 5 6. COVENANTS 5 7. PROTECTIONOFSECURITY 7 8. ENFORCEABILITYANDSECURITYAGENT’SPOWERS 7 9. APPLICATIONOFMONEYS 9 10. FURTHERASSURANCES 9 11. POWEROFATTORNEY 11 12. INDEMNITIES 11 13. SUPPLEMENTAL 12 14. TRANSFERS 13 15. GOVERNINGLAW;SUBMISSIONTOJURISDICTION;VENUE;WAIVEROFJURYTRIAL 13 EXECUTIONPAGE 1 APPENDIX1NOTICEOFASSIGNMENTTOHEDGECOUNTERPARTY 2 APPENDIX2HEDGECOUNTERPARTY’SACKNOWLEDGEMENT 4

THIS HEDGING AGREEMENT ASSIGNMENT ismadeon[●]

BETWEEN

(1) GENCO SHIPPING & TRADING LIMITED ,alimitedliabilitycompanyformedintheRepublicoftheMarshallIslands(the“Assignor ”);and(2) CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK ,asociétéanonyme,organizedandexistingunderthelawsofFrance(“CACIB

”),asSecurityAgentundertheCreditAgreementreferredtobelow(togetherwithitssuccessorsandassigns,the“Security Agent ”). WHEREAS

(A) GencoShipping&TradingLimited(the“Borrower ”),theLenderspartytheretofromtimetotime,theSecurityAgentandCACIB,asAdministrativeAgent,haveenteredintothatcertaincreditagreementdatedasofAugust14,2018(asthesamemaybeamended,restated,supplementedand/orotherwisemodifiedfromtimetotime,the“Credit Agreement ”)providingforthemakingoftermloanstotheBorrowerintheprincipal amountofuptoOneHundredEightMillionUnitedStatesDollars(U.S.$108,000,000).

(B) TheAssignorand[●](the“Hedge Counterparty ”)haveenteredintoanISDAMasterAgreement, datedasof[●],20[●](togetherwiththerelevant

Schedules and Confirmations (each as defined therein), the “Master Agreement ”), pursuant to which the Assignor and Hedge Counterparty haveenteredintoand/oranticipateenteringintooneormoreTransactions(asdefinedintheMasterAgreement)inconnectionwiththeAssignor’sinterestrateexposureundertheCreditAgreement.

(C) TheMasterAgreementconstitutesoneoftheHedgingAgreementsreferredtointheCreditAgreement.(D) The Assignor is entering into this agreement (this “Assignment ”) in satisfaction of the condition precedent under Section 5.02(f) (Collateraland

Guaranty Requirements ) of the Credit Agreement pursuant to which each Subsidiary Guarantor that owns a Collateral Vessel is required to grant asecurityinterestandlienonallpresentandfuturerightsandreceivablesundereachHedgingAgreementassecurityfortheSecuredObligations.

IT IS AGREED asfollows:

1. DEFINITIONS AND INTERPRETATION1.1 Defined expressions . WordsandexpressionsdefinedintheCreditAgreementshallhavethesamemeaningswhenusedinthisAssignmentunlessthe

contextotherwiserequires.1.2 Definitions InthisAssignment,unlessthecontraryintentionappears:

“Assigned Agreement ”meanstheMasterAgreement;

“Assigned Agreement Rights ”meansallrightsandinterestsofeverykindwhichtheAssignornoworatanylatertimehasto,inorinconnectionwith,theAssignedAgreement, or inrelationtoanymatter arisingoutof or inconnectionwiththeAssignedAgreement, including, but without inanywaylimitingthegeneralityoftheprecedingwords:

(a) allrightsandinterestsrelatingtoanyamountofanykindpayableunderthetermsoftheAssignedAgreement;

(b) allrightstocommence,conduct,defend,compromiseorabandonanylegalorarbitrationproceedingsrelatingtotheAssignedAgreementortoanymatterarisingoutoforinconnectionwiththeAssignedAgreement;

(c) allrightstodamages,interest, costsorothersumspayableunderanyjudgmentororderofanycourt,oranyarbitrationaward,relatingtothe

AssignedAgreementortoanymatterarisingoutoforinconnectionwiththeAssignedAgreement;and

(d) all accessions to, substitutions and replacements for, proceeds and products of any of the foregoing, together with all books and records,computerfiles,programs,printoutsandothercomputermaterialsandrecordsrelatedtheretoandallcollateralsecurityandguaranteesgivenbyanypersonwithrespecttotheforegoing.

“Assigned Property ”meansallrightsandinterestsofeverykindwhichtheAssignornoworatanylatertimehasto,inorinconnectionwith:(a) theAssignedAgreementRights;and

(b) theSwapPayments;and

“Swap Payments ”meansall moneyswhatsoeverwhicharenowormaylaterbecomepayable(actuallyorcontingently)totheAssignorunderorinconnectionwiththeAssignedAgreement.

1.3 Application of construction and interpretation provisions of Credit Agreement . Section 1.02 (Other Definitional Provisions ) of the CreditAgreementappliestothisAssignmentasifitwereexpresslyincorporatedinitwithanynecessarymodifications.

1.4 Inconsistency between Credit Agreement provisions and this Assignment .ThisAssignmentshallbereadtogetherwiththeCreditAgreement,butin

caseofanyconflictbetweentheCreditAgreementandthisAssignment,unlessexpresslyprovidedtothecontraryinthisAssignment,theprovisionsoftheCreditAgreementshallprevail.

2. COVENANT TO PAY AND PERFORM2.1 Covenant to pay and perform .TheAssignorcovenantswiththeSecurityAgent:(a) tofully,duly,promptlyandpunctuallypaywhendue,ortocausethefull,due,promptandpunctualpaymentwhendue(whetheratstatedmaturity,by

accelerationor

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otherwise)of,theSecuredObligationsowingbytheAssignortotheSecuredCreditors;and

(b) to observe and perform all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest, fees and indemnities(including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy,insolvency,reorganizationorsimilarproceedingofanyAssignorattherateprovidedforintherespectivedocumentation,whetherornotaclaimforpost-petitioninterestisallowedinanysuchproceeding))oftheAssignorunderanyCreditDocumentstowhichtheAssignorisaparty.

3. CREATION OF SECURITY INTEREST3.1 Security interest .(a) AssecurityfortheSecuredObligationsandtheperformanceofallobligationsunderthisAssignmentorotherwiserelatingtothem,theAssignorhereby

grants,sells,conveys,assigns,transfers,mortgagesandpledgestotheSecurityAgent,forthebenefitoftheSecuredCreditors,asecurityinterestinallright,title,interest,claimanddemandwhichtheAssignornoworatanylatertimehasto,inorinconnectionwith,theAssignedProperty(andregardlessofwherelocated).

(b) Fortheavoidanceofdoubt,unlessanEventofDefaulthasoccurredandiscontinuing,theAssignorshallbeentitled,subjecttotheotherprovisionsofthis

Assignment andthe other Credit Documents, to exercise its rights under the AssignedAgreement or in connectionwith the AssignedProperty andtoreceiveallmoneyspaidundertheAssignedAgreement.

3.2 Continuing security .ThisAssignmentandtheobligationsoftheAssignorunderthisAssignmentshallbeabsoluteandunconditional,andshallremain

infullforceandeffectuntilsuchdateastheSecuredObligationshavebeenpaidinfullincashinaccordancewiththeprovisionsoftheCreditAgreement(the“Termination Date ”)and,inparticular:

(a) thesecurityinterestcreatedbyClause3.1(a)shallnotbesatisfiedbyanyintermediatepaymentorsatisfactionoftheSecuredObligations;(b) subjecttoClause3.6below,thesecurityinterestcreatedbyClause3.1(a),andtherightsoftheSecurityAgentunderthisAssignment,areonlycapableof

beingextinguished,limitedorotherwiseadverselyaffectedbyanexpressandspecificterminadocumentsignedbyoronbehalfoftheSecurityAgent;(c) nofailureordelaybyoronbehalfoftheSecurityAgenttoenforceorexerciseanyrightcreatedbyClause3.1(a)orarightoftheSecurityAgentunder

thisAssignment,andnoact,courseofconduct,acquiescenceorfailuretoact(ortopreventtheAssignorfromtakingcertainaction)whichisinconsistentwithsuchasecurityinterestorsucharightshallprecludeorestoptheSecurityAgent(eitherpermanentlyortemporarily)fromenforcingorexercisingit;

(d) thisAssignmentshallbeadditionalto,andshallnotinanywayimpairorbeimpairedby:

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(i) anyothersecurityinterestwhetherinrelationtopropertyoftheAssignororthatofathirdparty;or

(ii) anyotherrightofrecourseasagainsttheAssignororanythirdparty,whichtheSecurityAgentoranyotherSecuredCreditornoworsubsequentlyhasinrespectofanyoftheSecuredObligations;and

(e) this Assignment shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations isrescindedormustotherwisebereturnedbyanySecuredCreditororbyanyotherpersonorentityupontheinsolvency,bankruptcyorreorganizationoftheAssignororanyotherSecurityPartyorotherwiseoranysimilarproceedingsinanyrelevantjurisdiction,allasthoughsuchpaymenthadnotbeenmade.

3.3 No obligations imposed on Security Agent .TheAssignorshallremainliabletoperformallobligationsconnectedwiththeAssignedPropertyandthe

SecurityAgentshallnot,inanycircumstances,haveorincuranyobligationofanykindinconnectionwiththeAssignedProperty.3.4 Notice of assignment; acknowledgement .TheAssignorshall,promptlyaftertheexecutionofthisAssignment,givewrittennoticeoftheassignment

containedinClause3.1(a)totheHedgeCounterpartyintheformsetoutinAppendix1(orsuchotherformastheSecurityAgentmayapprove(suchapproval not to be unreasonably withheld or delayed)) andshall use commercially reasonable efforts to obtain fromthe Hedge Counterparty a signedacknowledgement in the form set out in Appendix 2 (or such other form as the Security Agent may approval (such approval not to be unreasonablywithheldordelayed).

3.5 Negative Assignment; disposal of assets .TheAssignorshallcomplywiththeprovisionsofSections8.01(Liens)and8.02(Consolidation,Merger,

Sale of Assets, etc. ) of the Credit Agreement, each of which is expressly incorporated in this Assignment with any necessary modifications. TheAssignor shall not dispose of anyAssignedProperty or anyright relating to anyAssignedProperty; providedthat nothingin this Clause 3.5 shall beinterpretedaslimitingtherightoftheAssignortotakeanyactionpermittedornotexpresslyprohibitedundertheCreditAgreement.

3.6 Termination; release of security . AftertheTerminationDate,thisAssignmentandthesecurityinterestcreatedherebyshallautomaticallyterminate

(provided that all indemnities set forth herein including, without limitation, in Clause 13 hereof shall survive any such termination), and the SecurityAgentattherequestandexpenseoftheAssignor,willre-assign(withoutanywarranty,representation,covenantorotherrecourse)totheAssignorsuchrightsastheSecurityAgentthenhasto,orinconnectionwith,theAssignedProperty.

4. SWAP PAYMENTS4.1 Receipt of Swap Payments .UpontheoccurrenceandcontinuanceofanEventofDefault:

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(a) theAssignorshall,upontherequestoftheSecurityAgent,andtheSecurityAgentmayatanytimethereafter,instructtheHedgeCounterpartytopaytheSwapPaymentstotheSecurityAgentorasitmaydirect;and

(b) any sumin respect of a SwapPayment then held by the Assignor’s brokers, bankers or other agents or representatives shall be deemedto have been

receivedbyandtobeheldbythemontrustfortheSecurityAgent.5. REPRESENTATIONS AND WARRANTIES5.1 General .TheAssignorrepresentsandwarrantstotheSecurityAgentasfollows.5.2 Repetition of Credit Agreement representations and warranties .TherepresentationsandwarrantiesinSection6(RepresentationsandWarranties)

oftheCreditAgreementastheyrelatetosuchAssignoraretrueandcorrectinallmaterialrespectsasofthedateofthisAssignment,ineachcaseunlessexpresslystatedtorelatetoaspecificearlierdate,inwhichcasesuchrepresentationsandwarrantiesshallbetrueandcorrectinallmaterialrespectsasofsuchearlierdate.

5.3 Validity and completeness of Assigned Agreement . The copy of the Assigned Agreement delivered to the Security Agent in connection with this

Assignmentisatrueandcompletecopy,andtheredoesnotexistanyaddendum,supplementalagreementorotherdocumentofanykindwhichhastheeffect of varying the terms of the Assigned Agreement or of excluding, restricting or qualifying any right or interest which the Assigned AgreementcreatesinfavoroftheAssignor.

6. COVENANTS6.1 General .TheAssignorshallcomplywiththefollowingprovisionsofthisClause6atalltimesuntiltheTerminationDateexceptastheSecurityAgent

mayotherwisepermit.6.2 Performance of obligations under Assigned Agreement .TheAssignorshall:(a) observeandperformallitsobligationsandmeetallitsliabilitiesunderorinconnectionwiththeAssignedAgreement;and(b) takeanyaction,orrefrainfromtakinganyaction,whichtheSecurityAgentmayspecifyinconnectionwithanybreach,orpossiblefuturebreach,ofthe

Assigned Agreement to which it is a party by it or with any other matter which arises or may later arise out of or in connection with the AssignedAgreement.

6.3 Payment of Swap Payments etc. received under Assigned Agreement . IfanEventofDefaultshallhaveoccurredandbecontinuing,theAssignor

shallforthwith,uponreceiptbyit(orbyanypersonactingonitsbehalf),payoverortransfertotheSecurityAgent(orastheSecurityAgentmaydirect)anySwapPaymentsorotherpropertywhichtheAssignor(oranypersonactingonitsbehalf)mayreceiveorrecoverinconnectionwiththeAssignedAgreementandallpropertywhichmay,directlyorindirectly,represent,accrueonorbederivedfromanysuchmoneysorproperty.

6.4 Action to protect validity of Assigned Agreement .TheAssignorshall:

5

(a) use commercially reasonable efforts to ensure that all interests and rights conferred by the Assigned Agreement remain valid and enforceable in allrespectsandretaintheprioritywhichtheywereintendedtohave;and

(b) withoutprejudicetoitsobligationsunderparagraph(a)above,takeanyactionwhichtheSecurityAgentmayspecifythatisnecessarytoensureorprotect

thevalidity,enforceabilityand/orpriorityofanysuchinterestorright.6.5 Action to enforce Assigned Agreement .DuringthecontinuanceofanEventofDefault,theAssignorshall(a) takeanyactionwhichtheSecurityAgentmaydirectforthepurposeofenforcing(throughlegalprocess,arbitrationorotherwise)anyrightwhichispart

of,orwhichrelatesto,theAssignedProperty;and(b) intheabsenceofanysuchdirection,nottakeanysuchaction.6.6 Termination of, and proceedings relating to, Assigned Agreement .Withoutlimitingitsgenerality,Clause6.5appliesto:(a) theterminationoftheAssignedAgreement;(b) thecommencementof,oranyotheractionrelatingto,anylegalproceedingsorarbitrationrelatingtoanyAssignedPropertyortoanymatterarisingoutof

orinconnectionwithanyAssignedProperty.6.7 Provision of information relating to Assigned Agreement .TheAssignorshallforthwith:(a) informtheSecurityAgentifanymaterial breachoftheAssignedAgreementoccursoraseriousriskofsuchamaterialbreacharisesandofanyother

eventormatteraffectingtheAssignedAgreementwhichismaterialtotheSecurityAgent;(b) providetheSecurityAgent,promptlyafterservice,withcopiesofallnoticesservedonorbyitunderorinconnectionwiththeAssignedAgreement;(c) provide the Security Agent with any information which it reasonably requests about any AssignedProperty or any matter relating to or affecting any

AssignedProperty;(d) generally provide the Security Agent and its officers and representatives with full and prompt co-operation and assistance relating to any Assigned

Property.6.8 Provision of copies of Assigned Agreement .TheAssignorshallforthwithupontheSecurityAgent’srequestusecommerciallyreasonableeffortsto

delivertotheSecurityAgentanoriginaloftheAssignedAgreement.6.9 No action to jeopardize security .TheAssignorshallnotdoorfailtodoorcauseorpermitanotherpersontodooromittodoanythingwhichisliable

tojeopardizetheeffectivenessorpriority,inrelationtoanyAssignedProperty,ofanysecurityinterestcreatedbythisAssignment.

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7. PROTECTION OF SECURITY7.1 Security Agent’s right to protect or maintain security .TheSecurityAgentmay,butshallnotbeobligedto,takeanyactionwhichitmaythinkfitfor

thepurposeofprotectingormaintainingthesecurityinterestcreatedbythisAssignmentorforanysimilarorrelatedpurpose.8. ENFORCEABILITY AND SECURITY AGENT’S POWERS8.1 Right to enforce security .IfanEventofDefaultshalloccurandbecontinuing,butwithoutthenecessityforanycourtorderinanyjurisdictiontothe

effect that an Event of Default has occurred or that the security interest constituted by this Assignment has become enforceable, and irrespective ofwhetheranoticeofaccelerationhasbeenservedunderSection9(EventsofDefault)oftheCreditAgreement:

(a) thesecurityinterestconstitutedbythisAssignmentshallimmediatelybecomeenforceable;and(b) the Security Agent shall be entitled (subject only to any of the express restrictions or conditions contained in any of the following provisions of this

Clause8)thenoratanylatertimeortimestoexercisethepowerssetoutinthisClause8andinanyotherCreditDocument;8.2 Right to take possession, sell, etc. . IfthesecurityinterestconstitutedbythisAssignmentisenforceableinaccordancewithClause8.1,theSecurity

Agentshallbeentitledthenoratanylatertimeortimes:(a) to exercise the powers possessed by it as assignee of the Assigned Property conferred by the law of any country or territory in which the Assigned

Property is deemed to be sited or the courts of which have or claim any jurisdiction in respect of any item of Assigned Property, including, withoutlimitingtheforegoing,toexerciseinrespectoftheAssignedProperty,inadditiontootherrightsandremediesprovidedforhereinorotherwiseavailabletoit,alltherightsandremediesofasecuredcreditorupondefaultundertheUCC(whetherornottheUCCappliestotheAssignedProperty);

(b) tocollect,recoverandgiveagooddischargeforanymoneysorclaimsformingpartof,orarisinginrelationto,anyAssignedPropertyandtopermitany

brokersthroughwhomcollectionorrecoveryiseffectedtochargetheusualbrokeragetherefor;(c) toexerciseanyrightformingpartoftheAssignedProperty,includinganyrighttoterminatetheAssignedAgreement;(d) tocollectandrequirepaymentofanyamountpayableunder,ortherighttowhichisassignedorchargedby,theAssignedAgreementorwhichotherwise

formspartoftheAssignedProperty,andtotakepossessionofanyotherAssignedProperty;(e) tovarythetermsoftheAssignedAgreement,toenterintoanyarrangementofanykindconnectedwiththeAssignedAgreement,toreplace,novateor

terminatetheAssignedAgreementandtoreleaseanypersonliableundertheAssignedAgreementand/orany

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Securityrelatingtoanyperson’sobligationsorliabilities undertheAssignedAgreement, whichshall not, fortheavoidanceofdoubt, imposematerialadditionalobligationsorliabilitiesupontheAssignor;

(f) tosell,mortgage,exchange,investorinanyotherwaydealwithanyAssignedPropertyinanymannerandforanyconsideration(includingshares,notesorothersecurities);

(g) topetitionorapplyfor,orproveorclaimin,anywindingup,administration,bankruptcyorsimilarprocedureinrespectofanypersonhavinganyliability

undertheAssignedAgreement;(h) to vote for or against and participate in, any composition, voluntary arrangement, scheme of arrangement or reorganization of any person having a

liabilityundertheAssignedAgreement;(i) toenterintotransactionsofanykindforthepurposeofhedgingriskswhichhavearisenorwhichtheSecurityAgentconsidersmayariseinrespectofany

AssignedPropertyoutofmovementsinexchangerates,interestratesorotherrisksofanykind;(j) toemploytheservicesofanylawyers,brokersorotherexpertsoradvisersofanytimeordescriptionwhetherornotsimilartotheforegoing;(k) toappointallagentsofanykind,whethertoenforceorexerciseanyrightunderorinconnectionwiththeAssignedAgreementorforanyotherpurpose

inconnectionwithitsrightshereunder;(l) totakeoverorcommenceordefend(ifnecessaryusingthenameoftheAssignor)anyclaimsorlegalorarbitrationproceedingsrelatingto,oraffecting,

anyAssignedPropertywhichtheSecurityAgentmaythinkfitandtoabandon,releaseorsettleinanywayanysuchclaimsorproceedings;and(m) generally,toenterintoanytransactionorarrangementofanykindandtodoanythinginrelationtoanyAssignedPropertywhichtheSecurityAgentmay

thinkfitinitssolediscretioninordertoprotect,preserve,maintainorenforceitsrightsandremedieshereunder.8.3 Rights and waivers in connection with sale of Assigned Property .Atleast10days’writtennoticeofthetimeandplaceofanysaleinaccordancewith

Clause8.2shallbegiventotheAssignor.TheSecurityAgentshallnotbeobligatedtomakeanysuchsaleoftheAssignedPropertyregardlessofwhetheranysuchnoticeofsalehastheretoforebeengiven.TheAssignorherebywaivesandreleasestothefullestextentpermittedbylawanyrightorequityofredemptionwithrespecttotheAssignedProperty,whetherbeforeoraftersalehereunder,andallrights,ifany,ofmarshallingtheAssignedPropertyandanyothersecurityfortheSecuredObligationsorotherwise.Atanysuchsale,unlessprohibitedbyapplicablelaw,theSecurityAgentonbehalfoftheSecuredCreditorsmaybidforandpurchasealloranypartoftheAssignedPropertysosoldfreefromanysuchrightorequityofredemption.NeithertheSecurityAgentnoranyotherSecuredCreditorshallbeliableforfailuretocollectorrealizeuponanyoralloftheAssignedPropertyor

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foranydelayinsodoingnorshallanyofthembeunderanyobligationtotakeanyactionwhatsoeverwithregardthereto

8.4 No liability of Security Agent .TheSecurityAgentshallnotbeobligedtocheckthenatureofanypaymentreceivedbyitunderthisAssignmentortopreserve,exerciseorenforceanyrightformingpartof,orrelatingto,anyAssignedProperty.

8.5 No requirement to commence other proceedings . NeithertheSecurityAgentnoranyotherSecuredCreditorwillneedtocommenceanyproceedings

under,orenforceanySecuritycreatedby,theCreditAgreementoranyotherCreditDocumentbeforecommencingproceedingsunder,orenforcinganySecuritycreatedbythisAssignment.

8.6 Rights and remedies cumulative . Eachandeveryright,powerandremedyoftheSecurityAgentprovidedforinthisAssignmentnoworhereafter

existingatlaworinequityorbystatuteshallbecumulativeandconcurrentandshallbeinadditiontoeveryothersuchright,powerorremedy.9. APPLICATION OF MONEYS9.1 General .AllsumsreceivedbytheSecurityAgent:(a) inrespectofanytransactionorarrangementunderClause8.1or8.2;or(b) inrespectoftheAssignedAgreementRights(otherthaninrespectofthesumstowhichClause9.2applies),

shallbeheldbytheSecurityAgentupontrustinthefirstplacetopayordischargeanyexpensesorliabilities(includinganyinterest)whichhavebeenpaidorincurredbytheSecurityAgentinorconnectionwiththeexerciseoftheirrespectivepowersandtoapplythebalanceinaccordancewithSection4.05(ApplicationofProceeds)oftheCreditAgreement.

9.2 Application of swap payments . Any sums received by the Security Agent in respect of the payments made by the Hedge Counterparty under theAssignedAgreementfollowingadirectionmadebytheSecurityAgentunderClause4.1shall:

(a) ifreceivedbeforeanEventofDefault,bereturnedtotheAssignor;or(b) ifreceivedonoraftertheoccurrenceofanEventofDefault,beheldbytheSecurityAgentupontrusttobeappliedinaccordancewithClause9.1.10. FURTHER ASSURANCES10.1 Obligation to execute further documents etc .TheAssignorshall:(a) executeanddelivertotheSecurityAgent(orasitmaydirect)anyassignment,mortgage,powerofattorney,proxyorotherdocument,governedbythe

lawoftheStateofNewYorkorsuchotherstateorcountryastheSecurityAgentmay,inanyparticularcase,specifyforanyofthepurposesdescribedinClause10.2oranysimilarorrelatedpurpose;and

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(b) effectanyregistrationornotarization,giveanynoticeortakeanyotherstep,whichtheSecurityAgentmay,bynoticetotheAssignor,specifyforanyofthepurposesdescribedinClause10.2orforanysimilarorrelatedpurpose.

10.2 Purposes of further assurances .ThosepurposesreferredtoinClause10.1are:(a) validlyandeffectivelytocreateanySecurityorrightofanykindwhichtheSecurityAgentintendedshouldbecreatedbyorpursuanttothisAssignment

oranyotherCreditDocument;(b) to create a specific mortgage or assignment of any particular Assigned Property or otherwise to vest in the Security Agent the title to any particular

AssignedProperty;(c) toprotectthepriorityintherelevantjurisdictionofanySecuritywhichiscreated,orwhichtheSecurityAgentintendedshouldbecreated,byorpursuant

tothisAssignmentoranyotherCreditDocument;(d) toenableorassisttheSecurityAgenttosellorotherwisedealwithanyAssignedProperty,totransfertitleto,orgrantanyinterestorrightrelatingto,any

AssignedPropertyortoexerciseanypowerwhichisreferredtoinClause8.1above,ineachcase, totheextentsuchactionsbytheSecurityAgentispermittedbyanyCreditDocument;and

(e) to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action

relatingtoanyAssignedPropertyinanycountryorunderthelawofanycountry.10.3 Terms of further assurances .TheSecurityAgentmayspecifythetermsofanydocumenttobeexecutedbytheAssignorunderClause10.1,andthose

termsmayincludeanycovenants,powersandprovisionswhichtheSecurityAgentconsidersreasonablynecessarytoprotectits,andanyotherSecuredCreditor’s,interests.

10.4 UCC filings.(a) TheAssignorherebyauthorizestheSecurityAgenttofileoneormorefinancingorcontinuationstatements,andamendmentsthereto,withrespecttothe

Assigned Property, in each case without the signature of the Assignor and regardless of whether any particular asset described in such financingstatementsfallswithinthescopeoftheUCC.

(b) AphotocopyorotherreproductionofthisAssignmentoranyfinancingstatementcoveringtheAssignedPropertyoranypartthereofshallbesufficientas

afinancingstatementwherepermittedbylaw.(c) TheAssignorratifiesitsauthorizationfortheSecurityAgenttohavefiledsuchfinancingstatements,continuationstatementsoramendmentsfiledpriorto

thedatehereof.(d) TheAssignorshallfurnishtotheSecurityAgentfromtimetotimestatementsandschedulesfurtheridentifyinganddescribingtheAssignedPropertyand

suchotherreports

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inconnectionwiththeAssignedPropertyastheSecurityAgentmayreasonablyrequest,allinreasonabledetail.

11. POWER OF ATTORNEY11.1 Appointment.(a) TheAssignorherebyappointstheSecurityAgentastheAssignor’sattorney-in-fact,withfullauthorityintheplaceandsteadoftheAssignorandinthe

nameoftheAssignororotherwisefromtimetotimeaftertheoccurrenceandduringthecontinuanceofanEventofDefault,forthepurposeofcarryingouttheprovisionsofthisAssignmentandtakinganyactionandexecutinganyinstrumentswhichtheSecurityAgentmaydeemreasonablynecessaryoradvisable to accomplish the purposes hereof, including, but not limited to, exercising all rights and remedies provided the Security Agent under thisAssignmentorbylaw.Theforegoingappointmentasattorney-in-factisirrevocableandcoupledwithaninterest.

(b) Without limiting the generality of the foregoing, during the continuance of an Event of Default, the Security Agent shall have the right andpower to

receive,endorseandcollectallchecksmadepayabletotheorderoftheAssignorrepresentinganypaymentinrespectoftheAssignedPropertyoranypartofanyoftheforegoingandtogivefulldischargeforthesame.

(c) IftheAssignorfailstoperformanyagreementorundertakingcontainedherein,theSecurityAgentmay(butshallnotbeobligatedto)itselfperform,or

causeperformanceof,suchagreement,andtheexpensesoftheSecurityAgentincurredinconnectiontherewith(includingreasonablefeesofanycounsel,expertsoragents)shallbepayablebytheAssignorupondemandbytheSecurityAgent.

12. INDEMNITIES .TheAssignoragrees(i)toindemnifyandholdharmlesstheSecurityAgentandeachotherSecuredCreditorandtheirrespectivesuccessors,assigns,officers,directors,trustees,employees,representatives,agentsandaffiliates(individuallyan“Indemnitee ,”andcollectivelythe“Indemnitees ”)fromandagainstanyandallliabilities,obligations(includingremovalorremedialactions),losses,damages,penalties,claims,actions,judgments,suitsandout-of-pocketcosts,expensesanddisbursementsofwhatsoeverkindornature,and(ii)toreimburseeachIndemniteeforallreasonablecostsandexpense,includingreasonableanddocumentedout-of-pocketattorneys’andconsultants’fees,chargesanddisbursements,ineachcasegrowingoutoforresultingfromthisAssignmentortheexercisebyanyIndemniteeofanyrightorremedygrantedtoithereunder(excludinganylosses,liabilities,claims,damages,penalties,actions,judgments,suits,costs,disbursementsorexpensestotheextentincurred,asdeterminedbyacourtofcompetentjurisdictionbyfinalandnon-appealablejudgment,byreasonofthegrossnegligenceof,thebreachinbadfaithoftheCreditDocumentsby,orwilfulmisconductof,anysuchIndemnitee).InnoeventshallthePledgeebeliable,intheabsenceofgrossnegligenceorwillfulmisconductonitspart,foranymatterorthinginconnectionwiththisAssignmentotherthantoaccountformoniesactuallyreceivedbyitinaccordancewiththetermshereof.IfandtotheextentthattheobligationsoftheAssignorunderthisSection12areunenforceableforanyreason,theAssignorherebyagreestomakethe

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maximumcontribution to the payment and satisfaction of such obligations which is permissible under applicable law. Notwithstanding the foregoing, no partyhereto shall be responsible to anyPersonfor anyconsequential, indirect, special or punitive damages whichmaybeallegedbysuchPersonarising out of thisAssignmentortheotherCreditDocumentsoranyagreementorinstrumentcontemplatedhereby,theretransactionscontemplatedherebyorthereby,theLoansortheuseoftheproceedsthereof.13. SUPPLEMENTAL13.1 No restriction on other rights .NothinginthisAssignmentshallbetakentoexcludeorrestrictanypower,rightorremedywhichtheSecurityAgentor

anyotherSecuredCreditormayatanytimehaveunder:(a) anyotherCreditDocument;or(b) the law of any country, state or territory the courts of which have or claim any jurisdiction in respect of the Assignor or any item of the Assigned

Property.13.2 Exercise of other rights .TheSecurityAgentmayexerciseanyrightunderthisAssignmentbeforeitoranyotherSecuredCreditorhasexercisedany

rightreferredtoinClause13.1(a)or(b)above.13.3 Settlement or discharge conditional .AnysettlementordischargeunderthisAssignmentbetweentheSecurityAgentoranyotherSecuredCreditorand

theAssignorshallbeconditionaluponnosecurityorpaymenttotheSecurityAgentoranyotherSecuredCreditorbytheAssignororanyotherpersonbeingsetaside,adjustedororderedtoberepaid,whetherunderanyinsolvencylaworotherwise.

13.4 Severability of provisions . If any provision of this Assignment is or subsequently becomes void, unenforceable or illegal, that shall not affect the

validity,enforceabilityorlegalityoftheotherprovisionsofthisAssignmentortheprovisionsofanyotherCreditDocuments.13.5 Security Agent’s duties limited .(a) ThepowersconferredontheSecurityAgenthereunderaresolelytoprotecttheinterestoftheSecuredCreditorsintheAssignedPropertyandshallnot

imposeanydutyupontheSecurityAgenttoexerciseanysuchpowers.(b) Except for the safe custody of any Assigned Property in its possession and the accounting for moneys actually received by it hereunder, the Security

Agent shall have no duty as to any Assigned Property, as to ascertaining or taking action with respect to any Assigned Property, whether or not anySecuredCreditorhasanyorisdeemedtohaveanyknowledgeofsuchmatters,orastothetakingofanynecessarystepstopreserverightsagainstanypartiesoranyotherrightspertainingtoanyAssignedProperty.

(c) TheSecurityAgentshallbedeemedtohaveexercisedreasonablecareinthecustodyandpreservationofanyAssignedPropertyinitspossessionifsuch

AssignedPropertyisaccordedtreatmentsubstantiallyequaltothatitaccordsitsownproperty.

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14. TRANSFERS14.1 Transfer by Security Agent .TheSecurityAgentmay,withouttheconsentoftheAssignor,transferitsrightsandobligationsunderandinconnection

withthisAssignmenttothesameextentasitmaydosoundertheCreditAgreement.14.2 Benefit of this Assignment .ThisAssignmentshallbindtheAssignoranditssuccessorsandshallinuretothebenefitoftheSecuredCreditorsandtheir

respective successors, transferees and assigns, as if each of the other Secured Creditors had also been a party to this Assignment. The AssignoracknowledgesthetransferprovisionsinSection11.04(BenefitofAgreement;Assignments;Participations)oftheCreditAgreementandagreesthatanypersoninfavorofwhomatransferismadeinaccordancewiththoseprovisionsshallbeentitledtothebenefitofthisAssignment.

15. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL . THEPROVISIONSOFSECTION11.09 (

GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL ) OF THE CREDIT AGREEMENT SHALL APPLY,MUTATISMUTANDIS,TOTHISASSIGNMENT.

[EXECUTIONPAGEFOLLOWS]

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EXECUTION PAGE

WHEREFORE, thepartieshaveexecutedthisAssignmentonthedatestatedatthebeginningofthisAssignment.GENCO SHIPPING & TRADING LIMITED ,asAssignor By: Name: Title:

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK ,asSecurityAgent By: Name: Title: By: Name: Title:

APPENDIX 1

NOTICE OF ASSIGNMENT TO HEDGE COUNTERPARTY

To: [nameandaddressofHedgeCounterparty]

[●]

DearSirs

Pleasenotethat, byaHedgingAgreement Assignmentdatedasof[●](the“Assignment ”), wehavegrantedtoCrédit Agricole Corporate and InvestmentBank (the“Assignee ”)asecurityinterestinallright,title,interest,claimanddemandwhichwehavenoworatanylatertimeunder,inorinconnectionwiththeISDAMasterAgreementdatedasof[●],20[●](togetherwiththerelevantSchedulesandConfirmations(eachasdefinedtherein),the“Hedging Agreement ”).

Weirrevocably and unconditionally instruct and authorize you (notwithstanding any previous instructions whatsoever which wemayhave given to youto thecontrary)thatuponnoticefromtheAssigneethatanEventofDefault(asdefinedundertheCreditAgreement)hasoccurredandiscontinuingto:

(a) payallmoneyswhatsoeverwhichbecomepayable(actuallyorcontingently)tousunderorinconnectionwiththeHedgingAgreementtosuchaccountoraccountsand/orbankorbanksasmayfromtimetotimebenotifiedtoyoubytheAssignee;

(b) complywiththetermsofanywrittennotice,statementorinstructionsinanywayrelatingorpurportingtorelatetotheAssignmentand/ortheHedgingAgreementoranysumspayablethereunderwhichyoureceivefromtheAssignee;

(c) otherwisetoactinaccordancewiththeinstructionsoftheAssigneeinconnectiontherewith;and

(d) disclosetotheAssigneesuchinformationrelatingtotheHedgingAgreementoranysumspayablethereunderastheAssigneemay,atanytimeandfromtimetotime,requestyoutodisclosetoit,

ineachcasewithoutanyreferencetoorfurtherauthorityfromusandwithoutanyinquirybyyouastothejustificationforsuchinstructions,notice,statement,instructionsordisclosure.

TheinstructionsandauthorizationswhicharecontainedinthisnoticeshallremaininfullforceandeffectuntilweandtheAssigneetogethergiveyounoticeinwriting revoking them. We request you to issue to the Assignee an acknowledgement letter in the attached form. We irrevocably undertake not to give anyinstructionsorsendanycommunicationswhichwouldbe

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in any way inconsistent with the terms of your acknowledgement letter to the Assignee; and you are irrevocably instructed to disregard any instruction orcommunicationwhichyouortheAssigneeconsidertobeinconsistentwiththetermsofthatletter.

AcopyofthisnoticeisbeingsenttotheAssignee.

Yoursfaithfully

forandonbehalfofGencoShipping&TradingLimited

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APPENDIX 2

HEDGE COUNTERPARTY’S ACKNOWLEDGEMENT To: CréditAgricoleCorporateandInvestmentBank

12PlacedesEtats-Unis92120Montrouge,France(anditssuccessorsandassigns)Attention:[email protected]/[email protected]

[date]

DearSirs:

GENCO SHIPPING & TRADING LIMITED (the “Assignor”)

WerefertoanoticefromtheAssignortoyoudated[●](the“Notice ”)regardingaHedgingAgreementAssignmentdated[●](the“Assignment ”)relatingtotheISDAMasterAgreementdatedasof[●],20[●](togetherwiththerelevantSchedulesandConfirmations(eachasdefinedtherein),the“Hedging Agreement ”).CapitalizedtermsusedhereinshallbeasdefinedintheNotice.

1. Weconfirmthatwehavenonoticeofanyassignmentof,orchargeover,theHedgingAgreementoranysumspayablethereunder.2. Weshall,assoonasreasonablypracticable,notifyyouifatanylatertimesuchanassignmentorchargeisexpresslynotifiedtousinwriting.3. Weconfirmthatnoaddendum,supplementalagreementorotherdocumentofanykindhasbeensignedorissuedbyoronbehalfofourselvesortheAssignor

which has the effect of varying the terms of the Hedging Agreement or of excluding, restricting or qualifying any right or interest which the HedgingAgreementcreatesinfavoroftheAssignor.

4. WeagreethatyoushallnothaveorincuranyliabilitytousinconnectionwiththeHedgingAgreementand/oranysumwhichmaybepaidtoyouorotherwise

recoveredbyyouunderorinconnectionwiththeHedgingAgreement.5. Weagreethatwithoutyourspecificwrittenconsent:

(a) theHedgingAgreementcannotbevaried;

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(b) nointerest whicharisesunderorinconnectionwiththeHedgingAgreementandwhichisassignedtoyoucanbereleased, waived,lost, suspendedorsubordinated;and

(c) nobreachbyusoftheHedgingAgreementcanbewaived.6. Weshallpaysuchsumsfreeofanyset-off,cross-claimorotherdeductionandwithoutregardtoanydefenseorequitywhichwemighthaveasagainstthe

Assignor.7. UponreceivingyournoticethatanEventofDefaultinrespectoftheAssignmenthasoccurredandiscontinuing,wewillcomplywiththetermsofanywritten

notice,statementorinstructionsinanywayrelatingorpurportingtorelatetotheAssignmentwhichtheAssignorisentitledtogivetousunderorinrespectoftheHedgingAgreementbut whichpursuant totheAssignmentwereceiveat anytimeandfromtimetotimefromyouwithoutanyreferencetoorfurtherauthorityfromtheAssignorandwithoutanyinquirybyusastothejustificationforsuchnotice,statementorinstructionsorthevalidityofanyofthem.

8. Without in any way limiting the generality of paragraph 7 above, we confirm that upon our receipt of your notice that an Event of Default under the

Assignmenthasoccurredandiscontinuing:

(a) youshallbefullyentitledinyournameand/or(atyouroption)inthenameoftheAssignortocommenceanyproceedingsorarbitrationrelatingtothe

Hedging Agreement or any matter arising out of or in connection with the Hedging Agreement or any sums payable thereunder or to take over andconductanysuchproceedingsorarbitrationwhichmayhavebeencommencedbytheAssignor;and

(b) allrights,powers,authorities,discretionsandremedies(includinganyright,power,authorityordiscretiontomakeadeterminationorgiveanopinion)

which (apart from the Assignor’s assignment to you) the Assignor would now or at any later time have under or in connection with the HedgingAgreementshallbevestedinyouabsolutelyandshallbeexercisableandenforceablebyyou.

9. Referenceinthisacknowledgementtoyourselvesincludesreferencestoyoursuccessorsandassigns.10. ThisacknowledgementshallbegovernedbyandconstruedinaccordancewiththelawsoftheStateofNewYorkandinconnectionwithanyproceedingswith

respect to this acknowledgement weherebysubmit to thenon‑exclusivejurisdictionof anyNewYorkState court or Federal court of theUnitedStates ofAmericasittinginNewYorkCounty,andanyappellatecourtthereof,inanyactionorproceedingarisingoutoforrelatingtothisacknowledgementorforrecognitionorenforcementofanyjudgment,andweherebyirrevocablyandunconditionallyagreethatallclaimsinrespectofanysuchactionorproceedingmaybeheardanddeterminedinsuchNewYorkStateCourtor,totheextentpermittedbylaw,insuchFederalcourt.Wealsoagreethatafinaljudgmentinanysuchactionorproceedingshallbeconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthejudgmentorinanyothermannerprovidedbylaw.

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Yoursfaithfully

forandonbehalfof[nameofHedgeCounterparty]

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EXHIBITN

Dated [●] 2018

Collateral Agreement

between

[●](theGrantor)

Crédit Agricole Corporate and Investment Bank

(theSecurityAgent)

and

Crédit Agricole Corporate and Investment Bank(theAccountBank)

White&CaseLLPAvocatsauBarreaudeParis

ToqueGénérale:J00219,PlaceVendôme

Paris,75001France

Table of Contents Page 1. DefinitionsandInterpretation 2 2. TheSecurity 4 3. ManagementoftheAccountCollateral 5 4. EnforcementoftheSecurity 5 5. RepresentationsandWarrantiesoftheGrantor 6 6. UndertakingsoftheGrantor 7 7. Term 9 8. Irrevocability 9 9. Transfer 9 10. Notice 9 11. Expenses 9 12. Miscellaneous 9 13. NoHardship 10 14. GoverningLaw–Jurisdiction 10 15. ElectionofDomicile 10 Annex 1 List of Beneficiaries 16 Annex 2 Bank Accounts 17 Annex 3 Form of Bank Accounts Pledge Notice 18 Annex 4 Form of Block Notice (Bank Accounts) 19 Annex 5 Form of Acknowledgement of Blocking Rights 21 Annex 6 Form of Additional Security 23

(i)

This Agreement ismadeon[●]2018Between: (1) [●] ,acorporationorganizedandexistingunderthelawsoftheRepublicoftheMarshallIslands,havingitsregisteredofficeatTrustCompanyComplex,

Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 registered under the unique identification number [●] duly represented for thepurposesofthisAgreement(insuchcapacitytogetherwithitssuccessorsandassigns,the“Grantor ”),

(2) Crédit Agricole Corporate and Investment Bank ,asociétéanonyme,organizedandexistingunderthelawsofFrance,withasharecapitalofEUR

8,557,903,710.00, having its registered office at CS70052, 12 place des Etats-Unis, 92547 Montrouge Cedex, registered with the Nanterre Trade andCompaniesRegistryundertheuniqueidentificationnumber304187701RCSNanterre,actinginitsownnameandforitsownaccountaswellasinthe name and for the account for the other Beneficiaries (as such term is defined below) in its capacity as agent of the other Beneficiaries speciallyauthorizedforthispurposeundersection10.10(CollateralMatters)oftheCreditAgreement(assuchtermisdefinedbelow),dulyrepresentedforthepurposes of this Agreement (in such capacity together with its successors and assigns, including any successors appointed pursuant to the CreditAgreement(asdefinedbelow),the“Security Agent ”),

and (3) Crédit Agricole Corporate and Investment Bank ,asociétéanonyme,organizedandexistingunderthelawsofFrance,withasharecapitalofEUR

8,557,903,710.00, having its registered office at CS70052, 12 place des Etats-Unis, 92547 Montrouge Cedex, registered with the Nanterre Trade andCompanies Registry under the unique identification number 304181701RCSNanterre duly represented for the purposes of this Agreement (in suchcapacitytogetherwithitssuccessorsandassigns(the“Account Bank ”).

Recitals: (A) PursuanttotheCreditAgreement(assuchtermisdefinedbelow),theLendershaveagreed,subjecttothetermsandconditionssetforththerein,tomake

availabletoGencoShipping&TradingLimitedasBorroweradollartermloanfacilityinamaximumaggregateprincipalamountofUSD108,000,000.(B) InordertosecuretheSecuredObligations(assuchtermisdefinedbelow),theGrantorundertooktograntinfavoroftheBeneficiariessecurityoverthe

AccountCollateral(assuchtermisdefinedbelow).Now, therefore, it is agreed as follows: 1. Definitions and Interpretation1.1 Definitions (a) CapitalisedtermsdefinedintheCreditAgreementhave,unlessexpresslydefinedinthisAgreement,thesamemeaninginthisAgreement.

(b) ForthepurposeofthisAgreement,thefollowingtermsshallhavethefollowingmeanings:

“Account Collateral ” means the Credit Balances, Bank Accounts and other amounts credited in the bank accounts, which the Security Documentspurporttopledge.

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“Additional Security ”meansanagreement,substantiallyintheformofAnnex6(FormofAdditionalSecurity),oranyotherformapprovedbytheSecurityAgent.

“Agreement ”meansthisagreement,includingitsRecitalsanditsAnnexes.

“Bank Account ”means,fortheGrantor,theOriginalBankAccountsorintherelevantAdditionalSecurityinrespectofanybankaccountsopenedbytheGrantorinFranceafterthedatehereof,openedinthenameoftheGrantorinthebooksoftheAccountBank.

“Bank Accounts Pledge ”meanstheSecurityovertheCreditBalancesoftheBankAccountsconstitutedpursuanttothisAgreementorpursuanttoanyAdditionalSecurity.

“ Beneficiaries ” means the Mandated Lead Arrangers, the Bookrunner, the Lenders, the Hedge Counterparties, the Security Agent and theAdministrativeAgent,theirsuccessors,transfereesandassigns.AlistoftheBeneficiariesatthedatehereofisattachedasAnnex1(ListofBeneficiaries).

“Block Notice ”means,anoticesentbytheSecurityAgenttotheAccountBank(withacopytotheGrantor)followingtheoccurrenceandcontinuanceofanEventofDefaultrequestingtheblockingofanyBankAccountintheformofAnnex4(FormofBlockNotice(BankAccounts)).

“Civil Code ”meansthe“CodeCivil”asineffectfromtimetotimeinFrance.

“Commercial Code ”meansthe“Codedecommerce”asineffectfromtimetotimeinFrance.

“Credit Agreement ”meansthecreditagreementdatedAugust14,2018between,amongstothers,(i)GencoShipping&TradingLimitedasBorrower,(ii)thevariouslenderslistedtherein,(iii)CréditAgricoleCorporateandInvestmentBankandSkandinaviskaEnskildaBankenAB(Publ)asMandatedLeadArrangersand(iv)CréditAgricoleCorporateandInvestmentBankasBookrunner,Structurer,AdministrativeAgentandSecurityAgent.

“Credit Balance ”meansthecreditbalance(“soldecréditeur”asdefinedunderarticle2360oftheCivilCode)oftherelevantBankAccount.

“Discharge Date ”meansthedateuponwhichtheTotal Commitment undertheCredit Agreement hasbeenterminatedandall HedgingAgreementsapplicable to Loans (and/or the Commitments) entered into with any Other Creditors have been terminated, no Note under the Credit Agreement isoutstanding and all Loans thereunder have been repaid in full and all Secured Obligations then due and payable (other than indemnities described insection 11of the Credit Agreement anddescribed in section 11.01of the Credit Agreement, andanyother indemnities set forth in anyother FinanceDocument,ineachcasewhicharenotthendueandpayable)havebeenpaidinfull.

“Event of Default ”hasthemeaninggiventosuchtermintheCreditAgreement.

“Finance Documents ”hasthemeaninggivento“CreditDocuments”intheCreditAgreement.

“Hedging Agreements ” means (x) each ISDAmaster agreement to be entered into pursuant to the Credit Agreement between the Grantor and anyHedge Counterparty and (y) any confirmation executed pursuant to such master agreement and which, in each case, constitutes a Secured HedgingAgreementpursuanttotheCreditAgreement.

“Hedge Counterparty ”hasthemeaninggiventotheterm“OtherCreditor”intheCreditAgreement.

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“Monetary and Financial Code ”meansthe“Codemonétaireetfnancier”asineffectfromtimetotimeinFrance.

“Notice of Enforcement ”hasthemeaninggiventothatterminofClause4.2(BankAccounts).

“Original Bank Accounts ”meanstheBankAccountssetoutinAnnex2(BankAccounts).

“Secured Obligations ” means all payment obligations, whether present, future, actual or contingent, of all sums in principal, interest, penalties orotherwise(includinganyfees,commissions,expenses,orindemnificationofanynature),dueorwhichmaybecomedue(includingbyacceleration)totheBeneficiariesbytheGrantor:

(a) initscapacityasaSubsidiaryGuarantorundertheCreditAgreement;

(b) initscapacityashedgecounterpartyundertheHedgingAgreements;and

(c) underthisAgreement,

includingineachcaseinconnectionwiththetermination,cancellationannulmentorinvaliditythereof.

“Security ”hasthemeaningascribedtosuchterminClause2(TheSecurity).

“Security Documents ” meansthisAgreementandtheAdditionalSecurity.

“Standard Bank Encumbrances ”hasthemeaninggivento“PermittedLiens”pursuanttosection8.01(Liens)oftheCreditAgreement.

1.2 Construction

(a) Unlessotherwisespecifiedorimpliedbythecontext,anyreferenceinthisAgreementto:

(i) the“Recitals” ,a“Clause” ,a“Paragraph ”oran“Annex ”isdeemedtobeareferencetotherecitals,aclauseoraparagraphof,oranannexto,thisAgreement;

(ii) an“agreement ”oranyother “document ”is a reference to this agreement or document, includingits annexesandschedules, as

amended,restatedand/orotherwisemodifiedfromtimetotime.

(b) Wordsimportingthesingularshallincludethepluralandviceversa.

(c) Unlessacontraryindicationappears,atimeofdayisareferencetoParistime.

(d) Areferencetoanypersonshallbeconstruedsoastoincludeitssuccessorsintitle,permittedassignsandpermittedtransferees.

(e) ThisAgreementissubjecttothetermsandconditionsoftheCreditAgreement.Notwithstandinganyclausetothecontrarycontainedtherein,intheeventofaconflictbetweentheCreditAgreementandthisAgreement,theprovisionsoftheCreditAgreementshallprevail.

2. The Security

AssecurityforthefullpaymentanddueexecutionoftheSecuredObligations,theGrantorherebypledges(“nantir”)infavoroftheBeneficiaries,whohereby accept, the following property (the “Security ”) pursuant to articles 2355et seq . of the Civil Code and articles L.521-1 and L.521-3 of theCommercialCode,thereceivablescorrespondingtotheCredit

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BalancesoftheOriginalBankAccountsaseachsuchCreditBalancestandsontheenforcementdatethereof.

3. Management of the Account Collateral3.1 Unless the Security Agent has sent a Block Notice pursuant to Clause 3.2 below and/or requested the enforcement of the Bank Accounts Pledge in

accordancewiththeprovisionsofClause4.2(BankAccounts),theGrantorshall,notwithstandinganythingtothecontrarysetforthinthisAgreement,retainthefreeuseoftheBankAccountandrespectiveCreditBalancewhichmaybecreditedanddebitedfreelysubjecttotheprovisionsoftheFinanceDocumentsandthisAgreement.

3.2 WithoutprejudicetoClause3.1,upontheoccurrenceofanEventofDefaultandaslongasitiscontinuing,theSecurityAgentshallhavetherighttosend

a Block Notice to the Account Bank. Such blocking of the Bank Account will prevent any debit operations from the Bank Account other than thecompletionofoperationsinitiatedpriorthereceiptoftheBlockNoticebytheAccountBank,withoutresultingintheclosing(“cloture”)ofsuchBankAccount.IftheEventofDefaultisremediedorwaivedand(inthecaseofaremedy)theSecurityAgenthasknowledgethereof,theSecurityAgentwillsendanoticetotheAccountBankconfirmingtheabove(withacopytotheGrantor)(a“Blocking Cancellation Notice ”)andtheblockingoftheBankAccountshallterminate,andsuchBankAccountwillonceagainbeoperatedinaccordancewithClause3.1.

3.3 TheGrantorherebyauthorizestheAccountBanktocomplywithanyBlockNoticereceivedpursuanttothisClause3andtotherebyprohibitanydebit

operationsfromtheBankAccountasfromthereceiptofanyBlockNoticeorofaNoticeofEnforcementanduntilreceiptofaBlockingCancellationNotice.Notwithstandingtheforegoing,aBlockNoticeorNoticeofEnforcementshallnotprohibit(i)anydebitoperationsinitiatedontheBankAccountpriortothereceiptoftherelevantBlockNoticeorNoticeofEnforcement,(ii)anydebitoperationsontheBankAccountnecessaryforthepaymentoftheSecured Obligations if a Notice of Enforcement has been sent pursuant to Clause 4 (Enforcement of theSecurity) or (iii) any crediting of the BankAccount.

4. Enforcement of the Security4.1 General

UpontheoccurrenceofanEventofDefaultwhichiscontinuing,ifthereisanysumdueunderanyoftheSecuredObligationswhichremainsunpaid,theSecurityAgentmay,subjecttotheprovisionsoftheCreditAgreement,inthenameandfortheaccountoftheBeneficiaries,exerciseovertheAccountCollateral all of the rights, actions and liens that the law grants to secured creditors ( créanciers nantis ) and, in particular, may proceed with anyenforcementoftheSecuritypursuanttoClause4.2(BankAccounts).

4.2 BankAccounts

(a) IfthisAgreementisenforceablepursuanttoClause4.1,theSecurityAgentmaysendanoticeofenforcementtotheAccountBank(the“Noticeof Enforcement ”) and shall send simultaneously a copyof such Notice of Enforcement to the Grantor. Under the terms of each Notice ofEnforcement,theSecurityAgentshallinstructtheAccountBanktotransfertotheSecurityAgent,assoonastheoutstandingoperationsonthedateoftherelevantNoticeofEnforcementhavebeencompleted,allorpartoftheCreditBalanceoftheBankAccounts,intheamountthattheSecurityAgentshallprovidetotheAccountBankandwhichshallnotexceedtheamountoftheSecuredObligationsoftheGrantorthendueandpayable(duesetexigibles).Theamountsso

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transferredbytheAccountBanktotheSecurityAgent, bydebit fromeachBankAccounttoanotheraccount, thedetails referencesofwhichshallbespecifiedbytheSecurityAgent,willbeappliedinfulltothepaymentoftheSecuredObligationsoftheGrantordueandpayable.TheGrantorwillbedischargedforanydebttowardstheBeneficiariesuptotheamountssopaid.

(b) Itisherebyexpresslyagreedthat(x)theenforcementoftheBankAccountsPledgeshallnotresultintheclosingofanyBankAccountand(y)eachBankAccount shall remain subject to the BankAccounts Pledgeuntil the payment in full of the SecuredObligations of the Grantor incompliancewithClause7(Term),notwithstandingpriorenforcementrequests.

(c) TotheextentthattheBankAccounthasnotbeenblockedpursuanttotheprovisionsofClause3.2,theSecurityAgentwillhavetheright(orthe

obligationif thepaymentdefault hasbeenremediedandnoEventofDefault exists), after eachenforcement, tosendanoticetotheAccountBankinformingit that the relevant BankAccount is onceagain governedbythe provisions of Clause3.1andthat consequently the relevantBankAccountmaybecreditedanddebitedfreely, subject tothelimitationsset forthintheFinanceDocumentsandtheAgreement, until theSecurityAgentsendstotheAccountBankanewNoticeofEnforcementincompliancewiththeprovisionsofparagraph(a)ofClause4.2(BankAccounts)oranewBlockNoticeincompliancewiththeprovisionsofClause3.2.

4.3 AccountBankConfirmations

(a) TheAccountBank,partytothisAgreementinitscapacityasaccountbankinrespectoftheBankAccountsandtherespectiveCreditBalances,agrees to follow any instruction given by the Security Agent pursuant to Clauses 3 (Management of the Account Collateral ) and 4 (EnforcementoftheSecurity)inaccordancewiththisAgreement.

(b) TheAccountBankherebyconfirmsthatishasnotreceivedwrittennotificationthattheGrantorhaspledgedorgrantedanyotherrightsofany

natureinrespectoftheBankAccountsortheCreditBalancesotherthantotheBeneficiariespursuanttothisAgreementandtheotherFinanceDocuments.

5. Representations and Warranties of the Grantor

TheGrantormakestherepresentationsandwarrantiestotheSecurityAgentandtheotherBeneficiariessetforthinthisClause5(RepresentationsandWarrantiesoftheGrantor).

5.1 General

(a) IthasallnecessarypowersandfullcapacitytosignandperformtheSecurityDocumentsandallauthorisationsrequiredinconnectionwiththeentryinto,performance,validityandenforceabilityoftheSecurityDocumentsandtheSecurity,havebeenobtainedoreffected(asappropriate)andareinfullforceandeffect.

(b) The Security granted pursuant to this Agreement is a first priority pledge and, if and when granted, the Security granted pursuant to each

Additional Security is a pledge, (with the ranking provided for therein), in each case, validly created and its obligations resulting from theSecurityDocumentsandtheCollateralarelegallyvalid,bindingandenforceableagainstitinaccordancewiththeirterms,excepttotheextentthattheenforceabilitythereofmaybelimitedbyapplicablebankruptcy,insolvency,fraudulentconveyance,reorganization,moratoriumorothersimilarlawsgenerallyaffectingcreditors’rights.

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5.2 Encumbrances

(a) OnthedateofthisAgreement,saveforStandardBankEncumbrances,(i)ithasnotgranted,anypledge,assignment,securityinterest,optionorotherencumbranceorrightinoroverallorparttheAccountCollateralandeachoftheAccountCollateralisfreeofanyright,optionorsecurityinterest, in each case, except for the Security and (ii) the Account Collateral are not subject to any assignment, subrogation, delegation ortransfer.

(b) TheAccountCollateralisnotsubjecttoanyattachment(saisie),escrowarrangement(séquestre)oranyothersimilarprocedure.

5.3 TitletotheAccountCollateral;InformationontheAccountCollateral

(a) AllinformationsetforthonAnnex2(BankAccounts)andallotherinformationrelatingtotheAccountCollateralandanyreportorcertificatedeliveredpursuant totheAgreementis, onthedateonwhichit is delivered, completeandaccurate inrespect ofanymaterial issuewhich,ifincorrectorincomplete,wouldadverselyaffecttheSecurity.

(b) ItisthesoleowneroftheAccountCollateralandhasfullownershipofandtitletoeachAccountCollateral.

(c) OnthedateofthisAgreement,itholdsnootherbankaccountsinFranceandanywhereelseotherthantheBankAccounts

5.4 Repetition

(a) Subjecttoparagraph(b)below,therepresentationsandwarrantiesinthisClause5are:

(i) madebytheGrantoronthedateofthisAgreement;and

(ii) in the case of Clauses 5.1, 5.3(a) and 5.3(b), deemed to be repeated by the Grantor on each date on which any representations andwarrantiesaredeemedtoberepeatedundertheCreditAgreement,

ineachcasewithreferencetothefactsandcircumstancesthenexisting.

(b) Unless a representation is expressed to be given at a specific date, each representation under this Clause 5 is deemed to be repeated by theGrantoronthedatetheGrantorentersintoanAdditionalSecurity,ineachcasewithreferencetothefactsandcircumstancesthenexisting.

6. Undertakings of the Grantor

TheGrantorundertakestotheBeneficiariesassetforthinthisClause6(UndertakingsoftheGrantor)andsuchundertakingsshallapplyasofthedateofthisAgreementandshallremainineffectforaslongasthisAgreementshallcontinue.

6.1 DisposalsandEncumbrances

Itshallnot:(a) sell,transfer,inanymannerwhatsoever,anyoftheAccountCollateral(inwholeorinpart),exceptaspermittedundertheFinanceDocuments;

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(b) grantorpermittoexistasecurityinterest,pledge,lienoranyotherrightoroptionontheAccountCollateral,exceptfortheSecurityand,inthecaseoftheBankAccounts,forStandardBankEncumbrances;or

(c) modifyorrestricttherightspertainingtotheAccountCollateralinamannerprohibitedbytheAgreementand/ortheFinanceDocumentsand,

moregenerally,nottodoorcauseorpermittobedoneanythingwhichmayadverselyaffecttheSecurity,theAccountCollateralortherightsoftheBeneficiariesunderanySecurityDocument.

6.2 OtherDealingswiththeAccountCollateral

Itshallnot:(a) enter into or permit to subsist any option or other arrangement whereby any person has the right (whether or not exercisable only on a

contingency)torequiretheGrantortosellorotherwisedisposeofalloranypartoftheAccountCollateralexceptasotherwiseprovidedforintheFinanceDocuments;

(b) closeanyBankAccountwithoutthewrittenconsent oftheSecurityAgentandinformtheSecurityAgentofanyAccountBank’sdecisionto

closeanyBankAccount,promptlyuponbecomingawareofit;or

(c) withdrawfundsfromanyBankAccountsorundertakeanyoperationontheBankAccountsorusetheBankAccounts,ineachcase,inviolationofthetermsofthisAgreementand/ortheFinanceDocuments.

6.3 FurtherAssurances

Itshall:(a) attherequestoftheSecurityAgent,forthebenefitofanybeneficiariesoftheSecuredObligationswhicharenotBeneficiaries(orsuccessors,

assignsortransfereesofsuchBeneficiaries)(the“New Beneficiaries ”) onthedatehereoforinordertofurthersecureanyfutureincreaseoftheSecuredObligations(the“New Secured Obligations ”):

(i) subjecttotherequirementsofapplicablelaw,promptlygrantanadditionalsecurityovereachoftheAccountCollateraltothebenefitof

suchNewBeneficiariesassecurityforthepayment,dischargeandperformanceoftheSecuredObligationsduetothemortothebenefitofallBeneficiariesinrespectofsuchNewSecuredObligationsbywayofenteringintoAdditionalSecurity;and

(ii) executeanydocumentsandtakeanyactionrequiredforthepurposeofcreatingandperfectingsuchSecurity;

(b) at anytime, at the request of the Security Agent, execute andremit anydocument anddoall that is necessary to enable the Beneficiaries to

exercisetheirrights,actionsandprivilegesassucharegrantedtothemunderlawandtheSecurityDocuments;and

(c) whenevertheBeneficiariesattempttoenforcetheSecurityinaccordancewithClause4(EnforcementoftheSecurity)above,takeanyactionthat the Beneficiaries may reasonably require in order to facilitate the exercise by the Beneficiaries of all the rights and powers under theSecurityDocumentsorpursuanttotheapplicablelaws.

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7. Term7.1 ThisAgreementwillremaininfullforceandeffectuntiltheDischargeDate.7.2 To the extent (i) the Discharge Date has occurred or (ii) the extent the Security Agent is authorized to release the Security in accordance with the

provisionsoftheFinanceDocuments,uponrequestfromtheGrantorandattheGrantor’sexpense,promptlyreleasetheSecurity.8. Irrevocability

ThisAgreementisirrevocableandshallremaininfullforce,totheextentpermittedbyapplicablelaw,notwithstanding:(a) anyrenewalorextensionofanyoftheFinanceDocumentsand/ortheSecuredObligations;

(b) anynovationorothermodificationofanyoftheFinanceDocumentsand/ortheSecuredObligations;and

(c) any nullity, invalidity, illegality or unenforceability of all or part of the provisions of any of the Finance Documents and/or the Secured

Obligationsand/oranyothersecurityinterestordocumentmentionedinorrelatingtoanyoftheFinanceDocumentsoranyannexesthereto,inparticularassecurityforanyrestitutionobligationoftheGrantor.

9. Transfer

Anybeneficiaryofatransferofallorpartoftherightsand/orobligationsofaBeneficiaryundertheCreditAgreement,afterthedateoftheAgreement,willbenefitipsojurefromtheSecurity,andanyreferencetotheBeneficiarieswillincludesuchnewbeneficiary,whichtheGrantoracknowledgesandexpresslyaccepts.

10. Notice

AnynoticeorcommunicationunderorinconnectionwiththisAgreementshallbemadeinaccordancewiththeprovisionsofsection11.03(Notices)oftheCreditAgreement.

11. Expenses

Allcostsandexpenses(includinglegalfees)incurredbytheSecurityAgentortheBeneficiariesinconnectionwiththenegotiation,preparation,draftingandexecution of this Agreement, any related filings or registrations and the preservation and/or enforcement of any of the rights of the BeneficiariesunderthisAgreementortheSecurityandanyreleaseshallbepaidbytheGrantorinaccordancewithsection11.01(PaymentofExpenses)oftheCreditAgreement.

12. Miscellaneous12.1 Intheeventanyprovisionhereofisorbecomesillegal,invalidorunenforceablepursuanttoarulingofanyapplicableauthorityorcourt,suchinvalidity

ornullityorunenforceabilityshallnotaffectthevalidityorenforceabilityoftheotherprovisionshereofwhichare,asherebyexpresslyagreed,deemedtobeseveral.

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12.2 ThisAgreementandtheSecuritywillnotandmaynotaffectinanymannerthenatureandthescopeofanyobligation,securityinterestorguaranteethathasbeenormightbecontractedorfurnished,eitherbytheGrantororbyanythirdpartyandanysuchobligations,securityinterestsorguaranteeswillbecumulative.

12.3 NofailureordelayoftheSecurityAgentoranyBeneficiarytoexerciseanyrightorremedywillconstituteawaiverofsuchrightorremedy,norshallany

singleorpartialexerciseofanyrightorremedypreventanyfurtherorotherexercisebytheSecurityAgentortheBeneficiaryortheexerciseofanyotherrightorremedy.

12.4 TheSecurity Agent will havethe right to enforce or seekthe enforcement of this Agreement (or anyprovisions hereof) andthe Security without any

requirement to(i) exhaust anyotherremedies against theGrantorwhichmaybeavailable toit or totheBeneficiaries, (ii) enforcetheSecurityinanyparticularorderor(iii)enforceanyothersecurityorguaranteesinfavourofitortheBeneficiariesinconnectionwiththeSecuredObligations.

13. No Hardship

EachpartytothisAgreementherebyacknowledgesthattheprovisionsofarticle1195oftheCivilCodeshallnotapplytoitwithrespecttoitsobligationsunderthisAgreementandthatitshallnotbeentitledtomakeanyclaimunderarticle1195oftheCivilCode.

14. Governing Law – Jurisdiction14.1 ThisAgreementshallbegovernedby,andinterpretedinaccordancewith,Frenchlaw.14.2 TheCommercialCourtofParis(TribunaldeCommercedeParis)hasexclusivejurisdictiontosettleanydisputearisingoutorinconnectionwiththis

Agreement(includingadisputerelatingtotheexistence,validityorterminationofthisAgreement)(a“Dispute ”).15. Election of Domicile

Withoutprejudicetoanyothermodeofserviceallowedunderanyrelevantlaw,theGrantorelectsdomicileattheregisteredaddressofTrustCompanyComplex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, for the purpose of serving any judicial or extra-judicial documents inrelationtoanyDispute.

Madein___________________,on[●]2018,inthree(3)originals.

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[●]asGrantorBy:

[CollateralAgreement([●])–Signaturepage]

Crédit Agricole Corporate and Investment BankasSecurityAgent,actinginitsownnameandforitsownaccountaswellasinthenameandfortheaccountoftheBeneficiaries

By:


Crédit Agricole Corporate and Investment BankasAccountBankBy:

By:


Crédit Agricole Corporate and Investment BankasHedgeCounterpartyBy:

By:


Skandinaviska Enskilda Banken AB (Publ)asHedgeCounterpartyBy: By:


Annex 1List of BeneficiariesTheBeneficiariesasofthedateofthisAgreementarethefollowing: Beneficiary/

Registered Office/Registration Number

Capacity

Crédit Agricole Corporate and Investment Bank ,asociétéanonyme,withasharecapital of €8,557,903,710.00, whoseregisteredoffice is locatedat CS70052 12 place des Etats-Unis 92547 Montrouge Cedex, registered with theNanterre Trade and Companies Registry under number 304 187 701, RCSNanterre.

AdministrativeAgent,SecurityAgent,MandatedLeadArranger,Bookrunner,Structurer,LenderandHedgeCounterparty

Skandinaviska Enskilda Banken AB (Publ) ,acompanyorganizedunderthelawsof Sweden, whoseregistered office is located at Kungsträdgårdsgatan 8,SE10640Stockholm,Sweden,registeredundernumber502032-9081.

MandatedLeadArranger,LenderandHedgeCounterparty

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Annex 2Bank Accounts

Grantor Account Bank Bank Account [●] CréditAgricoleCorporateandInvestmentBank IBANFR[●]

[●]

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Annex 3 Form of Bank Accounts Pledge Notice

[surpapieràen-têtedel’AgentdesSûretés]

LRARAl’attentionde:[●](ci-aprèsle«Teneur de Compte »)(AccountBank)Objet:Comptebancaire:IBAN[●](ci-aprèsles«Comptes »)(BankAccounts)Mesdames,Messieurs,Nousfaisonsréférenceàlaconventiondenantissementenlangueanglaiseintitulée«CollateralAgreement»conclueentre,interalios,[●]enqualitédeGrantoret Crédit Agricole Corporate and Investment Bank en qualité deSecurity Agent (Agent des Sûretés) en date du [●] août 2018 (la «Convention »), dont unexemplaireestjointauxprésentes.LestermesetexpressionscommençantparunemajusculeutilisésdanslaprésenteNotificationaurontlasignificationquileurestdonnéedanslaConvention.Conformément aux dispositions de l’article 2362 du Code civil et aux stipulations de l’article 3 de la Convention, nous vous notifions par la présente leNantissement(Security)portantsurleSoldeCréditeur(CreditBalance)desComptes,étantprécisé,entantquedebesoin,quetantqu’aucuneNotificationdeBlocage(BlockNotice) et/ouNotification de Réalisation (Notice of Enforcement ) ne vous aura été adressée, les Comptes Nantis continueront à fonctionnerconformémentauxstipulationsdel’article3.1delaConvention.Faità[●],le[●][●]AgentdesSûretésPar:

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Annex 4Form of Block Notice (Bank Accounts)

[surpapieràen-têtedel’AgentdesSûretés]

LRAR

Al’attentionde:[●](ci-aprèsle«Teneur de Compte »)(AccountBank)Objet:Comptesbancaires:IBAN[●](ci-aprèsles«Comptes »)(BankAccounts)Mesdames,Messieurs,Nousfaisonsréférenceàlaconventiondenantissementenlangueanglaiseintitulée«CollateralAgreement»conclueentre,interalios,[●]enqualitédeGrantoretCréditAgricoleCorporateandInvestmentBankenqualitédeSecurityAgent(AgentdesSûretés)endatedu[●]août2018(la«Convention »),auxtermesdelaquelle[●]anantienfaveurdesBénéficiaires(Beneficiaries)leSoldeCréditeur(CreditBalance)desComptes.Les termes et expressions commençant par une majuscule utilisés dans la présente Notification de Blocage (BlockNotice) auront la signification qui leur estdonnéedanslaConvention.ConformémentauxstipulationsdelaConvention,nousvousnotifionsparlaprésentelasurvenanced’unCasdeDéfaut(EventofDefault)etvousdemandonsdebloquer les Comptes, de sorte qu’aucune opération de débit n’y soit plus inscrite, dès la réception des présentes et jusqu’à réception, le cas échéant, d’uneinstructioncontraireenvoyéeparl’AgentdesSûretés.Il est entendu que le blocage des Comptes n’interdira pas (i) l’inscription aux Comptes des opérations initiées avant la date de réception par vous de cetteinstructionécritedeblocage,(ii)l’inscriptionaudébitdesComptesdesmontantsnécessairesaupaiementdesObligationsGaranties(SecuredObligations)encasdeNotificationdeRéalisation(NoticeofEnforcement)adresséeparl’AgentdesSûretéset(iii)touteremiseaucréditdesComptes.Nousvousprionsd’agréer,Mesdames,Messieurs,l’expressiondenossalutationsdistinguées.Faità[●]le[●]Crédit Agricole Corporate and Investment BankAgentdesSûretésPar:

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TRANSLATION FOR INFORMATION PURPOSE ONLY

[OnletterheadoftheSecurityAgent]

By registered letter with return receipt requestedTotheattentionof:[NameandaddressoftheAccountBank](hereinafterthe“Account Bank ”)Re: Bankaccounts:[IBAN](hereinafterthe“Bank Accounts ”)LadiesandGentlemen,WeherebyrefertotheCollateralAgreement(hereinafter,the“Agreement ”)dated[●]August2018enteredintobetweeninteralios,[●]asGrantorandCréditAgricole Corporate and Investment Bank as Security Agent pursuant to which the Grantor to the Beneficiaries a pledge of the Credit Balance of the BankAccounts.ThetermsandexpressionsbeginningwithacapitallettershallhavethemeaningprovidedtothemintheAgreement.IncompliancewiththestipulationoftheAgreement,weherebynotifyyouoftheoccurrenceandcontinuanceofanEventofDefaultandrequestfromyoutoblocktheBankAccountssothatnodebitoperationcanberegisteredfromthereceiptofthisletteranduntilthereceipt,asthecasemaybe,ofacontraryinstructionsentbytheSecurityAgent.It is understood that the blockage of the Bank Accounts shall not prevent for (i) the registration of the transactions initiated before the receipt of this writteninstruction,(ii)theregistrationofthedebitingoftheBankAccountsoftheamountsnecessaryforthepaymentoftheSecuredObligationsinthecaseofaNoticeofEnforcementsentbytheSecurityAgentand(iii)anycreditoperationoftheBankAccounts.Sincerelyyours.

Madein on TheSecurityAgent By

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Annex 5Form of Acknowledgement of Blocking Rights

[surpapieràen-têteduConstituant]

Al’attentionde:[●](ci-aprèsle«Teneur de Compte »)(AccountBank)Références:Objet : Comptebancaire:IBAN[●](ci-aprèsles«Comptes »)(BankAccounts)Titulairedescomptesbancaires:[●]Mesdames,Messieurs,Nousvousinformonsparlaprésenteque,auxtermesd’uneconventiondenantissementenlangueanglaiseintitulée«CollateralAgreement»conclueentre,interalios,[●]enqualitédeGrantoretCréditAgricoleCorporateandInvestmentBankenqualitédeSecurityAgent(AgentdesSûretés)endatedu[●]août2018(la«Convention »),notresociétéanantienfaveurdesBénéficiaires(Beneficiaries)leSoldeCréditeur(CreditBalance)desComptes.Voustrouverez,ci-joint,unecopiedelaConvention.LestermesetexpressionscommençantparunemajusculeutilisésdanslaprésentelettreaurontlasignificationquileurestdonnéedanslaConvention.Parlaprésente,nousvousautorisonsetvousdonnonsinstruction,àtitreirrévocable,debloqueretdoncd’interdirel’inscriptiondetouteopérationaudébitdesComptes dès la réception par vous d’une Notification de Blocage (Block Notice ) conformément aux stipulations de l’article 3.3 de la Convention ou d’uneNotification de Réalisation (Notice of Enforcement ) conformément aux stipulations de l’article 4.2 de la Convention et jusqu’à réception d’une instructioncontraireenvoyéeparl’AgentdesSûretésoudelanotificationdelamainlevéeduNantissement(Security).Il est entendu que le blocage des Comptes n’interdira pas (i) l’inscription aux Comptes des opérations initiées avant la date de réception par vous de cetteNotification de Blocage ou de cette Notification de Réalisation, (ii) l’inscription au débit des Comptes des montants nécessaires au paiement des ObligationsGaranties(SecuredObligations)encasdeNotificationdeRéalisationadresséeparl’AgentdesSûretéset(iii)touteremiseaucréditdesComptes.Nous vous avisons également qu’aussi longtemps que vous n’aurez pas reçu de notification de mainlevée du Nantissement, les termes de la présente lettre nepourrontêtrerévoquésoumodifiésqu’avecleconsentementécritpréalabledel’AgentdesSûretés.Nousvousautorisonsàcommuniqueràl’AgentdesSûretés,àlademandedecelui-ci,lemontantdusoldedesComptesàtoutmoment,ainsiqu’unétatdétaillantlessommesdébitéesdesComptespendantchaquepériodeindiquéeparl’AgentdesSûretésetvousdélionsàcettefindusecretprofessionnel,pourlesbesoinsdecettedemande.Nousvousremercionsdebienvouloirnousretournerunecopiedelaprésentelettre,revêtuedevotresignature(ainsiqu’unecopieàl’AgentdesSûretés)àtitredeconfirmationque:

- vousacceptezd’agirconformémentauxtermesdesprésentesetdelaConvention;et

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- vousn’avezpasreçudenotificationécriteauxtermesdelaquellenotresociétéauraitaccordéunesûretéouundroit,dequelquenaturequecesoit,surleSoldedesComptesauprofitd’untiers,autrequelesBénéficiaires.

Nousvousprionsd’agréer,Mesdames,Messieurs,l’expressiondenossalutationsdistinguées.Faità[●],le[●]. Le Constituant[●]

Par: Pouracceptation,Le Teneur de Compte [●]

Date: Par: [●]

Date: Par:

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Annex 6Form of Additional Security Between: (1) [●] , a limited liability company, organized and existing under the laws of the Republic of the Marshall Islands, with its registered office at Trust

CompanyComplex,AjeltakeRoad,AjeltakeIsland,Majuro,MarshallIslandsMH96960,registeredwiththeRepublicoftheMarshallIslandsRegistrarofCorporationundernumber[●],asGrantor(the“Grantor ”);


8,557,903,710.00, with its registered office at CS 70052 12 place des Etats-Unis 92547 Montrouge Cedex, registered with the Nanterre Trade andCompaniesRegistryundernumber304187701RCSNanterreassecurityagent(the“Security Agent ”),actinginitsownnameandforitsownaccountaswellasinthenameandfortheaccountoftheotherBeneficiaries(asdefinedbelow);and


8,557,903,710.00, with its registered office at CS 70052 12 place des Etats-Unis 92547 Montrouge Cedex, registered with the Nanterre Trade andCompaniesRegistryundernumber304187701RCSNanterre,dulyrepresentedforthepurposesofthisAgreement(insuchcapacitytogetherwithitssuccessorsandassigns(the“Account Bank ”).

Recitals: (A) ReferenceismadetotheCollateralAgreement(the“Security Agreement ”)dated[●]August2018madeamong, interalios , [●]asGrantor, Crédit

AgricoleCorporateandInvestmentBankasSecurityAgentandCréditAgricoleCorporateandInvestmentBankasAccountBank(acopyofwhichisattachedasSchedule1(SecurityAgreement)).

(B) Thisagreement(togetherwithitsRecitals,AnnexesandSchedules,the“Agreement ”)isanAdditionalSecuritywithinthemeaningandforthepurposes

oftheSecurityAgreement.(C) ThisAgreementisaFinanceDocument.(D) CapitalisedtermsdefinedintheSecurityAgreementhave,unlessexpresslydefinedinthisAgreement,thesamemeaninginthisAgreement.1. Interpretation (a) Unlessotherwisespecifiedorimpliedbythecontext,anyreferenceinthisAgreementto:

(i) the“Recitals ”,a“Clause ”,a“Paragraph ”,a“Schedule ”oran“Annex ”isdeemedtobeareferencetotherecitals,aclauseoraparagraphof,ascheduleoranannexto,thisAgreement;

(ii) an“agreement ”oranyother “document ”is a reference to this agreement or document, includingits annexesandschedules, as

amended,restatedand/orotherwisemodifiedfromtimetotime.

(b) Wordsimportingthesingularshallincludethepluralandviceversa.

(c) Unlessacontraryindicationappears,atimeofdayisareferencetoParistime.

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(d) Areferencetoanypersonshallbeconstruedsoastoincludeitssuccessorsintitle,permittedassignsandpermittedtransferees.

(e) ThisAgreementissubjecttothetermsandconditionsoftheCreditAgreement.Notwithstandinganyclausetothecontrarycontainedtherein,intheeventofaconflictbetweentheCreditAgreementandthisAgreement,theprovisionsoftheCreditAgreementshallprevail.

2. TheSecurity

AssecurityforthefullpaymentanddueexecutionoftheSecuredObligations(assuchtermisdefinedinSchedule3(SecuredObligations),theGrantorherebypledges(“nantir”)infavoroftheBeneficiaries, whoherebyaccept, (the“Security ”)pursuanttoarticles2355etseq.oftheCivilCodeandarticlesL.521-1andL.521-3oftheCommercialCode,thereceivablescorrespondingtotheCreditBalancesoftheBankAccountsaseachsuchCreditBalancestandsontheenforcementdatethereof.

3. Beneficiaries

TheSecuritycreatedunderthisAgreementistosecuretheSecuredObligationsforthebenefitof:(a) thepersonsandentitieslistedinSchedule2(Beneficiaries);and

(b) and any of their successors in title, permitted transferees or permitted assignees and any of their subsequent successors in title, permitted

transfereesorpermittedassignees

(collectively,the“Beneficiaries ”).

4. RepresentationsandWarranties

ThePledgormakesalltherepresentationsandwarrantiessetforthinclause4(RepresentationsandWarranties)oftheSecurityAgreementonthedatehereof(asifallreferencesto“thedateofthisAgreement”weretothedateofthisAgreement)andto“Annex2(BankAccounts)”weretoSchedule4(BankAccounts),andotherwiseonthedatesrequiredbysuchclause.

5. GoverningLawandSubmissiontoJurisdiction

(a) ThisAgreementisgovernedbyFrenchlaw.

(b) The Commercial Court of Paris (Tribunal de Commerce de Paris ) has exclusive jurisdiction to settle any dispute in connection with thisAgreementoranydocumentsorinstrumentsdeliveredpursuanttoit(a“Dispute ”).

(c) Withoutprejudicetoanyothermodeofserviceallowedunderanyrelevantlaw,thePledgorelectsdomicileattheregisteredaddressof[●]for

thepurposeofservinganyjudicialorextra-judicialdocumentsinrelationtoanyDispute.1

1 ForaPledgorwhichisnotincorporatedandregisteredinFrance.

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Madein[●],on[●],in[●]([●])originals.[●]asGrantor

By: [●] Crédit Agricole Corporate and Investment BankasSecurityAgent,actinginitsownnameandforitsownaccountaswellasinthenameandfortheaccountoftheBeneficiaries

By: [●] Crédit Agricole Corporate and Investment BankasAccountBank

By: [●]

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Schedule 1

Security Agreement

Schedule 2

Beneficiaries

Schedule 3

Secured Obligations

Schedule 4

Bank Accounts

26